Document:

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                                 EXHIBIT 10.18

                   SEPARATION, WAIVER AND RELEASE AGREEMENT
                  WITH JOY J. NARZISI DATED NOVEMBER 1, 1999
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                   SEPARATION, WAIVER AND RELEASE AGREEMENT

     THIS SEPARATION, WAIVER AND RELEASE AGREEMENT ("Agreement") is made by and
between Joy J. Narzisi ("Narzisi") and Commercial Federal Bank, A Federal
Savings Bank ("CFB").

     RECITALS:
     ---------

     This Agreement is made with reference to the following facts and
objectives:

     (a)  Narzisi has been employed by CFB prior to this Agreement as an
          Executive Vice-President, and as Treasurer and Assistant Corporate
          Secretary; of CFB;
     (b)  Narzisi is resigning from her employment with CFB effective October
          15, 1999; and
     (c)  The parties are entering into this Agreement in order to settle any
          and all existing and potential disputes which they have or may have
          with one another with respect to Narzisi's employment and separation
          from employment and to release CFB and its affiliates completely from
          any and all claims arising therefrom.

     NOW, THEREFORE, in order to carry out the intent of the parties as set
forth in the foregoing recitals, which are made a contractual part of this
Agreement, and in consideration of the mutual agreements, provisions, recitals,
promises and covenants contained in this Agreement, the parties agree as
follows:

1.   RESIGNATION. Narzisi hereby voluntarily resigns from each employment,
     ------------
corporate office and other position she holds with Commercial Federal
Corporation and with any of its subsidiary entities, including CFB, effective at
5:00 p.m. C.D.T. on October 15, 1999. It is understood and agreed, however, that
Narzisi's salary shall continue from October 16, 1999 through the close of
business on November 1, 1999. During that period, Narzisi shall consult with and
assist CFB, and provide such services to CFB as are consistent with her former
position of employment at CFB and are requested by CFB senior management, to
facilitate a completion and/or transition of Narzisi's work tasks, assignments,
responsibilities and pending matters in a manner which is as smooth as possible
under the circumstances.

2.   CONSIDERATION TO NARZISI.
     -------------------------

     (A)  Separation Allowance. CFB shall pay to Narzisi a cash separation
          --------------------
          allowance by continuing Narzisi's base salary compensation as
          described in this paragraph 2.(A). Semi-monthly base salary
          continuation payment(s) shall be made to Narzisi by regular payroll
          deposit to Narzisi's account on each of CFB's regular pay days (the
          15th and last days of the month), beginning November 15, 1999, and
          ending on December 31, 1999. Each such payment shall be in the amount
          equivalent to Narzisi's semi-monthly base salary at the rate in effect
          as of October 1, 1999, less applicable federal and state tax
          withholdings and less any amounts deducted for insurance as described
          in paragraph 2.(B) below. On January 4, 2000, or as soon thereafter as
          is practicably feasible, CFB shall pay to Narzisi in a lump sum an
          amount which is equal to Narzisi's semi-monthly base salary at the
          rate in effect as of October 1, 1999, multiplied by twenty (20), less
          applicable federal and state tax withholdings and less any amounts
          deducted for insurance for the period January 1, 2000 through October
          31, 2000, as described in paragraph 2.(B). The total amount to be paid
          under this paragraph 2.(A) shall be $189,000.00, less applicable
          federal and state tax withholdings and less any amounts deducted for
          insurance as described in paragraph 2.(B) below.

     (B)  Health and Dental Insurance. CFB shall provide health and dental
          ---------------------------
          insurance coverage for Narzisi and Narzisi's dependents under CFB's
          present group health and dental plans, as if Narzisi were to remain an
          active employee of CFB, through October 31, 2000. Narzisi shall pay to
          CFB -- and CFB shall withhold from the payment(s) described in
          paragraph 2.(A) above -- the portion of the cost of such coverages
          which CFB requires active employees to contribute to the cost of such
          coverages.

     (C)  Life Insurance. CFB agrees to continue Narzisi's group life insurance
          --------------
          coverage -- but not coverage for any of Narzisi's dependents -- until
          October 31, 2000.

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     (D)  Restricted Stock. Certain restricted rights to receive shares of
          ----------------
          Commercial Federal Corporation common stock were previously awarded to
          Narzisi and were scheduled to vest in Narzisi free from restrictions
          on June 30, 2000, should she have remained in CFB's employment. Other
          restricted rights to receive shares of Commercial Federal Corporation
          common stock were previously awarded to Narzisi and were scheduled to
          vest in Narzisi free from restrictions on dates later than June 30,
          2000, should she have remained in CFB's employment. CFB agrees to
          allow Narzisi's interest in those restricted shares, in which
          Narzisi's interest was scheduled to vest on June 30, 2000, to become
          vested in Narzisi free from restrictions, as scheduled, and will
          deliver such shares to Narzisi or cause them to be delivered to
          Narzisi within forty-five (45) days after June 30, 2000. However,
          Narzisi shall have no right, title or interest in or to any of the
          shares of common stock which were scheduled to vest in Narzisi free
          from restrictions on date(s) later than June 30, 2000, and it is
          understood and agreed that any right, title and interest Narzisi may
          have had in regard to such shares is cancelled as a result of her
          separation from the employment of CFB. TAX IMPLICATIONS: It is
                                                 -----------------
          understood that receipt by Narzisi of the June 30, 2000 shares of
          stock under this paragraph 2.(D) will result in taxable income to
          Narzisi, and that CFB will be obligated to withhold federal and state
          taxes respecting that taxable income. Within ten (10) days after CFB
          notifies Narzisi of the amount of such taxes required to be withheld,
          Narzisi shall deliver her check (or a cashier's check) to CFB, payable
          to "Commercial Federal Bank," in the amount of such taxes required to
          be withheld. The check shall be delivered to Gary D. White or James A.
          Laphen of CFB. If Narzisi fails to timely deliver such check or if
          such check shall for any reason not be paid when presented by CFB for
          payment, then CFB shall be authorized to deduct and withhold the
          amount of such taxes from any payments otherwise due from CFB to
          Narzisi under paragraph 2.(A) of this Agreement. At its option, CFB
          may delay delivery and issuance of the June 30, 2000 shares of stock
          to Narzisi until Narzisi has paid to CFB the amount of such tax
          withholdings.

     (E)  Supplemental Separation Allowance in Lieu of 401-K Match. Inasmuch as
          --------------------------------------------------------
          Narzisi will not be employed by CFB on December 31, 1999, Narzisi will
          not be eligible for a "matching" 401-K contribution from CFB for 1999.
          However, as a supplemental separation allowance, CFB will pay to
          Narzisi, in a lump sum, the gross amount which CFB would have
          contributed for 1999 ("matched") on Narzisi's behalf to CFB's 401-K
          Plan for employees. Narzisi understands that federal and state income
          and payroll taxes will be withheld from such gross payment. The
          payment to Narzisi will be made on the same date as CFB makes its
          matching contributions for 1999 to CFB's 401-K Plan on behalf of CFB's
          employees.

     (F)  Outplacement services as may be authorized and approved in writing by
          Gary D. White of CFB.

Narzisi acknowledges that the payment(s) and other consideration being provided
to Narzisi under this paragraph 2 are in addition to anything that Narzisi is
already entitled to pursuant to Narzisi's employment with CFB. It is understood
that the payment of the separation allowance and other consideration to be
provided to Narzisi under this paragraph 2 constitute a voluntary, ad hoc
severance arrangement, and that same shall neither create nor be evidence of any
severance pay plan or employee welfare benefit plan. No employee or former
employee of CFB or its affiliated entities, other than Narzisi, shall have any
rights or claims under the above described voluntary, ad hoc arrangement.

3.   OTHER BENEFITS.
     ---------------

     (A)  Beginning November 1, 2000, Narzisi may elect to continue health and
          dental insurance coverage for herself and her dependents pursuant to
          and subject to the health care continuation provisions of "COBRA", 29
          U.S.C. (S)(S) 1161-1169. If Narzisi elects to continue such
          coverage(s), Narzisi shall be responsible during the applicable
          continuation period allowed by "COBRA" -- normally eighteen (18)
          months -- for paying 100% of the cost of such coverage(s). If Narzisi
          elects to continue such coverage(s), Narzisi shall also pay an
          administrative fee of two percent (2%) of the cost of such coverage(s)
          during the applicable continuation period. If Narzisi (or any of her
          dependents) at any pertinent time becomes ineligible for "COBRA"
          continuation coverage or further continuation coverage under the
          provisions of CFB's plan(s) and consistent with the federal "COBRA"
          law, then CFB shall be excused from any further obligation to Narzisi
          (or to the dependent(s) of Narzisi thus becoming ineligible for
          "COBRA" continuation coverage, as the case may be) under this
          paragraph 3.(A). CFB will mail to Narzisi, on or about November 1,
          2000, appropriate information and forms regarding election of
          continuation insurance coverage under the federal "COBRA" law, unless
          Narzisi and her dependents have by that date become ineligible for
          "COBRA" continuation coverage under the provisions of CFB's plan(s)
          and consistent with the federal "COBRA" law.

     (B)  Narzisi shall not earn any additional vacation entitlement during or
          respecting time periods after October 15, 1999. On January 4, 2000, or
          as soon thereafter as is practicably feasible, CFB shall pay to
          Narzisi her accrued vacation which remained unused as of October 15,
          1999, if any, less applicable state and federal tax withholdings.

     (C)  Narzisi shall not be eligible to receive any bonus from CFB.

     (D)  Any amount which shall be owing to Narzisi under the Commercial
          Federal Bank Deferred Compensation Plan for Highly Compensated
          Employees, as of December 31, 1999, shall be paid in a lump sum to
          Narzisi as soon as may be administratively feasible under such Plan on
          or after January 4, 2000.

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     (E)  All other benefits, and the continuation or cessation thereof, shall
          be handled, addressed and administered in accordance with the terms of
          CFB's plans, policies and procedures in effect on October 15, 1999.

4.   RIGHT TO REVOKE AND EFFECTIVE DATE. CFB has advised Narzisi and Narzisi
     -----------------------------------
acknowledges that Narzisi has the right to revoke this Agreement within seven
(7) days after Narzisi signs this Agreement. In connection therewith, Narzisi
shall have the right to revoke this Agreement within seven (7) days after
Narzisi signs this Agreement, by either mailing, by certified mail, return
receipt requested, or hand delivering, written notice of such revocation to Mr.
Gary D. White, 1000 Commercial Federal Tower, 72nd and Mercy Streets, Omaha,
Nebraska 68124. Unless so revoked, this Agreement shall become effective on the
eighth day following the date Narzisi signs this Agreement.

5.   RELEASE. In consideration of the covenants, agreements, and recitals
     --------
contained in this Agreement, Narzisi on behalf of herself, and her assigns,
heirs, successors, and executors, hereby knowingly and voluntarily releases and
forever discharges CFB, and every entity affiliated with or related to CFB as a
parent or subsidiary entity or by common or interrelated ownership or otherwise,
and each of its and/or their respective agents, employees, officers, directors,
predecessors, successors and assigns (all of such released parties being
collectively referred to hereinafter as "Released Parties"), from any and all
claims, damages, demands, liabilities, attorney fees, and expenses of any nature
whatsoever arising out of or relating in any way to Narzisi's employment with
CFB and/or her separation from employment. This release shall include and extend
to, without limitation, any and all claims, demands, and liabilities under,
asserting, or pursuant to federal, state, or local laws, regulations, decisions,
or ordinances generally, or prohibiting employment discrimination (including but
not limited to Title VII of the Civil Rights Act of 1964, the Americans with
Disabilities Act and the Age Discrimination in Employment Act), or based upon
any alleged tort, breach of any contract, wrongful discharge, or any other
actual or alleged wrongdoing whatsoever. This release shall be construed
broadly, it being the intent of the parties to fully resolve any and all claims
and potential claims of Narzisi against Released Parties and any of them, other
than claims arising after this Agreement is signed by Narzisi.

IN SHORT, NARZISI UNDERSTANDS THAT IF SHE SIGNS THIS AGREEMENT, SHE WILL HAVE NO
FURTHER CLAIMS OF ANY NATURE WHATSOEVER AGAINST CFB OR AGAINST ANY PERSON OR
OTHER ENTITY AFFILIATED WITH CFB, EXCEPT FOR CLAIMS WHICH ARISE AFTER NARZISI
SIGNS THIS AGREEMENT.

Nothing in this document shall preclude Narzisi from seeking any unemployment
compensation benefits to which she may otherwise be entitled by law.

6.   COVENANT NOT TO SUE. Narzisi covenants and agrees that she will forever
     --------------------
refrain from bringing or participating as a party plaintiff in any action,
lawsuit, claim, or proceeding based on, arising out of, or in connection with
Narzisi's employment with CFB or separation therefrom, other than claims arising
as a result of occurrences after this Agreement is signed by Narzisi.

7.   CONSULTATION BY NARZISI. In further consideration of the payment(s) and
     -----------------------
other consideration being provided to Narzisi under paragraph 2, Narzisi agrees
to consult reasonably with CFB during the period from November 1, 1999 through
October 31, 2000 in providing information as may be required and requested by
CFB senior management from time to time concerning Narzisi's work tasks,
assignments and areas of responsibility while employed by CFB, but such
consultation shall not unduly or unreasonably interfere with any employment
responsibilities Narzisi may owe to any other employer after November 1, 1999.

8.   ACKNOWLEDGEMENTS AND REPRESENTATIONS OF THE PARTIES. The parties
     ----------------------------------------------------
acknowledge and represent as follows:

     (A)  This Agreement constitutes an agreement that is legally binding on
          each party, enforceable in accordance with its terms.

     (B)  CFB and Narzisi have had ample opportunity to review this Agreement.
          Further, Narzisi has been advised by CFB, and has had ample
          opportunity, to consult with an attorney of her own choosing prior to
          signing this Agreement regarding the terms, conditions and
          ramifications of this Agreement, and Narzisi has in fact consulted
          with legal counsel of her own choosing in that regard and for that
          purpose.

     (C)  CFB and Narzisi are each entering into this Agreement knowingly,
          voluntarily, and of their own volition and neither is under any duress
          or undue influence.

     (D)  CFB and Narzisi have read and understand this Agreement. Narzisi
          hereby acknowledges and understands that, by executing this Agreement,
          she is releasing and waiving all claims against Released Parties
          arising out of her employment or separation therefrom, other than
          claims arising after the date Narzisi signs this Agreement.

     (E)  Narzisi has been advised and hereby acknowledges that she has twenty-
          one (21) days, which will begin to run on October 15, 1999, in which
          to determine whether to accept the terms of this Agreement and to sign
          this Agreement. Narzisi may, if she so chooses, waive this period and
          sign the Agreement prior to the expiration of the 21-day period.
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9.   FUTURE EMPLOYMENT AND CONFIDENTIAL INFORMATION. Narzisi hereby waives any
     -----------------------------------------------
entitlement she may have or claim to have of employment by CFB. Narzisi further
agrees that she will not disclose, disseminate, or use any confidential
information concerning CFB's employees, operations, customers, products or
services (existing or contemplated), pricing policies, marketing and hiring
techniques, financial information, costs, profits, sales, or other information
or data of any kind, in any future employment or self-employment.

10.  NO ADMISSION OF LIABILITY. This Agreement shall not be treated as an
     --------------------------
admission of liability or of any wrongdoing by either party, and shall neither
be offered by either party nor admissible in evidence as any such admission.

11.  ENTIRE AGREEMENT: BINDING EFFECT. This Agreement constitutes the entire
     ---------------------------------
agreement between the parties and shall bind and inure to the benefit of both
parties and of each of the Released Parties, and their respective successors,
heirs and legal representatives.

12.  SEVERABILITY. In the event a court of competent jurisdiction determines
     -------------
that one or more of the clauses of this Agreement are unenforceable, such
clause(s) shall be severed from the Agreement, and the balance of the Agreement
shall remain in full force and effect.

13.  APPLICABLE LAW. This Agreement is made and entered into and shall be
     ---------------
governed by and construed in accordance with the laws of the State of Nebraska.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
this Agreement is signed below by Narzisi.

DATED: October 29, 1999          /s/ Joy J. Narzisi
       ----------------          ----------------------------------
                                 Joy J. Narzisi

                                 Commercial Federal Bank,
                                 A Federal Savings Bank

DATED: November 1, 1999          By: /s/ Gary D. White
       ----------------             -------------------------------

                                 Title: Executive Vice President
                                        ------------------------

                                       5<PAGE>

                                 EXHIBIT 10.19

                   RETIREMENT, WAIVER AND RELEASE AGREEMENT
                   WITH GARY D. WHITE DATED AUGUST 24, 2000

                                       1
<PAGE>

                   RETIREMENT, WAIVER AND RELEASE AGREEMENT

THIS RETIREMENT, WAIVER AND RELEASE AGREEMENT ("Agreement") is made by and
between Gary D. White ("White") and Commercial Federal Bank, A Federal Savings
Bank ("CFB"), effective as of the date described in paragraph 4 of this
Agreement.

     RECITALS:
     --------

     This Agreement is made with reference to the following facts and
objectives:

     (a)  White has been employed by CFB prior to this Agreement as an Executive
          Vice-President of CFB;

     (b)  White is retiring from his employment with CFB effective August 31,
          2000, after more than 24 years of service to CFB; and

     (c)  The parties are entering into this Agreement in order to settle any
          and all existing and potential matters and disputes which they have or
          may have with one another with respect to White's employment and
          retirement from employment and to release CFB and its affiliates
          completely from any and all claims arising therefrom.

     NOW, THEREFORE, in order to carry out the intent of the parties as set
forth in the foregoing recitals, which are made a contractual part of this
Agreement, and in consideration of the mutual agreements, provisions, recitals,
promises and covenants contained in this Agreement, the parties agree as
follows:

1.   RETIREMENT. White is voluntarily retiring from the employment of CFB
     ----------
effective at 5:00 p.m. C.D.T. on August 31, 2000 (the "RETIREMENT DATE"). White
therefore hereby resigns from each employment, corporate office and other
position he holds with Commercial Federal Corporation and with any of its
subsidiary entities, including CFB, effective at the close of business on the
RETIREMENT DATE.

2.   CONSIDERATION TO WHITE.
     ----------------------

     (A)  Retirement Separation Allowance. CFB shall pay to White a cash
          -------------------------------
          Retirement Separation Allowance in the amount of $155,925.12. Such
          amount will be paid in a lump sum, less 28% federal income tax
          withholding, 5% Nebraska state income tax withholding, 6.2% Social
          Security tax withholding (subject to the maximum taxable wage base for
          tax year 2000) and 1.45% Medicare tax withholding. The net amount
          shall be paid to White by CFB in a lump sum within ten (10) days after
          the effective date of this Agreement described in paragraph 4 of this
          Agreement.

     (B)  Health and Dental Insurance from September 1, 2000 through August 31,
          ---------------------------------------------------------------------
          2001. CFB has offered to allow White to continue, and White has
          ----
          elected to continue, the present coverage for White and any of White's
          presently covered dependents under CFB's health and dental insurance
          during the period from September 1, 2000 through August 31, 2001 (the
          "BENEFIT CONTINUATION PERIOD"), under the same terms and conditions as
          if White were to remain an active employee of CFB during the BENEFIT
          CONTINUATION PERIOD. It is agreed that CFB will withhold from the
          Retirement Separation Allowance payment, described in subparagraph 2.
          (A) above, the portion of the cost of such coverages that CFB requires
          active employees to contribute to the cost of such coverages.

     (C)  Life Insurance. Subject to the applicable insurer's or insurers'
          --------------
          underwriting requirements and qualification standards as same may from
          time to time be revised, CFB agrees to continue White's participation
          in CFB's group life insurance program -- but not including coverage
          for any of White's dependents - during the BENEFIT CONTINUATION
          PERIOD. CFB shall nevertheless have the right before and during the
          BENEFIT CONTINUATION PERIOD to change insurance carriers, coverage(s),
          amounts of coverage(s), and/or terms and conditions of coverage(s)
          under CFB's group life insurance program, and to apply such changes to
          White as well as to then-active employees of CFB. White's coverages
          and eligibility for continued coverage(s) from time to time under such
          plan or plans shall be contingent on White's satisfying any then
          applicable underwriting criteria of the applicable insurer(s). CFB's
          obligations under this subparagraph 2.(C) shall terminate at the
          earlier of the end of the BENEFIT CONTINUATION PERIOD or such time as
          White becomes eligible for coverage under any life insurance plan of
          any other employer. Since the cost of such insurance will be taxable
          to White, CFB will withhold the taxes on such cost amount from the
          payment described in subparagraph 2.(A).

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<PAGE>

     (D)  Stock Options. Certain incentive stock options ("ISO's") to purchase
          -------------
          shares of Commercial Federal Corporation common stock were previously
          awarded to White and are either presently exercisable by White or were
          scheduled to become exercisable by White on certain future dates
          should White have remained in CFB's employment through such dates, and
          such ISO's were further to remain exercisable by White for a limited
          period of time following White's separation from CFB's employment. In
          addition, certain non-incentive stock options ("NISO's") to purchase
          shares of Commercial Federal Corporation common stock were previously
          awarded to White and are either presently exercisable by White or were
          scheduled to become exercisable by White on certain future dates
          should White have remained in CFB's employment through such dates, and
          such NISO's were further to remain exercisable by White for a limited
          period of time following White's separation from CFB's employment. For
          purposes (and only for purposes) of determining whether such ISO's and
          NISO's shall hereafter be or become exercisable by White:

          (1)  Subject to the remaining provisions of this subparagraph 2.(D),
               any such ISO's and NISO's that are presently exercisable by White
               in accordance with their terms shall remain exercisable by White
               in accordance with their terms at any time either before or
               during the eighteen-month period beginning September 1, 2000 and
               ending February 28, 2002. (Such eighteen-month period is
               hereinafter referred to as the "OPTION EXERCISE PERIOD.");

          (2)  Any stock option(s) that would otherwise have first become
               exercisable by White during the OPTION EXERCISE PERIOD, if White
               had remained employed by CFB during the OPTION EXERCISE PERIOD,
               may be exercised by White during the OPTION EXERCISE PERIOD, but
               not earlier than the date(s) on which such option(s) would have
               first become exercisable by White during the OPTION EXERCISE
               PERIOD if White had remained employed by CFB during the OPTION
               EXERCISE PERIOD.

          (3)  In addition, from September 1, 2001 through February 28, 2002,
               White shall also have the option to purchase up to two thousand
               five-hundred (2,500) of the shares of common stock that White
               would have for the first time acquired the immediately
               exercisable option to purchase in May, 2002 if White were to have
               remained employed by CFB through May, 2002.

          (4)  White and CFB acknowledge that in order to extend the time during
               which White may exercise such stock options, certain amendments
               to plan(s) and documents will or may be required. White and CFB
               further acknowledge that under and in accordance with federal tax
               laws and regulations, because such amendments constitute a
               modification of any ISO's, such amendments may cause the ISO's to
               no longer qualify as ISO's but may cause or require them to be
               treated as NISO's. Further, and in any event, under and in
               accordance with federal tax laws and regulations, any ISO's not
               exercised by White within three months after the RETIREMENT DATE
               will thereafter be treated as NISO's.

          (5)  Except as provided in subparagraph 2.(D)(3), White shall not have
               or acquire any right, title or interest in or to any stock
               options that were scheduled to vest in or first be exercisable by
               White on date(s) that are after the end of the OPTION EXERCISE
               PERIOD. It is understood and agreed that any right, title and
               interest White may have had in regard to such options is canceled
               as a result of White's retirement and separation from the
               employment of CFB. Any rights that are not exercised before the
               end of the OPTION EXERCISE PERIOD shall be deemed forfeited.

          TAX IMPLICATIONS: It is understood that exercise by White of the
          -----------------
          options to purchase shares of stock under this subparagraph 2.(D) may
          result in taxable income to White, and that CFB may be obligated to
          withhold federal and state taxes respecting that taxable income.
          Within ten (10) days after CFB notifies White of the amount of such
          taxes required to be withheld, White shall deliver his check (or a
          cashier's check) to CFB, payable to "Commercial Federal Bank," in the
          amount of such taxes required to be withheld as determined by CFB. The
          check shall be delivered to the Director of Human Resources of CFB. If
          White fails to timely deliver such check or if such check shall for
          any reason not be paid when presented by CFB for payment, then CFB may
          delay delivery and issuance of the shares of stock to White until
          White has paid to CFB the amount of such tax withholdings, or until
          other arrangements and provisions satisfactory to CFB have been made
          respecting such required tax withholdings (such as, CFB's withholding
          of taxes by withholding shares of the stock).

     (E)  Restricted Stock. Certain restricted rights to receive shares of
          ----------------
          Commercial Federal Corporation common stock were previously awarded to
          White and such shares were scheduled to vest in White free from
          restrictions on certain date(s) should White have remained in CFB's
          employment through such date(s). Any such shares that would have
          vested in White free from restrictions in the future, if White had
          remained an employee of CFB, shall vest in White free from
          restrictions on the same date(s) they would have vested in White free
          from restrictions had White remained an employee of CFB. CFB will
          deliver such shares to White or cause such shares to be delivered to
          White within forty-five (45) days after they, in accordance with the
          foregoing, vest in White free from restrictions.

                                       3
<PAGE>

          TAX IMPLICATIONS: It is understood that receipt by White of shares of
          -----------------
          stock under this subparagraph 2.(E) will result in taxable income to
          White, and that CFB will be obligated to withhold federal and state
          taxes respecting that taxable income. Within ten (10) days after CFB
          notifies White of the amount of such taxes required to be withheld,
          White shall deliver his check (or a cashier's check) to CFB, payable
          to "Commercial Federal Bank," in the amount of such taxes required to
          be withheld. The check shall be delivered to the Director of Human
          Resources of CFB. If White fails to timely deliver such check or if
          such check shall for any reason not be paid when presented by CFB for
          payment, then CFB may delay delivery and issuance of the shares of
          stock to White until White has paid to CFB the amount of such tax
          withholdings, or until other arrangements and provisions satisfactory
          to CFB have been made respecting such required tax withholdings (such
          as, CFB's withholding of taxes by withholding shares of stock).

     (F)  CFB agrees to pay for outplacement services provided to White if such
          services are authorized and approved in advance and in writing by
          Pamela J. Acuff or Christine M. Shimokawa of CFB.

     (G)  Supplemental Separation Allowance in Lieu of 401-K Match. Inasmuch as
          --------------------------------------------------------
          White will not be employed by CFB on December 31, 2000, White will not
          be eligible for a "matching" 401-K contribution from CFB for the year
          2000. However, as a supplemental separation allowance, CFB will pay to
          White, in a lump sum, the gross amount that CFB would have contributed
          ("matched") for the year 2000 on White's behalf to CFB's 401-K Plan
          and to the Deferred Compensation Plan for Highly Compensated
          Employees. Such payment will be based upon and calculated with
          reference to White's employment by and earnings from CFB from January
          1, 2000 through the RETIREMENT DATE. White understands that federal
          and state income and payroll taxes will be withheld from such gross
          payment. The payment to White will be made on the same date that CFB
          makes its matching contributions for the year 2000 to CFB's 401-K Plan
          on behalf of CFB's employees.

White acknowledges that the payment(s) and other consideration being provided to
White under this paragraph 2 are in addition to anything that White is already
entitled to pursuant to White's employment with CFB. It is understood that the
payment of the Retirement Separation Allowance and other consideration to be
provided to White under this paragraph 2 constitute a voluntary, ad hoc
retirement separation arrangement, and that same shall neither create nor be
evidence of any severance pay plan, pension benefit plan or employee welfare
benefit plan. No employee or former employee of CFB or its affiliated entities,
other than White, shall have any rights or claims under the above-described
voluntary, ad hoc arrangement.

3.   OTHER BENEFITS.
     --------------

     (A)  Health and Dental Insurance after August 31, 2001. Beginning September
          -------------------------------------------------
          1, 2001, White may elect to continue health and dental insurance for
          himself and any of his currently covered eligible dependents under the
          same terms and conditions that CFB offers such coverage to retirees of
          CFB; provided, however, that if CFB ceases to continue offering such
               --------  -------
          health and dental insurance to retirees of CFB, then CFB may cease
          offering such coverage to White.

     (B)  Vacation. CFB shall pay to White any portion of the vacation awarded
          --------
          to him on and as of January 1, 2000 that remains unused as of August
          31, 2000, if any, less applicable state and federal tax withholdings.
          Pursuant to CFB vacation pay policy, payment will not be made to White
          for any unused vacation carried over from the previous calendar year
          (1999).

     (C)  Bonus. White shall not be eligible to receive any bonus from CFB.
          -----

     (D)  Deferred Compensation. White acknowledges that no compensation or
          ---------------------
          deferred compensation is due to him from CFB that has not already been
          paid to him by CFB, except for the amount in which White was fully
          vested as of July 31, 2000 in the "CFB Deferred Compensation Plans for
          Key and Highly Compensated Employees" ("Rabbi Trust").

     (E)  Survivor Income Plan. White will be entitled to participate in CFB's
          --------------------
          survivor income plan based on his vested interest as of the RETIREMENT
          DATE. (As of August 31, 2000, White's vested percentage was 98.40%.)

     (F)  All other benefits, and the continuation or cessation thereof, shall
          be handled, addressed and administered in accordance with the terms of
          CFB's plans, policies and procedures in effect on July 31, 2000.

4.   RIGHT TO REVOKE AND EFFECTIVE DATE. CFB has advised White and White
     ----------------------------------
acknowledges that White has the right to revoke this Agreement within seven (7)
days after White signs this Agreement. If White wishes to so revoke this
Agreement, White shall, within seven (7) days after White signs this Agreement,
either mail by certified mail-return receipt requested, or hand deliver, written
notice of such revocation to Ms. Pamela J. Acuff, 1400 Commercial Federal Tower,
72nd and Mercy Streets, Omaha, Nebraska 68124. No such attempted revocation by
mail shall be valid or effective unless White also telefaxes a copy of such
mailed revocation to Ms. Acuff at (402) 390-5256. Unless so revoked, this
Agreement shall become effective on the eighth day following the date White
signs this Agreement.

                                       4
<PAGE>

5.   RELEASE. In consideration of the covenants, agreements, and recitals
     -------
contained in this Agreement, White on behalf of himself, and his assigns, heirs,
successors, and executors, hereby knowingly and voluntarily releases and forever
discharges CFB, and every entity affiliated with or related to CFB as a parent
or subsidiary entity or by common or interrelated ownership or otherwise, and
each of its and/or their respective agents, employees, officers, directors,
predecessors, successors and assigns (all of such released parties being
collectively referred to hereinafter as "RELEASED PARTIES"), from any and all
claims, damages, demands, liabilities, attorney fees, and expenses of any nature
whatsoever arising out of or relating in any way to White's employment with CFB
and/or his retirement separation from employment. This release shall include and
extend to, without limitation, any and all claims, demands, and liabilities
under, asserting, or pursuant to federal, state, or local laws, regulations,
decisions, or ordinances generally, or prohibiting employment discrimination
(including but not limited to Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act and the Age Discrimination in Employment Act),
or based upon any alleged tort, breach of any contract, wrongful discharge, or
any other actual or alleged wrongdoing whatsoever. This release shall be
construed broadly, it being the intent of the parties to fully resolve any and
all claims and potential claims of White against RELEASED PARTIES and any of
them, other than claims arising after this Agreement is signed by White.

IN SHORT, WHITE UNDERSTANDS THAT IF HE SIGNS THIS AGREEMENT, HE WILL HAVE NO
FURTHER CLAIMS OF ANY NATURE WHATSOEVER AGAINST CFB OR AGAINST ANY PERSON OR
OTHER ENTITY AFFILIATED WITH CFB, EXCEPT FOR CLAIMS WHICH ARISE AFTER WHITE
SIGNS THIS AGREEMENT.

6.   COVENANT NOT TO SUE. White covenants and agrees that he will forever
     -------------------
refrain from bringing or participating as a party plaintiff in any action,
lawsuit, claim, or proceeding based on, arising out of, or in connection with
White's employment with CFB or separation therefrom, other than claims arising
as a result of occurrences after this Agreement is signed by White. However,
nothing in this document shall preclude White from seeking any unemployment
compensation benefits to which he may otherwise be entitled by law.

7.   FUTURE EMPLOYMENT, AGREEMENTS CANCELLATION, AND CONFIDENTIAL INFORMATION.
     ------------------------------------------------------------------------

     (A)  White hereby waives any entitlement he may have or claim to have to
          employment by CFB beyond August 31, 2000.

     (B)  It is understood and agreed that the provisions of this Agreement
          supersede and cancel any employment, compensation, and similar
          agreement(s) previously entered into between White and Commercial
          Federal Corporation or any of its subsidiary entities, including CFB.

     (C)  White agrees that he will not disclose, disseminate, or use any
          confidential information concerning CFB's employees, operations,
          customers, products or services (existing or contemplated), pricing
          policies, marketing and hiring techniques, financial information,
          costs, profits, sales, confidential plans of any nature or other
          confidential information or data of any kind, in any future employment
          or self-employment. This subparagraph is intended to preclude White
          from using or disclosing only "confidential information or data" of
          CFB, which shall be interpreted to mean information or data that CFB
          reasonably seeks to retain and preserve as confidential and which CFB
          has not publicly disclosed.

8.   ACKNOWLEDGEMENTS AND REPRESENTATIONS OF THE PARTIES. The parties
     ---------------------------------------------------
acknowledge and represent as follows:

     (A)  This Agreement constitutes an agreement that is legally binding on
          each party, enforceable in accordance with its terms.

     (B)  CFB and White have had ample opportunity to review this Agreement.
          Further, White has been advised by CFB, and has had ample opportunity,
          to consult with an attorney of his own choosing prior to signing this
          Agreement regarding the terms, conditions and ramifications of this
          Agreement, and White has in fact consulted with legal counsel of his
          own choosing in that regard or has elected not to do so.

     (C)  CFB and White are each entering into this Agreement knowingly,
          voluntarily, and of their own volition and neither is under any duress
          or undue influence.

     (D)  CFB and White have read and understand this Agreement. White hereby
          acknowledges and understands that, by executing this Agreement, he is
          releasing and waiving all claims against RELEASED PARTIES arising out
          of his employment or separation therefrom, other than claims arising
          after the date White signs this Agreement.

     (E)  White has been advised and hereby acknowledges that he has twenty-one
          (21) days, which will begin to run on the date this Agreement is first
          presented to him for his consideration and possible signature, in
          which to determine whether to accept the terms of this Agreement and
          to sign this Agreement. White may, if he so chooses, waive this period
          and sign the Agreement prior to the expiration of the 21-day period.

                                       5
<PAGE>

9.   NO ADMISSION OF LIABILITY. This Agreement shall not be treated as an
     -------------------------
admission of liability or of any wrongdoing by either party, and shall neither
be offered by either party nor admissible in evidence as any such admission.

10.  ENTIRE AGREEMENT: BINDING EFFECT. This Agreement constitutes the entire
     --------------------------------
agreement between the parties and shall bind and inure to the benefit of both
parties and of each of the RELEASED PARTIES, and their respective successors,
heirs and legal representatives.

11.  SEVERABILITY. In the event a court of competent jurisdiction determines
     ------------
that one or more of the clauses of this Agreement are unenforceable, such
clause(s) shall be severed from the Agreement, and the balance of the Agreement
shall remain in full force and effect.

12.  APPLICABLE LAW. This Agreement is made and entered into and shall be
     --------------
governed by and construed in accordance with the laws of the State of Nebraska.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date this
Agreement is signed below by White.

DATED: August 24, 2000              /s/ Gary D. White
                                    ----------------------------------
                                    Gary D. White

                                    Commercial Federal Bank,
                                    A Federal Savings Bank

DATED: August 24, 2000              By: /s/ Pamela J. Acuff
                                        -------------------

                                    Title: First Vice President
                                           ---------------------------

                                       6

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