Document:

Exhibit

EXHIBIT 10.1

September 15, 2016

Personal & Confidential
Mr. Mark D. Benjamin
c/o Heidrick & Struggles

Dear Mark,

Welcome to the new NCR, a global technology company that runs the everyday transactions that make your life easier.

With a global presence in 180 countries, our employees around the world offer a broad perspective and range of skills that enable our customers to making every customer interaction with their business an exceptional experience.

We are pleased to present you with this offer of employment at NCR. I am certain you will be the transformational leader we need for the organization you will lead as our President and Chief Operating Officer. 

On behalf of NCR and our Board of Directors, we look forward to you joining us.

Employer (Legal Entity):

NCR Corporation (the ‘Company’)

Position:

President and Chief Operating Officer; and upon joining NCR you will be appointed as a Section 16 Executive Officer of the Company by the NCR Board of Directors.

Job Grade:

This position is a Grade 23

Reporting To:

Bill Nuti, Chairman of the Board, Chief Executive Officer and President - NCR Corporation

Mr. Mark D. Benjamin 
September 15, 2016
Page 2

Business Unit:

NCR Chief Operating Officer (COO) Organization

Office Location:

New York City Office

Start Date:

Your employment with NCR will commence on a mutually agreeable day, which is expected to occur on October 17, 2016.

Base Salary:

Your annual base salary will be US$750,000 commencing on your start date. We operate our payroll on a bi-weekly pay schedule where you will be paid two weeks’ salary five days following the close of each pay cycle.

Management Incentive Plan:

Effective upon your start date you will participate in NCR's Management Incentive Plan (MIP) subject to the terms of the Plan. The Plan is an annual bonus program with a payout that varies based on NCR's results, your organization's results, and your individual performance; it is payable in the first calendar quarter following the plan year.
 
Your MIP target incentive opportunity will be 115% of your annual base salary (with a maximum potential payout equal to 3 times your target incentive opportunity), where the payout will be based on your COO organization’s achievement of its annual “Core Financial Measures” and certain MBOs that will be established for you each plan year. So long as your employment with NCR commences on or before October 17, 2016, your MIP payout for the 2016 plan year will be no less than US$215,625 (before taxes and other deductions), and will be payable to you in March 2017.

You will also participate in the Customer Success component of the MIP, representing a target incentive opportunity equal to 10% of your annual base salary (with a maximum potential payout equal to 10% of your annual base salary, which thus operates as a “make or miss” opportunity), where the payout will be linked to NCR’s overall achievement of our annual Customer Loyalty goals.

Please note that the MIP guidelines are subject to change from time to time, which will be determined at the discretion of the Compensation and Human Resource Committee of the NCR Board of Directors (hereinafter, the “Committee”). 

Mr. Mark D. Benjamin 
September 15, 2016
Page 3

You must be employed by NCR at the time of payment in order to be eligible to receive any bonus or incentive payout from NCR.

Long Term Incentive (LTI) Equity Awards:

Subject to your acceptance of this offer, you will receive a New Hire LTI Equity Award with a total value equal to US$8,500,000, to be delivered in the form of NCR’s Single-Metric, Performance-Based Restricted Stock Units, where the payout will be determined based on a “make-or-miss” performance goal for the 2017 performance year as established by the Committee. 

The effective date of your New Hire LTI Equity Award will be the first calendar day of the month following your start date (“Grant Date”) and will vest over three (3) years, such that a portion of your New Hire LTI Equity Award will vest on each anniversary of the Grant Date (25% on the first, 35% on the second and 40% on the third anniversary). You must electronically accept the award agreement associated with the award in order to be eligible to receive its benefits.

Effective for 2017 and beyond you will also be eligible to participate in NCR’s Annual LTI Equity Award Program that typically occurs in February each year. Included as part of your offer is our commitment that you will receive a 2017 Annual LTI Equity Award with a minimum grant value of no less than US$3,500,000. Your 2017 Annual LTI Equity Award will be granted in a combination of NCR Time-Based and Performance-Based RSUs as determined by the Committee. 

You must be a current employee of NCR on the Grant Date in order to be eligible to receive any NCR LTI Equity Award. Other terms, including vesting, are set forth in the plan governing these awards, and you must electronically accept the award agreement each time one is made in order to be eligible to receive its benefits.

Executive Severance Benefits:

As President & COO you will participate in NCR’s Executive Severance Plan. The severance plan provides certain benefits in the event that your employment is involuntarily terminated by NCR other than for “Cause” (as defined below). 

In the event of a qualified termination of employment entitling you to benefits under the plan, you will receive a cash severance payment equal to one and one half (1.5) times the sum of your annual base salary and target bonus (as defined in the plan), immediate vesting of the unvested portion of your New Hire LTI Equity Award and the unvested portion of your 2017 Annual LTI Equity Award, payment of COBRA premiums for up to eighteen (18) months after the termination date, and Executive Outplacement Services. 

Mr. Mark D. Benjamin 
September 15, 2016
Page 4

With respect to the Executive Severance Benefits provided under this letter or under the plan, “Cause” shall mean termination of employment by the Company in connection with: (A) conviction of the Participant (as defined under the plan) for committing a felony under U.S. federal law or the law of the state or country in which such action occurred, (B) dishonesty in the course of fulfilling the Participant’s employment duties, (C) failure on the part of the Participant to perform substantially such Participant’s employment duties in any material respect, (D) a material violation of the Company’s Code of Conduct, or (E) such other events as shall be determined by the Administrator and communicated to the Participant in writing.

In order to receive these severance benefits you are required to execute a general release of all claims in a form acceptable to NCR. Unless specified otherwise under this letter, these Executive Severance Benefits will be provided to you under the terms of the plan, which is subject to amendment or termination by NCR in accordance with the plan terms.

Change-In-Control Severance Plan:

As President & COO you will be eligible to participate in NCR’s Change in Control (CIC) Severance Plan with a “Tier I” benefit level. Subject to the terms and conditions of the CIC plan, in the event of a qualified termination of employment following a Change-In-Control event (as defined in the plan), you will receive a severance benefit equal to three (3) times the sum of your annual base salary and annual target bonus (as defined in the plan). The CIC plan is subject to amendment or termination by NCR in accordance with the plan terms.

Executive Medical and Financial Planning Allowance:

As President & COO you will also be eligible to participate in NCR’s annual Executive Medical Exam Program and annual Executive Financial Planning Program. 

The Executive Medical Exam Program currently provides up to US$5,000 on an annual basis for progressive, diagnostic analysis by NCR’s provider of choice. The Executive Financial Planning Program currently provides an annual payment of US$12,000, less all applicable taxes, to be used for an executive’s individual financial planning needs. 

Each of these programs are subject to amendment or termination by the Committee.

Executive Relocation Program:

As part of your offer to join NCR, you will be eligible for NCR’s Executive Relocation Program, which includes the benefits outlined on the attached "Relocation Plan Summary" document. 

When the timing is right for you and if mutually agreed, we will initiate your executive relocation process where a Weichert Executive Relocation Counselor will be in contact with you to discuss your personal relocation needs to move you and your family to the Atlanta area.

Mr. Mark D. Benjamin 
September 15, 2016
Page 5

Legal Expenses: 

NCR will reimburse you for up to US$15,000 of reasonable legal fees you incur in connection with your review and acceptance of NCR’s terms and conditions of employment.

Vacation/Holidays:

Under NCR's vacation policy you are entitled to receive paid vacation days and holidays. Eligible vacation is based on grade level or years of NCR service, whichever provides the greater benefit.

NCR also provides six (6) Floating Holidays, which can be used at any time during the year while recognizing customer and business needs. In the first year of hire, the number of available floating holidays is prorated.

Additionally, NCR recognizes the following six (6) days as paid holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Other Terms and Conditions of Employment:

This offer of employment is contingent upon your acceptance of the terms and conditions of employment outlined in this offer letter (and Appendix A), and your passing a drug screen and background check. In addition, this offer is contingent upon your agreement to certain restrictive convents concerning non-competition, non-customer-solicitation and non-recruitment/hiring, where such provisions are enforceable by law. These covenants are set out in the Non-Competition Agreement included in your offer package, which you must also sign.

This letter supersedes and completely replaces any prior oral or written communication concerning the subject matters addressed in this letter. This letter is not an employment contract, and should not be construed or interpreted as containing any guarantee of continued employment or employment for a specific term.

*        *        *        *        *        *

Mark, we are very excited about the contributions, experience and knowledge you can bring to NCR. We have assembled some of the best professionals in the industry and are convinced that your expertise will help us further enhance the Company’s reputation and help NCR complete the transformation needed to deliver on our Vision 2020 strategy. 

Mr. Mark D. Benjamin 
September 15, 2016
Page 6

If you have any questions about this offer or wish to discuss the role further, please do not hesitate to contact either Andrea Ledford or myself at any time so you can make an informed decision about this opportunity with NCR.

Sincerely,

	
		
	/s/ Bill Nuti
	 

	Bill Nuti
	 

	 
	 

	 
	 

Bill Nuti
Chairman of the Board, 
Chief Executive Officer and President
NCR Corporation

Copy to:    Andrea Ledford, EVP - Corporate Services and Chief Human Resources Officer

Mr. Mark D. Benjamin 
September 15, 2016
Page 7

Accepting this Offer of Employment:

By accepting and signing NCR's offer of employment you certify to NCR that you are not subject to a non-competition agreement with any company or to any other post-employment restrictive covenants that would preclude or restrict you from performing the NCR position being offered in this letter. We also advise you of NCR's strong policy of respecting the intellectual property rights of other companies. You should not bring with you to your NCR position any documents or materials designated as confidential, proprietary or trade secret by another company, nor in any other way disclose trade secret information while employed by NCR.

You further acknowledge that this employment letter, Appendix A and the Non-Competition Agreement and Related Covenants documents reflect the general description of the terms and conditions of your employment with NCR, and is not a contract of employment for any definite duration of time. The employment relationship with NCR is by mutual consent ("Employment at Will"). This means either you or NCR have the right to discontinue the employment relationship with or without cause at any time and for any reason.

I have read the foregoing information relative to NCR's conditions of employment and understand that my employment offer is conditioned upon their satisfaction.

I accept NCR’s terms and conditions of employment:

	
		
	 
	 

	/s/ Mark D. Benjamin
	 

	Mark D. Benjamin
	 

	 
	 

	 
	 

	 
	 

	 
	 

	September 16, 2016
	 

	Date
	 

	 
	 

Appendix A
NCR Conditions of Employment

The Company requires employment candidates to successfully complete various employment documentation and processes. You assume any and all risks associated with terminating any prior or current employment and making any financial or personal commitments based upon the Company's conditional offer.

This offer of employment is conditioned upon your satisfying and agreeing to the following:

Drug Screening Test
This offer of employment is conditioned upon your taking a urine drug screen test and our receipt of negative results from that test. By accepting this offer and these conditions, you are giving the Company permission to release the results to company designated officials. 

Background Check Verification
This offer of employment is conditioned upon the completion of a full background check and our satisfaction with the results, in accordance with local privacy laws. The Company, at its discretion may, on its own or through an outside agency, conduct a background check of all the information and documents submitted by you. You expressly consent to such a background check and also agree that if the Company, as a result of such a background check, finds any discrepancy or misrepresentation, then your offer may be rescinded or your employment may be terminated immediately. 

You understand and agree that, if required, the Company may provide its customers with verification that you have passed certain background check requirements before you will be permitted to service those accounts. 

You also understand that if the Company hires you or contracts for your services, your consent will apply, and the Company may, as allowed by law, obtain additional background reports pertaining to you, without asking for your authorization again, throughout your employment or contract period from an outside agency.

U.S. Employment Eligibility
Pursuant to the terms of the Immigration and Control Act of 1986, the Company can only hire employees if they are legally entitled to work and remain in the United States.  Accordingly, the Company will verify your employment eligibility through the I-9 and E-Verify employment verification processes. If you commence employment with the Company, you understand that you will be required to complete the I-9 employment eligibility verification process within three business days after your start date. Please refer to the I-9 information sheet in this hire packet for instructions on how to complete this process.

You also understand that the Company participates in the E-Verify program and that the information you provide to us during the I-9 employment verification process will be compared against information maintained in Department of Homeland Security and Social Security Administration databases. Please refer to the enclosed information regarding E-Verify in this hire packet for additional information, including your rights under the program.

Finally, U.S. export regulations promulgated by the U.S. Departments' of Commerce and State restrict the release of U.S. technology to foreign nationals (persons that are not citizens or permanent residents of the U.S.). Your employment by the Company will be conditional on a determination that your access to the Company’s technology will not be prohibited under applicable U.S. export regulations based on your country of citizenship or permanent residency. Please note that any information the Company collects from you for export compliance purposes will not be used for any other purposes.

Employee Privacy Notice and Consent
As a condition of employment you must agree to the enclosed document ‘Employee Privacy Notice and Consent’.

Mutual Agreement to Arbitrate all Employment Related Claims
As a condition of employment for any position, you must read, understand and agree to the enclosed document, Mutual Agreement to Arbitrate All Employment Related Claims. By signing this acceptance of employment, you are verifying the receipt of this document and your agreement and willingness to abide with the contents of the Mutual Agreement to Arbitrate Agreement. 

NCR Employment Agreement
As a condition of employment, you must read, understand and agree to the enclosed document: NCR Employment Agreement. By signing this acceptance of employment, you are verifying the receipt of this document and your agreement and willingness to abide with the contents of the Company’s Terms and Conditions of Employment.   

Code of Conduct
As part of your orientation to the Company, employees, including senior management, are required to complete the Company’s Code of Conduct. This training must be completed within 30 days of your start date. Directions for accessing the training will be provided via email after your start date.  

Employees with computer access must complete a 30 minute web-based training and certification module. This module is designed to familiarize you with our global standards of business conduct. While we recognize there are local laws and regulations that must also be followed, it is important that all employees understand and adhere to our global standard of business conduct. For employees who do not have computer access, please obtain a copy of the Company’s Code of Conduct and certification form from your manager and it will be returned to the NCR Corporation, Ethics & Compliance Office, 3097 Satellite Blvd, Building 700, Duluth, GA 30096.

Your completion of the Company’s Code of Conduct training and/or certification form demonstrates your personal commitment to conducting business legally and ethically.

Agreed and Accepted

	
					
	/s/ Mark D. Benjamin
	 
	 
	September 16, 2016

	Mark D. Benjamin
	 
	 
	DateEX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

COLUMBIA BANKING SYSTEM, INC. 

2005 401 Plus Plan 

Recitals 
  

	A.	Columbia Banking System, Inc. entered into a deferred compensation arrangement with certain of its directors and a select group of senior management and highly compensated employees, and with the directors and a
select group of senior management and highly compensated employees of entities with which it is considered a single employer under §§ 414(b) or 414(c) of the U.S. Internal Revenue Code of 1986, as amended
(“Code”). Columbia Banking System, Inc. and such other entities are referred to herein, collectively, as the “Company.” 

  

	B.	Such compensation arrangement was governed by the terms of the 401 Plus Plan (“Plan”), dated December 8, 2005.

  

	C.	Company amended and restated the Plan in December 2006, to bring it into compliance with Code § 409A and provisional regulations issued thereunder. 

 

	D.	Company further amended and restated the Plan in December 2008 to ensure that all terms and definitions comply with Code § 409A and final regulations issued thereunder. 

 

	E.	Company now wishes to further amend the Plan to freeze participation in the Plan as of October 26, 2016, and to make other further non-substantive changes to the language of the Plan. 

Plan 
  

	I.	Purpose of Plan 

 The Columbia Banking System, Inc. 2005 401 Plus Plan is intended to
provide deferred compensation for the directors and a select group of senior management or highly compensated employees of the Company. 
  

	II.	Participants 

 The Plan Administrator (defined in paragraph A of Section XIV), in its
sole and absolute discretion, shall select the individuals who are permitted to participate in the Plan (“Participants”). The Plan Administrator may only select Participants from among the directors and the senior management or highly
compensated employees of the Company. No individual shall have a right (whether because of his or her position with the Company, his or her level of compensation or any other reason whatsoever) to be selected as a
Participant. Effective from October 26, 2016, no new Participants shall be admitted to the Plan; however, existing Participants may continue to make deferrals under the Plan. 

  
 1 

	III.	Election to Defer Compensation 

 A. Amount Deferred. A Participant may elect
to defer a fixed dollar amount of Covered Compensation (defined in Section IV) earned by him or her for services performed in a year, which deferred amount shall not exceed fifty percent (50%) of base salary and shall not be less than
$5,000/year. Notwithstanding anything in the immediately preceding sentence to the contrary, a Participant may elect to defer up to one hundred percent (100%) of any bonus awarded or other incentive compensation earned and payable for services
performed in a year and up to one hundred percent (100%) of his or her fees for services performed in a year as a director of the Company. An election to defer Covered Compensation earned for services performed in a year shall be irrevocable, except
to the extent provided in the Plan. 
 B. Deferral Agreement and Notice. An election to defer Covered Compensation earned by a
Participant for services performed in a year shall be made by delivering to the Company a “Deferral Agreement and Notice” (see Attachment A) duly signed by the Participant. Such “Deferral Agreement and Notice” shall set
forth the fixed dollar amount of Covered Compensation that the Participant wishes to defer. A Participant may only defer Covered Compensation earned by him or her for services performed in a year if he or she delivers to the Company a
“Deferral Agreement and Notice” electing to defer such Covered Compensation by December 31st of the year immediately preceding the year that it is earned. In the case of the first
year in which an individual is selected to be a Participant, he or she may make an initial election to defer Covered Compensation paid for services performed after the election in the year by delivering to the Company a “Deferral Agreement and
Notice” within thirty (30) after being selected. 
  

	IV.	Covered Compensation 

 As used herein, “Covered Compensation” means all cash
compensation (including, but not limited to annual salary, bonuses, incentive compensation, fees or retainers) earned by an employee or director of the Company for services performed, in such capacity, for the Company. 

 

	V.	Deferred Compensation Accounts and Funding 

 A. Deferred Compensation
Account. The Company shall credit amounts deferred by a Participant under Section III of this Plan by an entry to an account that shall be maintained for such Participant on its books and records. Such account shall be called
the “Deferred Compensation Account” (“DCA”). In addition, the Company shall credit interest to the DCA, as provided in Section VI.

  
 2 

 B. Plan Un-funded. The Plan is intended to be un-funded for federal income tax
purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time. All monies used to pay amounts credited to the DCA maintained for a Participant shall come from the general funds of the
Company. A Participant is an unsecured general creditor of the Company with respect to a DCA maintained for the Participant and shall have no interest, rights or priority in any specific assets of the Company by reason of this Plan. The
Company shall not be required to transfer monies to a separate account, create a separate fund, purchase life insurance or annuity contracts, or make other arrangements to fund its liabilities with respect to a DCA maintained for a Participant or
any other obligations it may have under the Plan.
 C. Informal Funding. If the Company, in its sole and absolute
discretion, chooses to transfer monies to a separate account, create a separate fund, purchase life insurance or annuity contracts, or make other arrangements to fund its liabilities with respect to a DCA maintained for a Participant or any other
obligations it may have under the Plan, then any such separate account, separate fund, life insurance or annuity contracts, or other arrangements shall remain solely the asset of the Company, subject to the claims of its unsecured general creditors;
and a Participant shall have no interest, rights or priority therein, except as an unsecured general creditor of the Company. 
  

	VI.	Interest Credits to the Deferred Compensation Account 

 A. Interest Crediting
Rate. At the time of adoption of the Plan, the agreed upon interest rate shall be equal to the three month LIBOR rate plus 3.58%. The Plan Administrator shall annually review the calculation of the rate of interest that will be
applied to DCAs (the “Interest Crediting Rate”) for appropriateness. The Interest Crediting Rate shall be adjusted quarterly for fluctuations in the three-month LIBOR rate. Plan participants will be notified of any adjustments to
the Interest Crediting Rate.
 B. Crediting Interest to DCA. On the last date of each month, the DCA maintained for each
Participant shall be credited with an amount equal to the product of (i) one-twelfth (1/12th) of the Interest Crediting Rate for the quarter in which such month occurs, times (ii) the average balance in the DCA for that
month. The amount so credited shall be treated as a part of the credit balance of the DCA for all purposes of this Plan. As used herein, the average balance in a DCA for a month shall be equal to the quotient determined by dividing
(i) the sum of the credit balance in the DCA at the close of1 business each day in the calendar month, by (ii) the number of days in such month. 
  

	VII.	Plan Distributions 

 A. Definitions. As used herein, the following
capitalized terms shall have the meanings given below: 
 1. “Designated Beneficiary” means
(i) a person that Participant designates on the “Beneficiary Designation Notice” (see Attachment B) as the person entitled to receive, upon Participant’s death, the distributions that would otherwise be made under
the Plan to Participant, or (ii) in the absence of a person so designated by Participant, Participant’s estate. 

  
 3 

 2. “Disabled” means that (i) Participant is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or
(ii) Participant is, by reason of any medically determinable physical or mental impairment that can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of
not less than three (3) months under an accident and health plan covering employees of the Company. 
 3. “Retire”
means Participant’s Separation from Service with the Company, but only if, at the time of such separation, Participant has satisfied all of the following conditions: (i) Participant has attained the age of fifty-five (55), and
(ii) Participant has completed ten (10) years of service as a director and/or employee of the Company. For purposes of the immediately preceding sentence, a Participant shall be credited with one (1) year of service for each
twelve (12) month period of continuous service as a director and/or employee of the Company. 
 4. “Separation from
Service” shall have the meaning given to such term in Treas. Reg. 1.409A-1(h). 
 B. Distribution Election Notice. At
the time a Participant first makes an election to defer Covered Compensation, he or she shall deliver to the Company a signed “Distribution Election Notice” (see Attachment C) in which he or she shall elect to receive distributions of the
credit balance in his or her DCA in the form of either a single lump-sum payment or monthly installment payments over a period not to exceed one hundred twenty (120) months. A Participant may change such election from time to time, subject to
satisfaction of each and every one of the following conditions: 
  

	 	(i)	The change shall not take effect until at least twelve (12) months after the date on which the change is made; 

  

	 	(ii)	All payments affected by the change must be deferred for a period of not less than five (5) years from the date such payments would otherwise have been made (or in the case of an installment payment five (5) years from
the date the first amount was scheduled to be paid); and 

  

	 	(iii)	In the case of a payment at a specified time or pursuant to a fixed schedule, the change cannot be made less than twelve (12) months prior to the date of the first scheduled payment. 

C. Distributions Upon Retirement or Disability. The Company shall distribute the credit balance in a DCA maintained for a
Participant at the time he or she Retires or becomes Disabled as either a single lump-sum or monthly installment payments, as elected by the Participant pursuant to paragraph B of this Section VII. If the Participant

  
 4 

 
has elected a single lump-sum distribution, such distribution shall be made within ninety (90) days after the date that he or she Retires or becomes Disabled; provided that the Participant shall
have no right to designate the taxable year of payment. If the Participant has elected monthly installment payments, such distribution shall be made on the first day of each month, beginning with the first day of the third month following the month
in which he or she Retires or becomes Disabled and continuing until the full amount of the DCA maintained for him or her has been distributed. Until such DCA has been distributed in full, interest shall continue to be credited to the DCA, as
provided in Section VI. The monthly installment payments shall be in as nearly equal amounts as possible. Notwithstanding any contrary provisions of the Plan, if Participant dies after monthly installment payments of the credit balance in
the DCA maintained for him or her have begun, then the remaining credit balance in the DCA shall be distributed to his or her Designated Beneficiary in a single lump-sum within ninety (90) days after the Participant’s death. 

D. Lump Sum Distributions Upon Separation From Service Other Than Because of Retirement or Disability, Upon Death or if DCA is Less Than
Specified Amount. Notwithstanding a Participant’s election to receive a distribution of the credit balance in the DCA maintained for him or her in the form of monthly installment payments, such credit balance shall be distributed to
the Participant or, in the case of clause (ii) below, his or her Designated Beneficiary, in a single lump-sum within ninety (90) days after the occurrence of any of the following events: 

(i) Participant experiences a Separation from Service the Company for any reason other than because he or she Retires or is
Disabled; 
 (ii) Participant dies; or 

(iii) After monthly installment payments to the Participant have begun or are required to begin hereunder, the credit balance
of the DCA maintained for him or her does not exceed the “applicable dollar amount” (as defined in Code § 402(g)(1)(B)) then in effect ($18,000 for 2016), provided that such distribution results in the termination and liquidation
of the entirety of the Participant’s interest under the Plan, including all agreements, methods, programs or other arrangements with respect to which deferrals of compensation are treated as having been deferred under single nonqualified
deferred compensation plan under Treas. Reg. § 1.409A-1(c)(2). 
 E. Required Delay in Payments to Specified
Employees. If Participant is a “specified employee” within the meaning of Treas. Reg.§ 1.409A-1(i), then notwithstanding any contrary provisions of the Plan, any amounts payable to the Participant under the Plan on
account of a Separation from Service for any reason that could cause the Participant to be subject to the gross income inclusion, interest and additional tax provisions of Code § 409A(a)(1) shall not be paid until after the end of the
sixth calendar month beginning after such Separation from Service (the “Suspension Period”). Within fourteen (14) calendar days after the end of the Suspension Period, the Company shall pay Participant a lump sum payment in cash equal to
any payments delayed because of the preceding sentence. Thereafter, Participant shall receive any remaining payments under the Plan as if this paragraph E of Section VII were a not a part of the Plan. 

  
 5 

	VIII.	Change of Control 

 In the event of a “change in control” of the Company, the
Company may, in its sole discretion, establish, on or before the effective date of such change in control, a trust or trusts (“Trust”) to which the Company shall transfer assets in an amount sufficient to satisfy its obligations under the
Plan. Such Trust shall comply with applicable Treasury regulations and rulings in order to qualify as a “rabbi trust.” The principal of the Trust, and any earnings thereon, shall be held separate and apart from the other assets
of the Company and used to discharge of the Company’s obligations under the Plan; provided, however, that such principal and earnings shall continue to be subject to, and may also be used to satisfy, the claims of the unsecured general
creditors of the Company. The term “change in control” shall mean the occurrence of (i) a merger or consolidation in which the Company is not the continuing or surviving entity or pursuant to which the issued and
outstanding shares of common stock of the Company are converted into cash, securities or other property, other than a merger of the Company in which the holders of issued and outstanding shares of the common stock of the Company immediately prior to
the merger have substantially the same proportionate ownership of common stock of the surviving corporation immediately after the merger, (ii) the acquisition of shares of the Company’s issued and outstanding common stock in a
single or a series of related transactions, if immediately thereafter persons who owned shares of such common stock immediately before such acquisition do not own more than fifty percent (50%) of the combined voting power of the Company immediately
after such acquisition, or (iii) the sale, transfer or other disposition of all or substantially all of the assets of the Company. 
  

	IX.	Effect on Other Company Benefit Plans 

 Nothing contained in this Agreement shall affect
the right of a Participant to participate in or, be covered by, any other qualified or nonqualified pension, profit sharing, bonus, supplemental compensation or fringe benefit plans maintained by the Company. 

 

	X.	Assignment or Pledge 

 Except to the extent required by law, a Participant’s rights
to any amounts credited to a DCA maintained for the Participant, or to receive any payments under the Plan (i) may not be sold, exchanged, transferred, assigned, pledged, hypothecated, encumbered or otherwise conveyed by the
Participant, (ii) shall not be subject to levy or seizure for the payments of any debts, liabilities or obligations of the Participant (including, without limitation, judgments against, and child support, alimony or separate
maintenance obligations of, the Participant), and (iii) shall not be transferable in the event of the bankruptcy or insolvency of the Participant, to the fullest extent permitted by law. 

  
 6 

	XI.	Employment 

 This Plan shall not (i) expand or restrict any rights or
obligations created under an employment agreement by and between the Company and a Participant, (ii) create specific employment rights in a Participant, (iii) limit the right of the Company to terminate a
Participant’s services or employment with the Company at any time and for any reason whatsoever, or (iv) limit the right of a Participant to terminate his or her services or employment with the Company at any time and for any
reason whatsoever. 
  

	XII.	Applicable State Law 

 This Plan shall be construed and interpreted in accordance with
the laws of the State of Washington 
  

	XIII.	Amendment and Termination of Plan 

 A. General. The Company
shall have the right, in its sole and absolute discretion, to amend or to terminate the Plan at any time; provided, however, that any such amendment or termination shall not reduce the credit balance in a Participant’s DCA at the time of the
amendment or termination or affect the Company’s obligation to distribute to Participant the amount of such credit balance under the terms of the Plan in effect immediately before such amendment or termination. In the event the Plan is
terminated, no additional Covered Compensation shall be deferred.
 B. Election to Distribute on
Termination. Notwithstanding any contrary provisions contained herein, at any time after the Company terminates the Plan, it may, in its sole and absolute discretion, distribute the credit balance in a Participant’s DCA,
provided that 
  

	 	(i)	The termination and liquidation does not occur proximate in time to a downturn in the financial health of the Company; 

  

	 	(ii)	The Company terminates and liquidates all agreements, methods, programs and other arrangements sponsored by the Company that would be aggregated with any terminated and liquidated agreements, methods, programs and other
arrangements under Treas. Reg. § 1.409A-1(c) if the same Participant had deferrals of compensation under all of the agreements, methods, programs and other arrangements that are terminated and liquidated; 

 

	 	(iii)	No payments in liquidation of the Plan are made within twelve (12) months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan, other than payments that would be payable
under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred; 

  

	 	(iv)	All payment are made within twenty-four (24) months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan; and 

  
 7 

	 	(v)	The Company does not adopt a new plan that would be aggregated with any terminated and liquidated plan under Treas. Reg. § 1.409A-1(c), if the same Participant participated in both plans, at any time within
three (3) years following the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan. 

  

	XIV.	Miscellaneous 

 A. Plan Administrator. The Plan shall be administered by the
board of directors of the Company (“Board”) or a committee appointed by the Board that shall consist of at least three (3), but less than all, members of the Board. In its sole and absolute discretion, the Board may, from time to
time, change the composition of a committee appointed by it to administer the Plan or dismiss such committee and assume sole responsibility for administering the Plan. The person administering the Plan, as provided in this paragraph A of
Section XIV, shall be referred to as the “Plan Administrator.” The Plan Administrator may employ such advisors and delegate to other persons such responsibilities relating to the Plan as it deems necessary or advisable. 

B. Interpretation of Plan. The Plan Administrator shall have the sole and absolute discretion to interpret the Plan and any
agreements entered into in connection therewith; and its interpretation shall be final and binding on all persons. In addition, the Plan Administrator may supply such missing terms to the Plan as it deems reasonably necessary to carry out its
purpose. 
 C. Relationship of Participant, Plan and Company. Nothing contained in this Plan shall be deemed to create a trust
relationship between or among a Participant, the Company and the Plan. 
 D. Statements. Statements detailing a
participant’s contributions to the Plan will be provided on a yearly basis beginning after the first quarter subsequent to implementation of the Plan. 

E. Unforeseeable Emergency. The Plan is intended to help Participant’s put aside money for their
retirement. However, a distribution may be made to a Participant from his or her DCA if he or she experiences an Unforeseeable Emergency. As used herein, the term “Unforeseeable Emergency” means (i) a severe financial
hardship resulting from an illness or accident suffered by Participant, his or her spouse, his or her Designated Beneficiary or his or her dependent (as defined in Code § 152, but without regard to Code §§ 152(b)(1), (b)2)
and (d)(1)(B)); (ii) loss of his or her property due to casualty; or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond his or her control. Distributions
hereunder because of an Unforeseeable Emergency shall be limited to the amount reasonably necessary to satisfy the emergency need (and may include amounts necessary to pay any Federal, state, local or foreign income taxes or penalties reasonably
anticipated to result from the distribution).

  
 8 

 
Determination of the amount reasonably necessary to satisfy the emergency need must take into account any additional compensation that is available from the cancellation of the Participant’s
deferral election under the Plan because of a payment due to an Unforeseeable Emergency. The Plan Administrator shall have the absolute right and discretion to determine whether or not to make a distribution to a Participant because of an
Unforeseeable Emergency, and its determination in this regard shall be final and binding on all parties. Upon a determination by the Plan Administrator that a distribution should be made to a Participant hereunder because of an Unforeseeable
Emergency, the Participant’s deferral election hereunder shall be cancelled, and not merely postponed or otherwise delayed, for such period of time as the Plan Administrator determines is reasonably necessary to meet the emergency need and any
later deferral election will be subject to the provisions governing an initial deferral election under Treas. Reg. § 1.409A-2(a). This paragraph E of Section XIV is intended to comply with the provisions of Treas. Reg.
§§ 1.409A-3(i)(3) and (j)(4)(viii) and shall be interpreted accordingly. 
 F. Use of Certain Terms. As required
by the context, (i) masculine, feminine and neuter nouns used in the Plan may be substituted for nouns of another gender, and (ii) singular and plural nouns and verbs used in the Plan may be substituted for
nouns or verbs of another number. All references in the Plan to “year” shall be deemed a reference to the calendar year, except for purposes of paragraph A.3 of Section VII or as otherwise required by the context. 

G. Code § 409A. This Plan is intended to comply with, and shall be interpreted and
administered in a manner consistent with, Code § 409A and regulations issued thereunder.
  

	XV.	Matching Contributions. 

 A. General. The Company may elect, in its sole and
absolute discretion, to match the amount that a Participant defers under paragraph A of Section III for a year by crediting, within a reasonable number of months after the end of such year, the DCA of such Participant with an amount equal to the
product of the Match Rate times the amount so deferred for such year.
 B. Match Rate. As used herein, the term “Match
Rate” means a percentage between zero percent (0%) and one hundred percent (100%), as determined and as may be changed by the Company, in its sole and absolute discretion, from time to time.

C. Application of Other Provisions. Amounts credited to the DCA of a Participant under paragraph A of this Section XV shall be
treated as, and subject to the provisions of the Plan in the same manner as, amounts credited to the DCA of a Participant under paragraph A of Section V (including, without limitation, for purposes of crediting interest at the Interest Crediting
Rate).

  
 9 

	XVII.	Claims Procedures 

 A. Claim for Benefits. Each person claiming a benefit
under the Plan who has been denied such benefit may file a claim (“Claim”) with the Plan Administrator on a form prescribed by the Plan Administrator. If no such form has been so prescribed, a Claim shall be made in writing to the Plan
Administrator setting forth the basis for the claim. The person making the Claim shall provide the Plan Administrator with such documents, evidence, data, or information in support of the Claim as the Plan Administrator considers reasonably
necessary or desirable. 
 B. Notice of Determination. The Plan Administrator shall provide the claimant with written notice of
its determination of the Claims. If the Claim is denied, either in whole or in part, the written notice shall set forth the following:
  

	 	1.	The specific reason or reasons for the adverse determination, written in a manner calculated to be understood by the claimant; 

  

	 	2.	Reference to the specific Plan provisions on which the determination is based; 

  

	 	3.	A description of any additional material or information necessary for the claimant to perfect the Claim and an explanation of why such material or information is needed; and 

 

	 	4.	An explanation of the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA §502(a) following
an adverse benefit determination on review. 

 The Plan Administrator’s written notice of its determination of the Claim
shall be provided to the claimant within a reasonable period of time, but not more than ninety (90) days after receipt of the Claim by the Plan Administrator, unless special circumstances require an extension of time for processing the Claim, in
which case the Plan Administrator shall provide a written notice of such extension to the claimant before the expiration of the initial ninety (90) day period. In no event shall such extension exceed ninety (90) days from the end of such initial
period. So long as the claimant’s request for review is pending (i.e., prior to the time the Plan Administrator provides the claimant with a written notice of its determination of the Claim), the claimant or his or her duly authorized
representative may review pertinent Plan documents (and any pertinent related documents) and may submit issues and comments in writing to the Plan Administrator. 

C. Right to Reconsideration. If a claimant has received an adverse determination on its Claim, as described in paragraph B of this
Section XVI, then within sixty (60) days after receipt of the written notice of determination, the claimant shall, if he or she desires further review, file a written request for reconsideration with the Plan Administrator. 

  
 10 

 D. Reconsideration. After the Plan Administrator has reconsidered its initial
decision, pursuant to a written request for reconsideration under paragraph C of this Section XVI, the Plan Administrator shall issue a final and binding decision within sixty (60) days after receipt from the claimant of the written request for
reconsideration; provided, however, that if the Plan Administrator, in its discretion, determines that special circumstances require an extension of time for processing the Claim, the Plan Administrator shall provide a written notice of such
extension to the claimant before the expiration of the initial sixty (60) day period. In no event shall the extension exceed sixty (60) days from the end of such initial period. 

E. Notice of Determination After Reconsideration. The Plan Administrator shall provide the claimant with written notice of its
determination of the Claim after reconsideration. If the Claim is once again denied after such reconsideration, either in whole or in part, the written notice shall set forth the following:

 

	 	1.	The specific reasons for the adverse determination, written in a manner calculated to be understood by the claimant, 

  

	 	2.	Reference to the specific Plan provisions on which the determination is based; 

  

	 	3.	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s Claim; and

  

	 	4.	A statement of the claimant’s right to bring a civil action under ERISA §502(a). 

 So
long as the claimant’s request for reconsideration is pending, (i.e., prior to the time the Plan Administrator provides the claimant with a written notice of its determination of the Claim after reconsideration), the claimant or his or her duly
authorized representative may review pertinent Plan documents (and any pertinent related documents) and may submit issues and comments in writing to the Plan Administrator. 

Date: __________________________ 
  

			
	By:	 	  

		 	Kumi Baruffi
		 	Its: Corporate Secretary

  
 11 

 ATTACHMENT A 

COLUMBIA BANKING SYSTEM, INC. 

2005 401 PLUS PLAN 

DEFERRAL AGREEMENT AND NOTICE 

FOR CALENDAR YEAR 20__ 

The undersigned, a Participant in the Columbia Banking System, Inc. 2005 401 Plus Plan (“Plan”), hereby irrevocably elects to defer
the following Covered Compensation for the calendar year 20         under the terms and conditions of the Plan: 
  

			
	$__________	  	per pay period (not to exceed 50% of my 20     salary and not to be less than $5,000 per year over 26 pay periods)
		
	__________%	  	(up to 100%) of my bonus earned for services rendered in 20     that is otherwise to be paid in 20     [insert immediately succeeding year]
		
	__________%	  	(up to 100%) of my production incentive compensation payment to be paid for services rendered in 20     (including fourth Qtr 20     which will be paid in 20     [insert
immediately succeeding year])
		
	__________%	  	(up to 100%) of my fees earned for services performed in 20     as a director of the Company

 The Participant agrees to be bound by all terms and conditions of the Plan. The Participant acknowledges that he or she
has been provided a copy of the Plan. The Participant should seek advice from his or her own tax and legal advisors concerning any provisions of the Plan that he or she does not understand and concerning the tax and other consequences of his or
her participation in the Plan. Company does not guarantee a particular tax result to the Participant from participation in the Plan. 
 Capitalized
terms not otherwise defined herein have the meaning given to those terms in the Plan. 
 IMPORTANT NOTE: YOU MAY NOT CHANGE THE AMOUNT THAT YOU
ELECT TO DEFER FOR CALENDAR YEAR 20         PURSUANT TO THIS DEFERRAL AGREEMENT AND NOTICE, EVEN IF YOUR COMPENSATION CHANGES (FOR EXAMPLE, BECAUSE YOU CHANGE FROM FULL-TIME EMPLOYMENT TO PART TIME
EMPLOYMENT). 
  

					
	  
	  		  	  

	Participant	  		  	Date
			
	  
	  		  	
	Print Name	  		  	

  
 1 

 ATTACHMENT B 

COLUMBIA BANKING SYSTEM, INC. 

2005 401 PLUS PLAN 

BENEFICIARY DESIGNATION NOTICE 
  

	I.	PRIMARY DESIGNATED BENEFICIARY 

  

	 	A.	Individual (s) as Primary Designated Beneficiary 

 (Please
indicate the percentage for each beneficiary.) 
 Name_________________________________________ Relationship____________ / _______% 

Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
 Name_________________________________________ Relationship____________ / _______%

 Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
 Name_________________________________________ Relationship____________ / _______%

 Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
 Name_________________________________________ Relationship____________ / _______%

 Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
  

	 	B.	Estate as Primary Designated Beneficiary 

 The primary designated beneficiary is
my estate. 
  

	 	C.	Trust as Primary Designated Beneficiary 

 Name of the
Trust: ___________________________________________________ 
 Execution Date of the Trust: _____ / _____ / _________ 

Name of the Trustee: __________________________________________________ 

  
 1 

	II.	SECONDARY (CONTINGENT) DESIGNATED BENEFICIARY 

  

	 	A.	Individual (s) as Secondary (Contingent) Designated Beneficiary 

 (Please
indicate the percentage for each beneficiary.) 
 Name_________________________________________ Relationship____________ / _______% 

Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
 Name_________________________________________ Relationship____________ / _______%

 Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
 Name_________________________________________ Relationship____________ / _______%

 Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
 Name_________________________________________ Relationship____________ / _______%

 Address:_________________________________________________________________________ 

                    (Street)     
                                   
(City)                            (State)           
         (Zip) 
  

	 	B.	Estate as Secondary (Contingent) Designated Beneficiary 

 The secondary
(contingent) designated beneficiary is my estate. 
  

	 	C.	Trust as Secondary (Contingent) Designated Beneficiary 

 Name of the
Trust: ___________________________________________________ 
 Execution Date of the Trust: _____ / _____ / _________ 

Name of the Trustee: _____________________¶_____________________________ 

All sums payable under this Beneficiary Designation by reason of my death shall be paid to the Primary Designated Beneficiary(ies) if he or she survives me,
and if he or she does not survive me, then such sums shall be paid to the Secondary (Contingent) Designated Beneficiary(ies) who survive me, to be shared among them based on the relative percentages shown opposite their names. Notwithstanding the
immediately preceding sentence, if there is more than one Primary Designated Beneficiary and one or more of them survive me, then the share of such sums that would otherwise be paid to a Primary Designated Beneficiary who does not survive me shall
instead be paid in to the Primary Designated Beneficiary(ies) who do survive me, and not to the Secondary (Contingent) Designated Beneficiary(ies), to be shared among the Primary Designated Beneficiary(ies) who survive me based on the relative
percentages shown opposite their names. 
 This Beneficiary Designation is valid until the Participant notifies the Company in writing of a change. 

 

			
	                                     
                           	  	                                     
               
	Participant	  	Date

  
 2 

 ATTACHMENT C 

COLUMBIA BANKING SYSTEM, INC. 

2005 401 PLUS PLAN 

DISTRIBUTION ELECTION NOTICE 

A PARTICIPANT MUST SUBMIT A DISTRIBUTION ELECTION NOTICE WHEN HE OR SHE FIRST BECOMES A PARTICIPANT IN THE PLAN, AND DOES NOT NEED TO RESUBMIT
A NEW DISTRIBUTION ELECTION NOTICE UNLESS HE OR SHE WISHES TO CHANGE A PRIOR DISTRIBUTION ELECTION. 
 This is an: 

 

	 	☐	Initial distribution election (Check this box if you have never filed a prior Distribution Election Notice) 

  

	 	☐	Change in my distribution election (Check this box if you filed a prior Distribution Election Notice) 

Pursuant to the provisions of the Columbia Banking System, Inc. 2005 401 Plus Plan, I hereby elect to have any amounts credited to my Deferred
Compensation Account distributed to me as designated below: 
  

			
	_______	  	Single lump sum within ninety (90) days following the termination of my employment.
		
	_______	  	In equal monthly installments paid over ______ months (insert number of months, not to exceed 120). In order to receive installment payments participants must meet retirement eligibility definition of 55 years of age and
10 years of service.

 This distribution election applies to both prior and future deferrals of compensation by me, and to all
other amounts credited to my Deferred Compensation Account. 
 I understand that I cannot change my distribution election under the Plan
unless all of the following conditions are satisfied: 
  

	 	(i)	The change shall not take effect until at least twelve (12) months after the date on which the change is made; 

  

	 	(ii)	All payments affected by the change must be deferred for a period of not less than five (5) years from the date such payments would otherwise have been made (or in the case of an installment payment five (5) years from
the date the first amount was scheduled to be paid); and 

  
 3 

	 	(iii)	In the case of a payment at a specified time or pursuant to a fixed schedule, the change cannot be made less than twelve (12) months prior to the date of the first scheduled payment. 

Subject to the foregoing, the last dated Distribution Election Notice shall supersede all prior Distribution Election Notices. 

 

							
	  
	 		 		 	                                     
                           
	Participant	 		 		 	Date
				
	  
	 		 		 	
	Print Name	 		 		 	

  
 4

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