Executive Officer Additional Benefits Memo – Capital Corp of the West/County Bank
This memo from Tom Hawker to the executive officers of Capital Corp of the West/County Bank announces two new benefits approved by the Board. Effective immediately, executive officers are granted a one-year severance package in the event of a change of control, using the same definition as their Salary Continuation Plan. The memo recognizes the management team's performance and aligns their benefits with industry peers. No other specific conditions or time limits are mentioned beyond the change of control trigger.
Exhibit 10.9
Memo
To: Executive Officers
Capital Corp of the West/County Bank
From: Tom Hawker
Date: February 14, 2001
Subject: Additional Benefits
It is with great pleasure that I inform you of two significant additional benefits that our Board has approved for the Management Team in recognition of the Company’s overall performance. The Board has endeavored to provide our team with benefits on par with our peers that is greatly appreciated.
Effective immediatley, you are covered by a one year severance package in the case of change of control with that being defined in the same language as your Salary Continuation Plan. While we do not expect that to be an issue, it is gratifying that our Board has been considerate of this potential.
We have completed three years of increasing earnings and are poised to add number four. The Board and I are pleased to be able to add these additional benefits for you in recognition of your contributions to our success.
