Document:

AMENDMENT
      NO. 2 TO EXECUTIVE SALARY CONTINUATIONAGREEMENT FOR 
ROGER L.
      CHRISTENSEN

     

    This
      Amendment No. 2 to Executive Salary Continuation Agreement (“Amendment No. 2”)
      is effective as of this 1st
      day
      of
      May, 2008 by and between Columbia River Bank, a state chartered commercial
      bank
      located in The Dalles, Oregon (the “Bank”) and Roger L. Christensen (the
“Executive”). 

     

    RECITALS
      

     

    Whereas,
      Executive is an employee of the Bank, 

     

    Whereas,
      Executive and Bank are parties to an Executive Salary Continuation Agreement
      effective on and as of December 1, 2006 (“Agreement”), as amended, 

     

    Whereas,
      Executive and the Bank wish to specify in writing the terms and conditions
      of an
      additional amendment to the Agreement, 

     

    Now,
      therefore, in
      consideration of the foregoing premises and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Executive and the Bank agree: 

     

      1.
      Amendment.
      The
      following new Section 2.4.1 is hereby added to and shall become part of the
      Agreement: 

      “2.4.1
      Severance Payment. If
      Executive’s employment is terminated by Executive with cause, or by Bank, or by
      Columbia Bancorp, without cause, Executive shall be entitled to receive the
      same
      benefit as Executive would receive upon a Change of Control Termination under
      the terms of this Agreement, including without limitation Section 2.6 and
      Schedule (A) (Change of Control Column). As used herein, “cause” shall include
      Bank’s failure or refusal to comply with the terms of this Agreement.”

    2  Additional
      Terms. Except
      as
      modified by this Amendment No. 2, each and every term of the Agreement, as
      amended prior to the date hereof, is unchanged and remains in full force and
      effect. The effective date of this Amendment No. 2 is May 1, 2008. All
      capitalized terms used herein shall have the same meanings as in the Agreement.
      

    

    IN
      WITNESS OF THE ABOVE, the Bank and the Executive have signed this Amendment
      No.
      2 on this ______ day of _____________, 2008. 

     

    Executive:
      Columbia River Bank 

     

    
      	
               

            	
              By
                

            	
               

            

    

     

    Roger
      L.
      Christensen Title _________________________________ 

     

    Page
      1
      AMENDMENT NO. 2 TO EXECUTIVE SALARY CONTINUATION AGREEMENT FOR ROGER L.
      CHRISTENSEN (2008)2008
      EMPLOYMENT AGREEMENT

    

    Columbia
      River Bank - ______________ 

    

    This
      Employment Agreement (the "Agreement") is made and entered into this 16th day
      of
      April, 2008 by and between Columbia River Bank, an Oregon corporation (“Bank”)
      and ___________________ ("Employee").

    

    RECITALS

    

    (1) Bank
      is a
      state-chartered Oregon financial institution, and is the wholly owned subsidiary
      of Columbia Bancorp (“Bancorp“). Bancorp’s principal office is at 401 East Third
      Street, Suite 200, The Dalles, Oregon 97058.

    

    (2) Bank
      desires to employ Employee as an officer of Bank on the terms and conditions
      set
      forth herein. 

     

    Now,
      therefore, it is agreed:

    

    1. Relationship
      and Duties.

    

    1.1 Employment
      and Title.
      Bank
      shall employ Employee as an officer of Bank with such title as the Chief
      Executive Officer of the Bank shall designate. Subject to the terms and
      conditions hereof, employee shall perform such duties and exercise such
      authority as are customarily performed and exercised by persons holding such
      office, subject to the general direction of the Chief Executive Officer of
      the
      Bank and of the Boards of Directors of Bancorp and the Bank. Such services
      and
      duties shall be exercised in good faith and in accordance with standards of
      reasonable business judgment. As used herein, references to “Bank” shall be
      deemed to also refer to and include Bancorp where the context requires.

     

    1.2 Duties;
      Conflicts. Employee
      shall devote his full time, attention and efforts to the diligent performance
      of
      his duties as an officer of the Bank. Employee will not accept employment with
      any other individual, corporation, partnership, governmental authority or any
      other entity, or engage in any other venture for profit which Bancorp, or any
      subsidiary, parent, sister or affiliated corporation of Bancorp, considers
      to be
      in conflict with their best interests or to be in competition with their
      business, or which may interfere in any way with Employee's performance of
      his
      duties hereunder.

    

    1.3 Service
      on Other Company Boards.
      Nothing
      in the Agreement shall prohibit Employee from serving on the board of directors
      of any profit or non-profit corporation not in direct competition with Bancorp
      or with any subsidiary, parent, sister or affiliated corporation of Bancorp.
      In
      addition, Employee may own stock in any other corporation whether or not the
      stock is publicly traded; provided, that if such corporation operates a business
      in competition with Bancorp Employee may not own more than five percent (5%)
      of
      the outstanding shares of such corporation.

    

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      EMPLOYMENT AGREEMENT (CRB)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2. Term
      of Employment.

    

    2.1 Two-Year
      Term.
      The term
      of employment under the Agreement shall begin on April 16, 2008 and end on
      April
      15, 2010.

     

    3. Termination.

    

    3.1 Definition.
      As used
      in the Agreement, "termination" shall mean the termination of Employee's
      employment relation with Bank, whether initiated by Bank or by Employee, and
      whether for cause or without cause.

    

    3.2 Termination
      Events. Notwithstanding
      any other provisions of the Agreement, the employment of Employee shall
      terminate immediately on the earlier to occur of any of the
      following:

     

    3.2.1 Employee's
      death;

    

    3.2.2 Employee's
      complete disability. "Complete disability" as used herein shall mean the
      inability of Employee, due to illness, accident, or other physical or mental
      incapacity, to perform the services required under the Agreement for an
      aggregate of ninety (90) days within any period of 180 consecutive days during
      the term hereof; provided, however, that disability shall not constitute a
      basis
      for discharge for cause;

    

    3.2.3 The
      discharge of Employee by Bank for cause. "Cause" as used herein shall mean
      (i)
      Employee's gross negligence or willful misconduct as shall constitute, as a
      matter of law, a breach of the covenants and obligations of Employee hereunder;
      (ii) failure or refusal of Employee to comply with the provisions of the
      Agreement; (iii) Employee's conviction by any duly constituted court with
      competent jurisdiction of a crime (other than traffic offenses); (iv) Employee's
      malfeasance or incompetence, provided that in applying this criteria Bank shall
      not be unreasonable or arbitrary, and provided further that prior to effecting
      a
      dismissal under this Section (iv) Bank shall afford Employee with fair and
      reasonable warning and with a fair and reasonable opportunity to cure any
      defects in Employee's performance.

    

    3.3 Termination
      by Employee. Employee
      may terminate his employment with Bank with or without cause by giving thirty
      (30) days written notice of termination. "Cause" as used herein shall include
      Bank’s failure or refusal to comply with the provisions of the
      Agreement.

    

    3.4 Effect
      of Termination. The
      termination of Employee's employment shall constitute a tender by Employee
      of
      his resignation as an officer of Bank, and as a member of any board of directors
      or board committees of Bancorp or its affiliates if Employee is a member thereof
      at the time of termination.

    

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EXECUTIVE
      EMPLOYMENT AGREEMENT (CRB)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.5 Payment
      on Termination. If
      Employee's employment is terminated by Employee with or without cause, or by
      Bank with or without cause, Employee shall be paid all base salary and benefits
      accrued under the Agreement as of the termination date.

    

    3.6 Performance
      Bonus. If
      Employee's employment is terminated by Employee with cause, or by Bank without
      cause, Employee shall be paid, in addition to the amounts payable under Sections
      3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation,
      if
      any; and (ii) unpaid performance bonus payments, if any, payable under Section
      4.2 of the Agreement, which shall be declared earned and payable based upon
      performance up to, and shall be pro-rated as of, the date of termination.
      Employee shall not be entitled to such unpaid performance bonus payments if
      Employee's employment is terminated by Bank with cause, or by Employee without
      cause. 

    

    4. Compensation.

     

    4.1 Base
      Salary. For
      the
      period beginning April 16, 2008 and ending April 15, 2010, Employee shall be
      paid an annual base salary of ________, payable in equal bimonthly installments
      and subject to any deductions required by law. 

    

    4.2 Performance
      Bonus. Employee
      shall be entitled to consideration for annual performance bonus compensation
      for
      each calendar year constituting a percentage of annual base salary earned from
      his employment by Bank during such calendar year. Bonus compensation shall
      be
      subject to any deductions required by law. The Bank or Bancorp Board shall
      timely, and at least once yearly, determine the amount of and the formulas
      and
      methods for establishing such bonus compensation. The amount of such bonus
      compensation shall at all times be discretionary, and Bank may decline to award
      a performance bonus to Employee in any year.

    

    4.2.1 Employee
      shall be entitled to a pro-rata performance bonus for less than a full year
      of
      performance if Employee's employment is terminated by Employee with cause,
      or by
      the Bank without cause (including termination following a change of control
      as
      described in Section 7.4 of the Agreement), prior to the date on which Employee
      would otherwise be entitled to consideration for Employee’s annual performance
      bonus. In such circumstances, such pro-rata performance bonus shall be declared
      earned and payable as of the date of termination.

     

    5. Benefits;
      Purchase of Shares.

    

    5.1 Eligibility
      for General Benefits.
      Employee
      shall be eligible to participate in any plan of Bank or its affiliates relating
      to stock options, stock purchases, profit sharing, group life insurance, medical
      coverage, education and other retirement or employee benefits that Bank or
      its
      affiliates may adopt for the benefit of employees. 

    

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    5.2 Additional
      Benefits.
      Employee
      shall be eligible to participate in any other benefits which may be or become
      applicable to Bank’s executive employees of similar rank. In addition, Employee
      shall be entitled to: (i) a reasonable expense account for use in connection
      with Bank business; and (ii) any other benefits which in Bank’s judgment are
      commensurate with the responsibilities and functions to be performed by Employee
      under the Agreement, including the payment of reasonable expenses for attendance
      by Employee and Employee's spouse at annual meetings of the Oregon Bankers
      Association. 

    

    5.3 Car
      Allowance. Employee
      may receive the use of Bank-owned vehicle in accordance with Bank
      policies.

    

    5.4 Share
      Ownership. During
      the term of the Agreement, including extensions, Employee shall purchase shares
      of Bancorp Stock, including purchases through the exercise of stock options,
      in
      accordance with the share ownership policies and requirements established by
      Bancorp or Bank management in effect from time to time for employees of
      comparable rank.

    

    6. Vacations
      and Leaves. 

    

    6.1 Paid
      Vacation. During
      the term of the Agreement, Employee shall be entitled to annual paid vacation
      benefits identical to those offered to employees of Bank holding executive
      vice
      president or higher positions. The timing of vacations shall be scheduled in
      a
      reasonable manner by Employee. Employee shall not be entitled to receive any
      additional compensation from Bank on account of his failure to take a vacation,
      and may not accumulate unused vacation time from one calendar year to the
      next.

    

    6.2 Leaves
      With or Without Pay. The
      Bank
      Board may grant Employee a leave or leaves of absence, with or without pay,
      at
      such time or times and upon such terms and conditions as the Board may
      determine.

    

    6.3 Mandatory
      Absence. In
      each
      calendar year Employee shall be absent from Bank for one period of two
      consecutive weeks. Such period may include vacation, leave, sick leave,
      attendance at seminars or conventions, or any combination thereof. 

    

    7. Change
      of Control.

    

    7.1 Survival
      of Rights.
      Employee's rights on termination of employment under Section 3 of the Agreement,
      as well as all other rights of Employee under the Agreement or applicable law,
      shall survive a change of control of Bancorp or Bank whether or not Employee
      opposed or favored the change of control.

    

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    7.2 Rights
      on Change of Control.
      If a
      change of control of Bancorp or Bank occurs while the Agreement is in effect,
      Employee shall have ninety (90) days following the date such change of control
      becomes effective to elect to terminate Employee’s employment with cause. If
      Employee so elects to terminate, such termination shall constitute a termination
      by Employee with cause, and Employee shall receive all payments and benefits
      due
      to Employee on termination by Employee with cause under Section 3 of the
      Agreement. Notwithstanding the foregoing, if following such change of control
      Employee is offered a position of employment either substantially equivalent
      to
      Employee’s compensation and position prior to the change of control, or an
      executive officer position with significant responsibility and compensation
      commensurate (and substantially equivalent to his previous compensation) with
      such responsibility, and Employee elects nevertheless to termination Employee’s
      employment under this Section 7.2, Employee shall be entitled to a maximum
      severance payment under Section 3.6 equal to one month’s base salary as of the
      date of termination multiplied by nine (9).

    

    7.3 Base
      Compensation.
      Following a change of control, Bank shall not reduce Employee’s base
      compensation in effect prior to the effective date of the change of control
      for
      a period of time equal to the greater of (i) twenty four (24) months from the
      effective date of the change of control; (ii) one (1) month for each full
      calendar year Employee has been employed by Bank; or (iii) the remaining term
      of
      the Agreement, including any extensions thereof. For purposes of this Subsection
      7.3, a period of continuous full-time employment for six months or more in
      a
      calendar year shall count as a full calendar year.

    

    7.4 Termination
      Without Cause. If
      following a change of control Bank terminates Employee’s employment within two
      (2) years of the effective date of the change of control because of a reduction
      in force or for any other reason, other than for cause pursuant to Section
      3.3
      of the Agreement, such termination shall constitute a termination by Bank
      without cause, and Employee shall receive all payments and benefits due to
      Employee on termination under Sections 3.5 and 3.6 of the Agreement, plus:
      (i)
      all non-forfeitable deferred compensation, if any; and (ii) unpaid performance
      bonus payments, if any, payable under Section 4.2 of the Agreement, which shall
      be declared earned and payable based upon performance up to, and shall be
      pro-rated as of, the date of termination.

     

    7.5 Options
      and Stock.
      If
      Employee is a participant in a restricted stock plan or share option plan,
      and
      such plan is terminated involuntarily as a result of the change of control,
      all
      stock and options shall be declared fully vested and shall be paid, awarded
      or
      otherwise distributed. With respect to any unexercised options under any stock
      option plan, such options may be exercised within the period provided in such
      plan. Effective as of the date of the change of control, any holding period
      established for stock paid as bonus or other compensation shall be deemed
      terminated, except as otherwise provided by law. 

    

    7.6 Relocation. If
      relocation is required by the acquiring institution the relocation package
      option will be at the choice of the employee. He/She may pick Columbia’s
      relocation package at the time of the merger or the package offered by the
      acquiring company. This option is available for one year from the merger
      date.

    

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    7.7 Definition.
      As used
      in this Section, "control" shall mean the acquisition during Employee’s
      employment of twenty-five percent (25%) or more of the voting securities of
      Bancorp or Bank by any person, or persons acting as a group within the meaning
      of Section 13(d) of the Securities Exchange Act of 1934, or to such acquisition
      of a percentage between ten percent (10%) and twenty-five percent (25%) if
      the
      Board or the Comptroller of the Currency, the FDIC, or the Federal Reserve
      Bank
      have made a determination that such acquisition constitutes or will constitute
      control of Bancorp or Bank. The term "person" refers to an individual,
      corporation, bank, bank holding company, or other entity, but excludes any
      Employee Stock Ownership Plan established for the benefit of employees of
      Bancorp or any of its subsidiaries or other affiliates. 

    

    8. Post
      Termination Covenants.

    

    8.1 Non-Compete
      Covenants.
      If
      Employee terminates his employment without cause, or if Employee's employment
      is
      terminated by Bank for cause, then for one year from the date of such
      termination Employee will not, without the prior written consent of
      Bank:

     

    8.1.1 Undertake
      full or part-time work, either as an employee or as a consultant, for another
      financial institution if such work is to be done, in whole or in part, in or
      from an office or other work site in Yamhill, Wasco, Hood River, Jefferson,
      Deschutes, Sherman or Gilliam Counties, Oregon, in Klickitat County, Washington,
      or in any other county in Oregon or Washington in which Bancorp or any of its
      affiliates has a place of business at the time of termination; or  

    

    8.1.2 Hire
      for
      any financial institution or other employer (including himself) any employee
      of
      Bancorp or any of its affiliates, or directly or indirectly cause such an
      employee to leave his or her employment to work for another employer, if such
      employee is to work in or from an office or other work site in Yamhill, Wasco,
      Hood River, Jefferson, Deschutes, Sherman or Gilliam Counties, Oregon, in
      Klickitat County, Washington, or in any other county in Oregon or Washington
      in
      which Bancorp or any of its affiliates has a place of business at the time
      of
      termination.

     

    8.2 Liquidated
      Damages for Breach of Non-Compete Covenants; Other Remedies.
If
      Employee breaches the covenants of Section 8.1, Employee shall be liable to
      Bank
      for liquidated damages equal to the lesser of (i) $18,000, or (ii) $1,500
      multiplied by the number of months (including fractions thereof) between the
      date of breach and one year from the date of Employee’s termination of
      employment. For example, if the date of breach occurs six months after the
      date
      of Employee’s termination, liquidated damages shall be $9,000 (6 x $1,500). The
      parties agree that Bank’s actual money damages upon Employee’s breach will be
      difficult to compute, and further agree that the liquidated damages formula
      provided herein reasonably represents Bank’s actual money damages. Employee
      shall pay the liquidated damages required hereunder within ten (10) days of
      the
      date Bank makes written demand for such payment. Nothing herein shall preclude
      Bank from enforcing any other legal or equitable remedies it may have upon
      Employee’s breach, including injunctive relief. Such other remedies may be
      enforced in addition to Bank’s right to liquidated damages under this Section.

    

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    8.3 Limitation.
      The
      covenants in Sections 8.1 and 8.2 do not apply if Employee terminates his
      employment for cause, if Employee terminates his employment for any reason
      within ninety (90) days after the effective date of a change of control within
      the meaning of Section 7 of the Agreement, or if Employee's employment is
      terminated by Bank without cause.

    

    8.4 Additional
      Covenants.
      The
      following provisions shall apply and be binding on Employee following Employee’s
      termination of employment under all circumstances, whether termination occurred
      with cause, without cause, following illness or disability, because of a change
      of control, or for any other reason:

    

    8.4.1 Employee
      shall fully cooperate in the defense or prosecution of any litigation arising
      from or relating to matters about which Employee has knowledge based on his
      employment or other work, paid or unpaid, for Bank and its affiliates. To the
      extent allowed by law Employee shall receive reasonable compensation in
      connection with his performance under this Section 8.4.1;

    

    8.4.2 Employee
      shall at all times keep all confidential and proprietary information gained
      from
      his employment by Bank, or from other previous, present or subsequent paid
      or
      unpaid work for Bank and its affiliates, in strictest confidence, and will
      not
      disclose or otherwise disseminate such information to anyone, other than to
      employees of Bank or its affiliates, except as may be required by law,
      regulation or subpoena; and

    

    8.4.3 Employee
      shall not take or use for any purpose confidential or proprietary information
      of
      Bank or its affiliates, including without limitation customer or potential
      customer lists and trade secrets.

    

    8.5 Advancement
      of Employee. Employee
      acknowledges and agrees that the Agreement constitutes a bona fide advancement
      of Employee with the Employer under ORS 653.295 in several respects, including
      without limitation an increase in base salary and benefits.

     

    9. Miscellaneous.

    

    9.1 Recitals;
      Law; Amendments.
      Each and
      every portion of the Agreement is contractual and not a mere recital, and all
      recitals shall be deemed incorporated into the Agreement. The Agreement shall
      be
      governed by and interpreted according to Oregon law and any applicable federal
      law. The Agreement may not be amended except by a subsequent written agreement
      signed by all parties hereto.

    

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    9.2 Entire
      Agreement.
      The
      Agreement contains the entire understanding and agreement of the parties with
      respect to the parties' relationship, and all prior negotiations, discussions
      or
      understandings, oral or written, are hereby integrated herein. No prior
      negotiations, discussions or agreements not contained herein or in such
      documents shall be binding or enforceable against the parties.

    

    9.3 Counterparts.
      The
      Agreement may be signed in several counterparts. The signature of one party
      on
      any counterpart shall bind such party just as if all parties had signed that
      counterpart. Each counterpart shall be considered an original. All counterparts
      of the Agreement shall together constitute one original document.

    

    9.4 Successors
      and Assigns. All
      rights and duties of Bank under the Agreement shall be binding on and inure
      to
      the benefit of Bank’s successors and assigns, including any person or entity
      which acquires a controlling interest in Bank and any person or entity which
      acquires all or substantially all of Bank’s assets. Bank and any such successor
      or assign shall be and remain jointly and severally liable to Employee under
      the
      Agreement. Employee may not assign or transfer Employee's rights or interests
      in
      or under the Agreement other than by a will or by the laws of descent and
      distribution. The Agreement shall inure to the benefit of and be enforceable
      by
      Employee's estate or legal representative.

    

    9.5 Waiver.
      Any
      waiver by any party hereto of any provision of the Agreement, or of any breach
      thereof, shall not constitute a waiver of any other provision or of any other
      breach. If any provision, paragraph or subparagraph herein shall be deemed
      invalid, illegal or unenforceable in any respect, the validity and
      enforceability of the remaining provisions, paragraphs and subparagraphs shall
      not be affected.

    

    9.6 Arbitration.
      Any
      dispute, controversy, claim or difference concerning or arising from the
      Agreement or the rights or performance of either party under the Agreement,
      including disputes about the interpretation or construction of the Agreement,
      shall be settled through binding arbitration in the State of Oregon and in
      accordance with the rules of the American Arbitration Association. A judgment
      upon the award rendered in such arbitration may be entered in any court of
      competent jurisdiction. 

    

    9.7 Employee
      Handbook. Employee
      agrees to be bound by the terms and conditions of any employee handbook of
      Bank
      or its affiliates as may be in effect from time to time, except that in the
      event of a conflict between such employee handbook and the Agreement, the
      Agreement shall control. 

    

    9.8 Captions.
      All
      captions, titles and headings in the Agreement are for convenience only, and
      shall not be construed to limit any term of the Agreement.

    

    9.9 Definition.
      When
      used herein in reference to a corporation, “affiliate” shall mean, without
      limitation, any parent or subsidiary of the corporation and any entity
      controlled by the corporation. 

    

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    9.10 Exceptions.
      The Bank
      Board or the management of Bank may, in its discretion, make exceptions to
      one
      or more of the conditions contained in the Agreement, provided that any such
      exceptions must be approved in writing.

    

    9.11 Prior
      Contracts.
      The
      Agreement replaces and supersedes all prior written employment agreements and
      amendments thereof between the parties.

     

    
      	    

	
              Employee

            
	 	 
	
              Date:

            	__________________
	 	 
	
              COLUMBIA
                RIVER BANK

            
	 	 
	 	 
	
              By:

            	   

	 	 
	
              Title:

            	    

    

    

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EXECUTIVE
      EMPLOYMENT AGREEMENT (CRB)

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