Document:

Exhibit 10.6 

CHANGE IN CONTROL AGREEMENT

2008 Restatement 

Effective Date: January 1, 2004,

As Amended and Restated December 30, 2008, 
For Compliance with Code §
409A 

This CHANGE IN CONTROL AGREEMENT
(“Agreement”) is made by WEST COAST BANCORP (“Bancorp”) and WEST COAST BANK
(“Bank”) (collectively “Company”) and HADLEY S. ROBBINS (“Executive”).

RECITALS 

	A.	The Executive is
      employed by the Company as its Chief Credit Officer.
	 
	B.	The Board recognizes
      that a possible or threatened Change in Control may result in key
      management personnel being concerned about their continued employment
      status or responsibilities. In addition, they may be approached by other
      companies offering competing employment opportunities. Consequently, they
      will be distracted from their duties and may even leave the Company during
      a time when their undivided attention and commitment to the best interests
      of the Company and Bancorp’s shareholders would be vitally
      important.
	 
	C.	The Company considers
      it essential to its best interests and those of Bancorp’s shareholders to
      provide for the continued employment of key management personnel in the
      event of a Change in Control.
	 
	D.	Therefore, in order
      to—
	 
	              
    	(13)	Encourage the Executive to assist
      the Company during a Change in Control and be available during the
      transition afterwards;
		              
    	
	 	(14)	Give assurance regarding the
      Executive’s continued employment status and responsibilities in the event
      of a Change in Control;
	 
	 	(15)	Provide the Executive with Change
      in Control benefits competitive with the Company’s peers; and
	 
	 	(4)	Comply with the requirements of
      Internal Revenue Code § 409A so that the Change in Control benefits can
      continue to be provided to the Executive on a tax-deferred basis until
      they are actually paid to the Executive
	 
	 	—the parties agree to
      the following amended and restated:
	 

TERMS AND CONDITIONS 

	1.	DEFINITIONS. Words and phrases appearing in
      this Agreement with initial capitalization are defined terms that have the
      meanings stated below. Words appearing in the following definitions which
      are themselves defined terms are also indicated by initial
      capitalization.
	 
	              
    	(a)	“Beneficial Ownership”
      means direct or indirect ownership
      within the meaning of Rule 13(d)(3) under the Exchange Act.
		              
    	

	(b)	“Board”
      means Bancorp’s Board of
      Directors.
	 
	(c)	“Cause”
      means either:
	 
	              
    	(1)	Any of the
      circumstances that qualify as grounds for termination for cause under the
      Executive’s employment agreement as in effect at the time; or
	 
	 	(2)	If no
      employment agreement is in effect at that time or if the employment
      agreement in effect at that time does not specify grounds for termination
      for cause, any of the following circumstances shall qualify as “Cause”
      under this Agreement:
		              
    	
	 	 	(A)	Embezzlement, dishonesty or other fraudulent acts involving the
      Company or the Company’s business operations;
	 
	 	 	(B)	Material
      breach of any confidentiality agreement or policy;
	 
	 	 	(C)	Conviction
      (whether entered upon a verdict or a plea, including a plea of no contest)
      on any felony charge or on a misdemeanor reflecting upon the Executive’s
      honesty;
	 
	 	 	(D)	An act or
      omission that materially injures the Company’s reputation, business
      affairs or financial condition, if that injury could have been reasonably
      avoided by the Executive; or
	 
	 	 	(E)	Willful
      misfeasance or gross negligence in the performance of the Executive’s
      duties provided, however, that the Executive is first given:
	 
	 	 	              
    	(i)	Written notice by the
      Committee specifying in detail the performance issues; and
	 
	 	 	 	(ii)	A reasonable
      opportunity to cure the issues specified in the notice.
				              
    	
	(d)	“Change
      in Control” means:
	 
	 	(1)	Except as
      provided in subparagraph (B) below, an acquisition or series of
      acquisitions as described in subparagraph (A) below.
	 
	 	 	(A)	The
      acquisition by a Person of the Beneficial Ownership of more than 30% of
      either:
	 
	 	 	 	(i)	Bancorp’s then
      outstanding shares of common stock; or
	 
	 	 	 	(ii)	The combined voting
      power of Bancorp’s then outstanding voting securities entitled to vote
      generally in the election of directors;
	 

	                             
      	(B)          	This paragraph
      (1) does not apply to any acquisition:
	 
		(i)	Directly from the
    Company;
	 
	 	(vi)	By the Company; or
	 
	 	(iii)	Which is part of a transaction
      that satisfies the exception in paragraph (3)(A), (B) and (C)
    below;
		              
    	

	              
    	(2)	The incumbent directors
      cease for any reason to be a majority of the Board. The “incumbent
      directors” are directors who are either:
	 
	 	              
    	(A)	Directors on the
      Effective Date; or
	 
	 	 	(B)	Elected, or nominated
      for election, to the Board by a majority vote of the members of the Board
      or the Nominating Committee of the Board who were directors on the
      Effective Date. However this subparagraph (B) does not include any
      director whose election came as a result of an actual or threatened
      election contest regarding the election or removal of directors or other
      actual or threatened solicitation of proxies by or on behalf of a Person
      other than the Board;
			              
    	
	 	(3)	Consummation of a
      merger, reorganization or consolidation of Bancorp or the sale or other
      disposition of substantially all of its assets, except where:
	 
	 	 	(A)	Persons who,
      immediately before the consummation, had, respectively, a Controlling
      Interest in and Voting Control of Bancorp have, respectively, a
      Controlling Interest in, and Voting Control of the resulting
    entity;
	 
	 	 	(B)	No Person (other than
      the entity resulting from the transaction or an employee benefit plan
      maintained by that entity) has the Beneficial Ownership of more than 30%
      of either:
	 
	 	 	 	(i)	The resulting entity’s then
      outstanding shares of common stock or other comparable equity security;
      or
	 
	 	 	 	(ii)	The combined voting power of the
      resulting entity’s then outstanding voting securities entitled to vote
      generally in the election of directors,
					  
				except to the extent
      that Person held that Beneficial Ownership before the consummation;
  and
	 
	 	 	(C)	A majority of the
      members of the board of directors of the resulting entity were members of
      the Board at either the time:
	 
	 	 	 	(v)	The transaction was approved by
      the Board; or
	 
	 	 	 	(ii)	The initial agreement for the
      transaction was signed; or
				              
    	
	 	(4)	Approval by Bancorp’s
      shareholders of its complete liquidation or dissolution.
	 
	(e)	“Change in Control
      Proposal” means any proposal or offer
      that is intended to or has the potential to result in a Change in
      Control.
	 

	(f)	“Code”
      means the Internal Revenue Code of
      1986.
	              
    	
	(g)	“Committee” means the
      Compensation and Personnel Committee of the Board.
	 
	(h)	“Controlling Interest” means
      Beneficial Ownership of more than 50% of the outstanding shares of common
      stock of a corporation or the comparable equity securities of a
      noncorporate business entity.
	 
	(i)	“Disability” means that either
      the carrier of any Company-provided individual or group long-term
      disability insurance policy covering the Executive or the Social Security
      Administration has determined that the Executive is disabled. Upon the
      request of the Committee, the Executive will submit proof of the carrier’s
      or the Social Security Administration’s determination.
	 
	(j)	“Effective Date” means January
      1, 2004, the original effective date of this Agreement. (The effective
      date of this 2008 Restatement is December 30, 2008.)
	 
	(k)	“ERISA”
      means the Employee Retirement Income
      Security Act of 1974.
	 
	(l)	“Exchange
      Act” means the Securities Exchange Act
      of 1934.
	 
	(m)	“Good
      Reason” means any one of the
      following:
	 
	 	(1)	Any material
      reduction in the Executive’s salary or reduction or elimination of any
      compensation or benefit plan benefiting the Executive, which reduction or
      elimination does not generally apply to substantially all similarly
      situated employees of the Company or such employees of any successor
      entity or of any entity in control of Bancorp or the Bank;
	 
	 	(2)	A relocation
      or transfer of the Executive’s place of employment to an office or
      location that is more than 35 miles from the Executive’s then current
      place of employment; or
		              
    	
	 	(3)	A material
      diminution in the Executive’s responsibilities, authority or
    duties.
	 
	(n)	“Person”
      means any individual, entity or group
      within the meaning of Sections 13(d) and 14(d) of the Exchange Act, other
      than a trustee or fiduciary holding securities under an employee benefit
      plan of the Company.
	 
	(o)	“Termination Event” means any of
      the following events:
	 
	 	(1)	The
      Executive terminates employment for Good Reason within 24 months after a
      Change in Control; provided, however, that for purposes of Section 4(g)(2)
      of this Agreement (exception to the six-month delay in payment of the
      severance benefit), the Executive will be deemed to have terminated
      employment for Good Reason only if:
	 
	 	 	(A)	The
      termination occurs within 24 months after the occurrence of a Good Reason
      event; and
			              
    	
	 	 	(B)	Before
      terminating employment, the Executive provided the Company:
	 
	 	 	 	(i)	With reasonable notice
      of the occurrence of the Good Reason event; and
				              
    	

	 	 	 	 	(ii)          A
      period of at least 30 days in which the Company could remedy the Good
      Reason event;
	 
	 	 	(2)	The Company terminates
      the Executive’s employment other than for Cause, Disability or death
      within 24 months after a Change in Control;
	 
	 	 	(3)	The Company terminates
      the Executive’s employment before a Change in Control if:
	 
	 	 	 	(A)	The termination is not
      for Cause, Disability or death; and
				              
    	
	 	 	 	(B)	The termination occurs
      either on or after:
	 
	 	 	 	 	(ix)	The announcement by Bancorp, or
      any other Person, that a Change in Control is contemplated or intended;
      or
					              
    	
	 	 	 	 	(x)	The date a contemplated or
      intended Change in Control should have been announced under applicable
      securities or other laws; or
	 
	 	 	(4)	The date the
      Executive’s period of continued employment under Section 3(b)
    ends.
	 
	 	(p)	“Voting Control”
      means holding more than 50% of the
      combined voting power of an entity’s then outstanding securities entitled
      to vote in the election of its directors or other governing
  body.
	 
	2.	INITIAL TERM;
      RENEWALS; EXTENSION.
	              
    	
	 	(a)	The initial term of
      this Agreement begins on the Effective Date and ends on December 31,
      2004.
		              
    	
	 	(b)	Following this initial
      term, this Agreement will automatically renew on January 1 of each year
      for subsequent one-year terms, unless not later than the September 30
      preceding the upcoming renewal date, either the Company or the Executive
      gives the other written notice terminating this Agreement as of the
      upcoming December 31.
	 
	 	(c)	If a definitive
      agreement providing for a Change in Control is signed on or before the
      expiration date of the initial term or any renewal term, the term of this
      Agreement then in effect will automatically be extended to 24 months after
      the effective date (as stated in the definitive agreement) of the Change
      in Control. During this extended period, the Board may not terminate this
      Agreement without the Executive’s written consent.
	 
	3.	EXECUTIVE’S
      OBLIGATIONS.
	 
	 	(a)	The Executive agrees
      that, upon notification that the Company has received a Change in Control
      Proposal, the Executive shall:
	 
	 	 	(1)	At the Company’s
      request, assist the Company in evaluating that proposal; and
			              
    	
	 	 	(2)	Not resign the
      Executive’s position with the Company until the transaction contemplated
      by that proposal is either consummated or abandoned.
	 
	 	(b)	If, within 24 months
      following a Change in Control, the Company wants the Executive to continue
      employment in a position or under circumstances that would qualify as Good
      Reason for the Executive to terminate employment, the Executive shall
      nevertheless agree to that continued employment, provided
  that:
	 

			(1)	The term of this
      continued employment shall not exceed 90 days or such shorter or longer term as agreed by the Company and the
      Executive;
				 
	 	 	(2)	The
      continued employment will be at an executive-level position that is
      reasonably comparable to the Executive’s then current
  position;
	 
	 	 	(3)	The
      continued employment shall be at either:
	 
	 	 	 	(A)	The
      Executive’s then current place of employment; or
	 
	 	 	 	(B)	Such other
      location as agreed by the Company and the Executive; and
	 
	 	 	(4)	As
      compensation for this continued employment, the Executive shall
      receive:
	 
	 	 	 	(A)	The same
      base pay and bonus arrangement as in effect on the day before the
      continued employment agreement became effective (or their hourly
      equivalent); and
	 
	 	 	 	(B)	Either:
	 
	 	 	 	 	(i)	Continuation of the
      Executive’s employee benefits, fringe benefits and perquisites at their
      then current level; or
					              
    	
	 	 	 	 	(ii)	If that continuation
      is not reasonably feasible, the Executive shall receive additional cash
      compensation equal to the amount the Company would have paid as the
      employer contribution for the items that cannot be continued.

	 
	4. 
          	SEVERANCE
      BENEFITS.
      Upon a Termination Event, the Executive
      will receive severance benefits as follows:
	 
	              
    	(a)	Components. The severance
      benefits will consist of:
	 
	 	 	(1)	The cash
      compensation payment under subsection (b) below;
	 
	 	 	(2)	The equity
      acceleration under subsection (c) below;
	 
	 	 	(3)	The health
      plan continuation benefits under subsection (d) below;
	 
	 	 	(4)	The 401(k)
      equivalency payment under subsection (e) below; and
	 
	 	 	(5)	The
      outplacement/tax planning benefits under subsection (f)
below.
			              
    	
	 	(b)	Cash
      Compensation Payment. 
		              
    	
	 	 	(1)	This payment
      will equal three times the Executive’s cash compensation. The Executive’s
      “cash compensation” is the sum of:
	 
	 	 	 	(A)	The
      Executive’s adjusted salary as determined under paragraph (2) below;
      and
	 
	 	 	 	(B)	The
      Executive’s average bonus as determined under paragraph (3)
    below.
				              
    	
	 	 	(2)	The
      Executive’s “adjusted salary” is the Executive’s annualized regular
      monthly salary in effect on the date of the Termination Event as
      reportable on IRS Form W- 2, adjusted by including and excluding the
      following items:
	 

	                             
    	(A) 	Include any salary
      deferral contributions made under any employee benefit plan maintained by
      the Company, including Bancorp’s Executives’ Deferred Compensation
      Plan; 
		              
    	
		(B) 	Exclude: 
		 

	                                            
    	(i) 	Bonus payments;
    
		              
    	
		(ii) 	Bonus amounts deferred
      including any made under any employee benefit plan maintained by the
      Company, including Bancorp’s Executives’ Deferred Compensation
      Plan; 
		 
		(iii) 	Reimbursements or
      other expense allowances, fringe benefits (cash and noncash), moving
      expenses, severance or disability pay and welfare benefits; 
		 
		(iv) 	Employer contributions
      to a deferred compensation plan to the extent the contributions are not
      included in the Executive’s gross income for the calendar year in which
      contributed and any distributions from a deferred compensation plan,
      regardless of whether those amounts are includible in the Executive’s
      gross income when distributed; 
		 
		(v) 	Amounts realized from
      the exercise of non-qualified stock options or when restricted stock (or
      property) becomes freely transferable or no longer subject to a
      substantial risk of forfeiture; 
		 
		(vi) 	Amounts realized from
      the sale, exchange or other disposition of stock acquired under a
      qualified stock option; 
		 
		(vii) 	The value of a
      non-qualified stock option included in income in the year in which
      granted; 
		 
		(viii) 	Amounts includible in
      income upon making a Code § 83(b) election; 
		 
		(ix) 	Taxable benefits, such
      as premiums for excess group term life insurance; 
		 
		(x) 	Imputed income from
      any life insurance on the Executive’s life that is owned by or funded in
      whole or in part by the Company; and 
		 
		(xi) 	Other similar
      recurring or non-recurring payments. 
		 

	 	(3) 	The
      Executive’s “average bonus” is the average of: 
		              
    	
	 	 	(A) 	The actual bonus paid
      for the year before the year in which the Termination Event occurs;
      and 
			              
    	
	 	 	(B) 	The annualized amount
      of the bonus the Executive earned through the date of the Termination
      Event for the bonus computation year in which the Termination Event
      occurs. 
	              
    	

	(c) 	Equity
      Acceleration. 
			  
	 	(1) 	Subject to paragraph
      (2) below, upon the date of the Termination Event: 
	 
	 	 	(A) 	All stock options held by the
      Executive that are not otherwise vested as of that date shall become
      immediately vested and exercisable notwithstanding any vesting provisions
      in the grant of those options; and 
	 
	 	 	(B) 	Any restrictions on the
      restricted stock held by the Executive shall immediately lapse.
  
	 
	 	(2) 	The Board may exclude
      any particular grant of stock options or restricted stock from the
      acceleration provisions of paragraph (1) above, but only as
      follows: 
	 
	 	 	(A) 	Any current grants as of the
      Effective Date that are to be excluded must be listed in a separate
      appendix to this Agreement. 
	 
	 	 	(B) 	Any grants made after the
      Effective Date will be excluded only if the exclusion is made at the time
      the grant is made. 
			              
    	
	(d) 	Health Plan
      Continuation Benefits. The Company will
      provide health plan continuation benefits as follows: 
	              
    	
	 	(1) 	For the period
      specified in paragraph (3) below, the Company will pay the premiums (both
      the employer and employee portions) for COBRA continuation coverage under
      the Company’s group health plans as in effect at that time.
		              
    	
	 	(2) 	The Executive will have
      all the rights available under COBRA to change plans and coverage category
      (i.e., employee only, employee plus spouse or full family or such other
      categories that are in effect at that time). 
	 
	 	(3) 	The Company will make
      the COBRA premium payments until the earliest of the following events
      occurs: 
	 

	                             
    	(A) 	The date COBRA coverage would
      otherwise end by law; or 
		              
    	
		(B) 	18 months of premiums have been
      paid. 
		 

	(e) 	401(k) Equivalency
      Payment. The Company shall pay the
      Executive a lump sum cash payment equal to three times the sum of the
      Executive’s “deemed matching contribution” (as determined under paragraph
      (2) below) and the Executive’s “deemed profit-sharing contribution” (as
      determined under paragraph (3) below). 
	 
	 	(1) 	For purposes of
      determining the Executive’s deemed matching and profit-sharing
      contributions, the Executive’s “deemed 401(k) Plan compensation” will be
      the Executive’s cash compensation under subsection (b)(1) above, but
      limited to the maximum amount allowable under the 401(k) Plan’s definition
      of “compensation” as in effect at that time. 
	 
	 	(2) 	The deemed matching
      contributions will be determined as follows: 
	 
	 	 	(A) 	First, the Executive’s
      “deemed elective deferral contributions” will be determined by multiplying
      the Executive’s deemed 401(k) Plan compensation under paragraph (1) above
      by the lesser of: 
	 
	 	 	 	(i) 	The deferral percentage the
      Executive had in effect under the 401(k) Plan on the date of the
      Termination Event; or 
	 
	 	 	 	(ii) 	The maximum deferral percentage
      allowed by the 401(k) Plan for highly compensated employees (if applicable
      to the Executive) for the plan year in which the Termination Event occurs,
      if that percentage has been determined by the date of Termination
      Event. 
	 
	 	 	(B) 	Second, the deemed
      matching contribution formula will be applied to the amount of the deemed
      elective deferral contributions as calculated under subparagraph (A)
      above, to determine the amount of the deemed matching contributions. For
      this purpose, the “deemed matching contribution formula” is: 
	 
	 	 	 	(v) 	The 401(k) Plan’s matching
      contribution formula for the plan year in which the Termination Event
      occurs; or 
	 
	 	 	 	(ii) 	If that formula has not been
      determined by the date of the Termination Event, the formula for the
      previous plan year. 
				              
    	
	 	(3) 	The deemed
      profit-sharing contributions will be determined by multiplying the
      Executive’s deemed 401(k) Plan compensation under paragraph (1) above
      by: 
		              
    	
	 	 	(A) 	The actual bonus paid
      or payable for the bonus computation year that ended before the bonus
      computation year in which the Termination Event occurs; and 
	 
	 	 	(B) 	The annualized amount
      of the bonus the Executive earned, determined as of the end of the month
      in which the Termination Event occurs, for the bonus computation year in
      which the Termination Event occurs. 
			              
    	
	(f) 	Outplacement/Tax
      Planning Services. At the Executive’s
      election, for up to 12 months from the date of the Termination Event, the
      Executive may receive up to $5,000 in outplacement and/or tax planning
      services from service providers selected by the Company. 
	              
    	
	 

	 	 	The Company
      will pay the service providers directly for these benefits. The Executive
      will not have an option to receive cash in lieu of these outplacement or
      tax planning benefits. 
	 
	 	(g) 	Times for
      Payment. 
	 
	 	 	(1) 	Except as
      provided in paragraphs (2), (3) and (4) below, payment of the severance
      benefits provided under this section shall be paid on the first day of the
      seventh month following the date of the Termination Event; 
	 
	 	 	(2) 	Payment of
      the severance benefits provided under this section shall be paid within 30
      days after the date of the Termination Event to
      the extent the amount paid does not exceed the amount of payments that
      would be excepted from the six-month delay rule of paragraph (1) above
      under: 
	 
	 	 	 	(A)	Treas. Reg. §
      1.409A-1(b)(9)(iii) (relating to payment upon involuntary separation of
      service of up to two times the lesser of an employee’s annual rate of
      compensation or the Code § 401(a)(17) limit on includible compensation for
      qualified plans); and/or 
				              
    	
				(B)	Treas. Reg. § 1.409A-1(b)(9)(v) (relating to
      payments of certain reimbursements, medical benefits, in-kind benefits and
      other limited payments not exceeding the Code § 402(g)(1) limit on
      elective deferrals);
	 
	 	 	 	The Company,
      in its sole discretion, shall determine the amount of the severance
      benefit payable under this paragraph and shall notify the Executive of the
      amount payable promptly after that amount is determined; 
	 
	 	 	(3) 	The COBRA
      premiums under subsection (d) above will be paid as due under the terms of
      the applicable group health plan; and 
			              
    	
	 	 	(4) 	Outplacement
      services under subsection (f) above will be paid as billed by the service
      provider. 
	 
	5. 
          	GROSS-UP
      PAYMENT.
      If any or all of the severance benefits
      under Section 4 constitute a “parachute payment” under Code § 280G, the
      Company shall pay the Executive a “Gross-Up Payment” as follows:
  
	              
    	
	 	(a) 	Amount of
      Payment. The Gross-Up Payment shall be
      equal to the amount necessary so that the net amount of the severance
      benefits received by the Executive, after subtracting the excise tax
      imposed under Code § 4999 (“excise tax”), and after also subtracting all
      federal, state or local income tax, FICA and the excise tax on the
      Gross-Up Payment itself, shall be equal to the net amount the Executive
      would have received if no excise tax had been imposed and no Gross-Up
      Payment had been paid. 
		              
    	
	 	(b) 	Calculation of Payment Amount. The amount of the Gross-Up Payment shall be determined as
      follows: 
	 

	 	(1) 	The
      determination will be made by independent accountants and/or tax counsel
      (the “consultant”) selected by the Company with the Executive’s consent
      (which consent will not be unreasonably withheld). The Company shall pay
      all of the consultant’s fees and expenses. 
		              
    	
	 	(2) 	As part of
      this determination, the consultant will provide the Company and the
      Executive with a detailed analysis and supporting calculations of:
    
	 
	 	 	(A) 	The extent to which
      any payments or benefits paid or payable to the Executive are subject to
      Code § 280G (including the reasonableness of any compensation provided for
      services rendered before or after the Change in Control); and

			              
    	
			(B)	The calculation of the excise tax under Code §
      4999. 
	 	 	
	 	(3) 	The
      consultant may make such assumptions and approximations concerning
      applicable tax rates and rely on such interpretations regarding the
      application of Code §§ 280G and 4999 as it deems reasonable. The Company
      and the Executive will provide the consultant with any information or
      documentation the consultant may reasonably request. 
	 
	(c) 	Time for
      Payment. The Gross-Up Payment shall be
      made on the first day of the seventh month after the date of the
      Termination Event. 
	 
	(d) 	Adjustments. Subject to the
      Company’s right under subsection (e) below to contest an excise tax
      assessment by the Internal Revenue Service, the amount of the Gross-Up
      Payment will be adjusted as follows: 
	              
    	
	 	(1) 	Overpayment. If the actual
      excise tax imposed is less than the amount that was taken into account in
      determining the amount of the Gross-Up Payment, the Executive shall repay
      at the time that the amount of the reduced excise tax is finally
      determined the portion of the Gross-Up Payment attributable to that
      reduction (plus the portion of the Gross-Up Payment attributable to the
      excise tax, FICA and federal, state and local income tax imposed on the
      portion of the Gross-Up Payment being repaid by the Executive, to the
      extent the repayment results in a reduction in or refund of excise tax,
      FICA or federal, state or local income tax), plus interest as determined
      under Code § 7872(f)(2)(B) on the amount of the repayment. 
	 
	 	(2) 	Underpayment. If the actual
      excise tax imposed is more than the amount that was taken into account in
      determining the amount of the Gross-Up Payment, the Company shall make an
      additional gross-up payment to compensate for that excess (plus interest
      as determined under Code § 7872(f)(2)(B)) within 10 days of the date the
      amount of the excess is finally determined. 
	 
	(e) 	Company’s
      Right to Contest. The Company has the
      right to contest any excise tax assessment made by the Internal Revenue
      Service on the following terms and conditions: 
	 
	 	(1) 	The
      Executive must notify the Company in writing of any claim by the Internal
      Revenue Service that, if upheld, would result in the payment of excise
      taxes in amounts different from the amount initially determined by the
      consultant. The Executive shall give this notice as soon as possible but
      in no event later than 15 days after the Executive
      receives the notice from the Internal Revenue Service.

	 
	 	(2) 	If the
      Company decides to contest the assessment, it must notify the Executive
      within 30 days of receiving the notice from the Executive. 
	 

			(3)	The Company will have full
      control of the proceedings, including settlement authority and the right
      to appeal. 
				 
	 	 	(4) 	The Executive will
      cooperate fully in providing any testimony, information or documentation
      reasonably required by the Company in connection with the
      proceedings. 
	 
	 	 	(5) 	The adjustments
      required under subsection (d) above shall not be made until the Company
      has concluded a settlement agreement with the Internal Revenue Service,
      exhausted its (or the Executive’s) rights to contest the Internal Revenue
      Service’s determination or notified the Executive that it intends to
      concede the matter, whichever occurs first. 
	 
	 	 	(6) 	The Company shall bear
      all fees and costs associated with the contest. 
	 
	 	 	(7) 	The Company will
      indemnify the Executive from any taxes, interest and penalties that may be
      imposed upon the Executive with respect to the payments made under
      paragraph (6) above and this paragraph (7). 
	 
	 	(f)	Effect of
      Repeal. If Code §§ 280G and 4999 are
      repealed without successor provisions being enacted, this Section shall be
      of no further force or effect. 
	 
	6.	OTHER COMPENSATION AND TERMS
      OF EMPLOYMENT. This Agreement is not an
      employment agreement. Accordingly, other than providing for the benefits
      payable upon a Change in Control, this Agreement will not affect the
      determination of any compensation payable by the Company to the Executive,
      nor will it affect the other terms of the Executive’s employment with the
      Company. The specific arrangements referred to in this Agreement are not
      intended to exclude or circumvent any other benefits that may be available
      to the Executive under the Company’s employee benefit or other applicable
      plans, programs or arrangements upon the termination of the Executive’s
      employment.
	 
	7.	WITHHOLDING. All payments made to the
      Executive under this Agreement are subject to the withholding of income
      and payroll taxes and other payroll deductions that the Company reasonably
      determines are appropriate under applicable law or regulations.
  
	 
	8.	ASSIGNMENT. 
	              
    	
	 	(a) 	The Company
      will require any successor, whether by direct or indirect purchase,
      merger, consolidation or otherwise to all or substantially all of its
      business or assets (a “succession”), to expressly assume this Agreement.
      This assumption shall be obtained before the effective date of the
      succession. Failure of the Company to obtain this assumption shall be a
      breach of this Agreement and, if the succession qualifies as a “change in
      control event” (as defined under Treas. Reg. § 1.409A-3(i)(5)(i)), the
      Executive shall be entitled to compensation from the Company in the same
      amount and on the same terms that the Executive would be entitled to under
      this Agreement following a Change in Control, except that, for this
      purpose: 
		              
    	
	 	 	(1) 	The closing date of
      the succession shall be deemed to be the date of the Termination Event
      (the “deemed Termination Event”), regardless of whether the Executive’s
      employment terminates on that date; 
			              
    	
	 	 	(2) 	The Executive will
      have no continued employment obligation under Section 3(b) as of the
      deemed Termination Event; 
	 

			(3)	The equity acceleration under
      Section 4(c) will be effective on the date of the deemed Termination
      Event;
			              
    	 
	 	 	(4) 	Except to the extent
      the six-month payment delay provision of Section 4(g) of this Agreement is
      applicable, within five (5) business days of the deemed Termination Event,
      the Company will pay the Executive a lump sum cash payment equal to the
      sum of:
	 
	 	 	 	(Q) 	The cash compensation payment
      under Section 4(b);
				              
    	
	 	 	 	(R) 	Eighteen times the monthly COBRA
      premium amount for the group health plan coverage the Executive had in
      effect on the date of the deemed Termination Event;
	 
	 	 	 	(S) 	The 401(k) equivalency payment
      under Section 4(e); and
	 
	 	 	 	(T) 	The maximum amount that would
      have been paid under Section 4(f) to the outplacement service
      provider.
	 
	 	(b) 	The Executive may not
      assign or transfer this Agreement or any rights or obligations under
      it.
		              
    	
	9.	UNSECURED GENERAL
      CREDITOR.
      Neither the Executive nor anyone else
      claiming on behalf of or through the Executive shall have any right with
      respect to, or claim against, any insurance policy or other asset the
      Company may acquire to assist it in financing its obligations under this
      Agreement. The Executive shall be an unsecured general creditor of the
      Company with respect to any amount payable under this
  Agreement.
	 
	10.	JOINT
      AND SEVERAL
      OBLIGATION.
      Bancorp and the Bank will be jointly
      and severally liable for the payment obligations under this
      Agreement.
	 
	11.	DEATH BENEFIT. 
	              
    	
	 	(a) 	Any severance benefits
      under Section 4 remaining unpaid at the Executive’s death shall be paid
      under the terms and conditions of this Agreement, to the beneficiary or
      beneficiaries determined under subsection (b) below.
	 
	 	(b) 	The Executive may
      designate the beneficiary or beneficiaries (who may be designated
      concurrently or contingently) to receive the death benefit under this
      Agreement under the following terms and conditions:
	 
	 	 	(1) 	The beneficiary
      designation must be in a form satisfactory to the Committee and must be
      signed by the Executive.
	 
	 	 	(2) 	A beneficiary
      designation shall be effective upon receipt by the Committee or its
      designee and shall cancel all beneficiary designations previously filed by
      the Executive, provided it is received before the Executive’s
    death.
	 
	 	 	(3) 	The Executive may
      revoke a previous beneficiary designation without the consent of the
      previously designated beneficiary. This revocation is made by filing a new
      beneficiary designation form with the Committee or its designee, and shall
      be effective upon receipt.
	 
	 	 	(4) 	A divorce will
      automatically revoke the portion of a beneficiary designation designating
      the former spouse as a beneficiary.
	 

			(5)	If a beneficiary
      disclaims the death benefit, the benefit will be paid as if the beneficiary had predeceased the Executive.
				 
	 	 	(6) 	If a
      beneficiary who is in pay status dies before full distribution is made to
      the beneficiary, the unpaid balance of the distribution will be paid to
      the beneficiary’s estate.
	 
	 	 	(7) 	If, at the
      time of the Executive’s death, the Executive has failed to designate a
      beneficiary, the Executive’s beneficiary designation has become completely
      invalid under the provisions of this subsection or there is no surviving
      beneficiary, the benefit will be paid in the following order of
      priority:
	 
	 	 	 	(A) 	To the Executive’s
      spouse, if living; or
				              
    	
	 	 	 	(B) 	To the Executive’s
      estate. 
	 
	12.	GENERAL
      PROVISIONS. 
	              
    	
	 	(a) 	Choice of
      Law/Venue. 
		              
    	
	 	 	(1) 	This
      Agreement shall be construed and its validity determined according to the
      laws of the State of Oregon, other than its law regarding conflicts of law
      or choice of law, to the extent not preempted by federal law.
			              
    	
	 	 	(2) 	Any dispute
      arising out of this Agreement must be brought in either Clackamas County
      or Multnomah County, Oregon, and the parties will submit to personal
      jurisdiction in either of those counties.
	 
	 	(b) 	Arbitration. Any dispute or
      claim arising out of or brought in connection with this Agreement, shall
      be submitted to final and binding arbitration as follows:
	 
	 	 	(1) 	Before
      proceeding to arbitration, the parties shall first attempt, in good faith,
      to resolve the dispute or claim by informal meetings and discussions
      between them and/or their attorneys. The Chairman of the Board will act on
      behalf of the Company at these meetings and discussions. This informal
      dispute resolution process will be concluded within 30 days or such longer
      or shorter period as may be mutually agreed by the parties.
	 
	 	 	(2) 	After
      exhausting the informal dispute resolution process under paragraph (1)
      above, upon the request of any party, the matter will be submitted to and
      settled 
	 

		by arbitration under the rules then in effect of the
      American Arbitration Association (or under any other form of arbitration
      mutually acceptable to the parties involved). Any award rendered in
      arbitration will be final and will bind the parties, and a judgment on it
      may be entered in the highest court of the forum having jurisdiction. The
      arbitrator will render a written decision, naming the substantially
      prevailing party in the action and will award such party all costs and
      expenses incurred, including reasonable attorneys’ fees. 
	 
	(c) 	Attorneys’ Fees. 
	              
    	
	 	(1) 	If any
      breach of or default under this Agreement results in either party
      incurring attorneys’ or other fees, costs or expenses (including those
      incurred in an arbitration), the substantially prevailing party is
      entitled to recover from the non-prevailing party its reasonable legal
      fees, costs and expenses, including attorneys’ fees and the costs of the
      arbitration, except as provided in paragraph (2) below. 
	 
	 	(2) 	If the
      Executive is not the substantially prevailing party, the Executive shall
      be liable to pay the Company under paragraph (1) above only if the
      arbitrator determines that: 
		              
    	
	 	 	(A) 	There was no
      reasonable basis for the Executive’s claim (or the Executive’s response to
      the Company’s claim); or 
			              
    	
	 	 	(B) 	The Executive had
      engaged in unreasonable delay, failed to comply with a discovery order or
      otherwise acted in bad faith in the arbitration. 
	 
	 	(3) 	Either party
      shall be entitled to recover any reasonable attorneys’ fees and other
      costs and expenses it incurs in enforcing or collecting an arbitration
      award. 
	 
	 	(4) 	If an award
      under this subsection is made to the Executive and accountants or tax
      counsel selected by the Company with the Executive’s consent (which shall
      not be unreasonably withheld) determine that the award is includible in
      Executive’s gross income, the Company shall also pay the Executive a
      gross-up payment to offset the taxes imposed on that award, including the
      taxes on the gross-up payment itself. This gross-up payment shall be
      determined following the methodology employed in Section
      5(b).  
	 
	(d) 	Entire
      Agreement. This Agreement contains the
      entire agreement among the parties with respect to its subject matter, and
      it supersedes all previous agreements between the Executive and the
      Company and any of its subsidiaries pertaining to this subject matter. By
      signing this Agreement, the Executive waives any and all rights the
      Executive may have had under any previous agreement providing for benefits
      upon a Change in Control (regardless of how that term is defined in those
      prior agreements) that the Executive may have entered into with the
      Company or any of its subsidiaries. 
	 
	(e) 	Successors. This Agreement binds
      and inures to the benefit of the parties and each of their respective
      affiliates, legal representatives, heirs and, to the extent permitted in
      this Agreement, their successors and assigns. 
	 
	(f) 	Amendment. This Agreement may be
      amended only through a written document signed by all of the parties. An
      amendment to this Agreement may not accelerate or delay the payment of
      benefits under this Agreement except as permitted under Code § 409A.
      
	 

	(g)	Construction. The language of this Agreement was chosen jointly by the
      parties to express their mutual intent. No rule of construction based on
      which party drafted the Agreement or certain of its provisions will be
      applied against any party. 
	              
    	
	(h)	Section Headings.
      The section headings used in this
      Agreement have been included for convenience and reference only.
  
	 
	(i)	Citations. Citations to a statute, act or rule are to that statute,
      act or rule as amended or to its successor at the relevant time. Citations
      to a particular section of a statute, act or rule are to that section as
      amended or renumbered or to the comparable provision of any successor as
      in effect at the relevant date. 
	 
	(j)	Counterparts. This Agreement may be executed in one or more
      counterparts, and all counterparts will be construed together as one
      Agreement. 
	 
	(k)	Severability. If any provision of this Agreement is, to any extent,
      held to be invalid or unenforceable, it will be deemed amended as
      necessary to conform to the applicable laws or regulations. However, if it
      cannot be amended without materially altering the intentions of the
      parties, it will be deleted and the remainder of this Agreement will be
      enforced to the extent permitted by law.
	 

	 		
	EXECUTIVE:  	     	COMPANY:  
			 
	  		WEST
      COAST BANCORP  
			 
	/s/ Hadley S. Robbins  	 	 	By: 
    	/s/ Robert D. Sznewajs  
	Hadley S.
      Robbins  		 
	  		Title:  	President and Chief Executive
      Officer  
	Date:
      December 30, 2008  		   
	  		Date:
      December 30, 2008  
	  
	  
	  		WEST
      COAST BANK  
			 
	  		By: 
    	/s/ Robert D. Sznewajs  
				 
	  		Title:  	President and Chief Executive
      Officer  
				 
	  		Date:
      December 30, 2008Exhibit 10.7 

WEST COAST
BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT
PLAN
(SERP)

Effective Date: August 1, 2003,
As
Restated and Amended January 1, 2009 

THIS SERP is adopted by WEST COAST BANK
(the “Bank”), WEST COAST BANCORP (“Bancorp”), its parent holding company,
(collectively referred to as the “Company”) and ROBERT D. SZNEWAJS (the
“Executive”). 

ARTICLE 1
PURPOSE 

	1.1	DUAL
      PURPOSES. This SERP is intended
      to: 
	              
    	
	 	(a)	Assist in assuring the
      Executive’s continued service to the Company by providing supplemental
      retirement benefits that are competitive with the Company’s peers;
      and 
		              
    	
	 	(b)	Discourage the
      Executive from engaging in any competitive business after the Executive
      leaves the Company. 
	 
	1.2	TOP-HAT
      PLAN STATUS.
      This is an unfunded plan maintained
      primarily for the purpose of providing deferred compensation for the
      Executive, who is a member of a select group of management or highly
      compensated employees. As such, this SERP is intended to qualify as a
      “top-hat plan” exempt from Part 2 (minimum participation and vesting
      standards), Part 3 (minimum funding standards) and Part 4 (fiduciary
      responsibility provisions) of Title I of the Employee Retirement Income
      Security Act of 1974 (“ERISA”). The provisions of the SERP shall be
      interpreted and administered according to this intention.
  

ARTICLE 2
DEFINITIONS

Words and phrases appearing in this
SERP with initial capitalization are defined terms that have the meanings stated
below. Words appearing in the following definitions which are themselves defined
terms are also indicated by initial capitalization. 

	2.1 
          	ACCRUAL
      BALANCE means the benefit liability accrued by the Company under Article
      6. 
	              
    	

	2.2	ADJUSTED
      ACCRUAL BALANCE
      means the Accrual Balance
      determined as of the end of the month that is on or before the date of the
      Executive’s Termination of Employment. 
	              
    	
	2.3	BENEFICIARY means the person or persons or estate, trust or charitable
      organization entitled under Article 5 to receive the death benefit payable
      under this SERP. 
	 
	2.4	BOARD means
      Bancorp’s Board of Directors. 
	 
	2.5	CHANGE
      IN CONTROL
      AGREEMENT means the “Change In Control Agreement” effective January 1, 2004,
      between the Executive and the Company, as amended. 
	 
	2.6	COMPENSATION
      COMMITTEE means the Compensation and Personnel Committee of Bancorp’s
      Board. 
	 
	2.7	DISABILITY means that either the carrier of any Company-provided individual or
      group long-term disability insurance policy covering the Executive or the
      Social Security Administration has determined that the Executive is
      disabled. Upon the request of the Compensation Committee, the Executive
      will submit proof of the carrier’s or the Social Security Administration’s
      determination. 
	 
	2.8	EARLY
      INVOLUNTARY TERMINATION
      means that the Company has
      terminated the Executive’s employment before Normal Retirement Age for any
      reason other than: 
	 
	 	(a)	Termination for
      Cause; 
		              
    	
	 	(b)	Disability; or
    
	 
	 	(c)	A Termination
      Event. 
	 
	2.9	EARLY
      VOLUNTARY TERMINATION
      means that before Normal
      Retirement Age, the Executive has voluntarily terminated employment with
      the Company for reasons other than: 
	 
	 	(a)	Disability; or
    
	 
	 	(b)	A Termination
      Event. 
	 
	2.10	EFFECTIVE
      DATE means the date first stated above (immediately below the title of
      this SERP). The effective date of this restated SERP, as amended, is
      January 1, 2009. 
	 
	2.11	NORMAL
      RETIREMENT AGE
      means age 62.
	 
	2.12	NORMAL
      RETIREMENT DATE
      means the later of Normal
      Retirement Age or Termination of Employment. 
	 
	2.13	PLAN
      YEAR means
      the calendar year, except for the first Plan Year which is a short year
      beginning August 1, 2003, and ending December 31, 2003. 
	 

	2.14	TERMINATION
      EVENT means the termination of the Executive’s employment under
      circumstances that entitle the Executive to benefits under the Change In
      Control Agreement. 
	              
    	
	2.15	TERMINATION
      FOR CAUSE OR TERMINATED
      FOR CAUSE
      means that the Company has
      terminated the Executive’s employment for “cause” as defined in the Change
      In Control Agreement. 
	 
	2.16	TERMINATION
      OF EMPLOYMENT
      means that the Executive’s
      employment with the Company has terminated for any reason, voluntary or
      involuntary. 
	 
	2.17	YEAR OF SERVICE
      means a Plan Year in which the
      Executive is actively at work with the Company or on a Company-approved
      leave of absence at the end of that year. 

ARTICLE 3
BENEFITS
DURING LIFETIME 

	3.1	NORMAL RETIREMENT BENEFIT.
      Upon Termination of Employment on or
      after Normal Retirement Age for reasons other than death, the Company
      shall pay the following benefit to the Executive: 
	              
    	
	 	(a)	Amount of Benefit.
      Subject to adjustment under subsection
      (c) below and forfeiture under Article 7, the Normal Retirement Benefit is
      an annual benefit equal to 35% of the Executive’s base salary for the year
      in which the Termination of Employment occurs. 
		              
    	
	 	(b)	Payment Schedule.
      Unless the Executive has made a timely
      election under Section 3.6 to receive a lump-sum
      payment, the Normal Retirement Benefit is payable monthly for a period of
      fifteen (15) years beginning on the first day of the month on or after the
      Executive’s Normal Retirement Date (subject to a six-month delay under
      Section 3.7).
	  
	 	(c)	Benefit Increases.
    
	 
	 	 	(1)	As of each anniversary of the
      Effective Date, the Compensation Committee, in its sole discretion, may
      increase the Normal Retirement Benefit by increasing either or
    both:
			              
    	
	 	 		(A)	The amount of the benefit
      multiplier; or 
				              
    	
	 	 		(B)	The length of the payment
      schedule. 
	 
	 	 	(2)	If the Normal Retirement Benefit
      is increased, the Accrual Balance and the other benefits payable under
      this SERP shall be adjusted accordingly.
	   

	3.2	EARLY VOLUNTARY TERMINATION
      BENEFIT. Upon an Early Voluntary
      Termination, the Company shall pay the following benefit to the
      Executive: 
	              
    	
	 	(a)	Amount of Benefit.
      Subject to adjustments under subsection
      (c) below and forfeiture under Article 7, the Early Voluntary Termination
      Benefit is the annual installment payment under a deferred 15-year term
      certain fixed annuity calculated as follows: 
		              
    	
	 	 	(1)	The present value of the annuity
      is the vested Adjusted Accrual Balance (with vesting determined under
      subsection (d) below); 
			              
    	
	 	 	(2)	The annuity starting date is the
      first day of the month on or after Normal Retirement Age; and

	 
	 	 	(3)	Interest is credited at an annual
      rate of 6% compounded monthly during both the period from the Termination
      of Employment to the annuity starting date and the 15-year payout
      period. 
	 
	 	(b)	Payment Schedule.
      Unless the Executive has made a timely
      election under Section 3.6 to receive a lump-sum payment, the Company
      shall pay the Early Voluntary Termination Benefit under the same payment
      schedule under Section 3.1(b) as for the Normal Retirement Benefit.
    
	 
	 	(c)	Benefit Increases.
      The Early Voluntary Termination Benefit
      may be increased as follows: 
	 
	 	 	(1)	The amount of the benefit will be
      adjusted for any increases in the Normal Retirement Benefit granted under
      Section 3.1(c)(1). 
	 
	 	 	(2)	In its sole discretion, the
      Compensation Committee may, from time to time as of any anniversary of the
      Effective Date, separately increase the amount of the Early Voluntary
      Termination Benefit without increasing the Normal Retirement
      Benefit. 
	 
	 	(d)	Vesting. The vested portion of the Executive’s Adjusted Accrual
      Balance will be determined as follows: 
	 
	 	 	(1)	The Executive will be 70% vested
      immediately upon the Effective Date. Beginning with the Plan Year
      commencing January 1, 2004, the Executive will receive an additional 10%
      vesting for each Year of Service until the Executive is 100% vested after
      completing three (3) Years of Service. 
	 
	 	 	(2)	In its sole discretion, the
      Compensation Committee may at any time and from time to time increase the
      Executive’s vested percentage (including granting full vesting).
  
	 

	3.3	EARLY INVOLUNTARY TERMINATION
      BENEFIT.
      Upon an Early Involuntary Termination,
      the Company shall pay the following benefit to the Executive:

	              
    	
	 	(a)	Amount of Benefit.
      Subject to adjustments under subsection
      (c) below, immediate full vesting under subsection (d) below and
      forfeiture under Article 7, the Early Involuntary Termination Benefit is
      the annual installment payment determined in the same manner as the Early
      Voluntary Termination Benefit under Section 3.2(a). 
		              
    	
	 	(b)	Payment Schedule.
      Unless the Executive has made a timely
      election under Section 3.6 to receive a lump-sum
      payment, the Company shall pay the Early Involuntary Termination Benefit
      under the same payment schedule under Section 3.1(b) as for the Normal
      Retirement Benefit.
	 
	 	(c)	Benefit Increases.
      The Early Involuntary Termination
      Benefit may be separately increased under the same terms and conditions
      that apply to increases in the Early Voluntary Termination Benefit (see
      Section 3.2(c)). 
	 
	 	(d)	Vesting. For purposes of this section, the Executive is
      immediately 100% vested upon the Effective Date. 
	 
	3.4   
        	DISABILITY BENEFIT.
      Upon Termination of Employment before
      Normal Retirement Age due to Disability, the Company shall pay the
      following benefit to the Executive: 
	 
	 	(a)	Amount of Benefit.
      Subject to adjustments under subsection
      (c) below, immediate full vesting under subsection (d) below and
      forfeiture under Article 7, the Disability Benefit is the annual
      installment payment determined in the same manner as for the Early
      Voluntary Termination Benefit (see Section 3.2(a)). 
	 
	 	(b)	Payment Schedule.
      Unless the Executive has made a timely
      election under Section 3.6 to receive a lump-sum
      payment, the Company shall pay the Disability Benefit under the same
      payment schedule under Section 3.1(b) as for the Normal Retirement
      Benefit.
	  
	 	(c)	Benefit Increases.
      The Disability Benefit may be increased
      under the same terms and conditions that apply to increases in the Early
      Voluntary Termination Benefit (see Section 3.2(c)). 
	 
	 	(d)	Vesting. For purposes of this section, the Executive is
      immediately 100% vested upon the Effective Date. 
	 
	3.5   
        	CHANGE IN
      CONTROL
      BENEFIT.
      If the Executive becomes entitled to
      benefits under the Change in Control Agreement, the Company will pay the
      following benefit to the Executive: 
	 
	 	(a)	Amount of Benefit.
      Subject to adjustments under subsection
      (c) below and forfeiture under Article 7, the Change In Control Benefit is
      an annual benefit equal to 35% of the Executive’s base salary for the year
      in which the Termination of Employment occurs. 
	 
	 	(b)	Payment Schedule.
      Unless the Executive has made a timely
      election under Section 3.6 to receive a lump-sum payment, the Company
      shall pay the Change In Control Benefit under the same payment schedule
      under Section 3.1(b) as for the Normal Retirement Benefit.
	  	 	

	              
    	(c)	Benefit Increases.
      The Change in Control Benefit may be
      increased in the same manner as the Normal Retirement Benefit (see Section
      3.1(c)). 
		              
    	
		(d)	Vesting.
      For purposes of this section, the
      Executive is immediately 100% vested upon the Effective Date.

		 

	3.6	LUMP-SUM
      PAYMENT
      ALTERNATIVE. The Executive may, under the
      following terms and conditions, elect to receive a lump-sum payment
      instead of payments under the installment payment schedule specified in
      Section 3.1(b): 
	              
    	
	 	(a)	The election
      must have been made in writing no later than December 31, 2008.
  
		              
    	
	 	(b)	The payment
      amount shall equal the following: 
	 
	 	              
    	(1)	Normal
      Retirement Benefit. The Executive’s
      Adjusted Accrual Balance. 
			              
    	
	 	 	(2)	Early
      Voluntary or Involuntary Termination Benefit; Disability Benefit.
      The Executive’s vested Adjusted Accrual Balance together
      with interest credited at the annual rate of 6% compounded monthly through
      the Executive’s Normal Retirement Age.
	 
	 	 	(3)	Change In
      Control Benefit. The present value
      of the Change In Control Benefit as determined using an annual discount
      rate of 6% compounded monthly. 
	 
	 	(c)	The lump-sum
      payment will be paid as follows: 
	 
	 	 	(1)	Normal
      Retirement Benefit. Upon the
      Executive’s Termination of Employment on or after Normal Retirement
      Age. 
	 
	 	 	(2)	Early
      Voluntary or Involuntary Termination Benefit; Disability Benefit.
      At the Executive’s Normal Retirement Age.
	 	 	 	
	 	 	(3)	Change In
      Control Benefit. Within 60 days of
      the Executive’s Termination of Employment, subject to the six-month delay
      rule in Section 3.7. 
	 

	3.7	SIX-MONTH
      DELAY
      FOR DISTRIBUTIONS. The following provisions apply
      to distributions made under this Article 3, except to the extent the
      distribution is exempt from the requirements of Code § 409A: 
	              
    	
	 	(a)	The distribution shall
      not be made before the date which is six months after the date of the
      Executive’s Termination of Employment or, if earlier, the date of the
      Executive’s death. 
		              
    	
	 	(b)	If the Executive would
      have otherwise received installment payments during the six-month delay
      period, the payments that would otherwise have been made during the
      six-month delay period will be paid in a lump sum on the first day of the
      seventh month following the Executive’s Termination of Employment.
    

ARTICLE 4
DEATH BENEFITS

	4.1	PRE-RETIREMENT
      DEATH
      BENEFIT.
      If the Executive dies before a
      Termination of Employment and before attaining Normal Retirement Age, the
      Company will pay the following benefit to the Executive’s
      Beneficiary: 
	              
    	
	 	(a)	Amount of Benefit.
      The Pre-Retirement Death Benefit is the
      Executive’s projected benefit at Normal Retirement Age based upon the
      Executive’s base salary as of the date of death with annual increases of
      3% to Normal Retirement Age. 
		              
    	
	 	(b)	Payment of Benefit.
      Unless the Executive timely elected a
      lump-sum payment under Section 3.6, the Pre-Retirement Death Benefit is
      payable monthly for a period of fifteen (15) years beginning on the first
      day of the month following the Executive’s death. If the Executive timely
      elected a lump-sum payment under Section 3.6, the Pre-Retirement Death
      Benefit will be paid as a lump-sum payment equal to the Executive’s
      projected Normal Retirement Age Accrual Balance as determined as of the
      date of death. The lump sum will be paid within 90 days of the date the
      Compensation Committee receives satisfactory documentation of the
      Executive’s death. 
	 
	4.2	DEATH
      AFTER
      PAYMENTS COMMENCE.
      If the Executive dies after installment
      benefit payments had commenced under Article 3, the Company shall pay the
      remaining benefits to the Executive’s Beneficiary at the same time and in
      the same amounts they would have been paid to the Executive had the
      Executive survived. 
	 
	4.3	DEATH
      BEFORE
      PAYMENTS COMMENCE. 
	 
	 	(a)	Form of Payment.
      If the Executive is entitled to a
      benefit under Article 3, but dies before benefit payments begin, the death
      benefit will be paid to the Executive’s Beneficiary in monthly
      installments over fifteen (15) years if the installment payments would
      have been made to the Executive or in a lump sum if the Executive had made
      a timely election under Section 3.6 to receive a lump-sum payment.
    
	 
	 		
	  

		(b)	Time of
      Payment. The commencement date for
      payments to the Beneficiary will be either:
				  
		 	(1)	The first day of the
      month following the Executive’s death if payments are to be made in
      installments; or 
			              
    	
		 	(2)	Within 90 days of the
      date the Compensation Committee receives satisfactory documentation of the
      Executive’s death if a lump-sum payment is to be made. 
	              
    	              
    	
		(c)	Amount of
      Payment. The death benefit under this
      section will be the present value of the benefit the Executive was
      entitled to receive. Present value will be determined as of the date
      payments to the Beneficiary are to commence using an annual discount rate
      of 6% compounded monthly. 

ARTICLE 5
BENEFICIARIES 

	5.1	DESIGNATION OF
      BENEFICIARY. The Executive may designate
      the Beneficiary or Beneficiaries (who may be designated concurrently or
      contingently) to receive the death benefit under the SERP under the
      following terms and conditions: 
	              
    	
	 	(a)	The beneficiary
      designation must be in a form satisfactory to the Compensation Committee
      and must be signed by the Executive. 
		              
    	 
	 	(b)	A beneficiary
      designation shall be effective upon receipt by the Compensation Committee
      or its designee, provided it is received before the Executive’s
      death. 
	 
	 	(c)	The Executive may
      revoke a previous beneficiary designation without the consent of the
      previously designated Beneficiary. This revocation is made by filing a new
      beneficiary designation form with the Compensation Committee or its
      designee, and shall be effective upon receipt. 
	 
	5.2	DIVORCE.
      A divorce will automatically revoke the
      portion of a beneficiary designation designating the former spouse as a
      Beneficiary. The former spouse will be a Beneficiary under this SERP only
      if a new such beneficiary designation form naming the former spouse as a
      beneficiary is filed after the date the dissolution decree is
      entered. 
	 
	5.3	DISCLAIMERS. If a Beneficiary disclaims a
      death benefit, the benefit will be paid as if the Beneficiary had
      predeceased the Executive. 
	 
	5.4	DEATH
      OF BENEFICIARY. If a Beneficiary who is in pay
      status dies before full distribution is made to the Beneficiary, the
      unpaid balance of the distribution will be paid to the Beneficiary’s
      estate. 
	 
	5.5	DEFAULT
      BENEFICIARY. If, at the time of the
      Executive’s death, the Executive has failed to designate a Beneficiary,
      the Executive’s beneficiary designation has become completely invalid
      under the provisions of this Article or there is no surviving Beneficiary,
      payment of the death benefit will be made in the following order of
      priority: 
	 
	 	(a)	To the Executive’s
      spouse, if living; 
	 
	 	(b)	To the Executive’s
      surviving children, in equal shares; or 
	 
	 	(c)	To the Executive’s
      estate. 
	 

ARTICLE 6
ACCRUAL BALANCE 

	6.1	COMPENSATION
      LIABILITY.
      The Accrual Balance shall be equal to
      the financial statement compensation liability accrued by the Company
      (under Section 6.2) as of any applicable determination date (as defined in
      Section 6.3) for its payment obligation under this SERP. 
	              
    	
	6.2	ACCRUAL
      CALCULATION. 
	 
	 	(a)	The value of
      the Accrual Balance shall equal the sum of the: 
		              
    	
	 	 	(1)	Principal accrual
      (service cost); plus 
			              
    	
	 	 	(2)	Interest accrual at
      6%. 
	 
	 	(b)	The value
      shall be determined by: 
	 
	 	 	(1)	Assuming a 3% annual
      increase in the Executive’s base salary; and 
	 
	 	 	(2)	Using Generally
      Accepted Accounting Principles applying APB 12 as amended by FAS
      106. 
	 
	6.3	DETERMINATION
      DATES.
      The Accrual Balance shall be determined
      as of the last day of the month. 
	 
	6.4	REPORTING.
      The Compensation Committee will report
      the Accrual Balance to the Executive at least annually and within a
      reasonable period of time not to exceed 30 days after the date of the
      Termination of Employment if the Executive is to be paid the Early
      Voluntary Termination, Early Involuntary Termination or Disability
      Benefit. 
	 

ARTICLE 7
FORFEITURE 

	7.1 
          	GROUNDS
      FOR FORFEITURE. 
	              
    	
	 	(a)	The
      Executive will forfeit any benefits payable under this SERP upon a
      Termination for Cause. 
		              
    	
	 	(b)	The Company
      shall not pay the Pre-Retirement Death Benefit under Section 4.1 under the
      SERP if the Executive: 
	 
	 	 	(1)	Commits
      suicide within two years after the Effective Date; or 
			              
    	
	 	 	(2)	Dies within
      two years after the Effective Date and has made any material misstatement
      of fact on any application for life insurance that may be used by the
      Company to finance its obligations under the SERP. 
	 
	 	(c)	The
      Executive will forfeit any benefits payable under this SERP if the
      Executive violates the noncompetition restrictions of Section 7.2.
    
	 
	7.2	NONCOMPETITION RESTRICTIONS. 
	 
	 	(a)	Definitions. For purposes of
      this section, the following terms have the meanings stated below:
    
	 
	 	 	(1)	“Banking institution” means
      any state or national bank, state or federal savings and loan association,
      mutual savings bank or state or federal credit union or any of their
      holding companies. 
	 
	 	 	(2)	“Competing activities” mean
      any activities that are competitive with the business activities of
      Bancorp, the Bank or any of their subsidiaries as conducted at the
      commencement of, or during the term of, the restricted period.
  
	 
	 	 	(3)	“Financial institution” means any banking institution (as defined in paragraph (1) above),
      trust company or mortgage company regardless of: 
	 
	 	 	 	(A)	Its legal form of
      organization; or 
	 
	 	 	 	(B)	Whether it is in
      existence or is in formation. 
	 
	 	 	(4)	“Restricted area” means any
      county in Oregon or Washington in which Bancorp, the Bank or any of their
      subsidiaries either: 
	 
	 	 	 	(A)	Has a branch or other
      office at the commencement of the restricted period; or 
				              
    	
	 	 	 	(B)	Has decided to open a
      branch or other office during the restricted period, provided that fact
      has been communicated to the Executive before the Executive’s Termination
      of Employment. 
	  

			(5)	“Restricted period” means a period of: 
					 
			 	(A)	24 months from the
      date of the Executive’s Termination of Employment; or 
				              
    	
			 	(B)	36 months from the
      date of the Executive’s Termination Event if the Change in Control Benefit
      under Section 3.5 is payable. 
			 
	              
    	              
    	(6)	“Subsidiaries” mean any
      current or future subsidiary of Bancorp or the Bank, regardless of whether
      it is 100% owned by Bancorp or the Bank. 
			              
    	

	              
    	(b)	Restrictions. The Executive
      agrees that, during the restricted period, the Executive will not,
      directly or indirectly: 
		              
    	
		 	(1)	Except as provided in
      subsection (c) below, be employed by or provide services to any financial
      institution that engages in competing activities in the restricted area,
      whether as an employee, officer, director, agent, consultant, promoter or
      in any similar position, function or title; 
			              
    	
		 	(2)	Have any ownership or
      financial interest in any financial institution that engages in competing
      activities in the restricted area that violates the Company’s then current
      published ethical standards on ownership interests in competing
      businesses; 
		 
		 	(3)	Induce any employee of
      Bancorp, the Bank or their subsidiaries to terminate their employment with
      Bancorp, the Bank or their subsidiaries; 
		 
		 	(4)	Hire or assist in the
      hiring of any employee of Bancorp, the Bank or their subsidiaries for or
      by any financial institution that is not affiliated with Bancorp, the Bank
      or their subsidiaries; or 
		 
		 	(5)	Induce any person or
      entity (other than the Executive’s relatives or entities controlled by
      them) to terminate or curtail its business or contractual relationships
      with the Bank, Bancorp or their subsidiaries. 
		 
		(c)	Exceptions. Regardless of the
      restriction in subsection (b)(1) above, the Executive may be employed
      outside the restricted area as an employee, officer, agent, consultant or
      promoter of a financial institution that engages in competing activities
      in the restricted area, provided the Executive will not: 
		 
		 	(1)	Act within the
      restricted area as an employee or other representative or agent of that
      financial institution; 
		 
		 	(2)	Have any
      responsibilities for that financial institution’s operations within the
      restricted area; or 
		 
			(3)	Directly or indirectly
      violate the restrictions of subsection (b)(3), (4) and (5) above.
    
		  

		(d)	Forfeiture.
      If the Executive breaches the
      restrictions under subsection (b) above, the Executive will: 
				  
			(1)	Forfeit any benefits
      payable under this SERP that were unpaid as of the date of the breach;
      and 
	              
    	             
    	              
    	
			(2)	Promptly repay the
      Company, upon demand, any payments that were made. If the Executive does
      not repay that amount within fifteen (15) days after the date of the
      demand, the Executive will also pay interest on that amount at the rate of
      9% per annum. 

ARTICLE 8
CLAIMS
AND
APPEALS PROCEDURE 

	8.1	CLAIMS
      PROCEDURE. 
	              
    	
	 	(a)	Routine
      Payments. The Compensation Committee
      may authorize distribution of payments to the Executive or the Executive’s
      Beneficiary even though a formal claim has not been filed. 
		              
    	
	 	(b)	Formal
      Claims. 
	 
	 	 	(1)	Mandatory
      Procedure. Any claim that the
      Executive or a Beneficiary or anyone claiming on behalf of or through the
      Executive or a Beneficiary may make under ERISA or under any other
      applicable federal or state law must first be brought as a formal claim
      under this section. If that claim is denied, it will be subject to the
      claims appeal procedures of Section 8.2. 
			              
    	
	 	 	(2)	Form and Content
      of Claim. The claim shall be in any
      form reasonably acceptable to the Compensation Committee and must state
      the basis of the claim and also authorize the Compensation Committee and
      its designees to conduct any examinations necessary to determine the
      validity of the claim and take any steps necessary to facilitate the
      benefit payment. 
	 
	 	 	(3)	Submissions by
      Claimant. The claimant shall file
      the claim with the Executive Vice-President, Human Resources. The claimant
      may also submit written comments, documents, records and other information
      relating to the claim. 
	 

			(4)   
        	Access to
      Information. The claimant will be
      provided, upon request and free of charge, reasonable access to, and
      copies of, all nonconfidential or nonprivileged Company documents, records
      and other information relevant to the claim. 
			              
    	
	              
    	              
    	(5)   
        	Authorized
      Representative. The claimant may be
      represented by an individual authorized to act on behalf of the claimant.
      A representative’s authorization to act on behalf of the claimant must be
      established to the Compensation Committee’s reasonable
      satisfaction. 
			 
			(6)   
        	Review and
      Recommendation. The claim shall be
      reviewed by the Company’s Executive Vice-President, Human Resources and
      the Chief Executive Officer (if that office is not held by the Executive
      at that time), who shall make a recommendation to the Compensation
      Committee. 
			 

	              
    	(c)	Timeline.
      The Compensation Committee shall make a
      determination on the claim within 90 days after the date the claimant
      filed it with the Executive Vice-President, Human Resources. If more time
      is required for a special case, the Compensation Committee may take up to
      an additional 90 days to render a determination, but the claimant must be
      notified of the need for the extension of time within the initial 90- day
      period. This notification will explain the special circumstances requiring
      the extension of time as well as the date by which a determination is
      expected. 
		              
    	
		(d)	Explanation of Denial. If a
      claim is wholly or partially denied, the Compensation Committee shall
      provide the claimant with a notice of the decision, written in a manner
      calculated to be understood by the claimant, containing the following
      information: 
		 
		 	(1)	The specific reason or
      reasons for the denial and a discussion of why the specific reason or
      reasons apply; 
			              
    	
		 	(2)	References to the
      specific provisions of this SERP upon which the denial was based;
    
		 
		 	(3)	A description of any
      additional material or information necessary for the claimant to perfect
      the claim; and 
		 
		 	(4)	An explanation of the
      claims appeal procedures under this SERP. 
		 
		(e)	Deemed
      Denial. If a determination is not
      furnished to the claimant within 90 days of the date the claim was
      filed—or 180 days if it is a special case—the claim shall be deemed to be
      denied. 
		 
		(f)	Appeal of
      Denial. If the claimant disagrees with
      the denial, the claimant’s sole remedy shall be to proceed with the claims
      appeal procedures under Section 8.2. 
		 

	8.2	CLAIMS
      APPEAL
      PROCEDURES. 
	              
    	
	 	(a)	Written
      Request. If a claim is denied in whole
      or in part, the claimant or the claimant’s authorized representative may
      submit a written request for a review of the denial, including a statement
      of the reasons for the review. 
		              
    	
	 	(b)	Deadline.
      This request must be filed with the
      Compensation Committee within 60 days after the claimant receives notice
      of the denial. This time limit may be extended by the Compensation
      Committee if an extension appears to be reasonable in view of the nature
      of the claim and the pertinent circumstances. 
	 
	 	(c)	Conduct
      of Appeal. Upon receipt of such a
      request, the Compensation Committee shall afford the claimant an
      opportunity to review relevant documents and to submit issues and comments
      in writing. The Compensation Committee may hold a hearing or conduct an
      independent investigation. The Compensation Committee will consider all of
      the claimant’s submissions regardless of whether they were submitted or
      considered in the initial determination of the claim. 
	 
	 	(d)	Timeline.
      A decision on the review shall be
      rendered by the Compensation Committee not later than 60 days after
      receipt of the claimant’s request for the review. If more time is required
      for a special case, the Compensation Committee may take up to an
      additional 60 days to render a decision, but the claimant must be notified
      of the need for the extension of time within the initial 60-day period.
      This notification shall explain the special circumstances (such as the
      need to hold a hearing) which require the extension of time. 
	 
	 	(e)	Decision
      on Appeal. The decision shall be
      written in a manner calculated to be understood by the claimant and shall
      include: 
	 
	 	 	(1)	Specific reasons for
      the decision; 
			              
    	
	 	 	(2)	Specific references to
      the provisions of this SERP on which the decision is based; 
	 
	 	 	(3)	A statement that the
      claimant is entitled to receive, upon request and free of charge,
      reasonable access to, and copies of, all documents, records and other
      information relevant (as defined in applicable ERISA regulations) to the
      claimant’s claim for benefits; and 
	 
	 	 	(4)	A statement of the
      claimant’s right to bring a civil action under ERISA § 502(a), to the
      extent such an action is not preempted by the mandatory arbitration
      provision of Section 10.10. 
	 
	 	(f)	Deemed
      Denial. If the determination on the
      appeal is not furnished to the claimant within 60 days—or 120 days if it
      is a special case—the appeal shall be deemed to be denied. 
	 
	 	(g)	Exhaustion of Appeal Process Required. A claimant whose claim has been denied is required to exhaust the
      claims appeal procedures set forth in this section before commencing any
      arbitration or legal action. 
	 

	8.3	DISCRETIONARY
      AUTHORITY; STANDARDS OF
      PROOF
      AND REVIEW;
      RECORD ON REVIEW. 
	              
    	
	 	(a)	The
      Compensation Committee is the “named fiduciary” for purposes of ERISA.
      This SERP confers full discretionary authority on the Compensation
      Committee with regard to the administration of this SERP, including the
      discretion to: 
		              
    	
	 	 	(1)	Make findings of fact
      and determine the sufficiency of the evidence presented regarding a claim;
      and 
			              
    	
	 	 	(2)	Interpret and construe
      the provisions of this SERP and related administrative documents, if any,
      (including words and phrases that are not defined in this SERP or those
      documents) and correct any defect, supply any omission or reconcile any
      ambiguity or inconsistency. 
	 
	 	(b)	A decision
      by the Compensation Committee is required to be supported by substantial
      evidence only. That is, proof by a preponderance of the evidence, clear
      and convincing evidence or beyond a reasonable doubt is not
      required. 
	 
	 	(c)	A court of
      law or arbitrator reviewing any decision of the Compensation Committee,
      including those relating to the interpretation of this SERP or a claim for
      benefits under this SERP, shall be required to use the arbitrary and
      capricious standard of review. That is, the Compensation Committee’s
      determination may be reversed only if it was made in bad faith, is not
      supported by substantial evidence or is erroneous as to a question of
      law. 
	 
	 	(d)	In
      conducting its review of the Compensation Committee’s decision, a court or
      arbitrator shall be limited to the record of documents, testimony and
      facts presented to or actually known to the Compensation Committee at the
      time the decision was made. 

ARTICLE 9
AMENDMENT
AND
TERMINATION 

	9.1	BY
      MUTUAL
      AGREEMENT. Except as provided
      in Section 9.2, this SERP may be amended or terminated only by a written
      agreement signed by the Company and the Executive. 
	              
    	
	9.2	BY
      THE COMPANY. 
	 
	 	(a)	Subject to
      the restrictions in subsection (b) below, the Company may unilaterally
      amend or terminate this SERP at any time if in the opinion of the
      Company’s counsel or accountants, as a result of legislative, judicial or
      regulatory action, continuation of the SERP would: 
		              
    	
	 	 	(1)	Cause benefits to be
      taxable to the Executive before their actual receipt; or 
			              
    	
	 	 	(2)	Result in material
      financial penalties or other materially detrimental ramifications to the
      Company (other than the financial impact of paying the benefits).
    
	 

	              
    	(b)	Except as
      required by law, banking regulatory requirements or financial accounting
      requirements, an amendment or termination under subsection (a) above may
      not reduce: 
		              
    	
		 	(1)	The vested
      percentage of the Executive’s Adjusted Accrual Balance; 
			              
    	
		 	(2)	The amount
      of the Executive’s vested Adjusted Accrual Balance as determined as of the
      later of: 
		 
		 	 	(A)	The effective date of
      the amendment or termination; or 
				              
    	
		 	 	(B)	The date it is adopted
      or approved; or 
		 
		 	(3)	The amount
      of the benefit payments that are being made if the Executive’s benefits
      were in pay status as of the earlier of: 
		 
		 	 	(A)	The effective date of
      the amendment or termination; or 
		 
		 	 	(B)	The date it is adopted
      or approved. 
		 
		(c)	Except as
      required by law, banking regulatory requirements or financial accounting
      requirements, upon the termination of this SERP under subsection (a)
      above: 
		 
		 	(1)	The
      Executive’s Adjusted Accrual Balance and vesting credit will be frozen as
      of the later of: 
		 
		 	 	(A)	The effective date of
      the amendment or termination; or 
		 
		 	 	(B)	The date it is adopted
      or approved; 
		 
		 	(2)	Interest
      will be credited on the Executive’s frozen vested Accrual Balance at an
      annual rate of 6% compounded monthly; and 
		 
		 	(3)	The Company
      may either: 
		 
		 	 	(A)	Hold and disburse the
      Executive’s frozen vested Accrual Balance (as adjusted under paragraph (2)
      above) in accordance with the otherwise applicable terms and conditions of
      this SERP; or 
		 
		 	 	(B)	Disburse that amount
      in a lump sum at such earlier date as is permissible under Treas. Reg. §
      1.409A-3(j)(ix). 
		 

ARTICLE 10
GENERAL PROVISIONS

	10.1	ADMINISTRATION. The Compensation Committee
      shall have all powers necessary or desirable to administer this SERP,
      including but not limited to: 
	              
    	
	 	(a)	Establishing and
      revising the method of accounting for the SERP; 
		              
    	
	 	(b)	Maintaining a record
      of benefit payments; 
	 

		(c)	Establishing rules and
      prescribing any forms necessary or desirable to administer the
      SERP; 
	              
    	              
    	
		(d)	Interpreting the
      provisions of the SERP; and 
		 
		(e)	Delegating to others
      certain aspects of the Compensation Committee’s managerial and operational
      responsibilities, including employing advisors and delegating ministerial
      duties. 
		 

	10.2	RECEIPT
      AND RELEASE FOR
      PAYMENTS. 
	              
    	
	 	(a)	The
      Compensation Committee may require the recipient of a payment, as a
      condition precedent to the payment, to execute a receipt and, in the case
      of a payment in full, a release for the payment. The receipt and the
      release shall be in a form satisfactory to the Compensation
      Committee. 
		              
    	
	 	(b)	Payment may
      be made by a deposit to the credit of the Executive or a Beneficiary, as
      applicable, in any bank or trust company. 
	 
	 	(c)	Payment may
      be made to the individual or institution maintaining or having custody of
      the Executive or Beneficiary, as applicable, if the Compensation Committee
      receives satisfactory evidence that: 
	 
	 	 	(1)	A person entitled to
      receive any benefit under this SERP is, at the time the benefit is
      payable, physically, mentally or legally incompetent to receive payment
      and provides a valid receipt for it; 
			              
    	
	 	 	(2)	An individual or
      institution is maintaining or has custody of that person; and

	 
	 	 	(3)	No guardian, custodian
      or other representative of the estate of that person has been
      appointed. 
	 
	 	(d)	The receipt
      of the recipient or a canceled check shall be a sufficient voucher for the
      Company. The Company is not required to obtain from the recipient an
      accounting for the payment. 
	 
	 	(e)	If a dispute
      arises over a distribution, payment may be withheld until the dispute is
      determined by a court of competent jurisdiction or settled, to the
      satisfaction of the Compensation Committee, by the parties concerned. The
      Compensation Committee may require a hold harmless agreement on behalf of
      the Company and the SERP before making payment. 
	 
	10.3	OTHER
      COMPENSATION AND
      TERMS OF
      EMPLOYMENT.
      This SERP is not an express or implied
      employment agreement. Accordingly, other than providing for certain
      benefits payable upon a Termination of Employment, this SERP will not
      affect the determination of any compensation payable by the Company to the
      Executive, nor will it affect the other terms of the Executive’s
      employment with the Company. The specific arrangements referred to in this
      SERP are not intended to exclude or circumvent any other benefits that may
      be available to the Executive under the Company’s employee benefit or
      other applicable plans, upon the Executive’s Termination of
      Employment. 
	  

	10.4	WITHHOLDING. 
			 
		(a)   
        	Income Tax.
      Applicable federal, state and local
      income tax withholding will be withheld from all payments made under this
      SERP. 
		              
    	
	              
    	(b)	FICA.
      To the extent allowable under
      applicable regulations: 
		 
		 	(1)	The present value of the vested
      benefits under this SERP will be taken into account as FICA wages in the
      year they become vested; 
			              
    	
		 	(2)	Present value will be determined
      using reasonable actuarial equivalency factors acceptable to the
      Compensation Committee; 
		 
		 	(3)	The employee portion of each
      year’s FICA liability will be deducted from the Executive’s other cash
      compensation for that year; and 
		 
		 	(4)	FICA will not be deducted from
      any payments made under this SERP. 
		 

	10.5	UNFUNDED
      ARRANGEMENT. 
	              
    	
	 	(a)	The Company’s payment obligation
      under this SERP is purely contractual and is not funded or secured in any
      manner by any asset, pledge or encumbrance of the Company’s
      property. 
		              
    	
	 	(b)	This SERP is not intended to
      create, and should not be construed as creating, any trust or trust fund.
      The benefits accrued under this SERP and any assets acquired by the
      Company to finance its payment obligations under this SERP shall not be
      held in a trust (other than a grantor trust of the Company), escrow or
      similar fiduciary capacity. 
	 
	 	(c)	Any insurance policy on the
      Executive’s life the Company may acquire to assist it in financing its
      obligations under this SERP is a general asset of the Company and neither
      the Executive nor anyone else claiming on behalf of or through the
      Executive shall have any right with respect to, or claim against, that
      policy. 
	 
	 	(d)	The Executive and any Beneficiary
      are general unsecured creditors of the Company with respect to the payment
      of the benefits under this SERP. 
	 
	10.6	BENEFITS
      NOT
      ASSIGNABLE. The accrued
      benefits under this SERP shall not be considered assets under state law or
      bankruptcy law of the Executive or of any Beneficiary. The Executive and
      any Beneficiary shall not have any right to alienate, anticipate, pledge,
      encumber or assign any of the benefits payable under this SERP. The
      Executive’s or any Beneficiary’s benefits shall not be subject to any
      claim of, or any attachment, garnishment or other legal process brought
      by, any of his or her creditors.
	 	
	10.7	BINDING
      EFFECT.
      This SERP binds and inures to the
      benefit of the parties and their respective legal representatives, heirs,
      successors and assigns. 
	 
	10.8	REORGANIZATION. The Company shall not merge or
      consolidate into or with another company, or reorganize, or sell
      substantially all of its assets to another company, firm, or person unless
      that succeeding or continuing company, firm or person agrees to assume and
      discharge the obligations of the Company under this SERP. Upon the
      occurrence of such an event, the term “Company” as used in this SERP shall
      be deemed to refer to the successor or survivor company. 
	 

	10.9	APPLICABLE LAW.
      
	              
    	 
	 	(a)	This SERP shall be construed
      and its validity determined according to the laws of the State of Oregon,
      other than its law regarding conflicts of law or choice of law, to the
      extent not preempted by federal law. 
		              
    	
	 	(b)	Any dispute arising out of
      this SERP must be brought in either Clackamas County or Multnomah County,
      Oregon, and the parties will submit to personal jurisdiction in either of
      those counties. 
			 	 
	 
	10.10	ARBITRATION.
      Any dispute or claim arising out of or
      brought in connection with this SERP, will, if requested by any party, be
      submitted to and settled by arbitration under the rules then in effect of
      the American Arbitration Association (or under any other form of
      arbitration mutually acceptable to the parties involved). Any award
      rendered in arbitration will be final and will bind the parties, and a
      judgment on it may be entered in the highest court of the forum having
      jurisdiction. The arbitrator will render a written decision, naming the
      substantially prevailing party in the action, and, subject to Section
      10.11(b), will award that party all costs and expenses incurred, including
      reasonable attorneys’ fees. 
	 

	10.11	ATTORNEYS’ FEES. 
	              
    	
	 	(a)	If any
      breach of or default under this SERP results in either party incurring
      attorneys’ or other fees, costs or expenses (including those incurred in
      an arbitration), the substantially prevailing party is entitled to recover
      from the non-prevailing party its reasonable legal fees, costs and
      expenses, including attorneys’ fees and the costs of the arbitration,
      except as provided in subsection (b) below. 
		              
    	
	 	(b)	If the
      Executive is not the substantially prevailing party, the Executive shall
      be liable to pay the Company under subsection (a) above only if the
      arbitrator determines that: 
	 
	 	 	(1)	There was no
      reasonable basis for the Executive’s claim (or the Executive’s response to
      the Company’s claim); or 
			              
    	
	 	 	(2)	The Executive had
      engaged in unreasonable delay, failed to comply with a discovery order or
      otherwise acted in bad faith in the arbitration. 
	 
	 	(c)	Either party
      shall be entitled to recover any reasonable attorneys’ fees and other
      costs and expenses it incurs in enforcing or collecting an arbitration
      award. 
	 
	 	(d)	If an award
      under this section is made to the Executive and accountants or tax counsel
      selected by Company with the Executive’s consent (which shall not be
      unreasonably withheld) determine that the award is includible in
      Executive’s gross income, the Company shall also pay the Executive a
      gross-up payment to offset the taxes imposed on that award, including the
      taxes on the gross-up payment itself. This gross-up payment shall be
      determined following the methodology employed in the Change in Control
      Agreement. 
	 
	10.12	ENTIRE
      AGREEMENT.
      This SERP constitutes the entire
      agreement between the Company and the Executive as to its subject matter.
      No rights are granted to the Executive by virtue of this SERP other than
      those specifically set forth in this document and any amendments to
      it. 
		 
	10.13	CONSTRUCTION.
      The language of this SERP was chosen
      jointly by the parties to express their mutual intent. No rule of
      construction based on which party drafted the SERP or certain of its
      provisions will be applied against any party. 
	  
	10.14	SECTION HEADINGS; CITATIONS. The section headings used in this SERP have
      been included for convenience of reference only. Citations to statutes,
      regulations or FASB policies or statements are to those provisions as
      amended or to any successor provision. 
		 
	10.15	COUNTERPARTS. This SERP may be executed in one or more
      counterparts, and all counterparts will be construed together as one plan.
    
	 

	10.16	SEVERABILITY. If any provision of this SERP is, to any extent, held to be invalid
      or unenforceable, it will be deemed amended as necessary to conform to the
      applicable laws or regulations. However, if it cannot be amended without
      materially altering the intentions of the parties, it will be deleted and
      the remainder of this SERP will be enforced to the extent permitted by
      law. 
	              
    	 
	10.17	JOINT AND SEVERAL OBLIGATION. Bancorp and the
      Bank will be jointly and severally liable for the payment obligations
      under this Agreement. 
	  
	 
	 

	EXECUTIVE: 	          	COMPANY: 
			 
	  		WEST
      COAST BANCORP  
			 
	/s/ Robert D. Sznewajs  		By:	/s/ Cynthia J. Sparacio  
	Robert
      D. Sznewajs  		  
	  	 	Title:  	Executive Vice President, Director of Human
      Resources  
	Date:  	February 4, 2009  		  
	  		Date:  	January 29, 2009  
	  
	  
	  		WEST
      COAST BANK  
	  
	  		By: 	/s/ Cynthia J. Sparacio  
				 
	  		Title:  	Executive Vice President, Director of Human
      Resources  
				 
	  		Date:  	January 29, 2009

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]