Amendment to Endorsement Method Split Dollar Plan Agreement between Southwest Community Bank and Stuart McFarland

Summary

Southwest Community Bank and Stuart McFarland have amended their existing Split Dollar Plan Agreement to ensure that any payments or benefits considered nonqualified deferred compensation comply with Section 409A of the Internal Revenue Code. This amendment is intended to prevent unfavorable tax consequences. All other terms of the original agreement remain unchanged.

EX-10.10.3 5 a5136448ex10_103.txt EXHIBIT 10.10.3 EXHIBIT 10.10.3 Southwest Community Bank ------------------------ AMENDMENT TO ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT This Amendment dated April 19, 2006 amends the Endorsement Method Split Dollar Plan Agreement between Southwest Community Bank (the "Bank") and Stuart McFarland (the "Insured") dated January 6, 2003 (the "Agreement"). 1. Notwithstanding any other provision of the Policy or the Agreement, it is intended that any payment or benefit which is provided to the Insured pursuant to or in connection with the Policy or this Agreement which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be provided and paid in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for noncompliance. 2. The Agreement shall otherwise remain in full force and effect as written. IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above. BANK: Southwest Community Bank By: /s/ Howard B. Levenson ---------------------------- Name: Howard B. Levenson ------------------------ Its: Chairman ----------------------- INSURED: /s/ Stuart McFarland - --------------------------- Stuart McFarland