Temecula Valley Bank Executive Officer Compensation and Responsibilities Approval (James W. Andrews and Stephen H. Wacknitz)

Summary

Temecula Valley Bank's Board of Directors approved changes to the compensation and responsibilities of two executive officers. James W. Andrews will become Senior Executive Vice President/Chief Lending Officer with a higher base salary, a new bonus structure, and increased severance if terminated without cause, pending an amendment to his employment agreement. For Stephen H. Wacknitz, the retirement age in his split dollar agreement is extended from 70 to 80 as long as he remains a Board member, with specific expense accrual and reversal terms. These changes are subject to formal agreement amendments.

EX-10.1 2 a5652422ex10_1.txt EXHIBIT 10.1 Exhibit 10.1 - Executive Officer Compensation and Responsibilities The Temecula Valley Bank ("Bank") Board of Directors, upon the recommendation of the Executive Officer Compensation Committee, approved the following: 1. James W. Andrews Effective June 1, 2008, change from Executive Vice President/Real Estate Manager to Senior Executive Vice President/Chief Lending Officer; base salary change from $231,000 to $275,000; a bonus change to 75 basis points of pre-tax profits; and severance change from 6 to 12 months of base salary upon termination without cause. These changes are subject to an amendment to the employment agreement of Mr. Andrews. 2. Stephen H. Wacknitz Upon execution, an amended and restated split dollar agreement for Mr. Wacknitz will move the retirement age from 70 to 80 years of age, as long as Mr. Wacknitz remains as a Board member, and the agreement will be a director agreement and not an employment agreement. Expenses will accrue until 80 years of age, then from 80 to 85 years of age, expenses will reverse.