EXHIBIT 10.56
SECOND AMENDMENT TO
SENIOR MANAGER SEPARATION BENEFITS AGREEMENT
This Second Amendment to the Senior Manager Separation Benefits Agreement (the
"Agreement") is made this 20th day of March, 1998 by and between, Sierra West
Bancorp, a California Corporation (formerly known as Sierra Tahoe Bancorp) and
its banking subsidiary, Sierra West Bank (formerly known as Truckee River Bank)
("collectively, SWB"), and Xxxxxxx X. Day, an individual ("PSD"), as follows:
RECITALS:
A. On or about January 10, 1996, SWB and PSD entered into a Senior
Manager Separation Benefits Agreement wherein the parties preagreed upon
reasonable separation compensation to be paid to PSD should SWB ever determine
that PSD should, for whatever reason, be terminated from his position and leave
the company.
B. Since the execution of the Agreement, PSD has been allotted
additional duties and responsibilities and, due to the change in
responsibilities, is eligible for additional compensation under the Agreement.
C. PSD and SWB wish to amend certain terms of the Agreement.
NOW, THEREFORE, the parties agree as follows:
The references to "NINE (9) in Paragraphs 3(A) and 3(B) on page 3 of the
Agreement shall be deleted in their entirety and in their place and stead shall
be inserted references to "TWELVE (12)".
Except as herein amended, all terms and conditions of the Agreement shall
remain the same.
IN WITNESS WHEREOF the parties hereto have set their hands as of the date
and
1
year first above written.
/s/ Xxxxxxx X. Day
----------------------
XXXXXXX X. DAY ("PSD")
SIERRA WEST BANCORP,
a California Corporation ("SWB")
By: /s/ Xxxxxxx Xxxx
--------------------
Xxxxxxx Xxxx,
Its: Chief Executive Office
2
