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Business Development And Consultation Agreement

This is an actual contract by 1ST Century Bancshares,.

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Sectors: Banking
Governing Law: California , View California State Laws
Effective Date: November 25, 2003
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BUSINESS DEVELOPMENT AND CONSULTATION AGREEMENT



THIS BUSINESS DEVELOPMENT AND CONSULTATION AGREEMENT (the " Agreement ") is made and entered into as of this 25 th day of November, 2003, by and between 1 st Century Bank, National Association (In Organization) (the " Bank "), on one hand, and Alan I. Rothenberg (the " Consultant "), on the other hand.



WHEREAS, the parties hereto wish to enter into a business development and consultation agreement to obtain certain services from Consultant in addition to his expected role as a director and Chairman of the Board of Directors of the Bank, and to set forth certain additional agreements between the Consultant and the Bank, provided that this Agreements shall be subject to ratification by the full Board of Directors prior to the opening of the Bank for business.



NOW, THEREFORE, in consideration of the mutual covenants and representations contained herein, the parties hereto agree as follows:



1. Term . The Bank will utilize the Consultant92s services, and the Consultant will serve the Bank under the terms of this Agreement, for a period of one (1) year (the " Initial Term "), commencing on the date the Bank opens for business (the " Effective Date "). However, if the Bank does not open for business on or before December 31, 2004, this Agreement shall automatically terminate and be of no further effect. The Initial Term of this Agreement and the terms of this Agreement may be extended annually for an additional one (1) year period (each an "Extended Term") at the discretion of the Board of Directors by written notice to the Consultant no later than the expiration of the Initial Term or the effective Extended Term. Notwithstanding the foregoing, this Agreement may be terminated earlier by the Consultant at any time, and in the discretion of the Board, upon one month92s written notice.



2. Consulting Services to Be Provided . The Bank hereby retains Consultant to perform business development and related consulting services above and beyond those services typically expected and provided by a member of the Board of Directors or by the Chairman of the Board and which shall include, but not be limited to:



(a) Provide leadership and direction on business development, marketing and public relations activities related to key industries and sectors in the bank92s market territory. These sectors will include entertainment, legal, sports management and professional services.



(b) Oversee and provide guidance to management on civic, community and philanthropic activities.



(c) Actively participate in direct calling, customer solicitation, and relationship management to achieve the Bank92s marketing and business development plan.



(d) Service as spokesperson for the Bank in key areas of business presentation, civic affairs and public relations.








3. Remuneration .



(a) Fee . During the Initial Term, the Bank shall pay to Consultant for the performance of the services described under this Agreement a fee of Seventy Five Thousand Dollars ($75,000), payable in equal monthly installments. If this Agreement is extended as provided herein, the Board and Consultant shall mutually agree upon, at the time this Agreement is extended, an appropriate fee for services to be rendered during the Extended Term.



(b) Business Expenses . During the effectiveness of the Initial Term of this Agreement or any Extended Term, the Bank shall advance or reimburse Consultant for all documented reasonable business expenses incurred by the Consultant in the performance of the services described under this Agreement, in accordance with policies adopted from time to time by or under the delegation of the Board of Directors.



4. Confidentiality . The Consultant agrees that he will not at any time during the term of this Agreement, or at any time thereafter for any reason, in any fashion, form or m
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