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EXHIBIT 10.20.1
Letter from City National Bank to Alexander L. Kyman,
dated November 3, 1993
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EXHIBIT 10.20.1
[CITY NATIONAL BANK LOGO]
November 3, 1993
Mr. Alexander L. Kyman
4411 Westchester Drive
Woodland Hills, CA 91364
Re: AGREEMENT FOR SEPARATION FROM EMPLOYMENT AND RELEASE
Dear Mr. Kyman:
When countersigned by you in the space provided below, this letter
will confirm the agreement between City National Bank ("CNB") and you with
respect to the matters set forth below.
CNB and you are parties to an Agreement (the "Country Club Agreement")
dated August 31, 1967, whereby you are obligated to reimburse CNB for the cash
sale value of your membership in the El Caballero Country Club (the "Club") in
the event of your leaving the employment of CNB or your retirement. CNB and
you have also entered into an Agreement for Separation From Employment and
Release (the "Separation Agreement") pursuant to which your employment with CNB
will be terminated effective December 31, 1993. CNB hereby agrees that the
Country Club Agreement will be terminated effective December 31, 1993, and that
you will not be required to make any reimbursement or other payment to CNB
thereunder.
Notwithstanding anything to the contrary in the Separation Agreement,
including without limitation Paragraph 9.1 thereof, CNB acknowledges that you
have worked in the banking industry for your entire career and have developed
extensive knowledge and experience in all aspects of the banking industry, and
nothing in the Separation Agreement prohibits or in any way will impair you
from consulting or otherwise working in any aspect of such industry. CNB
acknowledges that you have informed CNB of your intent to act as a financial
consultant subsequent to the termination of your employment with CNB, and CNB
hereby consents to your communication with clients and prospective clients who
may be customers of CNB with respect to your consulting practice. In addition,
CNB acknowledges that from time to time, you may be consulted by customers of
CNB, prospects or others regarding their banking arrangements, during the
course of which you may become privy to further information concerning CNB,
including pricing and terms offered to CNB customers, which subsequently
acquired information will not be deemed to constitute a Trade Secret (as
defined in the Separation Agreement) unless such information is confidential
and acquired from an employee, officer or agent of CNB. You will use your best
efforts to refer all inquiries regarding new banking business to CNB, provided
that if CNB fails or refuses to accept any such new business, nothing in the
Separation Agreement will prohibit you from in good faith referring such new
business to other financial institutions.
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Mr. Alexander L. Kyman
November 3, 1993
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This letter and the Separation Agreement contain and express the
entire and final agreement of the parties with respect to the matters covered
herein and therein, and supersede all negotiations, prior discussions and
preliminary agreements. No promises or representations, express or implied,
concerning this letter or the Separation Agreement have been made by either
party to the other, other than those contained herein and in the Separation
Agreement.
Very truly yours,
CITY NATIONAL BANK, a national
banking association
By: /s/ Bram Goldsmith
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Its: Chairman/CEO
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AGREED AND ACCEPTED:
/s/ Alexander L. Kyman
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ALEXANDER L. KYMAN