Amendment to Salary Continuation Agreements by Redding Bank of Commerce
Redding Bank of Commerce amended certain salary continuation agreements with executives Randall S. Eslick, Samuel D. Jimenez, Robert J. O’Neil, and Robert H. Muttera. The amendment, approved on March 21, 2017, corrects a wording error in the definition of a change in ownership. The revised language clarifies that a change in ownership only occurs when stock is transferred or issued and remains outstanding after the transaction. This change ensures the agreements accurately reflect the intended terms regarding ownership changes.
Exhibit 10.1
REDDING BANK OF COMMERCE
Amendment to the Salary Continuation Agreements
REDDING BANK OF COMMERCE
AMENDMENT TO THE
SALARY CONTINUATION AGREEMENTS
On March 21, 2017, the Board of Directors of Redding Bank of Commerce approved an amendment to Section 1.5 B. of certain salary continuation agreements to correct a scrivener’s error.
The final sentence of Section 1.5 B. of certain salary continuation agreements has been amended and restated to read:
“A Change in the Ownership of the Relevant Corporation occurs only when there is a transfer of stock of the Relevant Corporation (or issuance of stock of the Relevant Corporation) and stock in the Relevant Corporation remains outstanding after the transaction.”
The amendment is applicable to the following agreements:
| Document | Form | SEC File No. | Original Exhibit No. | Filing Date | ||||||||
| Amended and Restated Salary Continuation Agreement with Randall S. Eslick, dated November 19, 2013 | 10-K | 000-25135 | 10.10 | 3/11/2014 | ||||||||
| Amended and Restated Salary Continuation Agreement with Samuel D. Jimenez, dated December 17, 2013 | 10-K | 000-25135 | 10.12 | 3/11/2014 | ||||||||
| Amended and Restated Salary Continuation Agreement with Robert J. O’Neil, dated December 17, 2013 | 10-K | 000-25135 | 10.16 | 3/11/2014 | ||||||||
| Salary Continuation Agreement with Robert H. Muttera, dated January 17, 2014 | 10-K | 000-25135 | 10.18 | 3/11/2014 |
