In the event your employment is terminated within the first twelve months of your start date for a reason other than cause, you will be eligible for a severance payment equal to one year’s base salary if you execute and do not revoke a Severance and Release Agreement. To receive this severance payment, you must execute the Severance and Release Agreement within 30 days of your termination and allow it to become effective, in which case the Bank will pay such severance in a lump sum on the 45th day following your termination.
Additionally, the Bank will initiate a Change of Control Agreement consistent with that of other bank executives. The Agreement will be effective upon your employment with the Bank.
Your home office will be in Roseville, California; however, you will be expected to make yourself available in Chico, California as needed or requested, and will work with Rick Smith for an acceptable time schedule in Chico, CA. Notwithstanding the foregoing, in order to assure a smooth transition into your position, we agree that the expectation of being in Chico will be inclusive of Monday of each week, and not be less than four (4) days a week through 2018 unless business needs require your presence at another location. For the period following your start date and through the balance of 2018, you will be eligible for reimbursement of temporary housing expenses. All expense reimbursements will be based on approved receipts consistent with the Bank’s expense reimbursement policies.
Peter, as an employee, you will be eligible to receive certain employee benefits, including four weeks’ vacation, holidays, participation in the Bank’s medical, dental and vision plans, and participation in the Bank’s Executive Deferred Compensation Plan, and other benefits available to similarly situated executive management. The exact accrual for year 2018 vacation benefit will be determined by your reporting date. Additionally, you will be eligible to participate in the Bank’s ESOP and 401(k) Plans based on the eligibility criteria of those Plans. A summary of the Bank’s benefit plans will be forwarded to you, and your group insurance benefits will be effective on your first day of employment. Should you have any questions about any of the plans outlined in those documents, please contact Marilyn Kirklin at 530-898-0300, ext. 88717. You should be aware that the Bank may modify benefit plans, job titles and salaries, bonuses, commissions and incentives from time to time as it deems necessary or appropriate.
As a Tri Counties Bank employee, you will be expected to comply with our policies and procedures, acknowledge in writing that you have read the handbook, and will comply with sections that, among other things, prohibit the unauthorized disclosure of Tri Counties Bank’s proprietary information. By making this offer, the Bank does not wish to receive or obtain the benefit of any trade secrets or confidential information of any of your former employers. Accordingly, the Bank cautions you not to disclose any trade secrets or confidential information of any former employer to anyone at Tri Counties Bank, nor to use any such trade secrets or confidential information for the benefit of the Bank. The Bank further cautions you not to bring with you any originals or copies of papers, documents, notes, or other materials, whether stored electronically or otherwise, which belong to any former employer or which contain any trade secrets or confidential information of any former employer.
