SERVICE ISTBANK
Salary Continuation Agreement
. SERVICE 18T BA�K
SALARY CONTINUATION AGREEMENT
THJS SALARY CONTINUATION AGREEMENT (the "Agreement'') is entered into this
/()'fl; day of, �,a·fem l.,e,r , 200 __}, by and between SERVICE 1 ST BANK, · a state
chartered commercia1 bank located in Stockton, California (the "Bank"), and PATRICK
CARMAN (the "Executive").
The purpose of this Agreement is to provide specified benefits to the Executive, a member
of a select group of management or highly compensated employees who contribute materially to
the continued growth, development and future business success of the Bank. This Agreement
shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement
Income Security Act of 197 4 C'ERlSAu), as amended from time to time. The Bank will pay the
benefits from its general assets.
The Bank and the Executive agree as provided herein.
Article 1
Definitions
Whenever used in this Agreement, the following words and phrases shall have the
meanings specified:
1. 1 "Accrnal Balance" means the liability accrned by the Bank, under Generally Accepted
Accounting Principles ("GAAP"), for the Batik's obligation to the Executive under this
· Agreement, by applying Accounting Principles Board ("APff') Opinion 12 as a:mended
by Financial Accounting Standard ("FAS") 106 and the Discount Rate. The Accrnal
Balance shall be reported annually by the Bank to the Executive on Schedule A.
1.2 "Beneficiary'' means each designated person, or the estate of the deceased Executive,
entitled to benefits, if any, upon the death of the Executive determined pursuant to Article
3.
1.3 "Beneficiary Designation Form" means the fonn established from time to time by the
Plan Administrator that the Executive completes, signs and returns to the Plan
Administrator to designate one or more Beneficiaries.
' 1.4\ "Change of Control" mean& the occurrence of any of the following events with respect to
the Bank or, as applicable, its parent holding company Service 1st Bancorp ("Bancorp"):
(a) a change in control of a nature that would be required to be reported in
response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities
1
Exhibit 10.11
