Second Amendment to Employment Agreement with James A. Sundquist dated March 6, 2020
SECOND Amendment to Employment Agreement
This Second Amendment to Employment Agreement (“Amendment”) between James A. Sundquist (“Executive”) and Bank of Commerce Holdings and Merchants Bank of Commerce, f/k/a Redding Bank of Commerce (together, “Employer”), is made and entered into effective March 6, 2020, and modifies the Amended and Restated Employment Agreement between Executive and Employer, entered into as of February 21, 2017 (the “Agreement”), as amended on May 3, 2018.
Executive and Employer agree that the Agreement, as amended, is modified as follows:
1. The first paragraph of Section 2 is hereby deleted in its entirety and replaced by the following:
“Employer hereby employs Executive and Executive hereby accepts employment with Employer for the period of three (3) years (the “Term”) commencing March 6, 2020 (the “Effective Date”) with such Term being subject to prior termination as herein provided; provided, that, on such third anniversary of the Effective Date (such date, a “Renewal Date”), unless otherwise agreed between the parties, the Agreement and the Term shall be deemed to be automatically extended, upon the same terms and conditions, for a period of one (1) year.”
2. A new provision is added at the end of Section 3 as follows:
Retention Bonus. Employer agrees to pay Executive retention bonuses of $25,000 on July 31, 2021; $75,000 on July 31, 2022; and $50,000 on July 31, 2023 provided Executive is still employed by Employer and has satisfactorily performed his job.
3. Section 6(d) is hereby deleted in its entirety and replaced by the following:
“A determination by Employer’s Board, in its sole and absolute discretion, to terminate the employment of Executive for any reason or for no reason.”
4. Except as modified by this Amendment, all other terms of the Agreement will remain in full force and effect.
The parties have executed this Amendment as of the dates specified below.
/s/ James A. Sundquist
Date: March 6, 2020
By: /s/ Lyle L. Tullis
Name: Lyle L. Tullis
Title: Chairman of the Board
Date: March 6, 2020