Revised Executive Officer Compensation Agreement for Temecula Valley Bancorp Inc. (2006)

Summary

This agreement outlines changes to the compensation of key executives at Temecula Valley Bancorp Inc. Effective February 2, 2006, CEO Stephen H. Wacknitz's annual incentive bonus was reduced from 6% to 5% of the company's pre-tax net income, while his base salary increased to $400,000. James Andrews, Executive Vice President, received a base salary increase to $210,000 and a revised bonus structure. Thomas Shepherd, Senior Executive Vice President and Chief Credit Officer, also received a base salary increase to $210,000. The agreement specifies the new compensation terms for these executives.

EX-10.36 10 a5111896ex10_36.txt EXHIBIT 10.36 Exhibit 10.36 Executive Officer Compensation - Revised and Restated 1. Upon the request of Stephen H. Wacknitz, CEO, President and Chairman, the Employment Agreement of Mr. Wacknitz was modified, by agreement dated February 2, 2006, to reduce his annual incentive bonus from 6% to 5% of Temecula Valley Bancorp Inc. (the "Company") net income before income taxes and bonuses, payable by the Bank. 2. Mr. Wacknitz's annual base salary was increased from $350,000 to $400,000. 3. The annual base salary of James Andrews, Executive Vice President/Real Estate Industries Group, was increased from $180,000 to $210,000. For calendar year 2006, Mr. Andrews' annual incentive bonus will be based upon the following: 2.5% (previously reported at 2%) of the pre-tax post bonus net income of the Bank's Real Estate Industries Group. This amount will be outside the executive officer bonus pool. 4. The annual base salary of Thomas Shepherd, Senior Executive Vice President and Chief Credit Officer, was increased from $180,000 to $210,000.