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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Capital Corp. of the West

Date:

2004

Size:

Preview shows 4KB of 27KB total

Price:

$38

ID:

#858626

 

 


► Financial ► Regional Banks

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT


DATE: January 1, 2005

PARTIES: CAPITAL CORP. OF THE WEST, a California corporation, hereinafter
referred to as "Employer"; and

THOMAS T. HAWKER, herein after referred to as "Employee".

RECITALS:

1. Employee is currently employed as the Chief Executive Officer of
Employer under a written Employment Agreement dated January 1, 2002,
which will expire at the close of business on December 31, 2004.

2. The Parties desire to enter into a new Employment Agreement for an
additional four (4) year term.

AGREEMENT:

Employer hereby agrees to extend the employment of Employee, and Employee
hereby accepts said extension of employment with Employer, upon the terms and
conditions hereinafter set forth.

1. Duties.

Employee is hereby employed as the President and Chief Executive Officer
of Employer. Employee shall perform the customary duties of a Chief Executive
Officer of a California bank holding company, including but not limited to, the
supervision of Employer's business and all subsidiary corporations and
businesses owned or related to Employer and such kindred duties as may from time
to time be reasonably requested of Employee by the Board of Directors of
Employer. As used herein the term "business of Employer" shall include the
business of any of Employer's subsidiaries and related entities.
<PAGE>

2. Appointment to Board of Directors.

Employer hereby agrees that Employee shall remain a member of the Board of
Directors of Employer for so long as Employee is elected to a position on the
board by the shareholders of Employer, or until this Agreement has been
terminated. During the period of Employee's election to the Board of Directors,
Employee shall serve as a member of any or all committees to which he is
appointed, except the audit, compensation/benefits and executive committees.
Employee also hereby agrees to accept appointment to other boards of directors
and committees of subsidiary and related organizations of Employer. Employee
shall fulfill all of Employee's duties as a board and committee member without
additional compensation. Upon the termination of this Agreement by either
Employee or Employer, Employee agrees to immediately resign from the Board of
Directors, from all committees and from all corporate offices of Employer and
from all of Employer's subsidiaries and related companies; further, all fringe
benefits, such as insurance, shall be terminated on the last day of service of
Employee, unless otherwise mandated by the terms of this Agreement, Employer's
personnel policy, or any other benefit policies in effect at the time of such
termination.

3. Term.

This Agreement shall be effective for a period of forty-eight (48) months.
Employment under this agreement shall commence on January 1, 2005 and unless
sooner terminated as provided herein, shall end on December 31, 2008 ("Term").

4. Extent of Service.

Employee shall donate his full time, attention, and energies to the
business of Employer, and shall not during the Term of this Agreement be engaged
in any other business activities, except personal investments, without the prior
written consent of Employer.


2
<PAGE>

5. Regular Compensation.

In consideration for the services which Employee is to render under this
Agreement, Employer shall pay to Employee a base salary ("Base Salary") of Three
Hundred Thirty Thousand Dollars ($330,000). The Base Salary shall be payable to
Employee in equal semi-monthly installments on the fifteenth and last working

 

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