First Regional Bancorp/First Regional Bank 1990 Deferred Compensation Plan Participation Form

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Summary

This agreement allows employees and directors of First Regional Bancorp and First Regional Bank to defer a portion of their salary, bonus, or director fees under the company's Deferred Compensation Plan. Participants choose the amount or percentage to defer, and may select a lump sum or 96 monthly installment payout upon retirement or termination, except in cases of death, disability, or major business changes. Beneficiaries can be designated to receive any remaining balance if the participant dies before full distribution.

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EX-10.10 6 a2154745zex-10_10.htm EXHIBIT 10.10
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Exhibit 10.10

FIRST REGIONAL BANCORP/ FIRST REGIONAL BANK
1990 DEFERRED COMPENSATION PLAN
PARTICIPATION FORM

        As an employee or a director, or both, of First Regional Bancorp and/or First Regional Bank, and pursuant to the terms of the First Regional Bancorp/ First Regional Bank Deferred Compensation Plan (the "Plan"), the undersigned hereby elects to defer the following percentages, or specified amounts, of each payment of the following types of Compensation:



Salary (not more than 50%):

 



 

% or $

 


Bonus Compensation (any amount):
 

 
% or $
 

Directors' Fees (any amount):
 

 
% or $
 

to be paid to him/her by First Regional Bancorp and/or First Regional Bank for his/her services to be rendered during the Fiscal Year beginning January 1                         . *

*
[Jack A. Sweeney, Chairman and Chief Executive Officer, has elected to defer $2,000 per month of his salary. H. Anthony Gartshore, President, has elected to defer $3,000 per month of his salary. Lawrence J. Sherman, Vice Chairman of the Board, has elected to defer $2,000 per month of his board of director fees.]

        Notwithstanding the foregoing, this deferral election relates only to amounts which have not already been paid or become payable as of this date of this election.

        The Plan provides for lump sum distribution of the entire amount credited to the undersigned upon the death, disability, retirement or other termination of service of the undersigned, or upon a change in the Employer's business through a merger, consolidation, or transfer of substantially all the assets of First Regional Bancorp and/or First Regional Bank. However, by checking the box below, the undersigned elects to receive his or her distribution in 96 equal monthly installments of the entire amount credited to the undersigned as augmented by any interest or other earnings thereon upon, but only upon the undersigned's retirement or other termination of service other than by death, disability or a change in the Employer's business.

        The undersigned further designates the following person(s) as beneficiary of his/her interest in the Plan in the event of his/her death before receiving distribution of his/her entire interest in the Plan:


Primary Beneficiary
 

1st Contingent Beneficiary
 

2nd Contingent Beneficiary
 

Dated
 

 
,
 

o
 
o
 
I do/do not want the 96 monthly payment option.
Yes   No    


 

 

Sign Name

 
 
Participant (Print Name)


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    Exhibit 10.10