Central Valley Community Bancorp (NASDAQ:CVCY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Central Valley Community Bancorp’s banking subsidiary Central Valley Community Bank (the “Bank”) entered into a deferred compensation agreements with Robert Flautt, a non-employee director of Central Valley Community Bancorp and the Bank to which Mr. Flautt has elected to defer some or all of board fees in exchange for the Bank’s promise to pay a deferred benefit in the future. The Bank has entered into substantially similar arrangements with five of its other directors. The agreement allows Mr. Flautt to reduce current taxable income in exchange for larger payments at retirement, when he could be in a lower tax bracket. Deferred director fees are expensed by the Bank and are set aside in a separate liability account. Credited on the account balance at a rate determined annually by the Board of Directors, interest on deferred fees continues to accrue until Mr. Flautt’s service terminates and payment of benefits commences. Payment of accrued benefits, represented by the account balance, can be made in a lump sum or in installments, at Mr. Flautt’s election. After retirement, benefit payments are taxable income to Mr. Flautt and are deductible expenses to the Bank as they are paid. The deferred compensation arrangements with non-employee directors are unfunded , which means that a participating director has no rights beyond those of a general creditor of the Bank, and no specific Bank assets are set aside for payment of account balances. A director whose service terminates for cause forfeits all accrued interest and is entitled solely to the fees previously deferred.

This summary is qualified by the terms of the deferred compensation agreement attached as Exhibit 10.1 to this report and incorporated by reference herein.

Item 9.01 Exhibits

(d) Exhibits

10.1 Director Deferred Fee Agreement – Robert Flautt

CENTRAL VALLEY COMMUNITY BANCORP Exhibit
EX-10.1 2 directordeferredcompensati.htm EXHIBIT 10.1 Exhibit CENTRAL VALLEY COMMUNITY BANK DIRECTOR DEFERRED FEE AGREEMENTThis Agreement is entered into this 8th day of January,…
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About Central Valley Community Bancorp (NASDAQ:CVCY)

Central Valley Community Bancorp is a bank holding company, which operates through its subsidiary, Central Valley Community Bank (the Bank). The Company’s principal business is to provide, through its banking subsidiary, financial services in its primary market area in California. It serves over seven contiguous counties in California’s central valley, including Fresno County, Madera County, Merced County, Sacramento County, San Joaquin County, Stanislaus County, and Tulare County, and surrounding areas through the Bank. The Bank conducts a commercial banking business, which includes accepting demand, savings and time deposits and making commercial, real estate and consumer loans. It provides domestic and international wire transfer services and provides safe deposit boxes and other customary banking services. It operates over 20 full-service banking offices in Clovis, Exeter, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, Tracy and Visalia.