Document:

Exhibit
10.2

 

EXECUTION
VERSION

 

SECOND FORBEARANCE AGREEMENT

 

This Forbearance Agreement
(this “Agreement”) is made as of October 1, 2021 (the “Forbearance Effective Date”),
by and among TPHGREENWICH SUBORDINATE MEZZ LLC, a Delaware limited liability company (“Borrower”), trinity
place holdings inc., a Delaware corporation (“Indemnitor”), TPHS
Lender II LLC, a Delaware limited liability company, as lender (“Lender”) and TPHS
Lender II LLC, a Delaware limited liability company, as administrative agent for the benefit of Lender (“Administrative
Agent”). Borrower and Indemnitor are herein referred to individually as a “Borrower Party” and
collectively as the “Borrower Parties”. Lender and Administrative Agent are herein referred to individually
as a “Lender Party” and collectively as the “Lender Parties”.

 

RECITALS:

 

A.             Reference is hereby made to that certain Mezzanine Loan Agreement dated as of December 22, 2020 by and among Borrower, Lender and
Administrative Agent (as the same may be further amended, restated, replaced or otherwise modified from time to time, the “Loan
Agreement”), pursuant to which Lender made a mezzanine loan in the original principal amount of $7,500,000.00 (the “Loan”)
to Borrower. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement.

 

B.              The Loan is evidenced by that certain Mezzanine Promissory Note, dated as of December 22, 2020 in the original principal amount
of $7,500,000.00 made by Borrower payable to the order of Lender (the “Note”).

 

C.              The Loan is secured in part by 100% of the limited liablility company interest in Mortgage Pledgor, pursuant to that certain Pledge
and Security Agreement, dated as of December 22, 2020, made by Borrower for the benefit of Administrative Agent (the “Pledge
Agreement”).

 

D.             The Loan is further secured by (i) that certain Mezzanine Environmental Indemnification Agreement dated as of December 22, 2020
executed by Borrower and Indemnitor in favor of Administrative Agent for the benefit of Lender (the “Environmental Indemnity”),
(ii) that certain Mezzanine Recourse Guaranty Agreement dated as of December 22, 2020 made by Indemnitor in favor of Administrative Agent
for the benefit of Lender (the “Recourse Guaranty”), (iii) that certain Mezzanine Equity Funding Guaranty dated
as of December 22, 2020 made by Indemnitor in favor of Administrative Agent for the benefit of Lender (the “Equity Funding
Guaranty”), (iv) the Mezzanine Carry Guaranty dated as of December 22, 2020 made by Indemnitor in favor of Administrative
Agent for the benefit of Lender (the “Carry Guaranty”), and (v) that certain Mezzanine Guaranty of Payment and
Completion dated as of December 22, 2020 made by Indemnitor in favor of Administrative Agent for the benefit of Lender (the “Completion
Guaranty”).

 

E.              As
used herein, the Loan Agreement, the Note, the Pledge Agreement, the Environmental Indemnity, the Recourse Guaranty, the Equity Funding
Guaranty, the Carry Guaranty, the Completion Guaranty and all other instruments evidencing, securing or pertaining to the Loan, now or
from time to time hereafter executed and delivered to Lender in connection with the Loan, are referred to collectively herein as the
 “Loan Documents”.

 

    

    

    

 

F.              Reference is hereby made to (i) that certain Master Loan Agreement dated as of December 22, 2017 by and among TPHGreenwich Owner
LLC (“Mortgage Borrower”) and Massachussets Mutual Life Insurance Company (“Mortgage Lender”),
(as amended by that certain (i) letter agreement dated as of March 20, 2019 by and between Mortgage Borrower and Mortgage Lender, (ii)
letter agreement dated as of July 12, 2019 by and between Mortgage Borrower and Mortgage Lender, (iii) First Amendment to Master Loan
Agreement dated as of December 22, 2020 by and between Mortgage Borrower and Mortgage Lender, and (iv) Second Amendment to Master Loan
Agreement dated as of May 12, 2021 by and between Mortgage Borrower and Mortgage Lender (as amended, the “Master Loan Agreement”),
(ii) that certain Building Loan Agreement dated as of December 22, 2017 by and between Mortgage Borrower and Mortgage Lender, as amended
by that certain (i) First Amendment to Building Loan Agreement dated as of September 30, 2019 by and between Mortgage Borrower and Mortgage
Lender and (ii) Second Amendment to Building Loan Agreement dated as of December 22, 2020 by and between Mortgage Borrower and Mortgage
Lender (as amended, the “Building Loan Agreement”), and (iii) that certain Project Loan Agreement dated as of
December 22, 2017 by and between Mortgage Borrower and Mortgage Lender, as amended by that certain First Amendment to Project Loan Agreement
dated as of December 22, 2020 by and between Mortgage Borrower and Mortgage Lender (as amended, the “Project Loan Agreement”;
together with the Master Loan Agreement and the Building Loan Agreement, collectively, the “Mortgage Loan Agreement”),
pursuant to which Mortgage Lender agreed to make (x) a term loan in the original principal amount of $32,302,285.00, (y) a building loan
in the original principal amount of up to $128,197,878.00, and (z) a project loan in the original principal amount of up to $28,999,837.00,
to Mortgage Borrower.

 

G.             Reference is hereby also made to that certain Third Forbearance Agreement, made as of October 1, 2021, by and among Mortgage Borrower,
Indemnitor and TPHGreenwich Mezz LLC, Mortgage Lender (the “Mortgage Forbearance Agreement”).

 

H.             The Borrower Parties and the Lender Parties entered into that certain Forbearance Agreement dated as of June 30, 2021 (the “First
Forbearance Agreement”) pursuant to which First Forbearance Agreement the Lender Parties agreed to temporarily forbear from
exercising their rights and remedies under the Loan Documents and/or applicable law (subject to the terms and conditions set forth in
the First Forbearance Agreement) with respect to the following defaults and/or Events of Default existing under the Loan Agreement as
of the date of the First Forbearance Agreement (collectively, the “Pre-Existing Defaults”): (i) Mortgage Borrower
failed to achieve Milestone Construction Hurdle 2 by the applicable Outside Milestone Date of July 1, 2021, (ii) Mortgage Borrower failed
to satisfy the Sales Pace Covenant, by failing to satisfy the Second Test of the Sales Pace Covenant and failing to pay down the Loan
in the amount required by the Master Loan Agreement upon such failure, and (iii) Indemnitor’s failure to meet the Indemnitor’s
Financial Covenants as a result of Indemnitor’s failure to maintain Liquidity (as defined in the Recourse Guaranty Agreement) of
no less than $8,000,000 as required under Section 12(b)(i) of the Recourse Guaranty Agreement.

 

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I.               The Borrower Parties acknowledge the Pre-Existing Defaults continue to exist as of the Forbearance Effective Date.

 

J.               The Borrower Parties also acknowledge that (i) Mortgage Borrower cannot satisfy the Sales Pace Covenant because it cannot satisfy
the Third Test of the Sales Pace Covenant on or before October 2, 2021 and Mortgage Borrower cannot pay down the Mortgage Loan in the
amount required pursuant by the Mortgage Loan Agreement, and the Borrower Parties and the Lender Parties have agreed that such failure
shall be treated as an Event of Default existing as of the Forbearance Effective Date (the “Third Test Sales Pace Covenant
Default” and, together with the Pre-Existing Defaults, the “Existing Defaults”) and (ii) with
respect to the Mortgage Loan Agreement, those certain “Existing Defaults” as defined in the Mortgage Forbearance Agreement
exist as of the Forbearance Effective Date.

 

K.             The Borrower Parties have requested, and the Lender Parties have agreed, to forbear from exercising its rights and remedies under
the Loan Documents and/or applicable law with respect to the Existing Defaults, subject to the terms and conditions set forth herein.

 

NOW THEREFOR, in consideration
of the promises set forth above and the covenants and agreements hereafter set forth in this Agreement, the receipt and sufficiency of
which are hereby acknowledged by all parties, it is agreed as follows:

 

1.              Incorporation of Recitals. The Parties hereby represent and acknowledge that the foregoing recitals are true and accurate,
and said foregoing recitals are hereby incorporated herein as part of this Agreement as though set forth at length herein.

 

2.              Forbearance. Notwithstanding the Existing Defaults, and subject to the provisions of this Agreement, the Lender Parties
agree that, until the expiration or earlier termination of the Forbearance Period (as defined below), the Lender Parties will forbear
from exercising their rights and remedies under the Loan Documents and/or applicable law solely with respect to the Existing Defaults;
provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of the Lender Parties’
rights under this Agreement; and provided, further, that no such forbearance shall constitute a waiver with respect to the
Existing Defaults (other than as set forth in the following sentence). Notwithstanding anything to the contrary contained herein, if,
on or prior to the expiration (but not earlier termination) of the Forbearance Period, the Borrower Parties have satisfied the conditions
to such forbearance set forth in Section 4 below, the Lender Parties shall be deemed to have waived the Existing Defaults and shall
have no right to exercise any rights or remedies under the Loan Documents and/or applicable law solely with respect to the Existing Defaults;
provided that to the extent that any Borrower Party makes any payment(s) to the Lender Parties which payment(s) or any portion thereof
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required, in connection with any bankruptcy, insolvency,
reorganization, dissolution, liquidation or other like proceeding or for any other reason, to be repaid or paid over to a custodian, trustee,
receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such
payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect as
if such payment(s) had not been made and the Borrower Parties shall be primarily liable for the revived obligations. The foregoing sentence
shall not be construed and is not intended to preclude the Lender Parties from exercising their rights and remedies under the Loan Documents
and/or applicable law with respect to the existence of the Existing Defaults after the expiration (other than expiration after satisfaction
of the conditions to forbearance as set forth above) or earlier termination of the Forbearance Period.

 

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3.              Forbearance Period. The “Forbearance Period” shall mean the period beginning on the Forbearance
Effective Date of the First Forbearance Agreement and ending on October 29, 2021 at 5:00 p.m. EST. In no event shall the Forbearance Period
be extended. Notwithstanding the foregoing, the Forbearance Period shall immediately terminate upon (i) the occurrence of any Event of
Default other than the Existing Defaults, (ii) the failure of Borrower to satisfy the then applicable conditions to forbearance as
set forth in this Agreement, time being of the essence with respect to such satisfaction, (iii) the failure of any representation or warranty
made by the Borrower Parties in Section 7 of this Agreement to be true and correct in all material respects, or (iv) the occurrence
of a “Termination Event” as defined in the Mortgage Forbearance Agreement or any other termination of the “Forbearance
Period” as defined in the Mortgage Forbearance Agreement (each referred to herein individually and collectively as a “Termination
Event”). Upon the expiration or earlier termination of the Forbearance Period as a result of the occurrence of a Termination
Event, the Lender Parties may pursue and/or commence any legal or other action to enforce and collect any or all of the Borrower Parties’
obligations under the Loan Documents, which shall include, without limitation, the right to collect interest at the Default Rate on a
retroactive basis from and including June 30, 2021.

 

4.              Conditions to Forbearance. As a material inducement for the Lender Parties to enter this Agreement and to forbear from enforcing
its rights under the Loan Documents during the Forbearance Period on the terms set forth in this Agreement, and as an express condition
of such forbearance, the Borrower Parties agree as follows:

 

		a.	The Borrower Parties shall continue to perform all duties and observe all covenants and conditions set
forth in the Loan Documents and this Agreement; provided, that Indemnitor shall not be required to satisfy the liquidity requirement set
forth in Section 12 of the Recourse Guaranty during the Forbearance Period;

 

		b.	All out-of-pocket attorneys’ fees and costs (i) incurred by the Lender Parties prior to September
30, 2021 and which have not been presented to Borrower by Administrative Agent for payment on or prior to the execution of this Agreement,
and/or (ii) incurred by the Lender Parties as a result of entering into or with respect to this Agreement, shall be reimbursed to Administrative
Agent by the Borrower Parties on or before the earlier to occur of the expiration or earlier termination of the Forbearance Period and
ten (10) days after Administrative Agent’s written demand therefor; provided that Administrative Agent provides reasonably
satisfactory evidence of such out-of-pocket attorneys’ fees and costs;

 

		c.	Borrower shall continue to diligently and in good faith pursue completion of Milestone Construction Hurdle
8;

 

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		d.	This Agreement is countersigned by the Borrower Parties on or prior to October 8, 2021;

 

		e.	The “Borrower Parties” as defined in the Mortgage Forbearance Agreement shall comply with
Section 4 of the Mortgage Forbearance Agreement;

 

		f.	Borrower hereby waives any notice and/or cure periods set forth in the Loan Documents solely with respect to the Existing Defaults.

 

5.              Time of the Essence. Time is of the essence in this Agreement.

 

6.              Default Interest. Notwithstanding the terms of any forbearance herein, Borrower acknowledges and agrees that interest at
the Default Rate began accruing on June 30, 2021 on the then outstanding principal balance of the Loan and shall continue to accrue on
and after the Forbearance Effective Date, which amounts shall constitute additional Indebtedness evidenced by the Note and shall be secured
by the Loan Documents. Subject to the satisfaction of all conditions to forbearance set forth herein prior to the expiration of the Forbearance
Period, the Lender Parties shall waive Borrower’s obligation to pay interest calculated at the Default Rate (and Administrative
Agent shall accept payments of interest calculated at the Contract Rate during the Forbearance Period in lieu thereof); provided, however,
that in the event that all conditions to forbearance set forth in this Agreement are not satisfied prior to the expiration (or earlier
termination) of the Forbearance Period, in addition to all of the other obligations of the Borrower Parties set forth in the Loan Documents,
all interest from and after June 30, 2021 shall be calculated at the Default Rate and become immediately due and payable by Borrower,
without notice or cure period.

 

7.              Representations and Warranties. Each of the Borrower Parties hereby represents and warrants as follows, as of the Forbearance
Effective Date:

 

		a.	Except for the Existing Defaults, no Event of Default has occurred and is continuing.

 

		b.	Such Borrower Party is not presently aware of the existence of any default other than the Existing Defaults
(without any duty to investigate).

 

		c.	Each of the representations and warranties made in the Loan Documents are true, correct and complete as
of the Forbearance Effective Date as if made on the Forbearance Effective Date (subject to such changes as may have resulted from acts,
omissions, events or circumstances that do not have a Material Adverse Effect and do not constitute a Potential Event of Default or Event
of Default under the Loan Documents) (except no certification is made with respect to representations and warranties which are made as
to a specific date).

 

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		d.	The execution, delivery and performance of such Borrower Party of this Agreement has been duly authorized
by all necessary corporate, limited liability company or limited partnership action, as applicable.

 

8.            Intentionally Omitted.

 

9.            Release of Lender Parties. The Borrower Parties hereby release, acquit and forever discharge the Lender Parties from any
and all claims, demands, debts, actions, causes of action, suits, defenses, offsets against the Indebtedness and liabilities of any kind
or character whatsoever, known or unknown, suspected or unsuspected, in contract or in tort, at law or in equity, including without limitation,
such claims and defenses as fraud, mistake, duress, usury and any other claim of so-called “lender liability”, which the Borrower
Parties ever had, now have or might hereafter have against the Lender Parties, jointly or severally, for or by reason of any matter, cause
or thing whatsoever occurring prior to the Forbearance Effective Date in respect of (i) the Lender Parties’ administration of the
Loan, (ii) the Loan Documents, (iii) this Agreement, (iv) the Mortgaged Property and the Collateral and (v) the Indebtedness.

 

10.          Ratification of Liability. Each Borrower Party hereby ratifies and reaffirms all of its payment and performance obligations
(including, without limitation, any indemnification obligations) under the Loan Documents to which it is a party.

 

11.          Payment Statements and Other Financial Information. From time to time, Administrative Agent sent and will send to Borrower
billing statements, payoff information or other financial data (collectively, the “Financial Reports”). The
Financial Reports are generated for Borrower’s information and convenience only, and do not waive, amend or alter Borrower’s
or Indemnitor’s obligations under the Loan Documents. Thus, to the extent that the Financial Reports are inconsistent with any term
of the Loan Documents or to the extent that the Financial Reports do not accurately reflect balances and any charges to which the Lender
Parties are entitled under the Loan Documents, the Loan Documents shall control in every instance. By means of example, and without limitation,
the Financial Reports may fail to include prepayment premiums, late charges or default interest charges. Borrower and Indemnitor each
acknowledge and agree that (a) acceptance from time to time by the Lender Parties, or by DK or Administrative Agent’s servicer (the
 “Servicer”) on behalf of Administrative Agent, of any payment by any of Borrower or Indemnitor (or any party
on their behalf) of an amount less than the amount then due under the Loan Documents at such time shall be deemed acceptance on account
only and shall not be deemed to waive any of the Lender Parties’ rights or remedies under the Loan Documents to require payment
in full of all amounts due at such time or of any of the Lender Parties’ rights to require strict compliance with the terms of the
Loan Documents by Borrower or Indemnitor, and (b) after the occurrence of an Event of Default (as defined in the Loan Documents), any
payments or other amounts received or accepted or both by Administrative Agent, DK or Servicer on behalf of Lender, may be applied by
Administrative Agent toward payment of amounts due under the Loan Documents and/or this Agreement in such order as Administrative Agent
may elect in its sole discretion, from time to time.

 

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12.          Cooperation. Borrower will use commercially reasonable efforts to cooperate, and cause Mortgage Borrower to cooperate, with
the Lender Parties, DK and Servicer to allow them to conduct environmental site assessments, site inspections, structural studies, appraisals
and other evaluations of the Premises reasonably requested by the Lender Parties. Furthermore, each of Borrower and Indemnitor agrees
to furnish the Lender Parties, DK and Servicer, upon the reasonable request of any of them, with financial statements for Borrower and/or
Indemnitor, which financial statements are current, complete and accurate in all material respects, and with current operating statements
and balance sheets for the operation of the Premises.

 

13.          No Amendments; Reservation of Rights; No Waiver. This Agreement shall not be deemed to operate as an amendment of or waiver
of, or to prejudice, any right, power, privilege or remedy of the Lender Parties under the Loan Documents or applicable law (including,
without limitation, the right to enforce any and all conditions to Disbursements to Borrower and/or disbursement of any reserve accounts
established pursuant to the Loan Agreement), nor shall entering into this Agreement preclude the Lender Parties from refusing to enter
into any amendments or further forbearances with respect to the Loan. Other than expressly provided herein, this Agreement shall not constitute
a forbearance with respect to (i) any failure by the Borrower Parties to comply with any covenant or other provision in the Loan Documents
or (ii) the occurrence or continuance of any present or future default or Event of Default.

 

14.          Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, and
all of which when taken together shall constitute a single agreement. The words “execution,” signed,” “signature,”
and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include
images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”,
 “tif” or “jpg”) or an electronic signature executed through DocuSign. The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. The parties hereby waive any defenses to the enforcement
of the terms of this Agreement based on the form of the signature, and hereby agree that such electronically transmitted or signed signatures
shall be conclusive proof, admissible in judicial proceedings, of the parties’ execution of this Agreement.

 

15.          Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and each of
their respective successors and assigns.

 

16.          Authority. Each party hereto (i) represents and warrants that it is authorized to enter into this Agreement, and (ii) acknowledges
that the other party to this Agreement has relied upon such representation and warranty.

 

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17.          Entire Agreement. This Agreement constitutes the entire and final agreement among the parties and there are no agreements,
understandings, warranties or representations among the parties except as set forth and contemplated herein.

 

18.          Severability. If any clause or provision of this Agreement is determined to be illegal, invalid or unenforceable under any
present or future law by the final judgment of a court of competent jurisdiction, the remainder of this Agreement will not be affected
thereby. It is the intention of the parties that if any such provision is held to be illegal, invalid or unenforceable, there will be
added in lieu thereof a provision as similar in terms to such provision as is possible and be legal, valid and enforceable.

 

19.          Further Assurances. The Borrower Parties agree to take all further actions and execute all further documents as the Lender
Parties may from time to time reasonably request to carry out the transactions contemplated by this Agreement and all other agreements
executed and delivered in connection herewith.

 

20.          Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to principles of conflicts of laws.

 

21.          Corporate Credit Agreement. For so long as the Forbearance Period shall be continuing, each of TPHS Lender LLC, as lender
under the Corporate Credit Agreement and Trimont Real Estate Advisors LLC, as administrative agent under the Corporate Credit Agreement,
at the direction of lender under the Corporate Credit Agreement, acknowledges and agrees that no Event of Default (as defined in the Corporate
Credit Agreement) shall be deemed to have occurred as a result of the Existing Defaults.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, this Agreement has
been executed by the parties hereto as of the Forbearance Effective Date.

 

	 	BORROWER:
	 	 	 
	 	TPHGREENWICH SUBORDINATE MEZZ LLC, a Delaware limited liability company
	 	 	 
	 	By: 	/s/ Steven Kahn
	 	 	Name: Steven Kahn
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	 
	 	INDEMNITOR:
	 	 	 
	 	TRINITY PLACE HOLDINGS INC., a Delaware corporation 
	 	 	 
	 	By:	/s/ Steven Kahn
	 	 	Name: Steven Kahn
	 	 	Title: Chief Financial Officer

 

[Signature page continues on next page]

 

    

    

    

 

	 	LENDER:
	 	 	 	 
	 	TPHS LENDER II LLC, a Delaware limited liability company
	 	 	 	 
	 	By: Midtown Acquisitions GP LLC, its Manager
	 	 	 	 
	 	By:	/s/ Joshua D. Morris
	 	 	Name: 	Joshua D. Morris
	 	 	Title: 	Manager
	 	 	 	 
	 	 	 	 
	 	ADMINISTRATIVE AGENT:
	 	 	 	 
	 	TPHS LENDER II LLC, a Delaware limited liability company
	 	 	 	 
	 	By: 	Midtown Acquisitions GP LLC, its Manager
	 	 	 	 
	 	By:	/s/ Joshua D. Morris
	 	 	Name: 	Joshua D. Morris
	 	 	Title: 	Manager

 

[Signature page continues on next page]

 

    

    

    

 

ACKNOWLEDGED AND AGREED SOLELY FOR THE PURPOSES OF PARAGRAPH 21:

 

	CORPORATE FACILITY LENDER:	 
	 	 	 	 
	TPHS LENDER LLC,	 
	as lender	 
	 	 	 	 
	By: 	Midtown Acquisitions GP LLC, its Manager	 
	 	 	 	 
	By: 	/s/ Joshua D. Morris	 
	 	Name: 	Joshua D. Morris	 
	 	Title:	Manager	 
	 	 	 	 
	 	 	 	 
	CORPORATE FACILITY ADMINISTRATIVE AGENT:	 
	 	 	 	 
	TRIMONT REAL ESTATE ADVISORS, LLC,	 
	as administrative agent	 
	 	 	 	 
	By: 	/s/ Brian P. Ward	 
	 	Name: 	Brian P. Ward	 
	 	Title: 	Authorized SignatoryEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 CONFIDENTIAL 

AMENDED & RESTATED EMPLOYMENT AGREEMENT 

This AMENDED & RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of October 11, 2021,
by and between Columbia State Bank, a Washington banking corporation (“Columbia Bank”), together with Columbia Banking System, Inc., a Washington corporation (“CBSI”) and, as applicable, its subsidiaries and
affiliates (Columbia Bank, CBSI and their subsidiaries, collectively, the “Company”) and Clint E. Stein (the “Executive”). Capitalized terms used but not defined in this Agreement have the meanings ascribed to them
in the Agreement and Plan of Merger between Underwood Holdings Corporation (“Underwood”) and CBSI, dated as of October 11, 2021. 

RECITALS 

WHEREAS, the Executive currently serves as the President and Chief Executive Officer of Columbia Bank and CBSI pursuant to an
Employment Agreement among Columbia Bank, CBSI and the Executive, dated September 30, 2019 (the “Prior Employment Agreement”); 

WHEREAS, the Company desires to continue to employ the Executive following the Closing; and 

WHEREAS, the Company and the Executive wish to amend and restate the Prior Employment Agreement to reflect the revised terms
of the Executive’s employment following the Closing. 
 NOW THEREFORE, in consideration of the mutual promises made in
this Agreement, the parties agree as follows: 
 1. Term. 

(a) The term of this Agreement will commence upon the Closing and will expire upon the fifth anniversary of the Closing (the
“Term”), unless terminated earlier in accordance with Section 3. 
 (b) If the
Merger Agreement is terminated before the Closing in accordance with its terms, or if Executive is not employed by the Company as of immediately prior to the Closing, (i) this Agreement will automatically terminate and be void ab initio
and (ii) the Prior Employment Agreement will remain in full force and effect. 
 2. Terms of Employment. 

(a) Position and Duties. 

(i) The Executive shall serve as President & Chief Executive Officer of CBSI and Chief Executive Officer of the
Surviving Bank, with the duties and responsibilities that are customarily assigned to such positions. The Executive shall report to the Board of Directors of CBSI and the Board of Directors of the Surviving Bank (the “Board”). The
Executive’s principal place of employment shall be at the Company’s corporate offices in 

 
Tacoma, Washington. The Executive shall be subject to and shall abide by each of the personnel policies applicable to senior executives and employees of the Company. 

(ii) Executive shall continue to serve as a member of the Board following the Closing and during the Term, the Company shall
use its best efforts to nominate the Executive for reelection to the Board. The Executive shall not receive separate or additional compensation for such Board service. At the termination of the Executive’s employment with the Company, the
Executive shall resign from the Board and from his position as an officer or director of any of the Company’s subsidiaries if requested to do so by the Company. The preceding sentence shall survive any termination of this Agreement. 

(iii) While employed by the Company, but excluding any periods of vacation and sick leave to which the Executive is entitled
under this Agreement, the Executive shall be employed by the Company on a full-time basis and agrees to devote such time as is necessary to discharge the responsibilities assigned to the Executive hereunder and to use the Executive’s reasonable
best efforts to perform such responsibilities faithfully and efficiently. The Executive may (A) with the prior written approval of the Board (which will not be unreasonably withheld), serve on corporate, civic or charitable boards or
committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, or (C) manage personal investments, so long as such activities do not interfere with the performance of the Executive’s
responsibilities to the Company and the Executive’s compliance with this Agreement, including, but not limited to, Section 9 and Section 10. 

(b) Compensation. 

(i) Base Salary. During the Term, the Executive shall receive an annual base salary (the “Annual Base
Salary”) at a rate of $1,150,000 payable in accordance with the Company’s normal payroll policies. The Annual Base Salary shall be reviewed by the Compensation Committee of the Board (the “Committee”) for increase (but
not decrease) at least annually pursuant to the Company’s normal performance review policies for executives. The Annual Base Salary shall not be reduced after any increase and the term Annual Base Salary as used in this Agreement shall refer to
Annual Base Salary as so increased. 
 (ii) Annual Bonus. With respect to each fiscal year ending during the Term,
the Executive shall be eligible to receive an annual cash bonus (the “Annual Bonus”) with a target opportunity of not less than 100% of Annual Base Salary (the “Target Bonus”). The actual Annual Bonus earned by the
Executive, which could be higher or lower than the Target Bonus, shall be determined based on the attainment of performance objectives to be established by the Board or the Committee and shall be paid in accordance with the annual incentive plan
applicable to other senior executives for the year to which the Annual Bonus relates. The Target Bonus shall be reviewed by the Committee for increase (but not decrease) at least annually pursuant to the Company’s normal performance review
policies for executives. 
 (iii) Long-Term Incentive Awards. With respect to each fiscal year ending during the Term
(commencing with the annual grant cycle in the fiscal year in which the Closing occurs,), the Executive shall be granted long-term incentive awards with an annual target opportunity of 200% of Annual Base Salary (the “Annual LTI”).
To the extent the Executive has 

  
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received an annual grant from the Company under the Prior Employment Agreement in the fiscal year in which the Closing occurs, but prior to the Closing Date, then promptly following the Closing
(and in no event later than thirty (30) days after the Closing Date), the Executive shall receive an additional grant such that Executive’s total long-term incentive award grant for the fiscal year in which the Closing occurs has a target
opportunity equal to 200% of Annual Base Salary (as defined, for the avoidance of doubt, in this Agreement). The Annual LTI shall be reviewed by the Committee for increase (but not decrease) at least annually pursuant to the Company’s normal
performance review policies for executives. The timing, form and terms and conditions of such long-term incentive awards shall be no less favorable than the timing, form and terms and conditions applicable to other senior executives;
provided, however, that, for the first three years of the Term, in no event shall that portion of the Executive’s Annual LTI grant that vests, in whole or in part, based on the satisfaction of performance conditions be greater
than 60% of the total Annual LTI grant. 
 (iv) SERP. Executive acknowledges and agrees that, for purposes of
calculating the Executive’s benefits under the Columbia State Bank Supplemental Executive Retirement Plan by and between Columbia Bank and the Executive, as amended from time to time (the “SERP”) the Executive’s “Base
Salary” (as defined in the SERP) was frozen at $450,000 effective as of January 1, 2020 so that any increases to the Executive’s Base Salary beginning on such date will not be reflected for purposes of the SERP. The Executive
otherwise shall continue to participate in the SERP (including with respect to vesting service credit), and remain eligible for benefits under the Supplemental Compensation Agreement (sometimes referred to as a “Unit Plan”) to which
the Executive is a party, in accordance with their respective terms and conditions. 
 (v) Other Employee Benefit
Plans. While employed by the Company, the Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in all benefits under all plans, practices, policies and programs provided by the Company on a basis
that is no less favorable than those generally applicable or made available to other executives of the Company. The Executive shall be eligible for participation in fringe benefits and perquisite plans, practices, policies and programs (including,
without limitation, expense reimbursement plans, practices, policies and programs) on a basis that is no less favorable than those generally applicable or made available to other senior officers of the Company. 

(vi) Synergy Integration Award. Following the Closing, the Board may grant the Executive a synergy integration or
similar award to support a successful integration of CBSI and Umpqua. Any such award shall be determined by the Board in its discretion and be subject to the terms and conditions of the applicable plan and/or award agreement, as applicable. 

3. Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death.
If the Company determines in good faith that the Disability (as defined below) of the Executive has occurred while the Executive is employed by the Company, it may provide the Executive with written notice in accordance with
Section 11(a) 

  
 -3- 

 
of this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the “Disability Effective Date”); provided, that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties.
For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 90 consecutive days, or a total of 180 days in any 12 month period, as a
result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative. 

(b) Cause. The Company may terminate the Executive’s employment either with or without Cause. For purposes of this
Agreement, “Cause” shall mean: 
 (i) embezzlement, dishonesty or fraudulent acts involving the Company or
the Company’s business operations; 
 (ii) willful material breach of Section 10 or
Section 11 of this Agreement or a written policy of the Company; 
 (iii) conviction (where
entered upon a verdict or a plea, including a plea of no contest) on any felony charge or on a misdemeanor directly reflecting upon the Executive’s honesty; or 

(iv) an act or omission that materially injures the Company’s reputation, business affairs or financial condition, if
that injury could have been reasonably avoided by the Executive. 
 Prior to the third anniversary of the Closing Date, any cessation of the
Executive’s employment shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of at least 75% of the full Board at a meeting of the Board
called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with the Executive’s counsel, to be heard before the Board), finding that, in the good faith opinion of
the Board, the Executive is guilty of the conduct described in sub-clause (i), (ii) or (iv) above, and specifying the particulars thereof in detail. 

(c) Good Reason. The Executive’s employment may be terminated by the Executive with or without Good Reason. For
purposes of this Agreement, “Good Reason” shall mean, in the absence of a written consent of the Executive, any of the following: 

(i) a material diminution in the Executive’s total compensation from that set forth in
Section 2(b)(i), (ii) and (iii); 
 (ii) a material diminution in the
Executive’s authority, duties, or responsibilities; or 

  
 -4- 

 (iii) a material change in the geographic location at which the Executive
must perform services (within the meaning of Treasury Regulations Section 1.409A-1(n)(2)(ii)(A)(5)), provided that in no event shall a change in geographic location of less than forty-five
(45) miles be considered a material change in geographic location for purposes of this Agreement. 
 In the event of any of the
forgoing circumstances, the Executive shall provide notice to the Company of the existence of the conditions described above within a period not to exceed ninety (90) days of the initial existence of said condition, upon the notice of which the
Company must be provided a period of at least thirty (30) days during which it may remedy the condition. If the condition is not remedied within those thirty (30) days, and the Executive voluntarily terminates (other than due to
Disability) his employment within sixty (60) days after such 30-day period, then such termination shall be deemed to have been for “Good Reason.” 

For the avoidance of doubt, the Executive hereby acknowledges and agrees that the transactions or other actions contemplated by the Merger
Agreement, including any changes in the Executive’s employment, shall not constitute or give rise to a valid claim of Good Reason under this Agreement, the Prior Employment Agreement, the Executive’s equity and other long-term incentive
awards, the SERP or any other compensation or benefit arrangement applicable to the Executive. 
 (d) Notice of
Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by notice of termination to the other party hereto given in accordance with Section 11(a) of this
Agreement. 
 (e) Date of Termination. “Date of Termination” means (i) if the Executive’s
employment is terminated by the Company for Cause, or by the Executive with or without Good Reason, the date of receipt of the notice of the termination of the Executive’s employment with the Company or any later date specified therein within
30 days of such notice, as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause, Disability or death, the Date of Termination shall be the date on which the Company notifies the Executive of
such termination or any later date specified by the Company and (iii) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be. 
 (f) Required Approval. Notwithstanding anything contained herein to the
contrary, prior to the third anniversary of the Closing Date, (i) the Executive’s removal from, or the failure to appoint, re-elect or re-nominate the
Executive to, as applicable, the Executive’s positions as the President and Chief Executive Officer of CBSI and Chief Executive Officer of the Surviving Bank and as a member of the Board, (ii) any termination of the Executive’s
employment for any reason by CBSI, the Surviving Bank or any of their respective subsidiaries, or (iii) any modification to the terms and conditions of this Agreement that would be a basis for the Executive to assert a claim for termination for
Good Reason will, in each case, require the affirmative vote of at least 75% of the full Board. 
 4. Obligations of the
Company upon Termination. 

  
 -5- 

 (a) Qualifying Termination. If (1) the Company terminates the
Executive’s employment for any reason other than for Cause, Disability or death or (2) the Executive terminates employment for Good Reason (each, a “Qualifying Termination”), in either case more than six months prior to,
or more than 24 months following, a Change in Control (as defined in the 2018 Equity Incentive Plan of Columbia Banking System, Inc. and including, for the avoidance of doubt, the Merger): 

(i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of
(1) the Executive’s accrued Annual Base Salary and any accrued vacation pay through the Date of Termination, (2) the Executive’s business expenses that have not been reimbursed by the Company as of the Date of Termination that
were incurred by the Executive prior to the Date of Termination in accordance with the applicable Company policy, and (3) the Executive’s Annual Bonus earned for the fiscal year immediately preceding the fiscal year in which the Date of
Termination occurs if such bonus has been determined but not paid as of the Date of Termination (the sum of the amounts described in clauses (1) through (3) shall be hereinafter referred to as the “Accrued Obligations”); 

(ii) subject to Section 4(e), the Company shall pay to the Executive a cash severance benefit in an
amount equal to two times the Executive’s Annual Base Salary (the “Severance Benefits”). The Company shall pay the Severance Benefits in substantially equal installments in accordance with the Company’s normal payroll
policies over the two-year period following the Date of Termination; provided that the first payment shall be made on the 60th day following the Date of Termination and shall include all installments
otherwise payable within such 60-day period; 
 (iii) subject to
Section 4(e), the Company shall pay to the Executive in a lump sum in cash a pro rata portion of any Annual Bonus earned for the year in which the Date of Termination occurs (with proration determined based on the number of
months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Annual Bonus at the same time as the Company pays annual bonuses to active employees (and no later than March 15 of the year
following the fiscal year to which the Annual Bonus relates); 
 (iv) subject to Section 4(e), a
pro rata portion of any long-term incentive awards granted to the Executive shall vest as follows: (1) a pro rata portion of any long-term incentive award that is not subject to performance-based vesting conditions shall vest as of the Date of
Termination (with proration determined based on the number of months in the applicable vesting period in which the Executive is employed with the Company) and (2) a pro rata portion of any long-term incentive award that is subject to
performance-based vesting conditions shall vest as of the regularly scheduled vesting date based on actual performance (with proration determined based on the number of months in the applicable vesting period in which the Executive is employed with
the Company), and, in each case, any payment or delivery shall be made in respect of such awards within 60 days following vesting subject to compliance with Section 409A of the Code. For illustrative purposes only, if the Executive holds 96
restricted shares that are scheduled to vest over a four-year period (the “Illustrative Vesting Period”) and that are not subject to performance vesting, and the Executive’s employment terminates 15.5 months after the beginning
of the Illustrative Vesting Period, then 16/48 of the 

  
 -6- 

 
restricted shares (32 restricted shares) will vest upon the Executive’s termination (regardless of the vesting schedule set forth in the award and without duplication of any previous
vesting) subject to Section 4(e) and the remaining 64 restricted shares will be forfeited; 
 (v)
subject to Section 4(e), for the 24-month period immediately following the Date of Termination, the Company shall continue the health and welfare benefits provided to the Executive
and his dependents at the levels provided to active employees; provided that, if the Company determines that such continuation is not feasible without the payment of taxes or penalties or is not permissible under applicable law, the Company
and the Executive shall cooperate in good faith to modify this section in such a manner that does not materially increase the cost to the Company (collectively, the “Welfare Benefits”); and 

(vi) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other
amounts or benefits required to be paid or provided or that the Executive is eligible to receive under any plan, program, policy, practice, contract or agreement of the Company and its affiliated companies through the Date of Termination (such other
amounts and benefits shall be hereinafter referred to as the “Other Benefits”). As used in this Agreement, the term “affiliated companies” shall include any company controlled by, controlling or under common control with
the Company. 
 (b) Qualifying Termination in Connection with a Change in Control. If the Executive experiences a
Qualifying Termination within six months prior to, or within 24 months following a Change in Control: 
 (i) the Company
shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the Accrued Obligations; 

(ii) the Company shall pay to the Executive a cash severance benefit in an amount equal to 2.5 times the sum of the
Executive’s Annual Base Salary and Target Bonus (the “CIC Severance Benefits”). The Company shall pay the CIC Severance Benefits in substantially equal monthly installments in accordance with the Company’s normal payroll
policies over a 30-month period following the Date of Termination; provided that, if the Date of Termination is prior to a Change in Control, the first payment after the Change in Control shall include
amounts owed and not paid prior to the Change in Control as a result of the difference in value between the CIC Severance Benefits and the Severance Benefits; 

(iii) the Company shall pay to the Executive in a lump sum in cash a pro rata portion of the Executive’s Target Bonus
(with proration determined based on the number of months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Target Bonus no later than March 15 of the year following the fiscal year to
which the Annual Bonus relates; 
 (iv) the Executive’s long-term incentive awards shall be treated in accordance with
their terms; 
 (v) subject to Section 4(e), for the
30-month period immediately following the Date of Termination, the Company shall continue the Welfare Benefits; and 

  
 -7- 

 (vi) to the extent not theretofore paid or provided, the Company shall
timely pay or provide to the Executive the Other Benefits. 
 (c) Death; Disability. If the Executive’s
employment is terminated by reason of the Executive’s death or Disability, this Agreement shall terminate without further obligations to the Executive’s legal representatives or the Executive, as applicable, under this Agreement, other
than for (i) payment of Accrued Obligations and (ii) the timely payment or provision of Other Benefits. The Accrued Obligations shall be paid to the Executive’s estate or beneficiary or the Executive, as applicable, in a lump sum in
cash within 30 days of the Date of Termination. With respect to the provision of the Other Benefits, the term Other Benefits as utilized in this Section 4(c) shall include death benefits, if applicable, for which the
Company pays as in effect on the date of the Executive’s death. 
 (d) Cause; Other Than for Good Reason. If the
Executive’s employment is terminated by the Company for Cause or the Executive terminates employment without Good Reason, this Agreement shall terminate without further obligations to the Executive’s legal representatives or the Executive,
as applicable, under this Agreement, other than for (i) payment of Accrued Obligations and (ii) the timely payment or provision of Other Benefits. The Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days
of the Date of Termination. 
 (e) Release of Claims. The termination benefits described in
Section 4(a) of this Agreement (excluding the Accrued Benefits and Other Benefits) shall be conditioned on the Executive delivering to the Company, and not revoking, a signed release of claims in a form provided by the
Company within fifty-five days following the Date of Termination. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Executive’s execution of the release, directly or indirectly, result in the
Executive designating the calendar year of payment, and, to the extent required by Section 409A of the Code, if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be made in the
later taxable year, as promptly as practicable following the later of (1) the execution of the release and (2) the first business day of such later taxable year. 

5. Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to
perform the obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense or other claim, right or action that the Company may have against the Executive or others. In no event shall the Executive be obligated to seek
other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment. 

6. Section 280G. In the event that any payments or benefits otherwise payable to the Executive (1) constitute
“parachute payments” within the meaning of Section 280G of the Code, and (2) but for this Section 6, would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and
benefits shall be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the
foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax 

  
 -8- 

 
imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by the Executive on an after-tax basis,
of the greatest amount of benefits. Any reduction in payments and/or benefits required by this provision shall occur in the following order: (1) reduction of cash payments that are exempt from Section 409A of the Code; (2) reduction
of vesting acceleration of equity awards; and (3) reduction of other benefits paid or provided to the Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting shall be cancelled in a
manner that results in the maximum economic benefit to the Executive subject to compliance with Section 409A of the Code. 

7. Successors. 

(a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by
the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives, heirs or legatees. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

(c) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken
place. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law, or
otherwise. 
 8. Governing Law; Venue; Arbitration. This Agreement is made with reference to and is intended to be
construed in accordance with the laws of the State of Washington. Venue for any action arising out of or concerning this Agreement shall lie in Pierce County, Washington. In the event of a dispute under this Agreement, the dispute shall be
arbitrated pursuant to the Superior Court Mandatory Arbitration Rules (“MAR”) adopted by the Washington State Supreme Court, irrespective of the amount in controversy. This Agreement shall be deemed as stipulation to the effect
pursuant to MAR 1.2 and 8.1. The arbitrator, in his or her discretion, may award attorney’s fees to the prevailing party or parties. 

9. Restrictive Covenants. 

(a) Non-competition. The Executive agrees that, during the Executive’s
employment with the Company, and for a period of two years thereafter (collectively, the “Non-Competition Period”), the Executive shall not directly or indirectly become interested in, as a
“founder,” organizer, principal shareholder, director, or officer, any financial institution, now existing or organized hereafter, that competes or may compete with the Company or any of its affiliates (for purposes of this
Section 9, collectively the “Company”), including any successor, within any county in which the Company does business; provided that the Executive shall not be deemed a “principal
shareholder” unless (i) the Executive’s investment in such an institution exceeds 2% of the institution’s outstanding voting securities or (ii) the Executive is active in the

  
 -9- 

 
organization, management or affairs of such institution. The provisions restricting competition by the Executive may be waived by action of the Board. 

(b) Non-interference. During the
Non-Competition Period, the Executive shall not (a) solicit or attempt to solicit any other employee of the Company to leave the employ of the Company, or in any way interfere with the relationship
between the Company and any other employee of the Company, (b) solicit or attempt to solicit any customer of the Company to cease doing business with the Company or to otherwise divert such customer’s business from the Company, or
(c) solicit or attempt to solicit any supplier, licensee, or other business relations of the Company to cease doing business with the Company. 

(c) Interpretation. If a court or any other administrative body with jurisdiction over a dispute related to this
Agreement should determine that the restrictive covenants set forth in this Section 9 are unreasonably broad, the parties hereby authorize and direct said court or administrative body to narrow the same so as to make it
reasonable, given all relevant circumstances, and to enforce the same. The covenants in this Section 9 shall survive termination of this Agreement. 

(d) Injunctive Relief. The Executive recognizes and agrees that any breach of the covenants set forth in this
Section 9 by the Executive will cause immediate and irreparable injury to the Company, and the Executive hereby authorizes recourse by the Company to injunction and/or specific performance, as well as to other legal or
equitable remedies to which either may be entitled. 
 10. Confidentiality. 

(a) Nondisclosure. The Executive shall not use or disclose any confidential information (as defined in subsection
(c) below) either during or following the term of this Agreement, except as required by the Executive’s duties under this Agreement or as otherwise allowed under subsection (b) below. Notwithstanding anything to the contrary in this
Agreement or otherwise, nothing shall limit the Executive’s rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity.
The Executive is hereby notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any
disclosure of a trade secret that is made (1) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of
the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (3) to the Executive’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade
secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order. 

(b) Exceptions. The Executive’s nondisclosure obligation under subsection (a) above does not apply to any use
or disclosure that is: 
 (i) Made with the prior written consent of the Board; 

  
 -10- 

 (ii) Required by a court order or a subpoena from a government agency
(provided, however, that the Executive must first provide the Company with reasonable notice of the court order or subpoena in order to allow the Company the opportunity to contest the requested disclosure); or 

(iii) Of confidential information that has been previously disclosed to the public by the Company or is in the public domain
(other than by reason of Executive’s breach of this Agreement). 
 (c) “Confidential Information”
includes any of the Company’s (or its subsidiaries’ or affiliate’s) trade secrets, customer or prospect lists, information regarding product development, marketing plans, sales plans, strategic plans, projected acquisitions or
dispositions, management agreements, management organization information (including data and other information relating to members of the Board of Directors of Columbia Bank (and, following the Closing, the Surviving Bank), the Board and
management), operating policies or manuals, business plans, purchasing agreements, financial records, or other similar financial, commercial, business or technical information of any information that the Company or any of its subsidiaries or
affiliates has received from service providers, other vendors or customers that these third parties have designated as confidential or proprietary. 

(d) Survival. This section shall survive the termination of Executive’s employment. 

11. Miscellaneous. 

(a) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other parties
or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	 If to the Executive:
	  	 At the most recent address on file at the Company.

		
	 If to the Company:
	  	Columbia Bank 
1301 ‘A’ Street, Ste. 800 
Tacoma, WA 98402-4200 
ATTN: (Corporate Secretary)

 or to such other address as either party shall have furnished to the other in writing in accordance herewith.
Notice and communications shall be effective when actually received by the addressee. 
 (b) The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

(c) This Agreement may be executed by .pdf or facsimile signatures and in any number of counterparts with the same effect as if
all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

  
 -11- 

 (d) The Company may withhold from any amounts payable under this Agreement
such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(e) Any provision of this Agreement that by its terms continues after the expiration of this Agreement or the termination of
the Executive’s employment shall survive in accordance with its terms. 
 (f) This Agreement is intended to comply with
the requirements of Section 409A of the Code (together with the applicable regulations thereunder, “Section 409A”). To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section 409A, such provision shall be read in such a manner so that all payments due under this Agreement shall comply with Section 409A. In no event may Executive, directly or indirectly, designate the calendar year of payment. Each
payment under this Agreement shall be treated as a separate payment for purposes of Section 409A. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of
Section 409A of the Code, the Executive is considered a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that the Executive becomes entitled to under this Agreement is deferred
compensation subject to interest, penalties and additional tax imposed pursuant to Section 409A of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be payable prior to the date
that is the earlier of (i) six months and one day after the Executive’s separation from service or (ii) the Executive’s death. In no event shall the date of termination of the Executive’s employment be deemed to occur until
the Executive experiences a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding anything contained herein to the contrary, the date on which such separation from service takes place shall be
the Date of Termination. All reimbursements provided under this Agreement shall be provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) the amount of expenses
eligible for reimbursement during one calendar year shall not affect the amount of expenses eligible for reimbursement in any other calendar year; (B) the reimbursement of an eligible expense shall be made no later than the last day of the
calendar year following the calendar year in which the expense is incurred; and (C) the right to any reimbursement shall not be subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, the Company makes no
representation or covenant to ensure that the payments and benefits under this Agreement are exempt from, or compliant with, Section 409A of the Code. 

(g) Except as explicitly set forth herein, this Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements, oral or written, between the parties hereto with respect to the subject matter hereof, including without limitation the Prior Employment Agreement. For the avoidance of
doubt, the parties understand, acknowledge, and agree that the terms of this Agreement are not intended by the Executive, Columbia Bank, or CBSI, and shall not be interpreted by any party, court or arbitrator, to supersede, modify, amend, change,
negate, cancel or render null or void the terms of the SERP or Unit Plan. 

  
 -12- 

 [Remainder of Page Intentionally Left Blank] 

  
 -13- 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand
and, pursuant to the authorization from their respective boards of directors, each of Columbia Bank and CBSI has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

					
	 EXECUTIVE

		
	 By
	 	 /s/ Clint E. Stein

		 	 Name:
	 	 Clint E. Stein

 [Signature Page to Amended and Restated Employment Agreement] 

 
					
	 COLUMBIA STATE BANK

		
	 By
	 	 /s/ Craig D. Eerkes

		 	 Name:
	 	 Craig D. Eerkes

		 	 Title:
	 	 Chairman of the Board of Directors

	
	 COLUMBIA BANKING SYSTEM, INC.

		
	 By
	 	 /s/ Craig D. Eerkes

		 	 Name:
	 	 Craig D. Eerkes

		 	 Title:
	 	 Chairman of the Board of Directors

 [Signature Page to Amended and Restated Employment Agreement]

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