Central Valley Community Bancorp (NASDAQ:CVCY) Files An 8-K Entry into a Material Definitive Agreement

The Board of Directors of Central Valley Community Bank (Bank), the sole subsidiary of Central Valley Community Bancorp (Company) recommended to the Board of Directors, and the Board approved, amendments to existing executive salary continuation agreements and life insurance split dollar endorsement method agreements for the following key executives:

* David A. Kinross, Executive Vice President and Chief Financial Officer

* James J. Kim, Executive Vice President and Chief Operating Officer

The amendments to the existing salary continuation and split dollar agreements provide each of the foregoing executives with an increased annual retirement benefit beginning at $80,000 annually. Other terms, including vesting schedules of the amended salary continuation agreements, remain unchanged. Annual retirement benefits continue for a period of 15 years, with payments commencing with the sixth month after the executive’s retirement date. The amended agreements also provide for the annual benefit amount to be increased by three percent (3%) from the previous year’s benefit amount once benefits commence.

The Board also approved an Executive Salary Continuation Agreement and a Life Insurance Split Dollar Endorsement Method Agreement for Executive Vice President, Market Executive, Ken Ramos. The salary continuation benefits provide for an annual retirement benefit beginning at $40,000 for a period of 15 years. The annual benefit shall be increased each year by three percent (3%) from the previous year’s benefit to account for cost of living increases.

In each case, the life insurance agreements are intended to fund the Company’s obligation to pay the salary continuation benefits, or to provide a death benefit to the estate of an executive who dies prior to the time the salary continuation benefit is paid.

Each of the above agreements were executed on April 23, 2020.

The information in this Form 8-K filed on April 28, 2020 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.

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.