BANK OF THE SIERRA
SALARY CONTINUATION AGREEMENT
DATED JANUARY 1, 2007
THIS FIRST AMENDMENT is entered
into this 1st day of April 2015, by and between BANK OF THE SIERRA, a state-chartered commercial bank
located in PORTERVILLE, CALIFORNIA (the “Bank”), and KEVIN MCPHAILL (the “Executive”).
WHEREAS, the Bank and the Executive
executed the First Amended and Restated Salary Continuation Agreement on January 1, 2007 (“Agreement”); and
WHEREAS, Section 8.1 of the Agreement
provides that the Agreement may be amended by mutual consent of the Bank and the Executive; and
WHEREAS, the purpose of this FIRST
AMENDMENT is to increase the retirement benefit and the death benefit.
NOW, THEREFORE, pursuant to Section
8.1 of the Agreement, it is mutually agreed by and between the Bank and the Executive as follows:
|1.||Section 2.1.1 shall be amended to replace the words “One Hundred Thousand Dollars ($100,000)” with “One
Hundred Fifty Thousand Dollars ($150,000).”|
|2.||Section 3.1.1 shall be amended to replace the words “Nine Hundred Ninety-Two Thousand Four Hundred Sixty-Seven dollars
($992,467)” with the words “One Million Four Hundred Eighty-Eight Thousand Seven Hundred and One dollars ($1,488,701.00).”|
This Amendment supersedes any prior amendment
on the same subject. To the extent any paragraph, term, or provision of the Agreement is not specifically amended herein, or in
any other amendment thereto, such paragraph, term, or provision shall remain in full force and effect as set forth in the Agreement.
IN WITNESS WHEREOF, the parties have
executed this FIRST AMENDMENT as of the date indicated above.
||BANK OF THE SIERRA|
|/s/ Kevin McPhaill
||/s/ Morris A. Tharp|
||Title CHAIRMAN |