-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GhNp2l/tEO1Rj0gKH4urwZmC4SoE1Sy6H7iatmBLvO58QHzgzB6VP6DjqVHnJjaZ +wSLfGpdiihNQXCmbhRgtA== 0000950129-06-006090.txt : 20060607 0000950129-06-006090.hdr.sgml : 20060607 20060607143407 ACCESSION NUMBER: 0000950129-06-006090 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060605 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060607 DATE AS OF CHANGE: 20060607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FCB Bancorp CENTRAL INDEX KEY: 0001331825 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 203074387 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-126401 FILM NUMBER: 06891362 BUSINESS ADDRESS: STREET 1: 1100 PASEO CAMARILLO CITY: CAMARILLO STATE: CA ZIP: 93010 BUSINESS PHONE: 805-484-0534 MAIL ADDRESS: STREET 1: 1100 PASEO CAMARILLO CITY: CAMARILLO STATE: CA ZIP: 93010 8-K 1 v21191e8vk.htm FCB BANCORP e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 5, 2006
FCB BANCORP
Incorporated Under the Laws of the State of California
     
333-126401
Commission File Number
  20-3074387
I.R.S. Employer Identification Number
1100 Paseo Camarillo
Camarillo, California 93010
(805) 484-0534
Not Applicable
(Former name or former address, if changed since last report)
     Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
 
 

 


 

Item 1.01 Entry into a Material Definitive Agreement.
     On June 5, 2006, First California Bank (the “Bank”), a wholly-owned subsidiary of FCB Bancorp, and C. G. Kum, the Bank’s President and Chief Executive Officer, entered into an amendment to that certain salary continuation agreement dated March 27, 2003. On the same day, the Bank and Thomas E. Anthony, the Bank’s Executive Vice President and Chief Credit Officer, also entered into an amendment to that certain salary continuation agreement dated March 27, 2003.
     The purpose of the amendments was to bring the agreements into full compliance with the requirements of Internal Revenue Code Section 409A. Copies of the amendments to Mr. Kum’s and Anthony’s agreements are included as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits.
     (d) Exhibits:
               
    Exhibit No.   Description
 
    99.1     409A Amendment to the First California Bank Salary Continuation Agreement for Chong Guk Kim.
 
           
 
    99.2     409A Amendment to the First California Bank Salary Continuation Agreement for Thomas E. Anthony.

 


 

SIGNATURES
     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  FCB BANCORP
 
 
Date: June 6, 2006  By:   /s/ Romolo Santarosa    
    Romolo Santarosa    
    Executive Vice President and Chief Financial Officer   
 

 

EX-99.1 2 v21191exv99w1.htm EX-99.1 exv99w1
 

Exhibit 99.1
409A Amendment to the
First California Bank
Salary Continuation Agreement for
Chong Guk Kum
     First California Bank (“Bank”) and Chong Guk Kum (“Executive”) originally entered into the First California Bank Salary Continuation Agreement (“Agreement”) on March 27, 2003. Pursuant to Article 7 of the Agreement, the Bank and the Executive hereby adopt this 409A Amendment, effective January 1, 2005.
     This 409A Amendment is intended to bring the Agreement into full compliance with the requirements of Internal Revenue Code Section 409A. Therefore, the following changes shall be made:
  1.   Articles 1.10 and 1.11 shall be renumbered as Articles 1.11 and 1.12, respectively, and the following definition for “Separation from Service” shall be numbered as Article 1.10:
Separation from Service” means that the Executive has experienced a Termination of Employment. In the event that an Executive continues to provide services considered “significant” to the Bank, either as an employee or as an independent contractor, a Separation from Service will not be deemed to have occurred. “Significant” services, for purposes of this Agreement, are those where (1) the Executive provides services in the capacity as an employee at an annual rate equal to at least 20 percent of the services rendered during the immediately preceding three full calendar years of employment, and the annual remuneration for such services is equal to at least 20 percent of the average remuneration earned during the immediately preceding three full calendar years of employment (or, if the Executive was employed for less than three years, such lesser period); or (2) the Executive continues to provide services to the Bank in a capacity other than as an employee, and if the Executive provide those services at an annual rate that is at least 50 percent or more of the service rendered, on average, during the final three full calendar years of employment (or, if less, such lesser period) and the annual remuneration for such services is at least 50 percent or more of the average annual remuneration earned during the immediately preceding three full calendar years of employment (or if less, such lesser period). This definition of Separation from Service shall at all times be construed to comply with the rules set forth in the 409A Proposed Regulations, issued September 29, 2005, or any subsequent regulations.
  2.   All references in the Agreement to “Termination of Employment,” “terminates employment,” or other similar phrases shall be deleted and replaced with the term “Separation from Service” or “Separates from Service,” as appropriate.

 


 

Notwithstanding the previous sentence, the definition of “Termination of Employment” in Article 1.11 shall not be deleted.
  3.   A new Article 2.7 shall be added, and shall read:
Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, distributions to Executive may not commence earlier than six (6) months after the date of a Separation from Service if, pursuant to Section 409A of the Code and regulations and guidance promulgated thereunder, Executive is considered a “specified employee” under Section 416(i) of the Code. In the event a distribution is delayed pursuant to this Section 2.5, the originally scheduled payments shall be delayed for 6 months, aggregated, and paid in a lump sum on the first day of the seventh month. All other scheduled payments shall be made on the regular schedule, starting with the seventh payment in the seventh month. If the payment is to be made in a lump sum, the entire lump sum shall be delayed for six months and paid in the seventh month.
  4.   Article 2.5.1 shall be deleted in its entirety and replaced with the following Article 2.5.1:
Amount of Benefit. The benefit under this Section 2.5 is the Change of Control lump sum set forth on Schedule A, determined by vesting the Executive in the projected Normal Retirement Benefit at Normal Retirement Age as described in Section 2.1.1.
  5.   Article 2.5.2 shall be deleted in its entirety and replaced with the following Article 2.5.2:
Payment of Benefit. The Company shall pay the benefit determined under Section 2.5.1 to the Executive in a lump sum within 30 days following Termination of Employment.
Therefore, the foregoing changes are agreed to.
       
/s/ John W. Birchfield
  /s/ Chong Guk Kum
     
John W. Birchfield
  Chong Guk Kum
Chairman of the Board
   
For the bank
 

 

EX-99.2 3 v21191exv99w2.htm EX-99.2 exv99w2
 

Exhibit 99.2
409A Amendment to the
First California Bank
Salary Continuation Agreement for
Thomas E. Anthony
     First California Bank (“Bank”) and Thomas E. Anthony (“Executive”) originally entered into the First California Bank Salary Continuation Agreement (“Agreement”) on March 27, 2003. Pursuant to Article 7 of the Agreement, the Bank and the Executive hereby adopt this 409A Amendment, effective January 1, 2005.
     This 409A Amendment is intended to bring the Agreement into full compliance with the requirements of Internal Revenue Code Section 409A. Therefore, the following changes shall be made:
  1.   Articles 1.10 and 1.11 shall be renumbered as Articles 1.11 and 1.12, respectively, and the following definition for “Separation from Service” shall be numbered as Article 1.10:
Separation from Service” means that the Executive has experienced a Termination of Employment. In the event that an Executive continues to provide services considered “significant” to the Bank, either as an employee or as an independent contractor, a Separation from Service will not be deemed to have occurred. “Significant” services, for purposes of this Agreement, are those where (1) the Executive provides services in the capacity as an employee at an annual rate equal to at least 20 percent of the services rendered during the immediately preceding three full calendar years of employment, and the annual remuneration for such services is equal to at least 20 percent of the average remuneration earned during the immediately preceding three full calendar years of employment (or, if the Executive was employed for less than three years, such lesser period); or (2) the Executive continues to provide services to the Bank in a capacity other than as an employee, and if the Executive provide those services at an annual rate that is at least 50 percent or more of the service rendered, on average, during the final three full calendar years of employment (or, if less, such lesser period) and the annual remuneration for such services is at least 50 percent or more of the average annual remuneration earned during the immediately preceding three full calendar years of employment (or if less, such lesser period). This definition of Separation from Service shall at all times be construed to comply with the rules set forth in the 409A Proposed Regulations, issued September 29, 2005, or any subsequent regulations.
  2.   All references in the Agreement to “Termination of Employment,” “terminates employment,” or other similar phrases shall be deleted and replaced with the term “Separation from Service” or “Separates from Service,” as appropriate.

 


 

Notwithstanding the previous sentence, the definition of “Termination of Employment” in Article 1.11 shall not be deleted.
  3.   A new Article 2.7 shall be added, and shall read:
Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, distributions to Executive may not commence earlier than six (6) months after the date of a Separation from Service if, pursuant to Section 409A of the Code and regulations and guidance promulgated thereunder, Executive is considered a “specified employee” under Section 416(i) of the Code. In the event a distribution is delayed pursuant to this Section 2.5, the originally scheduled payments shall be delayed for 6 months, aggregated, and paid in a lump sum on the first day of the seventh month. All other scheduled payments shall be made on the regular schedule, starting with the seventh payment in the seventh month. If the payment is to be made in a lump sum, the entire lump sum shall be delayed for six months and paid in the seventh month.
  4.   Article 2.1.2 shall be deleted in its entirety and replaced with the following Article 2.1.2:
Payment of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of years equal to the number of years that Executive is employed by the Company between the Effective Date and the Executive’s Normal Retirement Date, a maximum of 11 years, unless Executive and the Company mutually agree to continue Executive’s employment beyond the Normal Retirement Date, in which case the benefit payment shall be extended for one additional year for each full year of service beyond the Normal Retirement Date, but to a maximum aggregate of 15 years only. Each payment for each incremental year of service beyond 11 years of service shall be considered a “separate payment,” as defined under 409A and regulations promulgated thereunder. The form and timing of each separate payment shall be elected by the Executive at the time Executive and the Company mutually agree that Executive will render an additional year of service, provided that (1) such election is not made later than the date on which the Executive commences an additional year of service, and (2) the election otherwise complies with the distribution election rules of 409A and regulations promulgated thereunder.
  5.   Article 2.5.1 shall be deleted in its entirety and replaced with the following Article 2.5.1:
Amount of Benefit. The benefit under this Section 2.5 is the Change of Control lump sum set forth on Schedule A, determined by vesting the

 


 

Executive in the projected Normal Retirement Benefit at Normal Retirement Age as described in Section 2.1.1.
  6.   Article 2.5.2 shall be deleted in its entirety and replaced with the following Article 2.5.2:
Payment of Benefit. The Company shall pay the benefit determined under Section 2.5.1 to the Executive in a lump sum within 30 days following Termination of Employment.
     Therefore, the foregoing changes are agreed to.
       
/s/ John W. Birchfield
  /s/ Thomas E. Anthony
     
John W. Birchfield
  Thomas E. Anthony
Chairman of the Board
   
For the bank
 

 

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