Document:

CONSULTING AGREEMENT

      This Consulting Agreement (this "Agreement") is made as of the 11th day
of January, 2006, by and among M Power Entertainment Inc., a Delaware
corporation, having its principal place of business at 2602 Yorktown Place,
Houston, TX  77056 (Company), and D. Scott Elliott, an individual with offices
at 2219 Gulf Drive, Bradenton Beach, FL 34217 ("Consultant") and is made in
light of the following recitals which are a material part hereof.

                            Recitals:

            A. Consultant is a corporate finance consultant, experienced with
               both technology and financing of small-cap companies generally.
               Accordingly, notwithstanding Consultant's familiarity with
               securities law, neither Consultant nor the Company desires that
               Consultant furnish any legal services but only information,
               evaluation and analysis.

            B. Consultant has knowledge and experience to provide such
               information, evaluation, analysis as the Company believes can
               assist it in furthering execution of its business model.

            C. The Company desires to retain the services of the Consultant
               for those consulting services regarding certain financing
               contemplated as well as the impact of such financing on the
               functions and operations of the Company as more fully set forth
               in that confidential schedule of services and deliverables
               attached hereto as Schedule A which services are incorporated
               herein by reference and referred to herein as the "Consultant
               Services"

            D. Consultant desires to provide the Consultant Services to and
               consult with the Board of Directors, the officers of the
               Company, and the administrative staff, and to undertake for the
               Company, consultations and recommendations in conformity with
               such Consultant upon the terms and conditions provided herein
               including but not limited to the compensation promised herein.

            E. Consultant will provide assistance to Company, as mutually
               agreed, in identifying merger and/or acquisition candidates,
               assisting in any due diligence, recommending transaction terms
               and providing advice and assistance during negotiations, as
               needed.  It is expressly understood that Consultant shall have
               no power to bind Company to any contract or transaction
               obligation.

      NOW THEREFORE, for and in consideration of good and valuable
consideration, in hand paid, including, but not limited to the mutual promises
set forth herein, the receipt and sufficiency of which is acknowledged by each
party hereto, the parties hereby agree as follows:

1.    Recitals Govern.  The parties desire to enter into this agreement for
purposes of carrying out the above recitals and intentions set forth above and
this Agreement shall be construed in light thereof.

2.    Stock only for Services.  The parties desire to memorialize their
agreement to adhere to Securities Act Release No. 33-7646, dated February 26,
1999 regarding registration of securities on Form S-8, a copy of which is
attached hereto as Exhibit A and incorporated herein by reference.  No duty,
obligation, engagement or other thing imposed on either the Company or the
Consultant hereunder shall be construed to impose any duty, obligation or
other engagement in violation of the letter or spirit of said release.

3.    Consulting Services. The Consultant agrees to provide the Consultant
Services to the Company during the "Term" (as hereinafter defined). Consultant
agrees to provide such information, evaluation and analysis, in accordance
with the Consultant Services as will assist in maximizing the effectiveness of
Client's business model both relative to its business model and to its present
and contemplated capital structure.  The Consultant shall personally provide
the Consultant Services and the Company understands that the nature of the
services to be provided are part time and that the Consultant will be engaged
in other business and consulting activities during the term of this Agreement.

      3.a    Conflicts.  The Company waives any claim of conflict and
acknowledges that Consultant has owned and continues to own and has consulted
with and continues to consult with interests in competitive businesses which
might compete but for location.

      3.b    Confidential Information. The consultant agrees that any
information received by the consultant during any furtherance of the
consultant's obligations in accordance with this contract, which concerns the
personal, financial or other affairs of the company will be treated by the
consultant in full confidence and will not be revealed to any other persons,
firms or organizations. In connection herewith, Consultant and the Company
have entered into that Confidentiality Agreement in the form attached hereto
as Schedule B.

      3.c    Role of Consultant.  Consultant shall be available to consult
with the Board of Directors, the officers of the Company, and the heads of the
administrative staff, at reasonable times, concerning matters pertaining to
the organization of the administrative staff, the fiscal policies of the
Company, the relationship of the Company with its employees or with any
organization representing its employees, and, in general, the important
problems of concern in the business affairs of the Company all in fulfillment
of the Consultant Services. Consultant shall not represent the Company, its
Board of Directors, its officers or any other members of the Company in any
transactions or communications nor shall Consultant make claim to do so.

      3.d    Liability.  With regard to the services to be performed by the
Consultant pursuant to this Agreement, the Consultant shall not be liable to
the Company, or to anyone who may claim any right due to any relationship with
the Company, for any acts or omissions in the performance of services on the
part of the Consultant or on the part of the agents or employees of the
Consultant, except when said acts or omissions of the Consultant are due to
willful misconduct or gross negligence. The Company shall hold the Consultant
free and harmless from any obligations, costs, claims, judgments, attorneys'
fees, and attachments arising from or growing out of the services rendered to
the Company pursuant to the terms of this agreement or in any way connected
with the rendering of services, except when the same shall arise due to the
willful misconduct or gross negligence of the Consultant and the Consultant is
adjudged to be guilty of willful misconduct or gross negligence by a court of
competent jurisdiction.

4.    Term. The term of this Agreement shall commence as of the date hereof
and shall continue for a period of one (1) year from that date, unless sooner
terminated as provided herein.  It is understood that this Agreement shall not
automatically renew and no obligations to renew are implied notwithstanding
continued efforts to fulfill terms and conditions incomplete as of the
termination of this Agreement. This Agreement and the duties and obligations
of the Consultant may be terminated by either party giving thirty (30) days'
prior written notice to the other but the compensation and any previously
incurred and approved expenses shall be deemed earned by and due to
Consultant.

5.    Compensation.  In consideration of the execution of the Agreement, and
the performance of his obligations hereunder, and in lieu of cash compensation
on an hourly basis, the Consultant shall receive a fee of two million one
hundred thousand (2,100,000) registered common shares of the Company
(hereinafter, the "Shares"), to be issued in increments entirely at Company's
discretion.  The Shares will be, prior to delivery to Consultant, registered
pursuant to valid and effective registration statements under either Form SB-2
or S-8 and the Company agrees that the Shares shall be freely tradable and
that the existence of any restriction, buy-sell or other limitation under
state or Federal securities laws including but not limited to Rule 144 of the
Securities Act of 1933 and/or the limitations on manner of sale imposed under
the Securities and Exchange Act of 1934 shall be lifted and/or waived by the
Company prior to delivery of the Shares.  The Shares shall be tendered within
Twenty (20) days of the effective date of this Agreement.

6.    Expenses. The Company shall pay or reimburse the Consultant for all
reasonable travel, business and miscellaneous expenses incurred by the
Consultant in performing its duties under this Agreement, subject to prior
approval.

7.    Control as to Time and Place and Manner where Services Will Be Rendered,
Independent Contractor.  It is anticipated the Consultant will spend up to 200
hours in fulfilling its obligations under this Agreement.  The particular
amount of time may vary from day to day or week to week.  The Consultant shall
not be entitled to any additional compensation except where the Consultant
performs more than 200 hours, subject to the prior written approval of the
Company, whereupon the Consultant will be paid at the rate of $150 per hour
for work performed in accordance with this Agreement. If additional work is
approved, the Consultant will submit an itemized statement setting forth the
time spent and services rendered, and the Company will pay the Consultant the
amounts due as indicated by statements submitted by the Consultant within ten
(10) days of receipt.. Both the Company and the Consultant agree that the
Consultant will act as an independent contractor in the performance of its
duties under this Agreement. The Consultant will perform most services in
accordance with this Agreement at a location and at times chosen in
Consultant's discretion. The Company may from time to time request that the
Consultant arrange for the services of others but Consultant shall choose and
contract with same. All costs to the Consultant for those services will be
paid by the Company but in no event shall the Consultant employ others without
the prior authorization of the Company. Accordingly, the Consultant shall be
responsible for payment of all taxes including Federal, State and local taxes
arising out of the Consultant's activities in accordance 4with this Agreement,
including by way of illustration but not limitation, Federal and state income
tax, Social Security tax, unemployment insurance taxes, and any other taxes or
business license fee as required. Except as otherwise may be agreed, the
Consultant shall at all times be in an independent contractor, rather than a
co-venturer, agent, employee or representative of the Company.

8.    Representations and Warranties.  The Company represents and warrants
that (i) the shares being issued and/or sold pursuant to option are authorized
to be issued by the Company; (ii) The Company has full right, power, and
corporate authority to execute and enter into this Agreement, and to execute
all underlying documents and to bind such entity to the terms and obligations
hereto and to the underlying documents and to deliver the interests and
consideration conveyed thereby, same being authorized by power and authority
vested in the party signing on behalf of the Company; (iii) the Company has
and will have full right, power, and authority to sell, transfer, and deliver
the shares being issued and/or sold pursuant to option; (iv) the Company has
no knowledge of any adverse claims affecting the subject shares and there are
no notations of any adverse claims marked on the certificates for same; and
(v) upon receipt, Consultant or his nominee will acquire the shares being
issued and/or sold pursuant to option, free and clear of any security
interests, mortgage, adverse claims, liens, or encumbrances of any nature or
description whatsoever, subject only to matters pertaining to the sale of
securities generally including but not limited to the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder, or any state
statute, rule, or regulation relating to the sale of securities (collectively,
"Securities Laws").  In the event that Consultant accepts shares not yet
subject to a valid registration statement (notwithstanding or waiving the
Company's obligations to deliver shares duly and properly registered),
Consultant represents and warrants to the Company that he will acquire same
for investment and not with a view to the sale or other distribution thereof
and will not at any time sell, exchange, transfer, or otherwise dispose of
same under circumstances that would constitute a violation of Securities Laws.
Each party acknowledges the creation, modification and/or transfer of
securities and represents and warrants to all others that it has reviewed the
transaction with counsel and that no registration or representations are
required and that all rights of recourse or rescission resulting from such
transfer, to the extent permitted by law, are waived and each party represents
and warrants to all others that no marketing of securities to the public has
occurred. Each of the warranties, representations, and covenants contained in
this Agreement by any party thereto shall be continuous and shall survive the
delivery of Consultant Services, the Compensation and the termination of this
Agreement.

9.    Arbitration. Any controversy or claim arising out of or relating to this
Agreement, or the breach thereof, shall be settled by arbitration in
accordance of the rules of the American Arbitration Association, and judgment
upon the award rendered by the arbitrator(s) shall be entered in any court
having jurisdiction thereof. For that purpose and the resolution of any other
claim hereunder, the parties hereto consent to the jurisdiction and venue of
an appropriate court located in Jefferson County, State of Florida.  In the
event that litigation results from or arises out of this Agreement or the
performance thereof, the parties agree to reimburse the prevailing party's
reasonable attorney's fees, court costs, and all other expenses, whether or
not taxable by the court as costs, in addition to any other relief to which
the prevailing party may be entitled. In such event, no action shall be
entertained by said court or any court of competent jurisdiction if filed more
than one year subsequent to the date the cause(s) of action actually accrued
regardless of whether damages were otherwise as of said time calculable.

10.   Notices.  All notices, requests, consents, and other communications
under this Agreement shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, or delivered by Facsimile or delivered
personally to the address written above or to such other address of which the
addressee shall have notified the sender in writing. Notices mailed in
accordance with this section shall be deemed given when mailed.

11.   Binding Effect, Assignment and Succession.  All covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of his, her or its respective heirs, personal
representatives, successors, and assigns, whether so expressed or not. Except
for assignment of the options as provided above, no party to this Agreement
may, however, assign his rights hereunder or delegate his obligations
hereunder to any other person or entity without the express prior written
consent of the other parties hereto.

12.   Entire Agreement and Interpretation.  This Agreement, including any
exhibits and schedules hereto, constitutes and contains the entire agreement
of the Company and the Consultant with respect to the provision of Consultant
Services and Compensation and supersedes any prior agreement by the parties,
whether written or oral. It may not be changed orally but only by an agreement
in writing signed by the party against whom enforcement of any waiver, change,
modification, extension, or discharge is sought. The waiver of a breach of any
term or condition of this Agreement must be in writing and signed by the party
sought to be charged with such waiver, and such waiver shall not be deemed to
constitute the waiver of any other breach of the same or of any other term or
condition of this agreement.  This Agreement shall be construed in accordance
with and governed by the laws of the State of Florida without regard to its
rules and laws regarding conflicts of laws and each of the parties hereto
irrevocably submit to the exclusive jurisdiction of any Florida State or
United States Federal court sitting in Palm Beach County, Florida over any
action or proceeding arising out of or relating to this Agreement.  The
parties hereto further waive any objection to venue in the State of Florida
and any objection to an action or proceeding in the State of Florida on the
basis of forum non conveniens.

13.   Miscellaneous.  The section headings contained in this Agreement are
inserted as a matter of convenience and shall not be considered in
interpreting or construing this Agreement.  This Agreement may be executed
concurrently in two or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same
instrument.  The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of the remaining
provisions.  Time is of the essence of this Agreement and the obligations of
the parties hereto.

      IN WITNESS WHEREOF, the Company and the Consultant have executed this
Agreement as of the day and year first written above.

Company:                            Consultant:

/s/ Gary F. Kimmons                 /s/ D. Scott Elliott
_____________________________       ____________________________
M Power Entertainment Inc.          D. Scott Elliott
Gary F. Kimmons

Exhibit A
Adoption of Securities Act Release No. 33-7646, dated February 26, 1999
Regarding Registration of Securities on Form S-8

Purpose
To clarify that S-8 is not available to consultants who directly or indirectly
promote or maintain a market for the issuer's securities ,declaring that these
persons take from an issuer with a view to distribution and are therefore
"statutory underwriters" (who presumably would not have an exemption for the
resale of securities issued in these types of transactions [Section 4(1) of
the Securities Act of 1933, as amended (the "Act"), the exemption relied upon
for secondary sales of securities, is not available to "issuers, underwriters
or dealers" in securities]).

Background
As of April 7, 1999, the availability of S-8's streamlined registration
process was restricted to deter the abuse of the Form to make sales to the
general public through so-called "consultants" and "advisors," and to
eliminate registration on the Form to "stock promoters."  S-8 eliminated a
need to file a prospectus that duplicated information usually available to
plan participants who were being compensated by the issuance of securities
rather than cash, and it reflected the Commission's distinction between
offerings made to employees for compensatory reasons and offerings made for
capital raising.  The Commission reasoned that the relationship of the
employee to the issuer provided the employee with a familiarity of the
issuer's business sufficient to justify the abbreviated disclosure, which
would not be adequate in a capital raising transaction.   The 1990 amendment
included "consultants" whom the Commission found no reason to distinguish from
regular employees, for bona fide non-capital raising services rendered.

Abuses
Since 1990, the Form has been used to distribute securities to the public
without the protections to investors of registration under Section 5 of the
Act.  Securities are often issued to so-called "consultants" for nominal
services, with pre-arrangements for exercise and distribution to the public in
the underlying markets.  Often the options granted are exercised to provide
funds to the issuer or the proceeds of the sales are for the payment of debts
of the issuer that are not related to any services provided by the
consultants.

The initial registration of the shares underlying these options did not
register the public "capital raising" transaction which actually takes place
via the secondary sales.  In these instances, the employee or consultant acts
as a conduit to the public, and the shares are not actually issued as
compensation for services, for which the Form is solely intended.   Securities
have also been issued to consultants whose services are to promote the
issuer's securities.  This practice invites fraud by providing inexpensive
compensation to person who hype the securities of the issuer and expand the
issuer's market through resales by these and other persons.   Through its
recent amendments to Form S-8, the Commission has sought to curb these
practices, while maintaining, to the extent possible, the initial intent of
the Form, i.e., the registration of compensatory transactions between the
issuer and consultants and advisors who render bona fide services outside of
"capital raising" circumstances, as well as to traditional employees.

Amendments
The Form's availability is for employees or employees or subsidiaries,
pursuant to any employee benefit plan.  An "employee" is defined to include a
consultant or advisor who provides bona fide services to the issuer other than
in capital raising transactions.  Like the traditional employee, the
consultant or advisor must be a natural person, and there must be a contract
between the issuer and the consultant or advisor.  The Commission has
determined that "capital raising" includes (i) compensation for any service
that directly or indirectly promotes or maintains a market for the issuer's
securities, or (ii) where the securities are issued to persons who act as
conduits for a distribution to the general public.   Securities issued to
persons who promote the issuer's securities are outside the intent of the
Form.  Securities cannot be issued to anyone who directly or indirectly
promotes or maintains a market in the issuer's securities.   Issuers cannot
use the Form for the issuance of securities to consultants and advisors whose
services related to potential capital restructuring because this service is a
predicate to "capital raising" and market maintenance; however, services
rendered in structuring the compensation scheme would be included under the
Form.   Public relations services are also prohibited as the Commission
believes these services enhance and expand the market of the issuer and its
securities.

Rule 701 Amendments
As of April 7, 1999, the Commission amended Rule 701 to harmonize the
definition of "consultants and advisors" permitted to use the Rule to the
narrower definition of Form S-8.  As revised, securities promoters will
clearly be excluded from the scope of persons eligible to use Rule 701.

                SCHEDULE A TO CONSULTING AGREEMENT
              SCHEDULE OF SERVICES AND DELIVERABLES

Consultant shall provide the following Strategic Services:

1. Business Development and Planning: Develop an in-depth familiarization with
the Corporation's business objectives and bring to its attention potential or
actual opportunities that meet those objectives or logical extensions thereof.
Alert the Corporation to new or emerging high potential forms of production
and distribution that could either be acquired or developed internally.
Comment on the Corporation's corporate development including such factors as
position in competitive environment, financial performances vs. competition,
strategies, operational viability, etc. Identify prospective suitable merger
or acquisition partners for the Corporation, perform appropriate diligence
investigations with respect thereto, advise the Corporation with respect to
the desirability of pursuing such prospects, and assist the Corporation in any
negotiations which may ensue therefrom.

2. Corporate Strategic Analysis: Evaluate business strategies regarding M&A
activities and recommend changes where appropriate.

3. Critically evaluate the Corporation's performance in view of its M & A
planning and business objectives.

4. Strategic Contacts and formation of Strategic alliances and Introduction to
strategic partners and other alliance candidates;

5. Strategic consulting regarding high level product planning, market
development, marketing and intellectual property planning; Business
development

6. Introduction to prospective customers for the Company's products or
services including those of Company's subsidiaries.

7. The consultant will provide assistance to Company, as mutually agreed, in
identifying strategic merger and/or acquisition candidates, assisting in any
due diligence, recommending transaction terms and providing advice and
assistance during negotiations, as needed.

                SCHEDULE B TO CONSULTING AGREEMENT
                    CONFIDENTIALITY AGREEMENT

This Confidentiality Agreement (hereafter this "Agreement"), made this 11th
day of January 11, 2006, by and between M Power Entertainment Inc., a Delaware
corporation  ("Company"),having its office at 2602 Yorktown Place, Houston, TX
77056 and D. Scott Elliott, an individual and resident of 2219 Gulf Drive,
Bradenton Beach, FL  34217("Consultant").  Given that the Company and
Consultant each desire to make certain confidential information concerning the
Company, its technology, its investments, its processes, its marketing
strategies, its capitalization and finances and its business as well as
similar confidential information lawfully possessed by the Consultant
(collectively, the "Information") for purposes agreed to be legitimate and the
Company and Consultant each agree to hold such Information confidential
pursuant to the terms of this Agreement, in consideration of the mutual
promises and other good and valuable consideration, the receipt and
sufficiency of which is acknowledged and with the intent to be legally bound
hereby, the Company and the Consultant agree as follows.

1.    The Information includes, but is not limited to, (I) all information on
the Company, (ii) any and all data and information given or made available to
the Consultant by the Company for evaluation purposes, whether written or in
machine-readable form, (iii) any and all of the Company's and Consultant's
notes, work papers, investigations, studies, computer printouts, and any other
work product including electronic data files, regardless of nature containing
any such data and information and (iv) all copies of any of the foregoing.

2.    The Consultant and Company each understand that the Information is
proprietary to the Company and Consultant and each agrees to hold the
Information given by the other strictly confidential.  The Company and
Consultant each agree that the Information shall be used only by the Company
and Consultant and only for the purpose of reviewing and evaluating the
activities of the Company, and shall not be used for any other purpose or be
disclosed to any third party.  Neither the Company nor Consultant shall have
the right to make copies or hold copies or documents except for reports and
notes which have been generated by them, which reports and notes shall be
retained for their exclusive use and shall remain confidential.

3.    It is understood that this Confidentiality Agreement shall not apply to
any information otherwise covered herein (I) which is known to either the
Company or the Consultant prior to the date of the Confidentiality Agreement,
(ii) which is disclosed to the Consultant or the Company by a third party who
has not directly or indirectly received such Information in violation of an
agreement with party from whom it was received or (iii) which is generally
known within the industry.

4.    The Company and the Consultant each agree to be fully responsible and
liable to the other for any and all damages caused by reason of disclosure of
Information in violation of this Confidentiality Agreement by the receiving
party or any of its assigns or successors.

5.    This Confidentiality Agreement shall be governed by and construed in
accordance with the laws of the State of Florida and shall be enforceable
solely by and be for the sole benefit of the Consultant and Company, their
successors and assigns.

In witness whereof, the Company and the Consultant have executed this
Agreement as of the date above.

Company:                        Consultant:

/s/ M. Power Entertainment      /s/ D. Scott Elliott
___________________________     ________________________
M Power Entertainment Inc.      D. Scott Elliott
Gary F. KimmonsQuickLinks
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Exhibit 10.1  

Execution
Copy 

 
 

EMPLOYMENT AGREEMENT    
    

        This employment agreement ("Agreement") is dated as of May 16, 2006, and is entered into by and among Daniel M. Quinn ("Employee"), Centennial Bank
Holdings, Inc., a Delaware corporation ("CBH" or the "Employer"). As an inducement to render services and superior performance, Employee and Employer agree as follows: 

        1.    Employment.    During the term of this Agreement, Employee agrees to devote his best efforts to the business of
Employer, and shall perform his duties in a diligent, trustworthy, and business-like manner, all for the purpose of advancing the business of Employer. 

        2.    Title; Duties.    During the term of this Agreement, Employee shall serve as Chief Executive Officer of CBH. The
duties of Employee shall be those duties which are appropriate (including appropriate authority and responsibilities) to Employee's position with Employer and to which Employer and Employee may
hereafter mutually agree in writing. Employee's duties may, subject to the provisions of Section 9(f), from time to time, be changed or modified at the discretion of the Board, subject to the
terms of this Agreement. It is agreed that, at the request of the Board, Employee shall serve as President of CBH during the Employment Term without any additional consideration. 

        3.    Salary and Benefits.    

        (a)    Base Salary.    Employer shall, during the Term of Employment, pay Employee an annual base salary of $450,000.
Such salary shall be paid in accordance with Employer's payroll practices as in effect from time to time less applicable withholding and salary deductions. Employee's base salary shall be reviewed at
least annually in accordance with Employer's salary review process as in effect from time to time, provided, however, that Employee's base salary shall not be decreased during the Term of
Employment if Employee continues to serve as Chief Executive Officer of CBH during the Term of Employment. 

        (b)    Bonus.    Subject to the terms of this Agreement, Employee shall be eligible to receive an annual bonus for
each year during the term of this Agreement. Employee's annual bonus for 2006 will be $450,000, pro rated for the number days of employment during that year. For subsequent years, Employee's target
bonus will be 100% of annual base salary up to a maximum of 200% of annual base salary, and Employee's earned annual bonus for subsequent years will be determined by the Compensation, Nominating and
Governance Committee of the Board and subject to Employer's annual bonus program as in effect from time to time. 

        (c)    Restricted Stock.    The Employer shall grant Employee 300,000 shares of restricted stock on the date of this
Agreement, which will be subject to the same vesting conditions and performance targets as are applicable to similarly situated executives. The grant will be subject to the terms of CBH's 2005 Stock
Incentive Plan as in effect from time to time. 

        (d)    Reimbursement of Business Expenses.    Employer shall reimburse Employee for all
out-of-pocket business expenses incurred by Employee in the course of his duties, in accordance with, Employer's policies as in effect from time to time. Employee shall be
required to submit to Employer appropriate documentation supporting such out-of-pocket business expenses as a prerequisite to reimbursement in accordance with such policies. 

        (e)    Employee Benefits.    Employee shall be eligible to participate in the employee benefit plans, programs,
policies and arrangements generally available to employees of Employer and to receive the other perquisites provided to senior executive officers of Employer, in each case in accordance with the terms
and conditions of such plans, programs, policies, arrangements and other perquisites as in effect from time to time.

 

        (f)    Benefits Not in Lieu of Compensation.    No benefit or perquisite provided to Employee shall be deemed to be in
lieu of base salary or other compensation. 

        (g)    Stock Ownership.    Employee acknowledges that the Board of Directors has recommended stock ownership of
$1 million of shares of Employer's common stock. Employee shall undertake in good faith to purchase such shares over a reasonable period of time. 

        4.    Term of Agreement.    Employee's employment under this Agreement (the "Term of Employment") will begin on the
date of this Agreement and end on termination in accordance with Section 5 or 6. 

        5.    General Termination Provisions.    

        (a)    Death and Disability.    Employer may terminate Employee's employment due to Disability. If employment is so
terminated or terminates as a result of Employee's death, Employer shall pay or provide for all Accrued Compensation and Other Benefits. 

        (b)    Termination by Employer.    Employer may terminate Employee's employment upon sixty (60) days prior
written notice; provided no prior notice shall be required of a termination for Cause. Upon such termination, Employer shall pay or provide for all
Accrued Compensation and Other Benefits. 

        (c)    Termination by Employee.    Employee may terminate his employment at any time during the Term of Employment,
upon sixty (60) days prior written notice. Upon such termination, Employer shall pay or provide for all Accrued Compensation and Other Benefits. 

        (d)    Limits.    On any termination in accordance with this Section 5, Employer shall have no further
obligation to make payments under this Agreement other than as specifically provided for in this Section 5. 

        6.    Special Termination Provisions.    

        (a)    Termination Without Cause or For Good Reason Following a
Change-in-Control.    Notwithstanding Section 5, if within 2 years following a Change-in-Control
Employer terminates Employee's employment other than for Cause or Employee terminates his employment for Good Reason, then Employer shall: 

          (i)  pay
to the Employee in one lump sum within five (5) days of such termination, an amount in cash equal to 2.99 times the Employee's Compensation; 

         (ii)  for
24 months following the date of such termination, continue to provide medical and dental benefits to the Employee, his spouse and his eligible dependants on
the same basis as such benefits are then currently provided to such Employee (the "Medical Benefits"); provided that such benefits shall be secondary to any other coverage obtained by the Employee;
provided, however, that if Employer's welfare plans do not permit such coverage, Employer will provide Employee the Medical Benefits with the same tax effect; and 

        (iii)  pay
or provide for all Accrued Compensation and Other Benefits. 

        (b)    Limits.    Employer's obligation to make any payments to Employee as described in this Section 6 (other
than Accrued Compensation) is contingent upon Employee's execution of a Waiver and Release of Claims, a form of which is attached to this Agreement as Annex A. On any termination in accordance with
this Section 6, Employer shall have no further obligation to make payments under this Agreement other than as specifically provided for in this Section 6 and Employee shall not be
eligible to receive any other severance benefits under any severance or termination plan, program, policy or arrangement maintained by

 
Employer or its affiliates. For the avoidance of doubt, a termination due to Disability or death is subject to Section 5. 

        7.    Excess Payments.    Notwithstanding any provision of this Agreement to the contrary, in the event any payments
or non-cash benefits that Employee is entitled to receive (whether pursuant to the terms of this Agreement or otherwise (the "Payments")) would be subject to the excise tax (the "Excise
Tax") under Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), then the amounts payable to Employee under this Agreement shall be reduced, but not below zero, to the
maximum amount as will result in no portion of the Payments being subject to such excise tax (the "Safe Harbor Cap"). For purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable
to Employee under this Agreement (and no other Payments) shall be reduced, unless consented to by Employee. 

        8.    Covenants Not to Compete or Solicit Employer Clients and Employees; Confidential Information.    

        (a)    Restricted Period.    The "Restricted Period" is the period beginning on the Effective Date and ending
2 years after the date Employee's employment terminates; provided that, for purposes of Section 8(b), the Restricted Period will end on
the date Employee's employment is terminated by the Employer without Cause or by the Employee with Good Reason. 

        (b)    Non-Compete.    During the Restricted Period, Employee shall not directly or indirectly (without
the prior written consent of Employer) associate (including as a director, officer, employee, partner, consultant, agent or advisor) with a Competitive Enterprise in a Restricted Territory  and in
connection with Employee's association engage, or directly or indirectly manage or supervise personnel engaged, in any activity: 

          (i)  that
is substantially related to any activity that Employee was engaged in with Employer during the 12 months prior to the date of termination of Employee's
employment, 

         (ii)  that
is substantially related to any activity for which Employee had direct or indirect managerial or supervisory responsibility with Employer during the
12 months prior to the date of termination of Employee's employment, or 

        (iii)  that
calls for the application of specialized knowledge or skills substantially related to those used by Employee in his activities with Employer during the
12 months prior to the date of termination of Employee's employment. 

For
purposes of this Agreement, "Competitive Enterprise" means any business enterprise that either (A) engages in any activity closely associated with commercial banking or the operation of an
institution, the deposits of which are insured by the Federal Deposit Insurance Corporation, in a Restricted Territory, or (B) holds a 25% or greater equity, voting or profit participation
interest in any enterprise that engages in such a competitive activity, and "Restricted Territory" means the geographic area of the State of Colorado extending from the continental divide to the
eastern State boundary. In addition, for the purposes of this Agreement, Employee acknowledges that Employee is part of "executive and management personnel" of Employer within the meaning of C.R.S.
§ 8-2-113(2). 

        (c)    Non-Solicitation.    During the Restricted Period, Employee shall not, in any manner, directly or
indirectly (without the prior written consent of Employer): (i) Solicit any Client to transact business with a Competitive Enterprise in a Restricted Territory or to reduce or refrain from
doing any business with Employer, (ii) transact business with any Client that would cause Employee to be a Competitive Enterprise in a Restricted Territory, (iii) interfere with or
damage any relationship between Employer and a Client or (iv) Solicit anyone who is then an employee of Employer (or who was an employee of Employer within the prior

 
12 months) to resign from Employer or to apply for or accept employment with any other business or enterprise. 

For
purposes of this Agreement, a "Client" means any client or prospective client of Employer to whom Employee provided services, or for whom Employee transacted business, or whose identity became
known to Employee in connection with his relationship with or employment by Employer, and "Solicit" means any direct or indirect communication of any kind, regardless of who initiates it, that in any
way invites, advises, encourages or requests any person to take or refrain from taking any action. 

        (d)    Confidential Information.    Employee hereby acknowledges that, as an employee of Employer, he will be making
use of, acquiring and adding to confidential information of a special and unique nature and value relating to Employer and its strategic plans, operations, financial condition and performance and such
confidential information constitutes trade secrets of Employer. Employee further recognizes and acknowledges that all confidential information is the exclusive property of Employer, is material and
confidential, and is critical to the successful conduct of the business of Employer. Accordingly, Employee hereby covenants and agrees that he will use confidential information for the benefit of
Employer only and shall not at any time, directly or indirectly, during the Term of Employment and thereafter divulge, reveal or communicate any confidential information to any person, firm,
corporation or entity whatsoever, or use any confidential information for his own benefit or for the benefit of others. Notwithstanding the foregoing, Employee shall be authorized to disclose
confidential information (i) as may be required by law or legal process after providing Employer with prior written notice and an opportunity to respond to such disclosure (unless such notice
is prohibited by law), (ii) in any criminal proceeding against him after providing Employer with prior written notice and an opportunity to seek protection for such confidential information and
(iii) with the prior written consent of Employer. 

        (e)    Survival.    Any termination of Employee's employment, of the Term of Employment or of this Agreement (or
breach of this Agreement by Employee or Employer) shall have no effect on the continuing operation of this Section 8. 

        (f)    Validity.    The terms and provisions of this Section 8 are intended to be separate and divisible
provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Agreement shall thereby be
affected. The parties hereto acknowledge that the potential restrictions on Employee's future employment imposed by this Section 8 are reasonable in both duration and geographic scope and in
all other respects. If for any reason any court of competent jurisdiction shall find any provisions of this Section 8 unreasonable in duration or geographic scope or otherwise, Employee and
Employer agree that the restrictions and prohibitions contained herein shall be effective to the fullest extent allowed under applicable law in such jurisdiction. 

        (g)    Consideration.    The parties acknowledge that this Agreement would not have been entered into and the benefits
described herein would not have been promised in the absence of Employee's promises under this Section 8. 

        (h)    Specific Enforcement; Cessation of Payments.    Employer is entitled to an action or proceeding, in addition to
its rights under Section 14 and whether or not an arbitration proceeding has been or is ever initiated, to temporarily, preliminarily or permanently enforce any part of Section 8(b),
(c) or (d). Employee agrees that (i) Employee violating any part of Section 8(b), (c) or (d) would cause damage to Employer that cannot be measured or repaired,
(ii) Employer therefore is entitled to an injunction, restraining order or other equitable relief restraining any actual or threatened violation of such Sections, (iii) no bond will need
to be posted for Employer to receive such an injunction, order or other relief and

 
(iv) no proof will be required that monetary damages for violations of Section 8(b), (c) or (d) would be difficult to calculate and that remedies at law would be
inadequate. In addition to the other rights provided for in this Section 8(h), it is agreed that, if Employee breaches Section 8(b), (c) or (d), Employer's obligation to make or
provide payments or benefits under Section 5 or 6 shall cease, to the extent not already paid or provided. 

        (i)    Notice to New Employers.    Before Employee either applies for or accepts employment with any other person or
entity while any of Section 8(b), 8(c) or 8(d) is in effect, Employee will provide the prospective employer with written notice of the provisions of this Section 8 and will deliver a
copy of the notice to Employer. 

        9.    Definitions.    

        (a)    Accrued Compensation.    "Accrued Compensation" shall mean, as of Employee's termination of Employment,
(i) unpaid salary, (ii) salary for any accrued vacation not taken and (iii) unpaid expense reimbursements. Accrued Compensation will be paid in one lump sum within five
(5) days of such termination. 

        (b)    Board.    "Board" shall mean the Board of Directors of Employer. 

        (c)    Change-in-Control.    "Change in Control" shall mean 

          (i)  stockholder
approval of a plan of dissolution or liquidation of CBH; 

         (ii)  the
individuals who, as of the Effective Date, constitute the Board ("Incumbent Board"), cease for any reason to
constitute at least two-thirds of the members of the Board; provided, however, that if the
election, or nomination for election by the CBH's stockholders, of any new director
was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board;  provided, further, however, that no individual shall be
considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened "election contest" or other actual or threatened solicitation of
proxies or consents by or on behalf of an individual, entity or group (within the meaning of Section 13(d) or 14(d) of the Exchange Act) (a
"Person") other than the Board (a "Proxy Contest") including by reason of any agreement intended to
avoid or settle any election contest or Proxy Contest; 

        (iii)  the
consummation of a plan of reorganization, merger or consolidation involving the CBH, except for a reorganization, merger or consolidation where (A) the
stockholders of the CBH immediately prior to such reorganization, merger or consolidation own directly or indirectly at least 70% of the combined voting power of the outstanding voting securities of
the CBH resulting from such reorganization, merger or consolidation (the "Surviving CBH") in substantially the same proportion as their ownership of
voting securities of the CBH immediately prior to such reorganization, merger or consolidation, and (B) the individuals who were members of the Incumbent Board immediately prior to the
execution of the agreement providing for such reorganization, merger or consolidation constitute at least two-thirds of the members of the board of directors of the Surviving CBH, or of a
CBH beneficially owning, directly or indirectly, a majority of the voting securities of the Surviving CBH; 

        (iv)  the
sale of all or substantially all the assets of the CBH to another Person; or 

         (v)  the
acquisition by another Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of stock representing
more than fifty percent (50%) of the voting power of the CBH then outstanding by another Person.

 

        (d)    Compensation.    "Compensation" shall mean Employee's highest annual compensation for any calendar year in the
three calendar years ending with the calendar year which includes the date of Employee's termination of employment with the Company, with Employee's compensation for any such calendar year in which
Employee does not complete twelve (12) months of service being annualized on the basis of a twelve (12) month year. For purposes of determining Employee's "Compensation", Employee's
annual compensation for any calendar year or portion thereof shall be limited to Employee's base salary, automobile and other expense allowances, and bonus attributable to such calendar year
regardless of when paid, before reductions for any amounts excludable from Employee's gross income for federal income tax purposes pursuant to Section 125 or Section 401(k) of the Code
or under any nonqualified deferred compensation plan. Notwithstanding anything herein to the contrary, "Compensation" shall not include Employee's
income from the grant or vesting of restricted stock, or from the grant, vesting, or exercise of stock options. 

        (e)    Cause.    Termination of employment for "Cause" shall mean that, prior to any termination pursuant to
Section 5(b), Employee shall have committed: 

          (i)  an
intentional act of fraud, embezzlement or theft; 

         (ii)  intentional
damage to property of Employer; 

        (iii)  intentional
disclosure of confidential information or trade secrets of Employer or information relating to customers of Employer or its parent, a subsidiary or
affiliate; 

        (iv)  willful
violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist order; 

         (v)  an
act constituting a felony or a misdemeanor involving moral turpitude for which the Employee is convicted by any federal, state or local authority, or to which the
Employee enters a plea of guilty or nolo contendere; 

        (vi)  an
act or omission that causes Employee to be disqualified or barred by any governmental or self-regulatory authority from serving in the capacity
contemplated by this Agreement or losing any governmental or self-regulatory license that is reasonably necessary for Employee to perform his responsibilities to Employer under this
Agreement; or 

       (vii)  intentional
breach of corporate fiduciary duty involving personal profit. 

For
the purposes of this Agreement, no act, or failure to act, on the part of Employee shall be deemed "intentional" unless done, or omitted to be done, by Employee not in good faith and without
reasonable belief that his action or omission was in the best interest of Employer. Notwithstanding the foregoing, Employee shall not be deemed to have been terminated for Cause hereunder unless and
until there shall have been delivered to Employee a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the members of the Board then in office at a meeting of
the Board called and held for such purpose (after reasonable notice to Employee and an opportunity for Employee, together with his counsel to be heard before the Board), finding that, in the good
faith opinion of the Board, Employee had committed an act set forth above in this Section 9(b) and specifying the particulars thereof in detail. Nothing herein shall limit the right of Employee
or his beneficiaries to contest the validity or propriety of any such determination. 

        (f)    Disability.    "Disability" shall occur if Employee is incapacitated and absent from his duties hereunder on a
full-time basis for four (4) consecutive months or for at least one hundred eighty (180) days (which need not be consecutive) during any twelve (12) month period.
Employee shall be entitled to the disability benefits generally available to employees of

 
Employer, and the disability payment provided for in Section 5(a) hereof shall be apart from and in addition to any disability benefits generally available to employees of Employer. 

        (g)    Good Reason.    "Good Reason" shall mean: 

          (i)  without
his express written consent, the assignment to Employee of any duties inconsistent with his title, position, duties, responsibilities and status with Employer
as contemplated by Section 2, or any other action by Employer that results in a diminution of Employee's title, duties, position or reporting relationships, or any removal of Employee from, or
any failures to re-elect Employee to, any of such positions, except in connection with the termination of his employment for Cause or as a result of his Disability or death, or termination
by Employee other than for Good Reason; provided, however, that insubstantial or inadvertent actions not
taken in bad faith which are remedied by Employer promptly after receipt of notice thereof given by Employee shall not constitute Good Reason; 

         (ii)  any
reduction in Employee's base salary, or a significant reduction in the aggregate employee benefits provided to Employee without his prior written consent, unless
such reduction applies equally to other similarly situated employees of Employer, in each case, which is not remedied within ten (10) calendar days after receipt by Employer of written notice
from the Employee of such change or reduction, as the case may be; 

        (iii)  a
determination by Employee made in good faith that he has been rendered substantially unable to carry out, or has been substantially hindered in the performance of,
any of the authorities, powers, functions, responsibilities or duties attached to his position, which situation is not remedied within thirty (30) calendar days after receipt by Employer of
written notice from Employee of such determination; 

        (iv)  Employer
relocating its principal executive offices or requiring Employee to relocate his principal location of work to a location which is in excess of fifty
(50) miles from the current location thereof, or requiring Employee to travel away from his office in the course of discharging his responsibilities or duties hereunder more than thirty
(30) consecutive calendar days or an aggregate of more than one hundred twenty (120) calendar days in any consecutive three hundred sixty-five
(365) calendar-day period, without in either case his prior consent; 

         (v)  failure
by Employer to 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 Employer, by agreement in form and substance satisfactory to Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Employer
would be required to perform it if no such succession had taken place; or 

        (vi)  any
material breach of this Agreement by Employer. 

        (h)    Other Benefits.    "Other Benefits" shall mean, as of Employee's termination of Employment, accrued amounts or
benefits required to be paid or provided to Employee under any other plan, program, policy or arrangement of Employer. Other Benefits shall be paid or provided for in accordance with the terms of such
other plan, program, policy or arrangement except as otherwise specifically provided in this Agreement. 

        10.    Compliance with Section 409A of the Code.    To the extent required to comply with Section 409A
of the Code (and the regulations thereunder), any compensation to be paid or benefits to be provided in connection with Employee's termination of employment will be delayed until the earliest

 
day on which such payments could be made or benefits provided in compliance (at which point all payments so-delayed shall be provided in one lump sum). 

        11.    Governing Law.    This Agreement is made and entered into in the State of Colorado, without regard to conflict
of laws rules, and the laws of Colorado shall govern its validity and interpretation in the performance by the parties of their respective duties and obligations. 

        12.    Entire Agreement.    This Agreement constitutes the entire agreement between the parties concerning the
employment of Employee and supercedes any prior written agreements, and there are no representations, warranties or commitments, other than those in writing executed by all of the parties. 

        13.    Indemnification.    Following the date of this Agreement, Employer shall not take any action to amend
Employer's Articles of Incorporation, or to amend any articles of incorporation or association of any corporation or bank, respectively, that is an affiliate of Employer, if such amendment would
adversely affect Employee's right to receive indemnification from such corporation or bank. 

        14.    Arbitration.    Except as otherwise expressly provided herein, any dispute, controversy, or claim arising out
of or relating to this Agreement or breach thereof, or arising out of or relating in any way to the employment of the Employee or the termination thereof, shall be submitted to arbitration in
accordance with the Voluntary Labor Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
In reaching his or her decision, the arbitrator shall have no authority to ignore, change, modify, add to or delete from any provision of this Agreement, but instead is limited to interpreting this
Agreement. In the case of any arbitration or subsequent judicial proceeding arising after Employee's discharge or termination, Employee shall be awarded his or her costs, including attorneys' fees,
provided Employee substantially prevails on at least one claim. 

        15.    Assistance in Litigation.    Employee shall make himself available, upon the request of Employer, to testify or
otherwise assist in litigation, arbitration, or other disputes involving Employer, or any of the directors, officers, employees, subsidiaries, or parent corporations of either, at no additional cost
during the term of this Agreement and at any time following the termination of Employee's employment for any reason, at the rate of One Thousand and No/l00 Dollars ($1,000) per day or portion thereof,
plus all associated out-of-pocket expenses for complying with this Section 14. 

        16.    Notices.    Any notice or communication required or permitted to be given to the parties shall be delivered
personally or sent by United States registered or certified mail, postage prepaid and return receipt requested, and addressed or delivered as follows, or to such other address as the party addressed
may have substituted by notice pursuant to this Section. 

	(a)
	If
to Employer:

	

	Centennial
Bank Holdings, Inc.

1331 Seventeenth Street, Suite 300

Denver, Colorado 80202

Attn: General Counsel

	(b)
	If
to Employee: 

        17.    Binding Agreement.    This Agreement shall inure to the benefit of and be enforceable by Employee and his
personal or legal representatives, executors, administrators, successors, heirs, distributees, devises and legatees. If Employee should die while any amounts would still be payable to him hereunder if
he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to his devisee, legatee, or other designee, or, if there be
no such designee, to his estate. This Agreement shall inure to the benefit of and be enforceable by Employer and any of its successors and assigns.

 

        18.    No Mitigation of Amounts Payable Hereunder.    Employee shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Agreement be reduced by any compensation earned by Employee as
the result of employment by another employer after the date of termination, or otherwise. 

        19.    Advice of Counsel.    EMPLOYEE ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, HE HAS HAD THE OPPORTUNITY TO
SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE
DRAFTING OR PREPARATION HEREOF. 

        20.    Captions.    The captions of this Agreement are inserted for convenience and are not part of the Agreement. 

        21.    Severability.    In case anyone or more of the provisions contained in this Agreement shall for any reason be
held to be invalid, illegal, or unenforceable in any other respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. This Agreement shall be
construed as if such invalid, illegal or unenforceable provision had never been a part of the Agreement and there shall be deemed substituted therefore such other provision as will most nearly
accomplish the intent of the parties to the extent permitted by the applicable law. 

        22.    Counterparts.    This Agreement may be executed simultaneously in two or more counterparts, each of which shall
be deemed an original, but all of which shall together constitute one in the same Agreement. 

	 	 	EMPLOYEE:
	

 	
 	

/s/  DANIEL M. QUINN      
 Daniel M. Quinn
	

 	
 	

CENTENNIAL BANK HOLDINGS, INC.:
	

 	
 	

By:	

/s/  JOHN M. EGGEMEYER, III      

	 	 	 	Name:	John M. Eggemeyer, III
	 	 	 	Title:	Chairman

 

 
 

Annex A    
    

 
 

WAIVER AND RELEASE OF CLAIMS    
    

        In consideration of the payments and arrangements set forth in the employment agreement between you and Centennial Bank Holdings, Inc., a Delaware
corporation ("Employer"), dated May 16, 2006 (the "Employment Agreement") and incorporated herein by reference, you agree knowingly and voluntarily as follows: 

	1.
	You
knowingly and voluntarily waive and release forever whatever claims you ever had, now have or hereafter may have against Employer and any subsidiary or affiliate of Employer, and
any of its present and former employees, directors, officers and agents (collectively referred to as "Releasees"), based upon any offer, agreement, matter, occurrence or event existing or occurring
prior to the execution of this waiver and release of claims, including anything relating to your employment by Employer or to the termination of such employment or to your status as a shareholder or
creditor of Employer.

	

	This
release and waiver includes but is not limited to any rights or claims under United States federal, state or local law and the national or local law of any foreign
country (statutory or decisional), for wrongful or abusive discharge, for breach of any contract, for misrepresentation, for breach of any securities laws, or for discrimination based upon race,
color, ethnicity, sex, age, national origin, religion, disability, sexual orientation, or any other unlawful criterion or circumstance, including rights or claims under the Age Discrimination in
Employment Act of 1967 ("ADEA") (except that you do not waive ADEA rights or claims that may arise after the date of this agreement).

	2.
	The
payments received by you pursuant to the Employment Agreement shall be in lieu of any and all other amounts to which you might be, are now or may become entitled from Employer and,
without limiting the generality of the foregoing, you hereby expressly waive any right or claim that you may have or assert to payment for salary, bonuses, medical, dental or hospitalization benefits,
life insurance benefits or attorneys' fees; provided, however, that notwithstanding any other provision
of this agreement, you do not waive any of your rights and Employer shall comply with its obligations with respect to (i) the payments and arrangements set forth in the Employment Agreement and
(ii) continuation coverage requirements under Section 4980B of the Internal Revenue Code of 1986, as amended (commonly referred to as "COBRA").

	3.
	You
agree that you will not knowingly orally or in writing criticize, disparage or undermine the reputation of any Releasee.

	

	You
also hereby expressly agree not to discuss the business affairs of Employer and any of its subsidiaries and affiliates with any member of the press (or to otherwise
make such information publicly available) at any time without the express written consent of Employer. Your signature below will also constitute your agreement that you will not disclose, directly or
indirectly, to anyone other than your spouse, counsel, accountants or financial advisors, the terms of this release and waiver of claims or the Employment Agreement, except as may be required by law
or in response to regulatory inquiry, judicial process or order. 

        Notwithstanding
anything herein to the contrary, you hereby expressly agree that the severance payment and arrangements set forth in the Employment Agreement may be offset by any amounts
you owe to Employer or any of its subsidiaries or affiliates. 

        Your
signature below will also constitute confirmation that you have (i) made such waivers, releases, agreements and confirmation in consideration for the severance payment and
other

 
arrangements set forth in the Employment Agreement, (ii) been given at least 21 days within which to consider this Settlement Agreement and its consequences, and (iii) been
advised prior to signing this release and waiver of claims to consult, and have consulted, with an attorney of your choice. For a period of seven days following the execution of this release of
claims, you may revoke this release, and forfeit any right you have to the severance payments and other arrangements described under the Employment Agreement. 

        This
release and waiver of claims shall be governed by the laws of the State of Colorado, without regard to principles of conflict of laws. 

	 	 	AGREED AND CONFIRMED:
	

 	
 	

	

 	
 	

Date:	
 	

	

, 200	

 

QuickLinks

EMPLOYMENT AGREEMENT

Annex A

WAIVER AND RELEASE OF CLAIMS

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