Document:

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                                                                   EXHIBIT 10.3

                   PEMCO DIRECTORS' DEFERRED COMPENSATION PLAN

                                    ARTICLE I

                                     PURPOSE

        This nonqualified Deferred Compensation Plan (the "Plan") for Directors
of PEMCO Life Insurance Company, PEMCO Insurance Company, Evergreen Bank, PEMCO
Corporation, and PEMCO Mutual Insurance Company (all of which are referred to
hereinafter as the "Company") is designed to permit Directors to defer all or a
portion of their Director's Fees earned in any calendar year.

                                   ARTICLE II

                                   DEFINITIONS

        2.1 Administrator. "Administrator" of the Plan means the Administrative
Committee appointed by the Board.

        2.2 Board. "Board" means each Company's Board of Directors.

        2.3 Committee. "Committee" means the Administrative Committee appointed
by the Board.

        2.4 Director. "Director" means a member of the Board of Directors of a
Company sponsoring this Plan.

        2.5 Director's Fees. "Director's Fees" means any fees earned by a
Director of a Company sponsoring this Plan.

        2.6 Effective Date. The "Effective Date" of the Plan is January 1, 1999.

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        2.7 Participant. "Participant" means a Director of a Company sponsoring
this Plan.

        2.8 Plan. "Plan" means the PEMCO Directors' Deferred Compensation Plan
as contained in this document, and as amended from time to time, plus any
administrative rules or regulations adopted by the Committee.

        2.9 Plan Year. "Plan Year" means the calendar year, beginning with the
1999 calendar year.

                                   ARTICLE III

                        DIRECTOR'S DEFERRED COMPENSATION

        Annually on or before December 31, a Participant may irrevocably elect
in writing on a form provided by the Company to defer an amount equal to all or
a portion of his or her Director's Fees for the following Plan Year. Any change
of election with respect to future years' Director's Fees must be filed with the
Company prior to the end of the Plan Year preceding the Plan Year in which the
change is to take effect.

        Notwithstanding the previous paragraph, a new Director who first becomes
eligible to participate in the Plan may elect to defer receipt of all or a
portion of his or her Director's Fees payable for the remainder of the initial
Plan Year of eligibility. That election must be made in writing within thirty
(30) days after the Director becomes a Director eligible to participate in this
Plan, and shall be irrevocable as to any Director's Fees payable in the
remainder of the Plan Year.

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                                   ARTICLE IV

                        FORM AND TIME OF BENEFIT PAYMENT

        A Participant's Plan benefits shall be 100% vested and nonforfeitable at
all times. A Participant (or if a Participant dies before payments commence, a
deceased Participant's beneficiary) shall be entitled to a distribution of his
or her Plan benefits upon the occurrence of the earliest of a future date
specified by the Participant in his or her initial election to defer Director's
Fees, the Participant's death, or the date the Participant ceases to be a
Director. The Participant or his or her beneficiary must irrevocably elect in
writing to receive the Participant's Plan benefits in the form of:

           a. a single lump sum payment, or

           b. installment payments over a period not to exceed ten (10) years.

        Such election must be delivered to the Committee no more than sixty (60)
calendar days after the earliest to occur of the future date specified by the
Participant in his or her initial election to defer Director's Fees, the date
the Participant ceases to be a Director, or the Participant's death. If the
Participant or beneficiary fails to elect a form of payment within such time,
the Participant's Plan benefits shall be paid in the form of annual installment
payments over a period of three years. Payment(s) shall commence within thirty
(30) calendar days after the sixty (60) day election period ends.
Notwithstanding the foregoing, if a Participant is receiving installment
payments and dies before all installments have been paid, the Participant's
beneficiary shall be paid the Participant's remaining installment payments.

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                                    ARTICLE V

                                EARNINGS CREDITED

        All amounts deferred under the Plan shall be credited to a Company
recordkeeping account on behalf of the Participant, and such account shall be
credited quarterly with a deemed rate of earnings equal to the rate of return on
ninety (90) day U.S. Treasury Bills determined as of the last day of each
calendar quarter.

                                   ARTICLE VI

                                  BENEFICIARIES

        6.1 Designation. Any amount due to a Participant which is unpaid upon
his or her death shall be paid to the beneficiary designated by him or her on a
form provided by the Company and filed with the Company. The designated
beneficiary may be changed from time to time by filing a new beneficiary
designation with the Company. The designation last filed will control.

        6.2 Failure to Designate a Beneficiary. If a Participant fails to
designate a beneficiary or if the person or persons designated on the
beneficiary designation predecease the Participant and the beneficiary
designation form does not indicate who receives the amount due, the amount owing
shall be paid to the following in the order named:

        a.      Surviving spouse;

        b.      Surviving descendants, per stirpes;

        c.      Surviving parents in equal shares;

        d.      Surviving brothers and sisters, in equal shares, provided that
                the share of a

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                sibling who is then deceased shall be paid to his or her then
                living descendants, per stirpes; and

        e.      Executors or administrators.

        6.3 Payment to a Beneficiary. Payment of a Participant's Plan benefits
to the beneficiary of a deceased Participant shall be made in accordance with
Article IV.

                                  ARTICLE VII

                                 ADMINISTRATION

        The Committee is the Administrator of this Plan. The construction and
interpretation by the Committee of any provision of this Plan shall be final,
conclusive and binding upon all parties. The Committee shall have the power and
authority in its sole discretion to adopt, interpret, alter, amend or revoke
rules and regulations necessary to assist it in the administration of the Plan,
and to delegate ministerial duties and employ such outside professionals as may
be required for prudent administration of the Plan. Expenses of administration
of the Plan shall be borne by the Company and no part thereof shall be payable
directly by the Participants. Expenses incurred in the acquisition of
investments, such as commissions, may not be payable by the Company, but may
reduce the Participant's account balance.

        Social Security ("FICA") self-employment taxes are due on the
Participant's deferrals in the year of deferral. The Director shall pay
applicable FICA self-employment taxes on such deferrals at the appropriate
times.

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                                  ARTICLE VIII

                            AMENDMENT AND TERMINATION

        8.1 Amendment. The Board of Directors of PEMCO Mutual Insurance Company
shall have the right to amend the Plan at any time and from time to time, in
whole or in part. That Board shall notify each Participant in writing of any
Plan amendment.

        8.2 Termination. Although the Employer has established this Plan with a
bona fide intention and expectation to maintain the Plan indefinitely, the
Company may terminate or discontinue the Plan in whole or in part at any time
without any liability for such termination or discontinuance. Upon Plan
termination, all deferrals shall cease. The Company shall retain all prior
deferrals until each Participant's payment commences under Article IV.

                                   ARTICLE IX

                                  MISCELLANEOUS

        9.1 Representations. The Company does not represent or guarantee that
any particular federal or state income, payroll, or personal property or other
tax consequence will result from participation in the Plan. A Participant should
consult with his or her tax advisor to determine the tax consequences of his or
her participation.

        9.2 Limitation of Rights; Employment Relationship. Nothing contained
herein shall be construed as giving a Participant or other person any legal or
equitable right against the Company except as provided in the Plan, or create a
right in the Participant to remain under contract with the Company, nor will it
interfere with the right of the Company to discharge or otherwise deal with a
Participant without regard to the existence of the Plan.

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        9.3 Assignment. No amounts deferred hereunder shall be assignable in
whole or in part, either by voluntary or involuntary act or operation of law.
Rights hereunder are not subject to anticipation, alienation, sale, transfer,
assignment, pledge or encumbrance, and such rights may not be subject to the
debts, contracts, liabilities, engagements or torts of the Participant or his or
her beneficiary.

        9.4 Unsecured Benefit. The unpaid balance of any account maintained
pursuant to this Plan is an unsecured, general obligation of the Company. All
amounts deferred hereunder remain the unrestricted assets of the Company. Any
assets purchased shall remain the sole property of the Company subject to the
claims of its general creditors and shall be available for the Company's use for
whatever purpose desired. No Participant hereunder shall have any right other
than the unsecured promise of the Company to pay deferred Compensation in the
future. No Participant has ownership rights with respect to any asset of the
Company by reason of his or her participation in this plan.

        9.5 Severability. If a court of competent jurisdiction holds any
provision of this Plan to be invalid or unenforceable, the remaining provisions
of the Plan shall continue to be fully effective.

        9.6 Governing Law. The Plan shall be construed, administered and
enforced according to the laws of the State of Washington. Venue shall also be
in the State of Washington.

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                                    ARTICLE X

                                CLAIMS PROCEDURE

        If a Participant disagrees with the information or computations in
connection with any benefits paid pursuant to Article IV, or the Plan
Administrator fails to make payments to which the Participant believes he or she
is entitled under the terms of this Plan, the Participant may make a claim to
the Plan Administrator. A claim must be in the form of a letter stating the
basis of the disagreement and include all relevant facts and information. The
Participant shall be advised of the acceptance or rejection of a claim within
ninety (90) days after the claim is received, unless special circumstances
require an extension of time for processing the claim. If the Plan Administrator
requires an extension, written notice of the extension stating the special
circumstances requiring the extension of time and the date by which the Plan
Administrator will make a final decision shall be furnished to the Participant
prior to the end of the initial ninety (90) day period. The extension may not
exceed an additional period of ninety (90) days.

        If the claim is denied, the Plan Administrator shall state in detail:

                1.      the specific reasons for the denial;

                2.      the specific Plan provisions upon which the denial is
                        based;

                3.      any additional material or information which the
                        Participant may provide which would entitle the
                        Participant to the benefits claimed; and

                4.      an explanation of why such material or information is
                        necessary.

The notice of denial must also explain the steps to be taken if the Participant
or a beneficiary wishes to submit a claim for review. If notice of denial of the
initial claim is not furnished within

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the time period allowed above, the claim shall be deemed denied and the
Participant may proceed to request a review of the denied claim.

        A claim for review by the Plan Administrator must be submitted within
sixty (60) days after the date the initial claim is denied. A request for review
of a denied claim must include a statement of the reasons the claim should be
allowed. The Participant or an authorized representative may examine any
documents the Plan Administrator has in its files and will use in reaching a
decision, and may also submit additional written comments to the Plan
Administrator which support the claim.

        The Plan Administrator shall advise the Participant or beneficiary of
its decision in writing within sixty (60) days following receipt of the request
for review, unless special circumstances require an extension of time for
processing. If the Plan Administrator requires an extension, written notice of
the extension stating the special circumstances requiring the extension of time
and the date by which the Plan Administrator will make a final decision shall be
furnished to the Participant prior to the end of the initial sixty (60) day
period. The extension may not exceed an additional period of ninety (90) days.

        The Plan Administrator's decision on review shall be in writing and
include specific reasons for the decision, as well as specific references to the
Plan provisions upon which the decision is based. The decision of the Plan
Administrator is final and subject to no further appeal or review.

        IN WITNESS WHEREOF, the Company has caused this Plan to be executed by
its duly

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authorized representatives this 17th day of December, 1998.

                                             PEMCO LIFE INSURANCE COMPANY

                                             By /s/ Stan W. McNaughton
                                                --------------------------------
                                                Its  President
                                                     ---------------------------

                                             PEMCO INSURANCE COMPANY

                                             By /s/ Stan W. McNaughton
                                                --------------------------------
                                                Its  President
                                                     ---------------------------

                                             EVERGREEN BANK

                                             By /s/ Gerald O. Hatler
                                                --------------------------------
                                                Its  President
                                                     ---------------------------

                                             PEMCO CORPORATION

                                             By /s/ Stan W. McNaughton
                                                Its  President
                                                     ---------------------------

                                             PEMCO MUTUAL INSURANCE COMPANY

                                             By /s/ Stan W. McNaughton
                                                --------------------------------
                                                Its  President
                                                     ---------------------------

                                       10<PAGE>
                                                                    EXHIBIT 10.1

                            2001 EMPLOYMENT AGREEMENT

                      Columbia Bancorp - Roger Christensen

        This Employment Agreement (the "Agreement") is made and entered into
this 25th day of January, 2001 by and between Columbia Bancorp, an Oregon
corporation and bank holding company ("Bancorp") and Roger Christensen
("Employee").

                                    RECITALS

        (1) Bancorp is an Oregon corporation and is the holding company of
Columbia River Bank, a state-chartered Oregon financial institution. Bancorp's
principal office is at 420 East Third Street, Suite 200, The Dalles, Oregon
97058.

        (2) Bancorp desires to employ Employee as an officer of Bancorp and of
its subsidiary Columbia River Bank (the "Bank") on the terms and conditions set
forth herein.

        Now, therefore, it is agreed:

        1.  RELATIONSHIP AND DUTIES.

        1.1 EMPLOYMENT AND TITLE. Bancorp shall employ Employee as an officer of
Bancorp with the title of President and Chief Executive Officer of Columbia
Bancorp and Chief Executive Officer of Columbia River Bank. Subject to the terms
and conditions hereof, employee shall perform such duties and exercise such
authority as are customarily performed and exercised by persons holding such
office, subject to the general direction of the Boards of Directors of Bancorp
and the Bank. Such services and duties shall be exercised in good faith and in
accordance with standards of reasonable business judgment. As used herein,
references to "Bancorp" shall be deemed to also refer to and include the Bank
where the context requires.

        1.2 DUTIES; CONFLICTS. Employee shall devote his full time, attention
and efforts to the diligent performance of his duties as an officer of Bancorp.
Employee will not accept employment with any other individual, corporation,
partnership, governmental authority or any other entity, or engage in any other
venture for profit which Bancorp, or any subsidiary, parent, sister or
affiliated corporation of Bancorp, considers to be in conflict with their best
interests or to be in competition with their business, or which may interfere in
any way with Employee's performance of his duties hereunder.

        1.3 SERVICE ON OTHER COMPANY BOARDS. Nothing in the Agreement shall
prohibit Employee from serving on the board of directors of any profit or
non-profit corporation not in direct competition with Bancorp or with any other
subsidiary, parent, sister or affiliated corporation of Bancorp. In addition,
Employee may own stock in any

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other corporation whether or not the stock is publicly traded; provided, that if
such corporation operates a business in competition with Bancorp Employee may
not own more than five percent (5%) of the outstanding shares of such
corporation.

        2.  TERM OF EMPLOYMENT.

        2.1 TERM. The term of employment under the Agreement shall begin on May
15, 2001 and end on March 31, 2003.

        2.2 EXTENSIONS. Employee's term of employment under the Agreement may be
extended for successive one-year terms beyond the initial term of the Agreement
specified in Section 2.1, subject to the mutual agreement of the parties. The
parties shall reach mutual agreement concerning such extensions on or before a
date which is no less than one year prior to the date of expiration of
Employee's term of employment under the Agreement, including any extensions
thereof.

        3.  TERMINATION.

        3.1 DEFINITION. As used in the Agreement, "termination" shall mean the
termination of Employee's employment relation with Bancorp, whether initiated by
Bancorp or by Employee, and whether for cause or without cause.

        3.2 TERMINATION EVENTS. Notwithstanding any other provisions of the
Agreement, the employment of Employee shall terminate immediately on the earlier
to occur of any of the following:

            3.2.1  Employee's death;

            3.2.2 Employee's complete disability. "Complete disability" as used
herein shall mean the inability of Employee, due to illness, accident, or other
physical or mental incapacity, to perform the services required under the
Agreement for an aggregate of ninety (90) days within any period of 180
consecutive days during the term hereof; provided, however, that disability
shall not constitute a basis for discharge for cause;

            3.2.3 The discharge of Employee by Bancorp for cause. "Cause" as
used herein shall mean (i) Employee's negligence or misconduct as shall
constitute, as a matter of law, a breach of the covenants and obligations of
Employee hereunder; (ii) failure or refusal of Employee to comply with the
provisions of the Agreement; (iii) Employee's conviction by any duly constituted
court with competent jurisdiction of a crime (other than traffic offenses); (iv)
Employee's malfeasance or incompetence, provided that in applying this criteria
Bancorp shall not be unreasonable or arbitrary, and provided further that prior
to effecting a dismissal under this Section (iv) Bancorp shall afford Employee
with fair and reasonable warning and with a fair and reasonable opportunity to
cure any defects in Employee's performance.

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        3.3 TERMINATION BY EMPLOYEE. Employee may terminate his employment with
Bancorp with or without cause by giving thirty (30) days written notice of
termination. "Cause" as used herein shall include Bancorp's failure or refusal
to comply with the provisions of the Agreement.

        3.4 EFFECT OF TERMINATION. The termination of Employee's employment
shall constitute a tender by Employee of his resignation as an officer of
Bancorp, and as a member of any board of directors or board committees of
Bancorp or its affiliates if Employee is a member thereof at the time of
termination.

        3.5 PAYMENT ON TERMINATION. If Employee's employment is terminated by
Employee with or without cause, or by Bancorp with or without cause, Employee
shall be paid all base salary and benefits accrued under the Agreement as of the
termination date.

        3.6 SEVERANCE PAYMENT. If Employee's employment is terminated by
Employee with cause, or by Bancorp without cause, Employee shall be paid all
base salary and benefits accrued under the Agreement as of the termination date,
and in addition, shall be entitled to a severance payment equal to the greater
of (i) one month's base salary as of the date of termination multiplied by the
number of full calendar years Employee has been employed by Bancorp or any
predecessor thereof, or (ii) one month's base salary as of the date of
termination multiplied by twelve (12). For purposes of Section 3.6(i) a period
of continuous full-time employment for six months or more in a calendar year
shall count as a full calendar year. If for any period Employee has been
employed simultaneously by Bancorp and by one or more of its affiliates, such
period shall count only once in determined the severance payment under Section
3.6(i). The severance payment provided herein shall be paid in full within
thirty (30) days of the date of Employee's termination. Employee shall not be
entitled to such severance payment if Employee's employment is terminated by
Bancorp with cause, or by Employee without cause, and in either such case
Employee shall only be entitled to receive on termination a payment equal to
Employee's base salary and benefits accrued under the Agreement as of the
termination date, and no other payments.

        3.7 PERFORMANCE BONUS. If Employee's employment is terminated by
Employee with cause, or by Bancorp without cause, Employee shall be paid, in
addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i)
all nonforfeitable deferred compensation, if any; and (ii) unpaid performance
bonus payments, if any, payable under Section 4.3 of the Agreement, which shall
be declared earned and payable based upon performance up to, and shall be
pro-rated as of, the date of termination. Employee shall not be entitled to such
unpaid performance bonus payments if Employee's employment is terminated by
Bancorp with cause, or by Employee without cause.

        4.  COMPENSATION.

        4.1 BASE SALARY. For the period beginning January 25, 2001 and ending
May 15, 2001, Employee shall be paid an annual base salary of $102,000.00,
payable in equal

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bimonthly installments and subject to any deductions required by law. For the
period beginning May 15, 2001 and ending March 31, 2002, Employee shall be paid
an annual base salary of $125,000.00, payable in equal bimonthly installments
and subject to any deductions required by law.

        4.2 EXTENSIONS. On or before March 1, 2002, Bancorp shall determine
Employee's annual base salary for the period beginning April 1, 2002 through the
remaining term of employment under the Agreement. If Employee's term of
employment under the Agreement has been extended, Bancorp shall determine
Employee's annual base salary for subsequent periods of Employee's employment at
least 30 (thirty) days prior to the date of beginning of any such extended term.

        4.3 PERFORMANCE BONUS. Employee shall be entitled to consideration for
annual performance bonus compensation for each calendar year constituting a
percentage of annual base salary earned from his employment by Bancorp during
such calendar year. Bonus compensation shall be subject to any deductions
required by law. The Bancorp Board shall timely, and at least once yearly,
determine the amount of and the formulas and methods for establishing such bonus
compensation. The amount of such bonus compensation shall at all times be
discretionary, and Bancorp may decline to award a performance bonus to Employee
in any year.

            4.3.1 Employee shall be entitled to a pro-rata performance bonus for
less than a full year of performance if Employee's employment is terminated by
Employee with cause, or by the Bank without cause (including termination
following a change of control as described in Section 7.4 of the Agreement),
prior to the date on which Employee would otherwise be entitled to consideration
for Employee's annual performance bonus. In such circumstances, such pro-rata
performance bonus shall be declared earned and payable as of the date of
termination.

        5.  BENEFITS; PURCHASE OF SHARES.

        5.1 ELIGIBILITY FOR GENERAL BENEFITS. Employee shall be eligible to
participate in any plan of Bancorp or its affiliates relating to stock options,
stock purchases, profit sharing, group life insurance, medical coverage,
education and other retirement or employee benefits that Bancorp or its
affiliates may adopt for the benefit of employees.

        5.2 CAR ALLOWANCE. Employee shall receive a monthly car allowance of
$700.00.

        5.3 ADDITIONAL BENEFITS. Employee shall be eligible to participate in
any other benefits which may be or become applicable to Bancorp's executive
employees of similar rank. In addition, Employee shall be entitled to: (i) a
reasonable expense account for use in connection with Bancorp business; and (ii)
any other benefits which in Bancorp's judgment are commensurate with the
responsibilities and functions to be performed by Employee under the Agreement,
including the payment of reasonable

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expenses for attendance by Employee and Employee's spouse at annual meetings of
the Oregon Bankers Association.

        5.4 SHARE OWNERSHIP. During the term of the Agreement, including
extensions, Employee shall purchase shares of Bancorp Stock, including purchases
through the exercise of stock options, in accordance with the share ownership
policies and requirements established by Bancorp management in effect from time
to time for employees of comparable rank.

        6.  VACATIONS AND LEAVES.

        6.1 PAID VACATION. During the term of the Agreement, Employee shall be
entitled to annual paid vacation benefits identical to those offered to
employees of Bancorp holding executive vice president or higher positions. The
timing of vacations shall be scheduled in a reasonable manner by Employee.
Employee shall not be entitled to receive any additional compensation from
Bancorp on account of his failure to take a vacation, and may not accumulate
unused vacation time from one calendar year to the next.

        6.2 LEAVES WITH OR WITHOUT PAY. The Bancorp Board may grant Employee a
leave or leaves of absence, with or without pay, at such time or times and upon
such terms and conditions as the Board may determine.

        6.3 MANDATORY ABSENCE. In each calendar year Employee shall be absent
from Bancorp for one period of two consecutive weeks. Such period may include
vacation, leave, sick leave, attendance at seminars or conventions, or any
combination thereof.

        7.  CHANGE OF CONTROL.

        7.1 SURVIVAL OF RIGHTS. Employee's rights on termination of employment
under Section 3 of the Agreement, as well as all other rights of Employee under
the Agreement or applicable law, shall survive a change of control of Bancorp
whether or not Employee opposed or favored the change of control.

        7.2 RIGHTS ON CHANGE OF CONTROL. If a change of control of Bancorp
occurs while the Agreement is in effect, Employee shall have ninety (90) days
following the date such change of control becomes effective to elect to
terminate Employee's employment with cause. If Employee so elects to terminate,
such termination shall constitute a termination by Employee with cause, and
Employee shall receive all payments and benefits due to Employee on termination
by Employee with cause under Section 3 of the Agreement.

        7.3 BASE COMPENSATION. Following a change of control, Bancorp shall not
reduce Employee's base compensation in effect prior to the effective date of the
change

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of control for a period of time equal to the greater of (i) twelve (12) months
from the effective date of the change of control; (ii) one (1) month for each
full calendar year Employee has been employed by Bancorp; or (iii) the remaining
term of the Agreement, including any extensions thereof. For purposes of this
Subsection 7.3, a period of continuous full-time employment for six months or
more in a calendar year shall count as a full calendar year.

        7.4 TERMINATION WITHOUT CAUSE. If following a change of control Bancorp
terminates Employee's employment within one (1) year of the effective date of
the change of control because of a reduction in force or for any other reason,
other than for cause pursuant to Section 3.3 of the Agreement, such termination
shall constitute a termination by Bancorp without cause, and Employee shall
receive all payments and benefits due to Employee on termination under Sections
3.5 and 3.6 of the Agreement, plus: (i) all nonforfeitable deferred
compensation, if any; and (ii) unpaid performance bonus payments, if any,
payable under Section 4.3 of the Agreement, which shall be declared earned and
payable based upon performance up to, and shall be pro-rated as of, the date of
termination.

        7.5 OPTIONS AND STOCK. If Employee is a participant in a restricted
stock plan or share option plan, and such plan is terminated involuntarily as a
result of the change of control, all stock and options shall be declared fully
vested and shall be paid, awarded or otherwise distributed. With respect to any
unexercised options under any stock option plan, such options may be exercised
within the period provided in such plan. Effective as of the date of the change
of control, any holding period established for stock paid as bonus or other
compensation shall be deemed terminated, except as otherwise provided by law.

        7.6 DEFINITION. As used in this Section, "control" shall mean the
acquisition during Employee's employment of twenty-five percent (25%) or more of
the voting securities of the Bancorp by any person, or persons acting as a group
within the meaning of Section 13(d) of the Securities Exchange Act of 1934, or
to such acquisition of a percentage between ten percent (10%) and twenty-five
percent (25%) if the Board or the Comptroller of the Currency, the FDIC, or the
Federal Reserve Bank have made a determination that such acquisition constitutes
or will constitute control of Bancorp. The term "person" refers to an
individual, corporation, bank, bank holding company, or other entity, but
excludes any Employee Stock Ownership Plan established for the benefit of
employees of Bancorp or any of its subsidiaries or other affiliates.

        8.  POST TERMINATION COVENANTS.

        8.1 NON-COMPETE COVENANTS. If Employee terminates his employment without
cause, or if Employee's employment is terminated by Bancorp for cause, then for
one year from the date of such termination Employee will not, without the prior
written consent of Bancorp:

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            8.1.1 Undertake full or part-time work, either as an employee or as
a consultant, for another financial institution if such work is to be done, in
whole or in part, in or from an office or other work site in Yamhill, Wasco,
Hood River, Jefferson, Deschutes, Sherman or Gilliam Counties, Oregon, in
Klickitat County, Washington, or in any other county in Oregon or Washington in
which Bancorp or any of its affiliates has a place of business at the time of
termination; or

            8.1.2 Hire for any financial institution or other employer
(including himself) any employee of Bancorp or any of its affiliates, or
directly or indirectly cause such an employee to leave his or her employment to
work for another employer, if such employee is to work in or from an office or
other work site in Yamhill, Wasco, Hood River, Jefferson, Deschutes, Sherman or
Gilliam Counties, Oregon, in Klickitat County, Washington, or in any other
county in Oregon or Washington in which Bancorp or any of its affiliates has a
place of business at the time of termination.

        8.2 LIQUIDATED DAMAGES FOR BREACH OF NON-COMPETE COVENANTS; OTHER
REMEDIES. If Employee breaches the covenants of Section 8.1, Employee shall be
liable to Bancorp for liquidated damages equal to the lesser of (i) $18,000, or
(ii) $1,500 multiplied by the number of months (including fractions thereof)
between the date of breach and one year from the date of Employee's termination
of employment. For example, if the date of breach occurs six months after the
date of Employee's termination, liquidated damages shall be $9,000 (6 x $1,500).
The parties agree that Bancorp's actual money damages upon Employee's breach
will be difficult to compute, and further agree that the liquidated damages
formula provided herein reasonably represents Bancorp's actual money damages.
Employee shall pay the liquidated damages required hereunder within ten (10)
days of the date Bancorp makes written demand for such payment. Nothing herein
shall preclude Bancorp from enforcing any other legal or equitable remedies it
may have upon Employee's breach, including injunctive relief. Such other
remedies may be enforced in addition to Bancorp's right to liquidated damages
under this Section.

        8.3 LIMITATION. The covenants in Sections 8.1 and 8.2 do not apply if
Employee terminates his employment for cause, if Employee terminates his
employment for any reason within ninety (90) days after the effective date of a
change of control within the meaning of Section 7 of the Agreement, or if
Employee's employment is terminated by Bancorp without cause.

        8.4 ADDITIONAL COVENANTS. The following provisions shall apply and be
binding on Employee following Employee's termination of employment under all
circumstances, whether termination occurred with cause, without cause, following
illness or disability, because of a change of control, or for any other reason:

            8.4.1 Employee shall fully cooperate in the defense or prosecution
of any litigation arising from or relating to matters about which Employee has
knowledge based on his employment or other work, paid or unpaid, for Bancorp and
its affiliates. To the

                                     Page 7

<PAGE>

extent allowed by law Employee shall receive reasonable compensation in
connection with his performance under this Section 8.4.1;

            8.4.2 Employee shall at all times keep all confidential and
proprietary information gained from his employment by Bancorp, or from other
previous, present or subsequent paid or unpaid work for Bancorp and its
affiliates, in strictest confidence, and will not disclose or otherwise
disseminate such information to anyone, other than to employees of Bancorp or
its affiliates, except as may be required by law, regulation or subpoena; and

            8.4.3 Employee shall not take or use for any purpose confidential or
proprietary information of Bancorp or its affiliates, including without
limitation customer or potential customer lists and trade secrets.

        8.5 ADVANCEMENT OF EMPLOYEE. Employee acknowledges and agrees that the
Agreement constitutes a bona fide advancement of Employee with the Employer
under ORS 653.295 in several respects, including without limitation an increase
in base salary and benefits.

        9.  MISCELLANEOUS.

        9.1 RECITALS; LAW; AMENDMENTS. Each and every portion of the Agreement
is contractual and not a mere recital, and all recitals shall be deemed
incorporated into the Agreement. The Agreement shall be governed by and
interpreted according to Oregon law and any applicable federal law. The
Agreement may not be amended except by a subsequent written agreement signed by
all parties hereto.

        9.2 ENTIRE AGREEMENT. The Agreement contains the entire understanding
and agreement of the parties with respect to the parties' relationship, and all
prior negotiations, discussions or understandings, oral or written, are hereby
integrated herein. No prior negotiations, discussions or agreements not
contained herein or in such documents shall be binding or enforceable against
the parties.

        9.3 COUNTERPARTS. The Agreement may be signed in several counterparts.
The signature of one party on any counterpart shall bind such party just as if
all parties had signed that counterpart. Each counterpart shall be considered an
original. All counterparts of the Agreement shall together constitute one
original document.

        9.4 SUCCESSORS AND ASSIGNS. All rights and duties of Bancorp under the
Agreement shall be binding on and inure to the benefit of Bancorp's successors
and assigns, including any person or entity which acquires a controlling
interest in Bancorp and any person or entity which acquires all or substantially
all of Bancorp's assets. Bancorp and any such successor or assign shall be and
remain jointly and severally liable to Employee under the Agreement. Employee
may not assign or transfer Employee's rights or interests in or under the
Agreement other than by a will or by the laws of descent

                                     Page 8

<PAGE>

and distribution. The Agreement shall inure to the benefit of and be enforceable
by Employee's estate or legal representative.

        9.5 WAIVER. Any waiver by any party hereto of any provision of the
Agreement, or of any breach thereof, shall not constitute a waiver of any other
provision or of any other breach. If any provision, paragraph or subparagraph
herein shall be deemed invalid, illegal or unenforceable in any respect, the
validity and enforceability of the remaining provisions, paragraphs and
subparagraphs shall not be affected.

        9.6 ARBITRATION. Any dispute, controversy, claim or difference
concerning or arising from the Agreement or the rights or performance of either
party under the Agreement, including disputes about the interpretation or
construction of the Agreement, shall be settled through binding arbitration in
the State of Oregon and in accordance with the rules of the American Arbitration
Association. A judgment upon the award rendered in such arbitration may be
entered in any court of competent jurisdiction.

        9.7 EMPLOYEE HANDBOOK. Employee agrees to be bound by the terms and
conditions of any employee handbook of Bancorp or its affiliates as may be in
effect from time to time, except that in the event of a conflict between such
employee handbook and the Agreement, the Agreement shall control.

        9.8 CAPTIONS. All captions, titles and headings in the Agreement are for
convenience only, and shall not be construed to limit any term of the Agreement.

        9.9 DEFINITION. When used herein in reference to a corporation,
"affiliate" shall mean, without limitation, any parent or subsidiary of the
corporation and any entity controlled by the corporation.

        9.10 EXCEPTIONS. The Bancorp Board or the management of Bancorp may, in
its discretion, make exceptions to one or more of the conditions contained in
the Agreement, provided that any such exceptions must be approved in writing.

        9.11 PRIOR CONTRACTS. The Agreement replaces and supersedes all prior
written employment agreements between the parties, specifically including the
Employment Agreement of April 1, 2000.

_______________________________________
Employee

COLUMBIA BANCORP

By:____________________________________

Title:_________________________________

                                     Page 9

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