Document:

Exhibit

Exhibit 10.4

HERITAGE FINANCIAL CORPORATION
DEFERRED COMPENSATION PLAN
PARTICIPATION AGREEMENT - ADDENDUM
This Participation Agreement Addendum (“Addendum”) is hereby entered into by and between HERITAGE FINANCIAL CORPORATION (the “Company”) and BRYAN MCDONALD, an employee of the Company (the “Participant,” and together with the Company, the “Parties”).  
RECITALS
		
	A.
	The Company has adopted the Heritage Financial Corporation Deferred Compensation Plan, effective July 1, 2012, as amended and restated August 29, 2012 (the “Plan”);

		
	B.
	The Parties entered into a Participation Agreement, dated January 1, 2015, (the “Participation Agreement”);

		
	C.
	The Committee has determined that the Participation Agreement should be extended to provide additional benefits to the Participant for the 2017, 2018 and 2019 calendar years; 

		
	D.
	The Committee has determined that the Participation Agreement should be modified with respect to the time and manner of payment for amounts earned or deferred for Plan Year 2017 and thereafter, unless subsequently modified; and

		
	E.
	This Addendum is attached to and made a part of the Participation Agreement, incorporates all defined terms therein unless otherwise defined herein, and in the event of any conflict between the terms contained in this Addendum and the terms contained in the Participation Agreement, the terms contained in this Addendum shall supersede and control the obligations and liabilities of the Parties.

AGREEMENT
In consideration of the foregoing and the mutual promises and covenants of the parties hereto set forth in this Addendum, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby expressly covenant and agree as follows:
Section 1.Company Contributions.  The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.
Section 2.    Distribution of Company Contribution Account.  Notwithstanding anything contained in the Agreement to the contrary, for Company Contributions credited to the Participant’s Company Contribution Account with respect to Plan Year 2017 and each Plan Year thereafter (unless subsequently modified), in the event of distribution of the Participant’s Company Contribution Account due to the Participant’s attainment of age 65 or the Participant’s Separation from Service other than due to the Participant’s Disability or death, such distribution shall be paid (select one): 
(a)    [  ] 24 equal monthly installments
(b)    [X] 60 equal monthly installments
(in the event that an election is not made, the default shall be 24 installments)
(c)    Notwithstanding the foregoing, if such Separation from Service occurs within 24 months following a Change in Control, such distribution shall be in a lump sum.
Section 3.    Entire Agreement.  This Addendum, in addition to the Participation Agreement and the Plan, constitutes the entire agreement between the Parties concerning the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements, and arrangements with respect thereto, whether written or oral.  

IN WITNESS WHEREOF, the Company and the Participant have duly executed this Addendum as of the date set forth below.
HERITAGE FINANCIAL CORPORATION
By: /s/ Brian L. Vance    
Its:  Chief Executive Officer    
PARTICIPANT
/S/ BRYAN MCDONALD    
BRYAN MCDONALD

Date: 12/21/16    

1260975Exhibit

Exhibit 10.5

HERITAGE FINANCIAL CORPORATION
DEFERRED COMPENSATION PLAN
PARTICIPATION AGREEMENT - ADDENDUM
This Participation Agreement Addendum (“Addendum”) is hereby entered into by and between HERITAGE FINANCIAL CORPORATION (the “Company”) and DAVID A. SPURLING, an employee of the Company (the “Participant,” and together with the Company, the “Parties”).  
RECITALS
		
	A.
	The Company has adopted the Heritage Financial Corporation Deferred Compensation Plan, effective July 1, 2012, as amended and restated August 29, 2012 (the “Plan”);

		
	B.
	The Parties entered into a Participation Agreement, dated January 2, 2014, as subsequently amended (the “Participation Agreement”);

		
	C.
	The Committee has determined that the Participation Agreement should be extended to provide additional benefits to the Participant for the 2017, 2018 and 2019 calendar years; 

		
	D.
	The Committee has determined that the Participation Agreement should be modified with respect to the time and manner of payment for amounts earned or deferred for Plan Year 2017 and thereafter, unless subsequently modified; and

		
	E.
	This Addendum is attached to and made a part of the Participation Agreement, incorporates all defined terms therein unless otherwise defined herein, and in the event of any conflict between the terms contained in this Addendum and the terms contained in the Participation Agreement, the terms contained in this Addendum shall supersede and control the obligations and liabilities of the Parties.

AGREEMENT
In consideration of the foregoing and the mutual promises and covenants of the parties hereto set forth in this Addendum, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby expressly covenant and agree as follows:
Section 1.Company Contributions.  The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.
Section 2.    Distribution of Company Contribution Account.  Notwithstanding anything contained in the Agreement to the contrary, for Company Contributions credited to the Participant’s Company Contribution Account with respect to Plan Year 2017 and each Plan Year thereafter (unless subsequently modified), in the event of distribution of the Participant’s Company Contribution Account due to the Participant’s attainment of age 65 or the Participant’s Separation from Service other than due to the Participant’s Disability or death, such distribution shall be paid (select one): 
(a)    [  ] 24 equal monthly installments
(b)    [X] 60 equal monthly installments
(in the event that an election is not made, the default shall be 24 installments)
(c)    Notwithstanding the foregoing, if such Separation from Service occurs within 24 months following a Change in Control, such distribution shall be in a lump sum.
Section 3.    Entire Agreement.  This Addendum, in addition to the Participation Agreement and the Plan, constitutes the entire agreement between the Parties concerning the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements, and arrangements with respect thereto, whether written or oral.  

IN WITNESS WHEREOF, the Company and the Participant have duly executed this Addendum as of the date set forth below.
HERITAGE FINANCIAL CORPORATION
By:  /s/ Brian L. Vance    
Its:   Chief Executive Officer    
PARTICIPANT
/S/ DAVID A. SPURLING    
DAVID A. SPURLING

Date: 12/21/16    

1146768EX-10.2

 Exhibit 10.2 
  

 
 November 15, 2016 

William Kitchen 
 Dear Bill: 

Citizens Business Bank and Valley Business Bank continue to review staffing needs in connection with the proposed merger of Valley Business
Bank into Citizens Business Bank. As a result, Citizens Business Bank is pleased to offer you a full-time position with Citizens Business Bank, contingent upon the closing of the proposed merger (the “Closing”), which is currently
expected to occur during the first quarter of 2017. The offer is subject to your remaining in good standing at all times under all Valley Business Bank’s current employment policies and practices, and the satisfactory completion of Citizens
Business Bank’s background check and drug screening process. 
 As of the Closing, you will become an employee of Citizens Business
Bank. You will assume the position of Senior Vice President and Center Manager with a base salary of $182,790. In your position, you will be working for Citizens Business Bank, and the position will be classified as exempt. Your
employment with Citizens Business Bank will be employment at-will. As such, the employment relationship is based on the mutual consent of the associate and Citizens Business Bank. As we approach the Closing, Citizens Business Bank will arrange for
an orientation process that will include prospective benefits enrollment. 
 The Closing is contingent on customary conditions, including
the receipt of required regulatory approvals. Until the Closing, Citizens Business Bank and Valley Business Bank will continue to operate as independent companies. Business will continue as usual. Your employment with Valley Business Bank continues
to be at-will. Since you are receiving an offer of employment from Citizens Business Bank, you will not be eligible for severance benefits from Valley Business Bank as a result of the Closing. 

We appreciate your commitment to Valley Business Bank and look forward to working with you as a Citizens Business Bank associate in the near
future. We will continue to communicate with you in the months ahead to ensure a smooth transition. Please contact David Krebs at (909) 483-7128, your manager, or Valley Business Bank Human Resources with any questions that you may have in the
interim. 
 Please acknowledge your acceptance of our contingent offer by signing below and returning this document by November 22,
2016 to David M. Krebs, Senior Vice President and Director of Human Resources, Citizens Business Bank, at 701 North Haven Avenue, Suite 140, Ontario, California 91764. 

We are excited to have you as a valued member of the Citizens Business Bank team. 

Sincerely, 
  

					
			
	 /s/ Christopher D. Myers
	 		 	 /s/ Allan W. Stone

	 Christopher D. Myers
	 		 	 Allan W. Stone

	 President and Chief Executive Officer

Citizens Business Bank
	 		 	 President and Chief Executive Officer

Valley Business Bank

 ACKNOWLEDGEMENT: 
  

									
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