Document:

exv10w3

 

EXHIBIT 10.3

February 1, 2006

Don R. Judson

Dear Don:

We are pleased to extend to you an offer to join the West Coast Bank team. Your anticipated start
date is subject to the successful acquisition of Mid-Valley Bank. The following offer will be void
should the merger be cancelled for any reason.

	 	1.	 	Employment Period. You will be employed for 90 days from the date of the
closing. Upon your completion of this 90-day period, your employment will
be considered to have terminated “for reasons other than death, Disability or
retirement” for purposes of Section 2.5 of your Salary Continuation
Agreement with Mid-Valley Bank.
	 
	 	2.	 	Title. You will be employed as Manager of Business Development. You
will have such specific duties as shall be assigned by our President and CEO
which duties shall be similar to those for Business Development Officers in
comparable-sized banks.
	 
	 	3.	 	Salary. Your total compensation for the 90-day period will be $32,754. This
will be paid out to you in installments, less applicable withholding, at West
Coast Bank’s regular pay dates (the 15th and the last day of the month) with
the first and last payments prorated as necessary. The final payment will be
made on the last day of your employment.
	 
	 	4.	 	Noncompetition; Nonsolicitation; Confidentiality. You will continue to be
subject to the noncompete and confidentiality provisions of Section 2 of your
employment agreement with Mid-Valley Bank, except that:

	 	(a)	 	The restricted territory will be Clackamas and Marion Counties, Oregon;

 

 

	 	(b)	 	You will be subject to the following nonsolicitation restrictions:

	 	(1)	 	You will not, directly or indirectly, either on behalf of yourself or competitors of Mid-Valley Bank or West Coast Bank and their affiliates (“the Banks”):

	 	(A)	 	Solicit any client or prospective client of the Banks;
	 
	 	(B)	 	Otherwise encourage or entice any client or prospective client of either of the Banks to reduce or refrain from doing business with either of the Banks;
	 
	 	(C)	 	Interfere with or damage any relationship between either of the Banks and their customers; or
	 
	 	(D)	 	Employ or seek to employ any employee of either of the Banks or encourage or entice any such employee to leave such employment.

	 	(2)	 	These nonsolicitation restrictions will be effective from the
date you sign this letter until one year from the date your
employment with West Coast Bank ends;
	 
	 	(3)	 	If West Coast Bank pursues injunctive relief for a breach of
Section 2.5 as modified under this Item 4, it may do so without posting bond or other security; and
	 
	 	(4)	 	If any of the provisions of this Item 4 are held to be
unenforceable under applicable law, they will be modified to
the extent required to make them enforceable.

	 	 	 	In consideration for these commitments, we will pay you $65,508 (equal to
six months salary). This will be paid to you in a lump-sum payment, less
applicable withholding, one year from the date of your last day of
employment with West Coast Bank. This payment will be forfeited
if: (a) you voluntarily terminate your employment before the end of the
90-day employment period; (b) West Coast Bank terminates your
employment for cause; or (c) you violate any of the provisions of this Item 4.
	 
	 	5.	 	Retiree Health Benefits. You will be eligible for retiree coverage under
West Coast Bank’s group health plan for yourself, your spouse and
dependents which coverage shall be the same for Bank officers.
	 
	 	6.	 	Vacation/Sick Time. You will not accrue any vacation or sick time during
your 90-day employment period.

 

 

	 	7.	 	Current Agreement Superseded. Upon the closing of the merger, this offer
letter will become our employment agreement and will supersede the
employment agreement you have with Mid-Valley Bank, except for Section 2
as discussed in Item 4 above. As an employee of West Coast Bank, you will
be subject to the policies of the Bank and West Coast Bancorp.

You understand that no other representations or commitments have been made concerning our
offer to you. Please initial here  D 

If the terms of this offer are agreeable to you, please sign and date the bottom of this
letter and return it to me at P.O. Box 428, Salem, Oregon or by fax at 503-399-2926. Please keep a copy for your
records. You may contact me at 503-598-3242 if you have any questions, concerns or comments
regarding this offer and to determine your start date.

Don, we feel that you have a great deal to contribute to this company, and we look forward to
having you on the West Coast Bank team.

Sincerely,

/s/ Cyndi
Sparacio

Cyndi Sparacio

EVP/HR Director

Terms subject to the successful acquisition of Mid-Valley Bank. In addition, this offer is null
and void if you violate any of the noncompete/nonsolicitation/confidentiality provisions stated
in Item 4 above before the acquisition closing date.

	 	 	 
	Terms of Offer Accepted:

	 	/s/ Don R. Judson
	 

	 	 
	 

	 	Don R. Judson
	 
	 	 
	 

	 	2/1/06
	 

	 	 
	 

	 	Date

	 	 	 
	cc:

	 	Robert Sznewajs/President and CEOexv10w4

 

EXHIBIT 10.4

January 23, 2006

Dan Files

Dear Dan:

We are pleased to extend to you an offer to join the West Coast Bank team as our Relationship
Manager IV, with the Salem Commercial Real Estate Group, pay grade 17. Your anticipated start date
is subject to the successful acquisition of Mid Valley Bank. The following offer will be void
should the merger be cancelled for any reason.

	 	 	 
	o

	 	Monthly base salary of $7,500.00, to be paid on the fifteenth and the final day of each month
	 
	 	 
	¡

	 	Vacation will accrue at the rate of 13.33 hours monthly (4 weeks annually).
	 
	 	 
	¡

	 	Corporate title of Vice President
	 
	 	 
	¡

	 	Retention bonus in the amount of $50,000 to be payable in four installments as shown below:
	 
	 	 
	 

	 	$12,500.00 payable with first regular payroll deposit;
	 
	 	 
	 

	 	$12,500,00 payable with first regular payroll period following 90-days of employment;
	 
	 	 
	 

	 	$12,500.00 payable with first regular payroll period following 9 months of employment;
	 
	 	 
	 

	 	$12,500.00 payable with first regular payroll period following 1 year of employment.
	 
	 	 
	¡

	 	If you accept this offer of employment with West Coast Bank, the Board of Directors of West Coast Bancorp (“Board”)
will be asked to consider granting you an option to purchase $10,000 dollars worth of West Coast Bancorp common stock
and $5,000 dollars worth of Restricted Stock. This grant will be subject to (1) your being employed with West Coast
Bank through the date of grant, (2) approval by the Board, and (3) the terms of West Coast Bancorp’s 2002 Stock
Incentive Plan. The option exercise price will be the fair market value, as determined by the Board, on the date of
grant, which will be a date chosen by the Board after 90 days of the start of your employment and as soon as
administratively feasible. At the Board’s discretion, the option may be subject to a vesting schedule and may not be
exercisable upon grant. The option will be considered an incentive stock option.
	 
	 	 
	¡

	 	Eligibility date for participation in the company health benefits will be determined upon successful acquisition of
Mid-Valley Bank.
	 
	 	 
	¡

	 	Eligible to participate in the Commercial Banking Incentive plan from date of change in control.
	 
	¡

	 	One-year change in control agreement with a sunset clause subject to board approval.
	 
	 	 
	¡

	 	Sabbatical payment: In addition, if you voluntarily leave within 1 year of successful completion

 

 

	 	 	 
	 

	 	of the merger we will pay an additional $125,000.00 payable one year from your termination date provided that during this one year period you
abide by the following conditions; a. no solicitation of customers, b. no solicitation of employees, c. not accept any employment
with a lending institution in Woodburn or within 50 miles of Woodburn, Oregon.

You will, of course, abide by the policies of West Coast Bancorp and/or any Affiliate (known as the
Company). You understand that your employment and compensation can be terminated at any time, with
or without cause, and with or without notice, at the option of either the Company or yourself. You
also understand that no representative of the Company has any authority to enter into any agreement
for any specified period of time or to assure you of any future positions, benefits, or terms
except in an individual written agreement signed by the President.
Please initial here DF

Although we recognize your right to resign at anytime, if you resign prior to completing one year’s
employment with us, you will be responsible for reimbursing West Coast Bank for a prorated amount
of signing bonus at a rate of one-twelfth (1/12) for each full month left in the year.

You understand that no other representations or commitments have been made concerning our offer
letter to you. Please initial here
DF

If the terms of this offer are agreeable to you, please sign and date the bottom of this letter and
return to me at P.O. Box 428, Salem, Oregon or by fax at 503-399-2926. Please keep a copy for your
records. You may contact Xandra McKeown at 503-598-3251 if you have any questions, concerns or
comments regarding this offer and to determine your start date.

Dan, we feel that you have a great deal to contribute to this company, and we look forward to
having you on the West Coast Bank team. If I can be of further assistance, please feel free to
call me at 503-598-3242.

Sincerely,

/s/ Cyndi
Sparacio

Cyndi Sparacio

EVP/HR Director

1.  Terms
subject to the successful acquisition of Mid Valley
Bank.  DF

2.  Terms
subject to satisfactory review of merger closing documents. DF

3.  Terms
subject to satisfactory review and acceptance of MVB Board Bonus
Plan. DF

	 	 	 
	Terms of Offer Accepted:
	 	/s/
Daniel Files 
	 

	 	 
	 

	 	Signature
	 
	 	January
27, 2006
	 

	 	 
	 

	 	Date

	 	 	 
	cc:

	 	Robert Sznewajs/CEO
	 

	 	Xandra McKeown/EVP

 

 

{WEST COAST BANK LETTERHEAD}

January 30, 2006

Dan Files

Dear Dan:

This letter will serve as Addendum “A” to the offer letter dated January 23, 2006. You indicated
acceptance of the offer letter on January 27, 2006 and included two additional terms not previously
included in the original offer letter. This addendum will clarify the status of the two additional
terms.

	•	 	Terms subject to satisfactory review and acceptance of merger closing documents.

In evaluating your request to review and accept the merger documents as a condition of acceptance
of employment with West Coast Bank, we find that these documents do not pertain to your employment
and that they do not have an adverse impact on your employment and therefore request that you
release this term.

	•	 	Terms subject to satisfactory review and acceptance of MVB board bonus plan.

In reviewing your term that the agreement is subject to satisfactory review and acceptance of MVB
board bonus plan we have been notified that MVB will provide at time of closing a check in the
amount of $45,000.00 to satisfy this term. Therefore we again request that you release this term.

By signing below you indicate acceptance of the offer letter dated 1/23/06 and release of the two
additional terms as described in Addendum “A” above.

Sincerely,

Cynthia J. Sparacio

EVP/HR Director

	 	 	 	 	 
	Terms of Offer Accepted:	/s/ Daniel Files	 	 
	 
	 	 	 	 
	 
	 	Signature	 	  
	 
	 	 	 	 
	 
	 	1/30/06	 	
	 
	 	 	 	 
	 
	 	Date	 	 
	cc:
	Robert Sznewajs/CEO

Xandra McKeown/EVP

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