Exhibit 10.11
SECOND AMENDMENT
TO
EXECUTIVE SUPPLEMENTAL COMPENSATION AGREEMENT
This second amendment (“Second
Amendment”) to the Executive Supplemental Compensation
Agreement (“Agreement”) dated September 15, 2005
is made and entered into this 31 st day of December, 2008, by and between
Nevada Security Bank, a Nevada state banking corporation (the
“Employer”), and Joe Bourdeau, an individual residing
in the State of Nevada (hereinafter referred to as the
“Executive”).
RECITALS
WHEREAS, the Executive is an employee of the
Employer and is serving as its Senior Executive Vice
President/Marketing and Sales;
WHEREAS, the Employer has provided Executive
with certain salary continuation benefits as set forth in the
Agreement;
WHEREAS, Employer and Executive desire to amend
the Agreement to comply with Section 409A of the Internal
Revenue Code of 1986, as amended and the rules promulgated
thereunder and make certain conforming changes to the
Agreement.
NOW, THEREFORE, in consideration of the services
to be performed in the future, as well as the mutual promises and
covenants contained herein, the Executive and the Employer agree to
amend the Agreement as follows:
1.
Section 1.14 of the Agreement
is amended to read in the entirety as follows:
Involuntary
Termination . The term “Involuntary
Termination” shall mean a Separation of Service due to the
termination of the Executive’s employment by the Employer for
any reason other than Termination for Cause, Voluntary Termination,
Early Retirement or Retirement of the Executive.
2.
Section 1.10 of the Agreement
is amended to read in the entirety as follows:
Early
Retirement.
The term “Early Retirement” shall mean shall
mean a Separation of Service due to the Retirement by the Executive
that is memorialized in an irrevocable writing signed by the
Executive and delivered to the Employer and be effective on the
first date which satisfies all of the following
conditions:
(a)
It shall be a date after Executive
reaches age 62 and prior to Executive attains age 65;
and
(b)
It shall be the date on which the
Executive has a Separation from Service.
