Document:

TurboChef Technologies, Inc

2008 Incentive-Based Compensation Plan

 

The fundamental objectives of TurboChef’s 2008 Incentive-Based Compensation Plan are to ensure that employees are compensated and provided incentives in a way that advances both the short- & long-term interests of the shareholders while also ensuring we are able to attract and retain qualified employees.

 

TurboChef approaches this objective with four key components:

 

	
             
 	
            •
 	
            Base salary
 

	
             
 	
            •
 	
            Performance-based annual bonus payable in cash or stock
 

	
             
 	
            •
 	
            Performance-based additional annual bonus that is achieved by exceeding forecasted results or other qualitative measures, which may be payable in cash, stock or stock equivalent units.
 

	
             
 	
            •
 	
            Periodic (generally annual) grants of long-term stock-based compensation which may be granted in the form of restricted stock units which are subject to time based vesting requirements.
 

 

All bonuses are payable between January 1 and March 15 of the year following the performance year.  Under this Plan, to be a paid a bonus, an employee must be actively employed by the Company at the time the bonus is paid.

 

Performance-based Annual Bonus

 

The primary objective of the Performance-based Annual Bonus (“Base Annual Bonus”) is to reward an employee’s contribution to the achievement of performance related goals.  Base Annual Bonuses are earned under different criteria, depending upon which bonus category an employee is assigned to.  Eligibility categories are Dallas Operations, Residential Sales and Marketing, and Corporate.  Bonus eligible employees assigned to each category are detailed in Exhibits A, B or C.    

 

Bonus-eligible employees shall be eligible for Base Annual Bonuses under a formula based upon the Company attaining certain financial metrics as set forth in Exhibits A, B or C.  If specific financial metrics within eligible categories are not attained, the Compensation Committee will consider for approval an alternative proposal management may offer for bonuses within each of these eligible categories, but only if the proposal is based upon actual financial results compared to the targets as well as other qualitative and quantitative factors that would reasonably support such approval.

 

Performance-based Additional Annual Bonus, Achieved by Exceeding Budgeted Results or other Measures

 

 
 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

The Company realizes the importance of recognizing employees whose contribution has been essential in creating business or financial results that exceeded the Company’s expectations and projections.  In an effort to recognize those individuals the Company will disburse a Performance-based Additional Annual Bonus (“Excess Bonus”) that is in addition to the Base Annual Bonus discussed above.  This Bonus will be payable in cash, stock or stock equivalent units as determined by the Compensation Committee.

 

Like the Base Annual Bonuses, the Excess Bonus may be earned by employees assigned to the Eligible categories through attainment of certain specific measurable targets as set forth in Exhibits A, B or C, and it may be earned by employees not so assigned, who, in management’s view materially contributed to the results.  

 

Long-Term stock-based Compensation

 

The primary objective of annual grants of long-term stock-based Compensation is retention of key employees.  Restricted Stock Units will be granted to employees who are identified as key employees.  The list of key employees and recommended vesting schedule as determined by management is attached in Exhibit D.

 

 

 

 
 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

EXHIBIT A

Dallas Operations

 

Dallas Operations employees, consisting of the Commercial management team, the Dallas based Residential management team and certain Atlanta team members that are instrumental in the Dallas Operations results, will be eligible to participate in the Incentive Plan.  All non-Plan eligible employees will continue to be eligible to participate in the quarterly bonus pool as determined by their manager.

 

Performance-based Annual Bonus Calculation

The pool for the Base Annual Bonus for Dallas Operations is $[***] in cash and is earned as follows: 

 

	
             
 	
            1.
 	
            [***]% ($[***]) upon achievement of all of the Commercial Segment Base Metrics only;
 

	
             
 	
            2.
 	
            [***]% ($ [***]) upon the achievement of all of the Commercial Segment Base Metrics AND the achievement of the Residential Goals by the Base Target Date.  Each Residential Goal has a Percentage of Bonus that will be applied to the Base Annual Bonus.  If one or more of the Residential Goals are NOT met by the Base Target Date, this portion of the Base Annual Bonus pool will be at the discretion of the Compensation Committee.  
 

 

 For 2008, the Commercial Segment Base Metrics and the Residential Goals are as follows:

Commercial Segment Base Metrics

	
            Metric
 	
            Base
 
	
            Revenue
 	
            $ [***]
 
	
            Gross Margin %
 	
            [***]%
 
	
            EBITDA %
 	
            [***]%
 

 

Residential Goals:

 

	
            Goal
 	
            Excess Bonus Target Date
 	
            Base Target Date
 	
            % of Bonus
 	
            Allocation of Bonus % (if applicable) 
 	
            Comments
 
	
            [***]
 	
            05/01/2008
 	
            05/01/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            02/21/2008
 	
            03/07/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            03/20/2008
 	
            04/04/2008
 	
            [***]%
 	
             
 	
            [***]
 
	
            [***]
 	
            04/15/2008
 	
            04/30/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            03/20/2008
 	
            04/04/2008
 	
            [***]%
 	
             
 	
            [***]
 
	
            [***]
 	
            04/15/2008
 	
            04/30/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            [***]%
 	
             
 	
            [***]
 
	
            [***]% BOM reduction = [***]% of [***]%
 	
             
 
	
            [***]% BOM reduction = [***]% of [***]%
 
	
            [***]% BOM reduction = [***]% of [***]%
 
	
            [***]% BOM reduction = [***]% of [***]%
 
	
            [***]
 	
            06/24/2008
 	
            07/24/2008
 	
            [***]%
 	
             
 	
             
 
							

            

 

 

 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

 

	
            [***]
 	
            11/21/2008
 	
            12/21/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            11/15/2008
 	
            11/15/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            11/15/2008
 	
            11/15/2008
 	
            [***]%
 	
             
 	
             
 
	
            [***]
 	
            Ongoing measured at each qtr end
 	
            Ongoing measured at each qtr end
 	
            [***]%
 	
             
 	
             
 

 

Performance-based Additional Annual Bonus

Cash bonus eligible employees are also eligible for an Excess Bonus.  Additionally, it may be earned by employees not so assigned, who, in management’s view materially contributed to the results. The triggers for the Excess Bonus calculation are based on two tiers.  Tier 1 is attained when Commercial segment revenue is greater than $[***] and Gross Margin Percentage is greater than or equal to [***]%.  Tier 2 is attained when Commercial segment revenue is greater than $[***] and Gross Margin Percentage is greater than or equal to [***]%.  The Excess Bonus pool is determined as follows:

 

 

	
             
 	
            Excess Tier 1
 	
            Excess Tier 2
 
	
            Revenue
 	
            >= $[***]
 	
            >= $[***]
 
	
            Gross Margin %
 	
            >= [***]%
 	
            >= [***]%
 
	
            EBITDA Percentage
 	
            >= [***]%
 	
            >= [***]%
 
	
            Excess Bonus Pool %*
 	
            [***]%
 	
            [***]%
 

 

*Excess Bonus Pool calculation - If Excess Revenue target and Gross Margin target are met or exceeded the excess pool is calculated as follows ((Actual EBITDA %  minus Base EBITDA %) * Total Revenue * Excess Bonus Pool %)).

 

The Excess Bonus Pool will be earned as follows:

 

	
             
 	
            1.
 	
            [***]% of Excess Bonus pool is earned upon attainment of Commercial segment financial results as detailed in Tier 1 or Tier 2 above;
 

	
             
 	
            2.
 	
            [***]% of Excess Bonus pool (the balance) is earned if the Commercial segment financial results as detailed in Tier 1 or Tier 2 above are achieved AND the Residential Goals are achieved by the Excess Bonus Target Date.  Each Residential Goal has a Percentage of Bonus that will be applied to this portion of the Excess Annual Bonus.  If one or more of the Residential Goals are NOT met by the Excess Bonus Target Date, this portion of the Excess Bonus pool will be at the discretion of the Compensation Committee.  
 

 

Bonus Eligible Employees:

	
            Last Name First Name
 	
            Division
 	
            2008 Base Annual Bonus
 	
            2008 Excess Bonus
Allocation Percentage
Range
 
	
            Lehr, Paul
 	
            Commercial
 	
            $150,000
 	
            35%***
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 

 

 

 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

 

	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
             
 	
             
 	
             
 	
             
 
	
            Total
 	
             
 	
            $[***]
 	
            [***]%
 

*Final percentage allocation will not exceed 100%.

**  Eligible for 50% of the Excess Bonus Allocation percentage due to contribution being limited to either the Commercial financial metrics or to the Residential Goals.

***100% of Paul’s excess bonus is discretionary and will be determined at the end of the year by the
 CEO & Chairman.  Paul will not only be evaluated for Commercial financial results and achievement of Residential Goals but also for his efforts to improve operational relationships company wide.

 

The Excess Bonus allocation percentage will be determined at the end of the year by Paul Lehr, Jim Price and Richard Perlman, within the above ranges, and subject to final approval by the Compensation Committee.  

 

 
 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

EXHIBIT B

Residential Sales and Marketing

 

Residential sales and marketing will be shifting to a compensation model similar to the Commercial Segment.  All non-bonus Plan eligible employees will be eligible to participate in a quarterly bonus pool calculated at [***]% of net residential oven sales.  Management will recommend distribution of the quarterly pool among all Residential Sales and Marketing employees not eligible for the Annual Performance based Bonus with final approval given by Steve Beshara and Jim Price.*

 

*[***] is a participant in both the Performance Bonus and the Quarterly Pool.

 

Performance-based Annual Bonus Calculation

The Base Annual Bonus pool is $[***] and is earned 100% by achieving base Revenue and Gross Margin percentage metrics.  The base metrics are as follows:

 

	
            Metric
 	
            Base
 
	
            Revenue
 	
            $[***]
 
	
            Gross Margin %
 	
            [***]%
 

 

Performance-based Additional Annual Bonus

Cash bonus eligible employees are also eligible for an Excess Bonus.  Additionally, it may be earned by employees not so assigned, who, in management’s view materially contributed to the results. The triggers for the Excess Bonus calculation are based on two tiers.  Tier 1 is attained when the Residential segment revenue is greater than $[***] and Gross Margin Percentage is greater than or equal to [***]%.  Tier 2 is attained when Residential segment revenue is greater than $[***] and Gross Margin Percentage is greater than or equal to [***]%.  The Excess Bonus pool is determined as follows:

 

	
             
 	
            Excess Tier 1
 	
            Excess Tier 2
 
	
            Revenue
 	
            >$[***]
 	
            >$[***]
 
	
            Gross Margin %
 	
            >= [***]%
 	
            >=[***]%
 
	
            Excess Bonus Pool %*
 	
            [***]%
 	
            [***]%
 

 

* Excess Bonus Pool calculation - If Excess Revenue target is exceed and Gross Margin target is met or exceeded the excess pool is calculated as follows (Total Revenue * Excess Bonus pool %).

 

Bonus Eligible Employees:

	
            Last Name First Name
 	
            Division
 	
            2008 Base Annual Bonus
 	
            2008 Excess Bonus
Allocation % Range
 
	
            Beshara, Steve
 	
            Marketing
 	
            $75,000
 	
            35-50%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
            [***]
 	
            [***]
 	
            $[***]
 	
            [***]%
 
	
             
 	
             
 	
             
 	
             
 
	
            Total
 	
             
 	
            $[***]
 	
            [***]%
 

  *Final percentage allocation will not exceed 100%.

 

 
 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

The Excess Bonus allocation percentage will be determined at the end of the year by Jim Price and Richard Perlman, within the above parameters, and subject to final approval by the Compensation Committee.  

 

 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

EXHIBIT C

Corporate

 

Corporate employees, as detailed below, are eligible to participate in the Incentive Plan.  All non-bonus plan eligible employees will be eligible to participate in a quarterly bonus pool as determined by their manager.

 

Performance-based Annual Bonus Calculation

The Base Annual Bonus pool is $[***] and is earned as follows:

 

	
             
 	
            1.
 	
            [***] upon the attainment of the Commercial segment base financial metrics as detailed in Exhibit A;
 

	
             
 	
            2.
 	
            [***] upon the attainment of the Residential segment base financial metrics as detailed in Exhibit B; and
 

	
             
 	
            3.
 	
            [***] upon the attainment of the Consolidated segment base financial metrics as detailed below.    
 

 

Consolidated Segment Base Metrics

	
             
 	
            Base
 
	
            Consolidated Revenue
 	
            $[***]
 
	
            Consolidated Gross Margin %
 	
            [***]%
 
	
            Consolidated EBITDA*
 	
            $[***]
 

 

*Includes income and/or expenses related to [***] litigation.  Excludes non-recurring charges (for example, [***] agreement costs)

 

Performance-based Additional Annual Bonus

Cash bonus eligible employees are also eligible for an Excess Bonus.  Additionally, it may be earned by employees not so assigned, who, in management’s view materially contributed to the results. Corporate Excess Bonus will equal [***]% of each of the Excess Bonus pools earned by Dallas Operations (Exhibit A) and Residential Sales and Marketing (Exhibit B).  

 

Bonus Eligible Employees:

 

	
            Last Name First Name
 	
            Division
 	
            2008 Base Annual Bonus
 	
            2008 Excess Bonus
Allocation Percentage
Range 
 
	
            Perlman, Richard
 	
            Corporate
 	
            $120,000
 	
            *
 
	
            Price, Jim
 	
            Corporate
 	
            $120,000
 	
            *
 
	
            Cochran, Al
 	
            Corporate
 	
            $70,000
 	
            *
 
	
            Fernandez de Castro, Miguel
 	
            Corporate
 	
            $85,000
 	
            *
 
	
            [***]
 	
            Corporate
 	
            $[***]
 	
            *
 
	
            [***]
 	
            Corporate
 	
            $[***]
 	
            *
 
	
            [***]
 	
            Corporate
 	
            $[***]
 	
            *
 
	
            [***]
 	
            Corporate
 	
            $[***]
 	
            *
 
	
            [***]
 	
            Corporate
 	
            $[***]
 	
            *
 
	
            [***]
 	
            Corporate
 	
            $[***]
 	
            *
 
	
             
 	
             
 	
             
 	
             
 
	
            Total
 	
             
 	
            $[***]
 	
            100%
 

  *Excess Bonus Allocation to be determined at year end  by Jim Price and Richard Perlman subject to Compensation Committee Approval 

 

 
 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

The Excess Bonus allocation percentage will be determined at year end by Jim Price and Richard Perlman, within the above parameters, and subject to final approval by the Compensation Committee.  

 

 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange Commission

 

 

EXHIBIT D

 

None

 

 
 

[***.] Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934; filed separately with the Securities and Exchange CommissionForm of Stock Option Agreement

 EXHIBIT 10.2 
 COLUMBIA BANKING SYSTEM, INC. 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (“Agreement”) is entered into by and between Columbia Banking System, Inc. (“Bank”) and
                     (“Grantee”). 
  

	1.	Basis Terms of Award 

  

			
	 Number of Shares of Common
 Stock Subject to the
Option:
	 	______________________________
		
	Exercise Price (per share):	 	______________________________
		
	Date of Grant:	 	______________________________
		
	Date of Termination:	 	______________________________
		
	The Option is a:	 	 ̈  Nonqualified Stock Option; or
		
		 	 ̈  Incentive Stock Option

  

	2.	Bank hereby grants to Grantee an option (“Option”) to purchase, at the Exercise Price, the number shares of Common Stock subject to the Option, as the Option Vests (in
accordance with the vesting schedule set forth in paragraph 4) with respect to such shares. 

  

	3.	The Option is granted under the Amended and Restated Stock Option and Equity Compensation plan of Columbia Banking System, Inc. (the “Plan”), a copy of which has been
provided to Grantee. The terms and conditions of the Plan are hereby incorporated into this Agreement by this reference. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the
former shall govern. Capitalized terms used in this Agreement that are not defined herein shall have the meaning given to such terms in the Plan. 

  

 1 

	4.	Vesting Schedule 

 Except as otherwise provided in the
Plan, the Option shall Vest with respect to the shares of Common Stock subject to the Option in accordance with the vesting schedule set forth below. 
  

			
	 If Grantee maintains Continuous Status
as an Employee on the following
anniversary date after the Date of Grant

	  	 Then the Option shall Vest with
respect to the following percent of the
number of shares of Common Stock
subject to
the Option *

		
	                        1st	  	                        25%
		
	                        2nd	  	                        25%
		
	                        3rd	  	                        25%
		
	                        4th	  	                        25%

  

	*	Rounded up in each case to the nearest whole number. But in no event shall Grantee have the right to acquire hereunder, over the entire vesting period, more than the total number of
shares of Common Stock subject to the Option, as described in paragraph 1. 

  

	5.	The Option shall terminate on the Date of Termination, unless sooner terminated by reason of death, Disability or other termination of status as an employee as provided in the Plan.
Following such termination, Grantee and Bank shall have no further rights or obligations with respect to the Option. 

  

	6.	This Option must be exercised by delivery to Bank of a written notice of exercise signed by Grantee specifying the number of shares with respect to which this Option is being
exercised and the per-share Exercise Price, accompanied by payment in full of the amount of the Exercise Price for the number of shares being purchased. 

  

	7.	The Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or by the laws of descent or distribution.

  

	8.	Shares of Common Stock shall not be issued with respect to the Option, unless the exercise of such Option and the issuance and delivery of shares pursuant thereto shall comply with
all relevant provisions of law, including, without limitation, all securities laws, rules and regulations, and the requirements of any stock exchange upon which the Common Stock may then be listed. Issuance of shares of Common Stock is further
subject to the approval of counsel for Bank with respect to such compliance. 

  

	9.	 Bank, in its sole discretion, may take any actions reasonably believed by it to be required to comply with any local, state, or federal tax laws relating to the
reporting or withholding of taxes attributable to the grant or exercise of the Option or the disposition of shares of Common Stock issued upon exercise of the Option, including, but not limited to, (i) withholding from any person
exercising an Option a number of shares of Common Stock having a Fair Market Value as of the date of such withholding equal to the amount required to be withheld by Bank under applicable tax laws, (ii) withholding, or causing to be
withheld, from any form of compensation or other amount due Grantee or holder of 

  

 2 

	 	 
shares of Common Stock issued upon exercise of an Option any amount required to be withheld under applicable tax laws, or (iii) requiring any
person exercising the Option to make arrangements satisfactory to Bank (including, without limitation, paying amounts) to satisfy any tax obligations, as a condition to recognizing any rights of such person under the Option.

  

	10.	Grantee agrees that shares of Restricted Stock subject to this Award may be forfeited as described herein and that the certificate(s) representing such shares will bear a legend in
substantially the following form: 

 “The securities represented by this certificate are subject to certain transfer and
forfeiture restrictions and may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, except as provided in a restricted nonvoting common stock agreement between the issuer and the original recipient of these
shares and a restricted nonvoting common stock plan of the issuer. A copy of the agreement and plan may be obtained at the principal office of the issuer. Such transfer and forfeiture restrictions are binding on transferees of these shares.”

  

	11.	Miscellaneous. 

  

	 	a.	Each party agrees to cooperate fully with the other party and to execute such further instruments, documents and agreements, and to give such further written assurances, as may be
reasonably requested by the other party to better evidence and reflect the transactions described herein and contemplated hereby, and to carry into effect the intents and purposes of this Agreement. 

  

	 	b.	All pronouns shall be deemed to include the masculine, feminine, neuter, singular or plural forms thereof, as the context may require. All references to “paragraph” shall
be deemed to refer to paragraphs of this Agreement, unless otherwise specifically stated. 

  

	 	 c.
	 All notices and other writings of any kind that a party to this Agreement may or is required to give hereunder to any
other party hereto shall be in writing and may be delivered by personal service or overnight courier, facsimile, or registered or certified mail, return receipt requested, deposited in the United States mail with postage thereon fully prepaid,
addressed (i) if to Bank, to its home office, marked to the attention of the corporate secretary of Bank; or (ii) if to Grantee, to his address set forth on the signature page hereof. Any notice or other writings so delivered shall be
deemed given (i) if by mail, on the second (2nd) business day after mailing, and (ii) if by other means, on the date of actual
receipt by the party to whom it is addressed. Any party hereto may from time to time by notice in writing served upon the other as provided herein, designate a different mailing address or a different person to which such notices or demands are
thereafter to be addressed or delivered. 

  

 3 

	 	d.	Attorneys’ Fees. In any action at law or in equity to enforce any of the provisions or rights under this Agreement, the unsuccessful party to such litigation, as
determined by the court in a final judgment or decree, shall pay the successful party all costs, expenses and reasonable attorneys’ fees incurred by the successful party (including, without limitation, costs, expenses and fees on any appeal).

  

	 	e.	Waiver. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed
as, a further or continuing waiver of any such term, provision or condition or as a waiver of any other term, provision or condition of this Agreement. 

  

	 	f.	Choice of Law. It is the intention of the parties that the internal laws of the State of Washington (irrespective and choice of law principles) shall govern the validity of
this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties. 

  

	 	g.	Successors in Interest. This Agreement and all of its terms, conditions and covenants are intended to be fully effective and binding, to the extent permitted by law, on the
heirs, executors, administrators, successors and permitted assigns of the parties hereto. 

 IN WITNESS WHEREOF, the parties
have executed this Agreement on the day and year first indicated above. 
  

									
	BANK	 		 	 COLUMBIA BANKING SYSTEM, INC.,
 a Washington
corporation

				
		 		 		 	By                                      
                                        
                                      
 
				
		 		 		 	Print name:                                    
                                        
                         
				
		 		 		 	Title:                                     
                                        
                                   
		 		 		 		 	
			
	GRANTEE	 		 	
		 		 	 Address:                                     
                                        
                             

				
		 		 		 	                                      
                                        
                                        
     
				
		 		 		 	                                      
                                        
                                        
     
				
		 		 		 	Social Security No.                                 
                                        
            

  

 4 

 ACKNOWLEDGEMENT 
 GRANTEE HEREBY ACKNOWLEDGES THAT HE HAS RECEIVED A COPY OF THE PLAN. 
  

			
	 
		
	Print Name: 	 	 

  

 5 

 CONSENT OF SPOUSE AND CERTIFICATION OF MARITAL STATUS 
 CONSENT OF SPOUSE 
 This Consent of
Spouse relates to a grant by Columbia Banking System, Inc. of Options to acquire shares of its common stock to
                         under the Amended and Restated Stock Option and Equity Compensation Plan of Columbia Banking
System, Inc. and a related Stock Option Agreement. The foregoing plan and agreement are sometimes referred to herein as the “Documents.” By his/her signature below, the undersigned acknowledges that he/she: 
  

	 	1	is the spouse of the grantee of such shares; 

  

	 	2.	has read the Documents and is familiar with the terms and conditions of the same; and 

  

	 	3.	agrees to be bound by all the terms and conditions of the Documents. 

 Dated:                                  
  

			
	 
		
	Print Name: 	 	 

 CERTIFICATION OF MARITAL STATUS 
 I hereby certify that I am not married. 
  

			
	 
		
	Print Name: 	 	 

  

 6

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