Document:

Amendment No 4

 Exhibit 10.2 
 AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT 
 THIS AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT,
dated as of July 31, 2007, amends the Revolving Credit Agreement dated as of November 8, 2005, as amended by Amendment No. 1 to Revolving Credit Agreement dated as of March 28, 2006, by Amendment No. 2 to Revolving Credit Agreement dated as of May
11, 2006 and by Amendment No. 3 to Revolving Credit Agreement dated as of November 7, 2006 (as so amended, the “Credit Agreement”), between Centennial Bank Holdings, Inc., a Delaware corporation (the “Borrower”), and U.S. Bank
National Association (the “Lender”). 
 RECITAL 
 The Borrower and the Lender desire to amend the Credit Agreement as provided below. 
 AGREEMENTS 
 In consideration of the promises and agreements contained in the
Credit Agreement, as amended hereby, the Borrower and the Lender agree as follows: 
 1. Definitions and References. Capitalized terms
not otherwise defined herein have the meanings ascribed to them in the Credit Agreement. Upon the execution and delivery of this Amendment No. 4 to Revolving Credit Agreement (“Amendment No. 4”) by the Borrower and the Lender, any
reference to the Credit Agreement contained in the Credit Agreement, the Note, the Pledge Agreement or any other document relating thereto means the Credit Agreement as amended by this Amendment No. 4. 
 2. Amendment to Credit Agreement. Subsection 5.4(f) of the Credit Agreement is amended to read as follows: 
 (f) Return on Average Assets. Borrower’s consolidated net income shall be at least eighty-five hundredths of one percent
(0.85%) of its average assets, calculated on an annualized basis as at the last day of each fiscal quarter of Borrower; provided, however, that for purposes of determining return on average assets, customary and reasonable, non-recurring expenses
and charges incurred by Borrower in connection with a permitted acquisition or public offering under Sections 5.1 and 5.6 hereof shall be excluded and, with respect to the fiscal quarter of the Borrower ending June 30, 2007, the net after tax effect
of the addition to the Borrower’s reserve for loan losses of $11,555,000 made during such fiscal quarter shall be disregarded in calculating the Borrower’s consolidated net income. 

 3. Representations and Warranties; No Default. 
 (a) The execution and delivery of this Amendment No. 4 has been duly authorized by all necessary corporate action on the part of the
Borrower and does not violate or result in a default under the Borrower’s Articles of Incorporation or By-Laws, any applicable law or governmental regulation or any material agreement to which the Borrower is a party or by which it is bound.

 (b) The representations and warranties of the Borrower in the Credit Agreement, as amended hereby, are true and correct in
all material respects and, after giving effect to the amendments contained herein, no Event of Default or Unmatured Event of Default exists. 
 4. Costs and Expenses. The Borrower agrees to pay to Lender all costs and expenses (including reasonable attorneys’ fees) paid or incurred by Lender in connection with the negotiation, execution and delivery of this Amendment
No. 4. 
 5. Full Force and Effect. The Credit Agreement, as amended by this Amendment No. 4, remains in full force and effect.

  

			
	CENTENNIAL BANK HOLDINGS, INC.
		
	BY	 	/s/ Paul W. Taylor
		 	Paul Taylor, Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION
		
	BY	 	/s/ Timothy P. Franzen
		 	Timothy P. Franzen, Assistant Vice President

  

 2Amendment No 5

 Exhibit 10.3 
 AMENDMENT NO. 5 TO REVOLVING CREDIT AGREEMENT 
 THIS AMENDMENT NO. 5 TO REVOLVING CREDIT AGREEMENT,
dated as of August 8, 2007, amends the Revolving Credit Agreement dated as of November 8, 2005, as amended by Amendment No. 1 to Revolving Credit Agreement dated as of March 28, 2006, by Amendment No. 2 to Revolving Credit Agreement dated as of May
11, 2006, by Amendment No. 3 to Revolving Credit Agreement dated as of November 7, 2006 and by Amendment No. 4 to Revolving Credit Agreement dated as of July 31, 2007 (as so amended, the “Credit Agreement”), between Centennial Bank
Holdings, Inc., a Delaware corporation (the “Borrower”), and U.S. Bank National Association (the “Lender”). 
 RECITAL

 The Borrower and the Lender desire to amend the Credit Agreement as provided below. 
 AGREEMENTS 
 In consideration of the
promises and agreements contained in the Credit Agreement, as amended hereby, the Borrower and the Lender agree as follows: 
 1.
Definitions and References. Capitalized terms not otherwise defined herein have the meanings ascribed to them in the Credit Agreement. Upon the execution and delivery of this Amendment No. 5 to Revolving Credit Agreement (“Amendment No.
5”) 
 by the Borrower and the Lender, each reference to the Credit Agreement contained in the Credit Agreement, the Note, the Pledge Agreement or any
other document relating thereto means the Credit Agreement as amended by this Amendment No. 5. 
 2. Amendment to Credit Agreement.
Subsection 5.4(f) of the Credit Agreement is amended to read as follows: 
 (f) Return on Average Assets.
Borrower’s consolidated net income shall be at least eighty-five hundredths of one percent (0.85%) of its average assets, calculated on an annualized basis as at the last day of each fiscal quarter of Borrower; provided, however, that for
purposes of determining return on average assets, customary and reasonable, non-recurring expenses and charges incurred by Borrower in connection with a permitted acquisition or public offering under Sections 5.1 and 5.6 hereof shall be excluded;
provided further, however, that with respect to the fiscal quarter of the Borrower ending June 30, 2007, (i) the net after tax effect of the addition to the Borrower’s reserve for loan losses of $11,555,000 made during such fiscal quarter and

 
(ii) the net after tax expense of $4,000,000 incurred in connection with the settlement of the “Barnes action” referred to in Borrower’s 10-Q
for the fiscal quarter ended March 31, 2007 filed with the U.S. Securities and Exchange Commission, shall both be disregarded in calculating the Borrower’s consolidated net income. 
 3. Representations and Warranties; No Default. 
 (a) The execution and delivery of this Amendment No. 5 has been duly authorized by all necessary corporate action on the part of the Borrower and does not violate or result in a default under the Borrower’s
Articles of Incorporation or By-Laws, any applicable law or governmental regulation or any material agreement to which the Borrower is a party or by which it is bound. 
 (b) The representations and warranties of the Borrower in the Credit Agreement, as amended hereby, are true and correct in all material
respects and, after giving effect to the amendments contained herein, no Event of Default or Unmatured Event of Default exists. 
 4.
Costs and Expenses. The Borrower agrees to pay to Lender all costs and expenses (including reasonable attorneys’ fees) paid or incurred by Lender in connection with the negotiation, execution and delivery of this Amendment No. 5.

 5. Full Force and Effect. The Credit Agreement, as amended by this Amendment No. 5, remains in full force and effect. 

 

			
	CENTENNIAL BANK HOLDINGS, INC.
		
	BY	 	/s/ Paul W. Taylor
		 	Paul Taylor, Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION
		
	BY	 	/s/ Timothy P. Franzen
		 	Timothy P. Franzen, Assistant Vice President

  

 2Terms of Employment

 Exhibit 10.3 
  

			
	 1195 NW Compton Drive, Beaverton, OR 97006-1992, USA
 Phone: +1-503-748-1100 Fax: +1-503-748-1244 www.planar.com
	  	

 April 10, 2007 
 Terri Timberman 
 4845 Kim Drive 
 Pocatello, Idaho
83204 
 Dear Terri, 
 Further to our discussions, I am pleased
to be in a position to ask you to join the Planar Executive Team in the role of Vice President of Human Resources, reporting to me starting May 14, 2007. 
 We hope you will confirm your favorable consideration of this offer that includes the following core components: 
  

	 	•	 	 Starting annual salary at $200,000, paid bi-weekly. 

  

	 	•	 	 Bonus Plan eligibility at 60% of annual base pay at target for the year. Bonus awards are paid after the end of each quarter, subject to performance metrics being
met. You will be eligible for a pro rated share of any payment due for Q3 results provided that your start date is before the end of Q3, no later than June 30, 2007. You will also be eligible for a pro rated share of any payment for full year
performance as well. 

 Upon your acceptance I will be making the following stock grant recommendations for approval by the Board
Compensation Committee: 
  

	 	•	 	 New Hire stock option grant of fifty thousand (50,000) shares that will vest over a three year time period: 33% on the grant anniversary date (board approval)
and 8.375% each quarter thereafter. 

  

	 	•	 	 New Hire restricted stock grant of twenty thousand (20,000) performance-based restricted shares that will vest when defined metrics in the 2007-2009 Long Term
Incentive Plan are met. 

  

	 	•	 	 New Hire restricted stock grant of ten thousand (10,000) time based restricted stock shares that will vest one third on each of the first three anniversaries
of your start date. 

 This offer includes the following company-funded assistance with regard to your required relocation from Pocatello
to the Portland area: 
  

	 	•	 	 Pre-move house hunting trip. One or two round-trips for you and/or your spouse for the purpose of selecting a residence in the Portland area, to include up to five
nights of lodging and reimbursement of reasonable expenses related to accommodation, meals and transportation. 

	 	•	 	 Temporary accommodation costs for up to 90 days, if required prior to completing the final move. 

  

	 	•	 	 Coach class air fare for you and/or your spouse to make a return trip to finalize arrangements for the move. 

  

	 	•	 	 Reimbursement for up to $30,000 of costs incurred in selling your home. 

  

	 	•	 	 Payment for transportation of household goods through Swartz Moving & Storage, including one vehicle, and blanket transportation insurance.

 As discussed, an integrated employment agreement for eligible executive staff members is under development and is expected to be
finalized soon. I have enclosed a draft for your perusal. You will be entitled to severance protections provided to other members of the executive staff but, in any event, we agree to grant you severance protections no less favorable than the
following: 
 CHANGE IN CONTROL 
  

	 	•	 	 Cash and Benefits on termination 

  

	 	¡	 	 1 x annual total targeted compensation 

  

	 	¡	 	 18 months company-paid COBRA 

  

	 	•	 	 Equity 

  

	 	¡	 	 100% vesting of all time-based stock options and restricted shares 

  

	 	¡	 	 Conversion of unvested performance-based restricted shares to time-based shares, if there is no termination 

 SEVERANCE IN THE EVENT OF TERMINATION WITHOUT CAUSE 
  

	 	•	 	 Severance payment of 12 months base pay 

  

	 	•	 	 18 months company-paid COBRA 

  

	 	•	 	 Stock vesting stops on termination (90 days to exercise vested shares) 

  

	 	•	 	 Executive outplacement on delivery of service 

 Planar offers an Employee Share Purchase Plan whereby employees can purchase company stock at a 15% discount through direct payroll deductions. Your first opportunity to join the plan will be in mid-September, 2007 for the October, 2007
through March, 2008 period. 
 Other standard employee benefits offered include: 

	•	 	 401(k) retirement savings plan with company match and immediate vesting. 

  

	•	 	 Medical insurance coverage through CIGNA, and Flexible Health Spending Account option. 

  

	•	 	 PTO (paid time off) of 20 days in first year. This includes a bank of 40 available hours on hire and accrual at 4.62 hours per pay period through the rest of the
year. After five years of service the PTO accrual rate is increased to 7.7 hrs per pay period amounting to five weeks per year. Planar has eleven paid holidays per year, three of which are floating days determined by the company.

 As part of our commitment to providing a safe, drug free environment for our employees, all employment offers are contingent upon the
prospective new hire passing a drug screen prior to joining Planar. The testing center recommended by our vendor for your zipcode is: Labcorp, 444 Hospital Way St 401, Pocatello, ID 83201. Phone 208-232-6740. Please add your social security number
to the enclosed form and take it with you to the lab. 

 Terri, I welcome this opportunity to have you join Planar and look forward to receipt of a signed acceptance, marked for
my attention. I am also enclosing: a) a Proprietary and Intellectual Property Agreement that requires your perusal and signature for delivery with your job offer acceptance and b) a copy of our current Benefits Plan brochure. 
 I am proposing a start date of Monday, May 14, 2007. During the first three days of employment, you will be asked for your current driver’s license and
original social security card, or a current passport and visa to satisfy the USCIS I-9 work authorization process. 
 Sincerely, 
  

	
	 /s/ Gerry Perkel

	Gerry Perkel
	Chief Executive Officer
	Planar Systems, Inc.

 While it is our belief that our relationship will be a positive one, it is appropriate to advise you that Planar
Systems, Inc. is an “at-will” employer and does not offer employment on a fixed term basis. Either you or the company can terminate the working relationship at any time and for any reason. The representations in this letter and from our
meeting with you should not be construed in any manner as a proposed contract for any fixed term or for any specific terms and conditions of employment contrary to an “at-will” relationship. 
 I ACCEPT THIS OFFER 
  

					
	 /s/ Terri Timberman
	 		 	April 16, 2007
	Terri Timberman	 		 	Date

 Encs: 
 Benefits
summary brochure 
 Intellectual Property/Confidentiality Agreement 
 Draft Executive Employment Agreement 
 Form for drug screening process

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