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<SEC-DOCUMENT>0000939057-05-000362.txt : 20051219
<SEC-HEADER>0000939057-05-000362.hdr.sgml : 20051219
<ACCEPTANCE-DATETIME>20051219171709
ACCESSION NUMBER:		0000939057-05-000362
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051219
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051219
DATE AS OF CHANGE:		20051219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROVIDENT FINANCIAL HOLDINGS INC
		CENTRAL INDEX KEY:			0001010470
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				330704889
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28304
		FILM NUMBER:		051273435

	BUSINESS ADDRESS:	
		STREET 1:		3756 CENTRAL AVE
		CITY:			RIVERSIDE
		STATE:			CA
		ZIP:			92506
		BUSINESS PHONE:		9096866060

	MAIL ADDRESS:	
		STREET 1:		3756 CENTRAL AVENUE
		CITY:			RIVERSIDE
		STATE:			CA
		ZIP:			92506
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8121905.htm
<DESCRIPTION>PROVIDENT FINANCIAL HOLDINGS, INC. FORM 8-K
<TEXT>
<HTML>
<BODY>

<B><FONT FACE="Times"><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER"></P>
</FONT><FONT FACE="Times" SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
</FONT><FONT FACE="Times"><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
</B><P ALIGN="CENTER"></P>
<P>&nbsp;</P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): <B>December 19, 2005</P>
</B>
</FONT><B><FONT FACE="Times" SIZE=5><P ALIGN="CENTER">PROVIDENT FINANCIAL HOLDINGS, INC.<BR>
</B></FONT><FONT FACE="Times">(Exact name of registrant as specified in its charter)</P>
<P ALIGN="CENTER"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Times"><P ALIGN="CENTER">Delaware</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Times"><P ALIGN="CENTER">000-28304</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Times"><P ALIGN="CENTER">33-0704889</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Times"><P ALIGN="CENTER">(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Times"><P ALIGN="CENTER">(Commission<BR>
File Number)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Times"><P ALIGN="CENTER">(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Times"><P ALIGN="CENTER"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><FONT FACE="Times"><P ALIGN="CENTER">3756 Central Avenue, Riverside, California</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><FONT FACE="Times"><P ALIGN="CENTER">92506</B></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Times"><P ALIGN="CENTER">(Address of principal executive offices)</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT FACE="Times"><P ALIGN="CENTER">(Zip Code)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Times">
<P ALIGN="CENTER">Registrant's telephone number, including area code:  <B>(951) 686-6060</P>
</B><U>
</U><P ALIGN="CENTER">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=636>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT FACE="Times" SIZE=2><P></FONT>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>

<P>[&nbsp; ]&nbsp;&nbsp; </font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>

<P>[&nbsp; ]</font>&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>

<P>[&nbsp; ]</font>&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act       <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(17 CFR 240.14d-2(b))</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>

<P>[&nbsp; ]</font>&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<BR>
       &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>

<FONT FACE="Times">
<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>
<B><P>Item 1.01  Entry into a Material Definitive Agreement.</P>
</B></FONT><FONT FACE="Times" SIZE=2>
</FONT><FONT FACE="Times"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc.'s (&quot;Company&quot;) wholly owned subsidiary, Provident Savings Bank, F.S.B. (&quot;Bank&quot;), and the Bank's Board of Directors entered into a new employment agreement with Craig G. Blunden (&quot;Mr. Blunden&quot;), the President and Chief Executive Officer of the Company and the Bank, effective December 15, 2005. </FONT>The Board of Directors determined that a new employment agreement was necessary to memorialize changes that have occurred in the business environment in which the Bank operates and modifications to the organizational structure of the Company from the time that the prior employment agreement was approved.  The agreement has a term of three years and may be extended by the Board.  The agreement provides for a base salary of $362,250 per year effective on January 1, 2006 which is subject to annual review by the Board and provides that Mr. Blunden will serve as the Pr
esident and Chief Executive Officer of the Bank and provide services to the Company and any of its subsidiaries.  Under the agreement, Mr. Blunden is eligible to participate in all fringe benefit programs available to employees of the Bank as well as any program made available to senior executives of the Bank, including the use of an employer-provided automobile.  The agreement also provides for the reimbursement of expenses incurred by Mr. Blunden in the course of his employment.  In the event of Mr. Blunden's termination without &quot;cause&quot; (as defined in the agreement) by the Bank, the agreement provides for a lump sum payment equal to approximately the future base salary payments Mr. Blunden would have received over the then remaining term of the agreement and the continuation of life and medical insurance at the Bank's expense for Mr. Blunden and his dependents.  In the event of Mr. Blunden's termination without cause following a change in control of the Bank, Mr. Blunden is entitled to an additio
nal payment equal to approximately three times the sum of his base salary and bonuses during the 12 months preceding his termination of employment reduced by the value of any other payments made by the Bank by reason of Mr. Blunden's termination without cause.  A copy of the employment agreement is attached as Exhibit 99.1 and incorporated herein by reference.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Also on December 15, 2005 the Bank's Board amended Mr. Blunden's post-retirement compensation agreement to comply with Section 409A of the Internal Revenue Code and related guidance (referred to herein as &quot;Section 409A&quot;).  The Board determined that this is necessary to avoid the tax sanctions imposed if a non-qualified plan is not Section 409A compliant both in form and operation.  The agreement provides that if Mr. Blunden terminates employment with the Bank after attaining age 62, the Bank will provide Mr. Blunden with an actuarially determined lump sum payment designed to approximate a monthly benefit for life equal to 50% of his final average monthly salary.  The agreement provides for a six-month delay in the lump sum payment since Mr. Blunden is a specified employee and provides that no lump sum payment will be paid to Mr. Blunden if he is terminated for cause.  A copy of the post-retirement compensation agreement is attached as Ex
hibit 99.2 and is incorporated herein by reference.</P>
<P ALIGN="JUSTIFY"><font size="2">&lt;PAGE&gt;</font></P>
<FONT FACE="Times">
<B><P>Item 9.01  Financial Statements and Exhibits</P>
</B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.1&nbsp;&nbsp; Employment Agreement between Provident Savings Bank, F.S.B. and<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Craig G. Blunden.</P>



<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp; Post-Retirement Compensation Agreement between Provident
Savings<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank, F.S.B. and Craig G. Blunden. </P>

<P><font size="2">&lt;PAGE&gt;</font></P>

<B><P ALIGN="CENTER">SIGNATURES</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements 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.</P>

<P>Date:  December 19, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROVIDENT FINANCIAL HOLDINGS, INC.<BR>










<P>&nbsp;</P>










<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<U>










/s/ Donavon P. Ternes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donavon P. Ternes<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Financial Officer</P>










<P>&nbsp;</P>










<P><font size="2">&lt;PAGE&gt;</font></P>
<P></P>

<B><P ALIGN="CENTER">Exhibit 10.1</P>

<P ALIGN="CENTER">Employment Agreement between <BR>
Provident Savings Bank, F.S.B. and Craig G. Blunden</P>
</B>

<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>

<P><CENTER><U>EMPLOYMENT AGREEMENT</U></CENTER>
</P>

<p align="justify">

<BR WP="BR1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of this
15th day of December 2005 by and between Provident Savings Bank, F.S.B. (the "Savings Bank"),
and Craig G. Blunden (the "Employee").  References to the "Company" mean Provident Financial
Holdings, Inc., the holding company of the Savings Bank.</p>
<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	WHEREAS, the Employee is currently serving as the President and Chief Executive Officer
of the Savings Bank; </P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	WHEREAS, the Employee has made and will continue to make a major contribution to the
success of the Savings Bank in the position of President and Chief Executive Officer;
</p>
<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	WHEREAS, the Board of Directors of the Savings Bank (the "Board of Directors")
recognizes that the possibility of a change in control of the Savings Bank or the Company may occur
and that such possibility, and the uncertainty and questions which may arise among management,
may result in the departure or distraction of key management to the detriment of the Savings Bank
and the Company;</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	WHEREAS, the Employee is currently employed by the Savings Bank under the terms and
conditions of an employment agreement dated January 1, 1997, which the Employee and the Savings
Bank desire to terminate and replace it with this Agreement, and that such termination and
replacement be effective as of the date hereof;</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	WHEREAS, the Board of Directors believes that it is in the best interests of the Savings
Bank to enter into this Agreement with the Employee in order to assure continuity of management
of the Savings Bank and its subsidiaries; and</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	WHEREAS, the Board of Directors has approved and authorized the execution of this
Agreement with the Employee;</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and
agreements of the parties herein, it is AGREED as follows:</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	1.  <U>Definitions</U>.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(a) "Change in Control" means (i) any "person," as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (other
than the Company, any Consolidated Subsidiaries (as hereinafter defined), any person (as
hereinabove defined) acting on behalf of the Company as underwriter pursuant to an offering who
is temporarily holding securities in connection with such offering, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company, or any corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company), is or becomes the "beneficial owner" (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25%
</P>

<P>		<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">		or more of the combined voting power of the Company's then outstanding securities; (ii) individuals
who are members of the Board of Directors on the Effective Date (the "Incumbent Board") cease for
any reason to constitute at least a majority thereof, <U>provided that</U> any person becoming a director
subsequent to the Effective Date whose election was approved by a vote of at least three-quarters of
the directors comprising the Incumbent Board or whose nomination for election by the Company's
stockholders was approved by the nominating committee serving under an Incumbent Board or who
was appointed as a result of a change at the direction of the Office of Thrift Supervision ("OTS") or
the Federal Deposit Insurance Corporation ("FDIC"), shall be considered a member of the Incumbent
Board; (iii) the stockholders of the Company approve a merger or consolidation of the Company with
any other corporation, other than (1) a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than
50% of the combined voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected
to implement a recapitalization of the Company (or similar transaction) in which no person (as
hereinabove defined) acquires more than 25% of the combined voting power of the Company's then
outstanding securities; or (iv) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company of all or
substantially all of the Company's assets (or any transaction having a similar effect); <U>provided that</U>
the term "Change in Control" shall not include an acquisition of securities by an employee benefit
plan of the Savings Bank or the Company or a change in the composition of the Board at the
direction of the OTS or the FDIC. </P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "Consolidated Subsidiaries" means any subsidiary or subsidiaries
of the Company (or its successors) that are part of the affiliated group (as defined in Section 1504
of the Internal Revenue Code of 1986, as amended (the "Code"), without regard to subsection (b)
thereof) that includes the Savings Bank, including but not limited to the Company.</p>
<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp; The term "Date of Termination" means the date upon which the Employee's
employment with the Savings Bank ceases, as specified in a notice of termination pursuant to Section
9 of this Agreement or the date a succession becomes effective under Section 11.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "Effective Date" means the date of this Agreement.</P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp; The term "Involuntary Termination" means the termination of the employment
of Employee (i) by the Savings Bank without the Employee's express written consent (other than
pursuant to Section 7(e)(ii)(3)); or (ii) by the Employee by reason of a material diminution of or
interference with his duties, responsibilities or benefits, including (without limitation), if the
termination of employment occurs within 30 days of  any of the following actions unless consented
to in writing by the Employee:  (1) a requirement that the Employee be based at any place other than
Riverside, California, or within a radius of 35 miles from the location of the Savings Bank's
administrative offices as of the Effective Date, except for reasonable travel on Savings Bank
business; (2) a material demotion of the Employee; (3) a material reduction in the number or
</p>

<p align="center">2</p>
<p><font size="2">&lt;PAGE&gt;</font></p>
<p align="justify">seniority of personnel reporting to the Employee or a material reduction in the frequency with which,
or in the nature of the matters with respect to which such personnel are to report to the Employee,
other than as part of a Savings Bank-wide reduction in staff; (4) other than  as part of an overall
program applied uniformly and with equitable effect to all members of the senior management of
the Savings Bank, a reduction in the Employee's Salary (as defined in Section 4(a)) or a material
adverse change in the Employee's perquisites, benefits, contingent benefits or vacation; (5) a material
permanent increase in the required hours of work or the workload of the Employee; or (6) the failure
of the Board of Directors (or a board of directors of a successor of the Savings Bank) to elect the
Employee as President and Chief Executive Officer of the Savings Bank (or a successor of the
Savings Bank) or any action by the Board of Directors (or a board of directors of a successor of the
Savings Bank) removing the Employee from such office.  The term "Involuntary Termination" does
not include Termination for Cause, termination of employment due to death or permanent disability
pursuant to Section 7(e) of this Agreement, retirement or suspension or temporary or permanent
prohibition from participation in the conduct of the Savings Bank's affairs under Section 8 of the
Federal Deposit Insurance Act ("FDIA").</p>
<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(f)&nbsp;&nbsp;&nbsp;&nbsp;	The terms "Termination for Cause" and "Terminated for Cause" mean
termination of the employment of the Employee with  the Savings Bank because of the Employee's
personal dishonesty, incompetence, willful misconduct, breach of a fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation
(other than traffic violations or similar offenses) or final cease-and-desist order, or material breach
of any provision of this Agreement.   The Employee shall not be deemed to have been Terminated
for Cause unless and until there shall have been delivered to the Employee a copy of a resolution,
duly adopted by the affirmative vote of not less than a majority of the Board of Directors at a meeting
of the Board of Directors duly called and held for such purpose (after reasonable notice to the
Employee, which shall not be less than 30 days notice, and an opportunity for the Employee, together
with the Employee's counsel, to be heard before the Board of Directors), stating that in the good faith
opinion of the Board of Directors, the Employee has engaged in conduct described in the preceding
sentence and specifying the particulars thereof in detail, <FONT FACE="Times New Roman">which determination shall be subject to a
complete and de novo review as to reasonableness and good faith in accordance with Section 17
(dealing with the arbitration of disputes under this Agreement).</FONT></P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	2.&nbsp; <u>Term</u>.  The term of this Agreement shall be a period of three years commencing on the
Effective Date, subject to earlier termination as provided herein.  Beginning on the first anniversary
of the Effective Date, and on each anniversary thereafter, the term of this Agreement shall be
extended for a period of one year in addition to the then-remaining term, <U>provided that</U> (i) neither the
Employee nor the Savings Bank has given notice to the other in writing at least 90 days prior to such
anniversary that the term of this Agreement shall not be extended further; and (ii) prior to such
anniversary, the Board of Directors explicitly reviews and approves the extension.  Reference herein
to the term of this Agreement shall refer to both such initial term and such extended terms.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	3.&nbsp;&nbsp;&nbsp;  <U>Employment</U>.  The Employee shall be employed as the President and Chief Executive
Officer of the Savings Bank.  As such, the Employee shall render all services and possess the powers
</P>

<P align="center">	3</P>

<P align="left">	<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">	as are customarily performed by persons situated in similar executive capacities, and shall have such
other powers and duties as the Board of Directors may prescribe from time to time.  <FONT FACE="Times New Roman">The Employee
shall have full authority to do and perform or cause to be performed all such services, acts or things
as he shall deem necessary or advisable to manage and conduct the business of the Savings Bank,
including, without limitation, hiring, supervision and termination of employees and consultants, in
a manner consistent with policies established from time to time by the Board of Directors.  In the
performance of such duties, the Employee shall only be required to report to the Board of Directors.</FONT>
The Employee shall also render services to the Company or any subsidiary or subsidiaries of the
Company or Savings Bank as requested by the Savings Bank from time to time consistent with his
executive position.  </P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;	The Employee shall devote his best efforts and reasonable time and attention to the business
and affairs of the Savings Bank to the extent necessary to discharge his responsibilities hereunder.
<FONT FACE="Times New Roman">During the term of this Agreement the Employee shall devote substantially all of his regular business
time solely to the business of the Savings Bank, including community affairs, charitable matters or
other activities that may reasonably be expected to benefit the general image of the Savings Bank
in the communities it serves, and the Employee shall not provide services on behalf of, or otherwise
engage in or promote, any business competitive with that of the Savings Bank or its affiliates.
Subject to the foregoing, the Employee may (i) serve</FONT> on such corporate boards as are approved in
a resolution adopted by a majority of the Board of Directors, which approval shall not be withheld
unreasonably and (ii) engage in personal business and manage personal investments, so long as such
activities do not interfere materially with performance of his responsibilities hereunder. </P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	4.  <U>Cash Compensation</U>.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(a)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Salary</U>.  The Savings Bank agrees to pay the Employee during the term of this
Agreement a base salary (the "Salary") in the annualized amount of $362,250.    The Salary shall
be paid no less frequently than monthly and shall be subject to customary tax withholding.  The
amount of the Employee's Salary shall be increased (but shall not be decreased) from time to time
in accordance with the amounts of salary approved by the Board of Directors after the Effective Date.
The amount of the Salary shall be reviewed by the Board of Directors at least annually during the
term of this Agreement.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	<U>Bonuses</U>.  The Employee shall be entitled to participate in an equitable manner
with all other executive officers of the Savings Bank in such performance-based and discretionary
bonuses, if any, as are authorized and declared by the Board of Directors for executive officers.  The
Board of Directors may also authorize and declare that another or additional performance-based and
discretionary bonuses be paid to the Employee, as determined to be appropriate from time to time.</P>

<P align="justify">	</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(c)&nbsp;&nbsp;&nbsp;	<U>Expenses</U>.  The Employee shall be entitled to receive prompt reimbursement
for all reasonable expenses incurred by the Employee in performing services under this Agreement,
<U>provided that</U> the Employee accounts for all of such expenses as may be
required by the Board of Directors. Reasonable expenses include, but are not
limited to, all customary and reasonable </P>

<P align="center">		4</P>

<P align="left">		<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">		expenses incurred for promoting, pursuing or otherwise furthering the
business of the Savings Bank or its Consolidated Subsidiaries, including but not
limited to expenses for travel, entertainment and related matters, attendance at
conventions and industry related meetings, the cost of trade publications
related to financial institutions or otherwise relating to the business of the
Savings Bank or its Consolidated Subsidiaries, and dues, fees and assessments
with respect to those executive facilities and country clubs for which the
Savings Bank, as of the Effective Date, is making direct payment on behalf of
the Employee, or in respect of which the Savings Bank is providing the Employee
with reimbursement.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	5.&nbsp; <U>Benefits</U>.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(a)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Participation in Benefit Plans</U>.  The Employee shall be entitled to participate,
to the same extent as executive officers of the Savings Bank generally, in all plans of the Savings
Bank and the Company relating to retirement, 401(k), Employee Stock Ownership Plan, group or
other life insurance, hospitalization, medical and dental coverage, travel and accident insurance,
education, cash bonuses, and other retirement or employee benefits or combinations thereof.  In
addition, the Employee shall be entitled to be considered for benefits under all of the stock and stock
option related plans in which the Savings Bank's executive officers are eligible or become eligible
to participate. </P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(b)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Fringe Benefits</U>.  The Employee shall be eligible to participate in, and receive
benefits under, any other fringe benefit plans or perquisites which are or may become generally
available to the Savings Bank's executive officers and their eligible dependents, including but not
limited to: (i) supplemental retirement, deferred compensation program; (ii) use of a company
automobile of a quality commensurate with the Employee's position as Chief Executive Officer of
the Savings Bank, including replacement of such automobile after not more than three calendar years
of use and including payment by the Savings Bank of the costs of insurance, repairs, gas and oil for
such automobile; (iii) club dues; (iv) reimbursement of financial planning and annual tax return
preparation fees incurred at an accounting firm of the Employee's choice; (v) reimbursement for
costs related to or incurred in connection with annual comprehensive physical examinations of the
Employee at a facility of his choice, including the costs of any additional examinations or diagnostic
expense recommended by the examining physician, and (vi) supplemental medical or life insurance
plans, including the payment of a stipend to Employee for the payment of the premium on a long
term disability policy, plus any and all income tax attributable to the payment of such stipend.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	6.  <U>Vacations; Leave</U>.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(a)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Vacations</U>.  The Employee shall be entitled to a minimum of four weeks of
annual paid vacation, together with all paid holidays provided by the Savings Bank to its employees
or executive officers.  Except as otherwise required by applicable regulatory authorities, such
vacation time need not be taken in consecutive periods.  The Employee shall be entitled to carry over
unused vacation time for a period of up to one year.  </P>

<P align="center">		5</P>

<P align="left">		<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(b)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Leave</U>.  The Employee shall be entitled to voluntary leaves of absence, with
or without pay, from time to time at such times and upon such conditions as the Board of Directors
may determine in its discretion.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	7.   <U>Termination of Employment</U>.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;	<U>Involuntary Termination</U>.  A majority of the Board of Directors may terminate
the Employee's employment at any time, but, except in the case of Termination for Cause,
termination of employment shall not prejudice the Employee's right to compensation or other
benefits under this Agreement.  In the event of Involuntary Termination, other than after a Change
in Control which occurs during the term of this Agreement, the Savings Bank shall make a lump sum
payment to the Employee (or to his spouse, personal representatives, heirs or estate should he
thereafter become disabled or die) equal to the discounted present value computed using a discount
rate equal to the lesser of (i) the then current Eleventh District Cost of Funds Index, or (ii) the prime
rate then charged by representative commercial banks as then most recently reported in <EM>The Wall
Street Journal</EM>) of the aggregate future Salary to which the Employee would have been entitled had
he continued in the Savings Bank's employ for the then remaining balance of the term of this
Agreement.  Such lump sum payment shall be made within 30 days following the date of such
termination. </P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(b)&nbsp;&nbsp;&nbsp;	<U>Termination for Cause</U>.    In the event of Termination for Cause, the Savings
Bank shall pay to the Employee the Salary and provide benefits under this Agreement only through
the Date of Termination, and shall have no further obligation to the Employee under this Agreement.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(c)&nbsp;&nbsp;&nbsp;	<U>Voluntary Termination</U>.  The Employee's employment may be voluntarily
terminated by the Employee at any time upon at least six months' written notice to the Savings Bank
or such shorter period as may be agreed upon between the Employee and the Board of Directors.
In the event of such voluntary termination, the Savings Bank shall be obligated to continue to pay
to the Employee the Salary and provide benefits under this Agreement only through the Date of
Termination, at the time such payments are due, and shall have no further obligation to the Employee
under this Agreement.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(d)&nbsp;	<U>Change in Control</U>.  In the event of Involuntary Termination within 12 months
after a Change in Control which occurs at any time following the Effective Date while the Employee
is employed under this Agreement, the Savings Bank shall (i)&nbsp;pay to the Employee in a lump sum
in cash within 30 business days after the Date of Termination an amount equal to 299% of the
Employee's "base amount" as defined in Section 280G of the Code; and (ii) provide to the Employee
during the remaining term of this Agreement substantially the same group life insurance,
hospitalization, medical, dental, prescription drug and other health benefits, and long-term disability
insurance (if any) for the benefit of the Employee and his dependents and beneficiaries who would
have been eligible for such benefits if the Employee had not suffered Involuntary Termination, on
terms substantially as favorable to the Employee, including amounts of coverage and deductibles and
other costs to him, as if he had not suffered Involuntary Termination; <U>provided, however</U>, that no

</P>

<P align="center">		6</P>

<P align="left">		<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">		payment shall be made under this Section 7(d) that would cause the Savings Bank to be
"undercapitalized" for purposes of 12 C.F.R. Section 565.4 or any successor provision. If it is
determined that the benefit payable under this Section 7(d) constitutes deferred compensation within
the meaning of Section 409A of the Code, and the Employee is considered a "specified employee"
within the meaning of Section 409A, then the payment under this Section 7(d) shall be paid on the
sixth anniversary of the Employee's Involuntary Termination Date.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;	<U>Death or Disability</U>.</P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;							(i)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Death</U>.  This Agreement shall terminate upon the Employee's death,
except as <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided below.

<BR WP="BR1">
</p>
<p align="justify"<P style="margin-left: .50 in; margin-right: .50 in" align=justify>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;	<U>Disability</U>.  If the Employee becomes entitled to benefits under the
terms of&nbsp;&nbsp; the then- current disability plan, if any, of the Savings Bank (the "Disability
Plan") or becomes otherwise unable to fulfill his duties under this Agreement, he
shall be entitled to receive such group and other disability benefits, if any, as are then
provided by the Savings Bank for executive employees.  In the event of such
disability, this Agreement shall not be suspended, except that (1) the obligation to
pay the Salary to the Employee shall be reduced in accordance with the amount of
disability income benefits received by the Employee, if any, pursuant to this
paragraph such that, on an after-tax basis, the Employee shall realize from
the sum of disability income benefits and the Salary the same amount as he would realize on
an after-tax basis from the Salary if the obligation to pay the Salary were not reduced
pursuant to this Section 7(e); (2) upon a resolution adopted by a majority of the
disinterested members of the Board of Directors, the Savings Bank may discontinue
payment of the Salary beginning six months following a determination that the
Employee has become entitled to benefits under the Disability Plan or otherwise
unable to fulfill his duties under this Agreement; and (3) notwithstanding the
foregoing, if Employee is 65 years of age or older, the Board of Directors upon a
resolution approved by a majority of the disinterested members of the Board of
Directors may terminate the Employee's employment beginning 90 days following
a determination that the Employee is unable to fulfill his duties under this
Agreement. </P>

<P align="justify"><FONT FACE="Times New Roman">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of the Employee</FONT>'<FONT FACE="Times New Roman">s death or disability, or in the event of the normal or
early retirement of the Employee as defined for purposes of the Provident Savings Bank 401(k) Plan,
the Savings Bank shall continue to provide the following benefits to the Employee, or his estate as
applicable: (A) The Savings Bank shall continue in force, without cost to Employee, those life and
accidental death and dismemberment insurance coverages being provided by the Savings Bank to
the Employee and his spouse and his eligible dependents as of the date of such termination, provided
that after the Employee</FONT>'s<FONT FACE="Times New Roman"> 65<SUP>th</SUP> birthdate such coverages may be reduced to reflect any decreases which
would have occurred if the Employee continued in the employment of the Savings Bank after his 65<SUP>th</SUP>
birthdate (as determined under the coverage schedules for such insurance in place as of the date of</FONT></P>

<P align="center">7</P>

<P align="left"><font size="2">&lt;PAGE&gt;</font></P>

<P align="justify"><FONT FACE="Times New Roman">such termination); (B) The Savings Bank shall continue to provide to the Employee and his eligible
dependents medical insurance coverage equivalent in benefits, duration and terms to that provided
to the Employee and such persons as of the date of such termination; (C) The Savings Bank shall
reimburse the Employee for the categories of expense specified in Section 4(c) hereof, <U>provided that</U>
the Employee shall obtain approval for such expenditures in accordance with policies adopted by the
Savings Bank from time to time.</FONT>  </P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		In the event of the death or disability of the Employee while employed under this
Agreement and prior to any termination of employment, the Savings Bank shall pay to the
Employee's estate, or such person as the Employee may have previously designated in writing, the
Salary which was not previously paid to the Employee and which he would have earned if he had
continued to be employed under this Agreement through the last day of the calendar month in which
the Employee died, together with the benefits provided hereunder through such date.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(f)&nbsp;&nbsp;&nbsp;	<U>Temporary Suspension or Prohibition</U>.  If the Employee is suspended and/or
temporarily prohibited from participating in the conduct of the Savings Bank's affairs by a notice
served under Section 8(e)(3) or (g)(1) of the FDIA, 12 U.S.C. Section&nbsp;1818(e)(3) and (g)(1), the
Savings Bank's obligations under this Agreement shall be suspended as of the date of service, unless
stayed by appropriate proceedings.  If the charges in the notice are dismissed, the Savings Bank may
in its discretion (i)&nbsp;pay the Employee all or part of the compensation withheld while its obligations
under this Agreement were suspended and (ii)&nbsp;reinstate in whole or in part any of its obligations
which were suspended.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(g)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Permanent Suspension or Prohibition</U>.  If the Employee is removed and/or
permanently prohibited from participating in the conduct of the Savings Bank's affairs by an order
issued under Section 8(e)(4) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(4) and (g)(1), all
obligations of the Savings Bank under this Agreement shall terminate as of the effective date of the
order, but vested rights of the contracting parties shall not be affected.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(h)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Default of the Savings Bank</U>.  If the Savings Bank is in default (as defined in
Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of
default, but this provision shall not affect any vested rights of the contracting parties.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Termination by Regulators</u>.  All obligations under this Agreement shall be
terminated, except to the extent determined that continuation of this Agreement is necessary for the
continued operation of the Savings Bank:  (i)&nbsp;by the Director of the OTS (the "Director") or his or
her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of
the Savings Bank under the authority contained in Section 13(c) of the FDIA; or (ii)&nbsp;by the Director
or his or her designee, at the time the Director or his or her designee approves a supervisory merger
to resolve problems related to operation of the Savings Bank or when the Savings Bank is
determined by the Director to be in an unsafe or unsound condition.  Any rights of the parties that
have already vested, however, shall not be affected by any such action.</P>

<P align="center">		8</P>

<P align="left">		<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(j)&nbsp;&nbsp;&nbsp;&nbsp;	<U>Reductions of Benefits</U>. Notwithstanding any other provision of this
Agreement, if payments and the value of benefits received or to be received under this Agreement,
together with any other amounts and the value of benefits received or to be received by the
Employee, would cause any amount to be nondeductible by the Savings Bank or any of the
Consolidated Subsidiaries for federal income tax purposes pursuant to or by reason of Section 280G
of the Code, then payments and benefits under this Agreement shall be reduced (not less than zero)
to the extent necessary so as to maximize amounts and the value of benefits to be received by the
Employee without causing any amount to become nondeductible pursuant to or by reason of Section
280G of the Code.  The Employee shall determine the allocation of such reduction among payments
and benefits to the Employee.</P>

<P align="justify">	</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	<U>Further Reductions</U>.  Any payments made to the Employee pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
Section 1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification
Payments.</P>

<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	<U>No Duty To Mitigate</U>.  If the Employee shall be entitled to receive
compensation or benefits under this Agreement after his termination of employment, the Employee
shall have no duty to mitigate such payments by seeking or obtaining other employment or
otherwise.  In the event the Employee obtains other employment, any amounts otherwise due
hereunder shall not be reduced as a result of the Employee's receipt of compensation from such other
employment, except that the Savings Bank's obligations to provide the benefits described in Section
7(d)(ii) shall be limited to the cost to the Employee, if any, of obtaining any benefits needed to make
the benefits provided by the new employer comparable to those previously provided by the Savings
Bank.  Any payments due to the Employee pursuant to the preceding sentence shall be made within
30 days after the Savings Bank's receipt of suitable evidence that the Employee will be required to
incur or has incurred an expense in order to obtain the benefits contemplated hereby.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	8.  <U>Post-Termination Obligations</U>.  For one year following any termination of the Employee's
employment under this Agreement, the Employee will not directly or indirectly, in any capacity: (i)
hire or employ, directly or indirectly through any enterprise with which he is
associated, any then-current employee or consultant of the Savings Bank, or any
of the Savings Bank's parent companies, subsidiaries or affiliates; (ii) shall
not recruit, solicit or induce (or in any way assist another person or
enterprise in recruiting, soliciting or inducing), directly or indirectly, any
person who is an employee or consultant of the Savings Bank or any of the
Savings Bank's parent companies, subsidiaries or affiliates at the time of
Employee's termination, or who was, within six months prior to such termination,
an employee or consultant of the Savings Bank, to terminate his or her
employment or other relationship therewith; and (iii) shall not make use of,
divulge or disclose, directly or indirectly, any trade secret or other
confidential information concerning the business or policies of the Savings Bank
or of any of its affiliates, which he learned of as a result of his employment
by the Savings Bank except to the extent that (A) such use or disclosure is
necessary to the performance of this Agreement and in furtherance of the Savings
Bank's best interests, required by applicable law, necessary to the defense of
the Employee in any legal proceeding, or is </P>

<P align="center">	9</P>

<P align="left">	<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">	authorized by the Savings Bank, (B) such information is lawfully obtainable
from other sources or (C) is in the public domain.</P>

<P align="justify"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	9.&nbsp; <U>Notice of Termination</U>.  In the event that the Savings Bank desires to terminate the
employment of the Employee during the term of this Agreement, the Savings Bank shall deliver to
the Employee a written notice of termination, stating whether such termination constitutes
Termination for Cause or Involuntary Termination, setting forth in reasonable detail the facts and
circumstances that are the basis for the termination, and specifying the date upon which employment
shall terminate, which date shall be at least 90 days after the date upon which the notice is delivered,
except in the case of Termination for Cause.  In the event that the Employee determines in good faith
that he has experienced an Involuntary Termination of his employment, he shall send a written notice
to the Savings Bank stating the circumstances that constitute such Involuntary Termination and the
date upon which his employment shall have ceased due to such Involuntary Termination.  In the
event that the Employee desires to effect a Voluntary Termination, he shall deliver a written notice
to the Savings Bank, stating the date upon which employment shall terminate, which date shall be
at least 90 days after the date upon which the notice is delivered, unless the parties agree to a date
sooner.</P>

<P align="justify"> </P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	10.  <U>Attorneys' Fees</U>.  The Savings Bank shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) incurred by the Employee as a result of (i) the
Employee's contesting or disputing any termination of employment, or (ii) the Employee's seeking
to obtain or enforce any right or benefit provided by this Agreement or by any other plan or
arrangement maintained by the Savings Bank (or a successor) or the Consolidated Subsidiaries under
which the Employee is or may be entitled to receive benefits; <U>provided that</U> the Savings Bank's
obligation to pay such fees and expenses is subject to the Employee's prevailing with respect to the
matters in dispute in any action initiated by the Employee.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	11.  <U>No Assignments</U>.</P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(a)&nbsp;&nbsp;&nbsp;&nbsp;	This Agreement is personal to each of the parties hereto, and no party may
assign or delegate any of its rights or obligations hereunder without first obtaining the written
consent of the other party; <U>provided, however,</U> that the Savings Bank shall require any successor or
assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) by an assumption
agreement in form and substance satisfactory to the Employee, to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the Savings Bank would be
required to perform it, if no such succession or assignment had taken place.  Failure to obtain such
an assumption agreement prior to the effectiveness of any such succession or assignment shall be
a breach of this Agreement and shall entitle the Employee to compensation and benefits from the
Savings Bank in the same amount and on the same terms as the compensation pursuant to Section
7(d) of this Agreement.  For purposes of implementing the provisions of this Section 11(a), the date
on which any such succession becomes effective shall be deemed the Date of Termination.</p>
<p align="center">
10</p>
<p align="left"><font size="2">&lt;PAGE&gt;</font></p>
<P align="justify">		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;		(b)&nbsp; This Agreement and all rights of the Employee hereunder shall inure to the
benefit of and be enforceable by the Employee's personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.  </P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	12.  <U>Notice</U>.  For the purposes of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when
personally delivered or sent by certified mail, return receipt requested, postage prepaid, to the
Savings Bank at its home office, to the attention of the Board of Directors with a copy to the
Secretary of the Savings Bank, or, if to the Employee, to such home or other address as the Employee
has most recently provided in writing to the Savings Bank.</p>
<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	13.  <U>Amendments</U>.  No amendments or additions to this Agreement shall be binding unless
in writing and signed by both parties, except as herein otherwise provided.  </P>

<p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	14.   <U>Headings</U>.  The headings used in this Agreement are included solely for convenience and
shall not affect, or be used in connection with, the interpretation of this Agreement.</p>
<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	15.  <U>Severability</U>. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of the
other provisions hereof.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	16.&nbsp;  <U>Governing Law</U>. This Agreement shall be governed by the laws of the State of California.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	17.  <U>Arbitration</U>.  Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in accordance with the rules of the American
Arbitration Association then in effect.  Judgment may be entered on the arbitrator's award in any
court having jurisdiction.  The OTS may appear at any arbitration hearing but the decision is not
binding on the OTS.</P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	18.  <U>Deferral of Non-Deductible Compensation</U>. In the event that the Employee's aggregate
compensation (including compensatory benefits which are deemed remuneration for purposes of
Section 162(m) of the Code) from the Savings Bank and the Consolidated Subsidiaries for any
calendar year exceeds the maximum amount of compensation deductible by the Savings Bank or any
of the Consolidated Subsidiaries in any calendar year under Section 162(m) of the Code (the
"maximum allowable amount"), then any such amount in excess of the maximum allowable amount
shall be mandatorily deferred with interest thereon at 8% per annum to a calendar year such that the
amount to be paid to the Employee in such calendar year, including deferred amounts and interest
thereon, does not exceed the maximum allowable amount.  Subject to the foregoing, deferred
amounts including interest thereon shall be payable at the earliest time permissible.  This Section 18
shall not apply to the extent its application would cause payments under this Plan to be considered
deferred compensation subject to the application of Section 409A of the Code.</P>

<P align="center">	11</P>

<P align="left">	<font size="2">&lt;PAGE&gt;</font></P>

<P align="justify">	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	19.  <U>Knowing and Voluntary Agreement.</U>  Employee represents and agrees that he has read
this Agreement, understands its terms, and that he has the right to consult counsel of choice and has
either done so or knowingly waives the right to do so.  Employee also represents that he has had
ample time to read and understand the Agreement before executing it and that he enters into this
Agreement without duress or coercion from any source.</P>

<BR WP="BR2">
<P><CENTER>* * * * *<p>12</p>
</CENTER>
<p align="left"><font size="2">&lt;PAGE&gt;</font></p>
</P>

<P>	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year
first above written.</P>

<P>	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH
MAY BE ENFORCED BY THE PARTIES.	 </P>

<P>Attest:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROVIDENT SAVINGS BANK, F.S.B.</P>

&nbsp;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Roy
H. Taylor<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></u>&nbsp;&nbsp;&nbsp;

<BR WP="BR1"><u>/s/Deborah L. Hill&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
Roy H. Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
			Human Resources Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its:
Chairman of the Personnel/Compensation <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Committee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   <BR>

</p>

<P>			&nbsp;</P>

<P>			&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;			EMPLOYEE</P>

<BR WP="BR1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
/s/ Craig G. Blunden&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp; <BR WP="BR2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                  	Craig G. Blunden<p align="center">
13</p>
<p align="left"><font size="2">&lt;PAGE&gt;</font></p>

<B><P ALIGN="CENTER">Exhibit 10.2</P>

<P ALIGN="CENTER">Post-Retirement Compensation Agreement between <BR>
Provident Savings Bank, F.S.B. and Craig G. Blunden</P>
</B>

<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>
<P ALIGN="CENTER"></P>
<U><P ALIGN="CENTER"><b>POST-RETIREMENT COMPENSATION AGREEMENT</b></P>
<B>
</B>
</U><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement (&quot;Agreement&quot;) is entered into as of the 15th day of December, 2005, between PROVIDENT SAVINGS BANK, F.S.B. (the &quot;Bank&quot;)<B> </B>and CRAIG G. BLUNDEN (the &quot;Executive&quot;) with reference to the following facts.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;&nbsp; The Executive has been employed by the Bank since May 28, 1974 and has performed his duties in an exemplary manner resulting in substantial profits to the Bank.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;&nbsp; The Bank entered into an Employment Agreement and a Post-Retirement Compensation Agreement with the Executive, both dated as of March 26, 1992, pursuant to which agreements, (the &quot;Prior Employment Agreement&quot; and &quot;Prior Compensation Agreement&quot;, respectively), the Executive is entitled to receive certain port-retirement benefits.  The Prior Employment Agreement and Prior Compensation Agreement were amended and restated effective January 1, 1997.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.&nbsp;&nbsp;&nbsp;&nbsp; The parties are entering into a revised employment agreement (the &quot;Revised Employment Agreement&quot;).  It also is necessary to amend this agreement to comply with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and regulations and guidance of general applicability issued thereunder (collectively referred to as (&quot;Section 409A&quot;). </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties desire to amend and restate this Agreement to reflect the revised employment agreement and to comply with Section 409A.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, the parties hereto agree as follows:</P>
<P ALIGN="JUSTIFY"></P>
<OL>

<OL>

<LI><u>Retirement Benefit</u>.</LI></OL></OL></P>
<P ALIGN="JUSTIFY"></P>
</U><P ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Executive experiences a &quot;separation from service&quot; (as defined in Section 409A) from the Bank after reaching age 62, the Bank shall pay the Executive a retirement benefit equivalent in value to a monthly income for the remainder of the Executive's life equal to fifty percent (50%) of the Executive's Final Average Monthly Salary ( &quot;Basic Benefit&quot;).  The term &quot;Final Average Monthly Salary&quot; shall mean the average gross amount of the Executive's basic monthly salary determined in accordance with the Bank's customary payroll practices, before tax withholding and other payroll deductions and including deferred salary compensation when credited rather than when paid, but excluding bonus or incentive awards, director fees paid to the Executive by the Bank or its Affiliates and any accelerated payments of future salary.  &quot;Final Average Monthly Salary&quot; shall be computed based on
 the highest paid thirty-six (36) consecutive months of the Executive's employment with the Bank.</P>
<P ALIGN="justify"><font size="2">&lt;PAGE&gt;</font></P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Distribution of Benefits.</P>
</OL>

</U><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp; <U>Time of Distribution.</U>  Except as otherwise provided herein, or required or permitted by Section 409A, the Executive's payment shall be made by the 60<SUP>th</SUP> day following the date of the Executive's separation from service (the &quot;60<SUP>th</SUP> Day&quot;), or if the 60<SUP>th</SUP> Day is not within the calendar year of the Executive's separation from service, no later than the 15<SUP>th</SUP> day of the third month following the Executive's separation from service.  Notwithstanding the preceding sentence, if the Executive is considered a &quot;specified employee&quot; (within the meaning of Section 409A) at the time of his separation from service (and the separation from service is not on account of the Executive's death), then no benefits shall be paid to the Executive for six months from the date of the separation from service.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp; <U>Form of Benefit.  </U>The Bank shall make a lump sum payment to the Executive in an amount equal to the actuarially determined discounted present value of the Basic Benefit.  In calculating the actuarially determined present value of the Basic Benefit, the calculation shall be as of the Executive's separation from service date and shall be based on the prevailing National Association of Insurance Commissioners (&quot;NAIC&quot;) standard mortality tables used as of such date, and the discount rate used shall be the lesser of the prime rate or the Eleventh District cost of funds.</P>
<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Early Termination.</P>
<P ALIGN="JUSTIFY"></P>


</U><P ALIGN="JUSTIFY"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp; <U>Termination by Executive Reduced Benefits.</U>     Subject to Section 3(b) and 3(c) below, if the Executive experiences a separation from service from the Bank prior to reaching age sixty-two (62) for any reason other than death, disability or as a result of a termination by the Bank, as defined in Sections 7(e)(i), 7(e)(ii), or 7(a) or 7(d) respectively, of the Revised Employment Agreement, the monthly benefits due and payable to the Executive under this Agreement shall be reduced from fifty percent (50%) of the Executive's Final Average Monthly Salary by multiplying the benefits otherwise payable hereunder by a fraction, the numerator of which shall be the number of months between March 26, 1992 and the date of such termination of employment, and the denominator of which shall be the number of months from March 26, 1992 to the date Executive reaches the age sixty-two (62).  The Executive shal
l be entitled to commence receipt of such reduced monthly benefits hereunder upon reaching age sixty-two (62).   Distribution of the benefit provided under this Section 3(a) shall be pursuant to the provisions of Section 2.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp; <U>Death, Disability or Termination by Bank:  Full Benefits. </U>    If, prior to reaching age sixty-two (62), the Executive experiences a separation from service from the Bank as a result of death, disability or termination by the Bank, as defined in Sections 7(e)(i),
7(e)(ii) or 7(a) or 7(d), respectively, of the Revised Employment Agreement,,
the Executive, or his surviving spouse, if applicable, shall be entitled to a
lump sum benefit equal to the amount that would have  </P>
<P ALIGN="center">2</P>
<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>
<P ALIGN="JUSTIFY">become payable to the Executive pursuant to Section 2(a);
provided, however, that such lump sum benefit shall be reduced by any benefit
actually received by the Executive under the long-term disability policy
referred to in the Revised Employment Agreement. The timing of the distribution
of the benefit provided under this Section 3(b) shall be subject to the
provisions of Section 2(a).  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; (c) Termination for Cause.  In no event shall any payment be made under this Agreement if Executive is Terminated for Cause as defined in Section 1(f) of the Revised Employment Agreement.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Prior Agreements.</P>
</U><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The post-retirement compensation agreement set forth herein, together with the provisions of the Revised Employment Agreement, are in full replacement of and supersede the agreements relating to post-retirement compensation set forth in the Prior Employment Agreement. </P>
<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Non-assignment of Benefits</U>.</P>
<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Executive, his spouse (if any), his designated beneficiaries (if any) or his estate shall&nbsp;&nbsp;&nbsp;&nbsp; have any right to alienate, pledge, hypothecate, encumber or dispose of the right to receive payments under this Agreement, nor shall such payments be subject to pledge, attachment or claims of creditors.  Such payments and the rights thereto are expressly declared to be nonassignable and nontransferable.  In the event of any attempted assignment of transfer, the Bank shall not be bound thereby and may fully discharge its obligations under this Agreement by making the payments provided for in this Agreement to the parties designated herein.</P>
<P ALIGN="JUSTIFY"></P>




<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Successors.</P>
</U><P ALIGN="JUSTIFY"></P>




<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be binding upon and inure to the benefit of any successor of the Bank and any such successor shall be deemed substituted for the Bank under the terms of this Agreement.  As used in this Agreement, the term &quot;successor&quot; shall include any firm, corporation, or other business entity which at any time, whether by merger, consolidation, purchase, conversion or other corporate reorganization involving the Bank, acquires all or substantially all of the assets or business of the Bank.</P>
<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Administration.</P>
</u><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Personnel/Compensation Committee of the Board of Directors of the Bank (the
&quot;Committee&quot;) shall be responsible for administration of this Agreement, and
shall have the authority to make, amend or rescind such rules and to make such
determinations as it shall deem necessary or appropriate for the proper
implementation of this Agreement; provided that, the Committee shall report all
actions taken by it to the Board on a regular basis. Any action taken or
determination made by the Committee shall be final, binding and conclusive on
all parties absent manifest error. </P>


<P ALIGN="center">3</P>


<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>


<P ALIGN="JUSTIFY">The Committee shall be the agent for the service of process
on the Bank in connection with this Agreement.</P>
<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8. <U>Procedure For Appeal of Denial of Benefits: Arbitration.</P>
</U><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp; The Executive, or the Executive's spouse if applicable, shall have the right to request review by the Committee of any decision denying claims for benefits under this Agreement in accordance with the following appeal procedure:</P>
<P ALIGN="JUSTIFY"></P>



<P ALIGN="JUSTIFY"<P style="margin-left: .50 in" align=justify>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp; The Committee shall provide notice in writing to the Executive (or to the Executive's spouse, if applicable) if a claim for benefits under this Agreement has been denied in whole or in part.  Such notice shall be made within 60 days of the receipt by the Committee of the claim or, if special circumstances require, and the Executive (or spouse) is so notified in writing, within 90 days of the receipt by the Committee of the claim.  The notice shall (A) set for the specific reasons for the denial of benefits; (B) contain specific references to provisions of the Agreement relevant to the denial; (C) describe any material and information, if any, necessary for the claim for benefits to be allowed, which had been requested, but not received by the Committee; and (D) advise the Executive (or spouse) that any appeal of the Committee's adverse determination must be made in writing to the Committee, within 90 days aft
er receipt of this notification, setting forth the facts upon which the appeal is based. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"<P style="margin-left: .50 in" align=justify>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Executive (or spouse) fails to appeal the Committee's denial of benefits in writing and within ninety (90) days, the Committee's determination shall become final and conclusive. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"<P style="margin-left: .50 in" align=justify>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Executive (or spouse) timely appeals the Committee's denial of benefits, the Committee shall reexamine all issues relevant to the original denial of benefits.  The Committee may in addition, upon at least ten (10) days written notice, request the claimant or his representative to appear personally before it to make an oral presentation or answer questions that may have been raised, or the Executive (or spouse) or their representative may make a request to appear personally before the Committee.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"<P style="margin-left: .50 in" align=justify>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Committee shall advise the Executive (or spouse) in writing of its decision and the specific reasons on which such decision was based within 60 days of receipt of the written appeal, or personal appearance of the Executive (or spouse) or their representative, unless special circumstances require an extension of such sixty (60) day period for not more than an additional sixty (60) days.  Where such extension is necessary the Executive (or spouse) shall be given written notice of the delay. </P>
<P ALIGN="center">4</P>
<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>
<P ALIGN="JUSTIFY"></P>



<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp; If any issue regarding claims under this Agreement is not resolved to the satisfaction of the Executive, or the Executive's spouse if applicable, such issue shall be submitted for final and binding arbitration in accordance with the rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator's award resulting from such arbitration in any court of competent jurisdiction. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp;&nbsp;&nbsp;&nbsp; <U>Notices, Statements and Reports.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Committee shall be the &quot;administrator&quot; of the Agreement as defined in Section 3(16)(A) of the Employee Retirement Income Security Act of 1974 (&quot;ERISA&quot;) for purposes of the reporting and disclosure requirements imposed by ERISA and the Internal Revenue Code of 1986, as amended. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp; <U>Indemnification.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by applicable law and regulation, the Bank shall indemnify and hold harmless the members of the Board of Directors of the Bank and the members of the Committee from and against any and all liabilities, costs, and expenses incurred by such persons as a result of any act, or omission to act, in connection with the performance of such persons' duties, responsibilities, and obligations under this Agreement, other than such liabilities, costs and expenses as may result from the negligence, gross negligence, bad faith, willful misconduct, or criminal acts of such persons. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp; <U>Withholding. </P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All amounts paid pursuant to this Agreement shall be subject to applicable federal, state and local tax withholding laws and regulations.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp; <U>Headings.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headings herein are for convenience only, are not a part hereof and shall not be used in construing this Agreement.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13. <U>Counterparts.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement maybe be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one instrument. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14. <U>Governing Law.</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be governed by and construed in accordance with the laws of California. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="center">5</P>
<P ALIGN="left"><font size="2">&lt;PAGE&gt;</font></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15. <U>Severability.</P>
</U><P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any provisions of this Agreement which is held to be prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability only, without invalidating the remaining provisions hereof. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the dates set opposite their respective names.</P>
</FONT><FONT FACE="Times" SIZE=2><P></P>














</FONT><FONT FACE="Times"><P>Attest:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROVIDENT SAVINGS BANK, F.S.B.</P>














<P>                                               &nbsp;&nbsp;&nbsp;</P>














<P>                                               &nbsp;</P>





<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Roy
H. Taylor<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></u>&nbsp;&nbsp;&nbsp;

<BR WP="BR1"><u>/s/Deborah L. Hill&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;By: Roy H. Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
			Human Resources Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Its: Chairman of the Personnel/Compensation <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Committee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   <BR>

</p>

<P>			&nbsp;</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMPLOYEE</P>

<P>&nbsp;</P>
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<u>/s/Craig G. Blunden&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u><BR>
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                Craig G. Blunden</P>
<P>&nbsp;</P>
<P align="center">15</P>
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