Document:

EXHIBIT 10.3
                                                                    ------------

              COLUMBIA BANKING SYSTEM, INC. AND COLUMBIA STATE BANK
                        DIRECTOR LONG TERM CARE AGREEMENT

           THIS AGREEMENT, effective August 1, 2001 is made and entered into, by
and between Columbia Banking System, Inc. and Columbia State Bank,
(collectively, the "Company"), and _____________________, a Director of the
Company (hereinafter, the "Participant").

                                   WITNESSETH:

           WHEREAS, it is the consensus of the Board of Directors (hereinafter,
the "Board") that the Participant's services to the Company are of exceptional
merit and constitute an invaluable contribution to the general welfare of the
Company; and

           WHEREAS, it is in the best interests of the Company to encourage the
Participant's continued service to Company during the Participant's lifetime or
until the age of retirement; and

           WHEREAS, it is the desire of the Company that the Participant's
services be retained as herein provided; and

           WHEREAS, the Participant is willing to continue to serve the Company
provided the Company agrees to pay the Participant certain benefits in
accordance with the terms and conditions hereinafter set forth;

           ACCORDINGLY, it is the desire of the Company and the Participant to
enter into this Agreement under which the Company will agree to make certain
payments on behalf of the Participant pursuant to this Agreement;

           NOW, THEREFORE, in consideration of services performed in the past
and to be performed in the future as well as of the mutual promises and
covenants herein contained it is agreed as follows:

I.         SERVICE

           The Participant will continue to serve the Company in the capacity of
           Director, assuming such duties and responsibilities as are
           appropriate to that office, and with such compensation as may be
           determined from time to time by the Board.

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II.        LONG TERM CARE BENEFIT

           The Company hereby agrees:

A.         To pay the initial single premium for the Long Term Care policy
           described hereinbelow on behalf of the Participant:

                     Insurer:

                     Policy Number:

B.         That, subject to Paragraph IV, the sole ownership of said policy
           shall reside with the Participant for the Participant's sole use and
           benefit.

III.       TERMINATION OF THIS AGREEMENT

           For purposes of this Agreement, the term service shall refer to
           service as a Director of the Company, and the phrase "years of
           service" shall be measured in full years from the date of this
           Agreement to the date of Participant's termination. If the
           Participant's service terminates for any reason other than one of
           those listed immediately below, then the Participant shall pay to the
           Company the amount set forth in the schedule that follows:

           TERMINATION EVENTS THAT EXEMPT PARTICIPANT FROM ANY OBLIGATION TO
           REIMBURSE:

             1.   Termination for any reason following five years of service;
             2.   Death;
             3.   Disability;
             4.   Normal retirement, at age 75, as mandated by Company bylaws;
             5.   Termination for any reason following a Change of Control.
                  For purpose of this Agreement, the term Change of Control
                  shall be as defined in employment agreements with senior
                  executives of the Company;
             6.   Termination resulting from non-reelection to the Board.

           REIMBURSEMENT OBLIGATION OF PARTICIPANTS NOT EXEMPTED:

                YEARS OF SERVICE                    AMOUNT
                ----------------                    ------
                ONE YEAR                            80% OF THE SINGLE PREMIUM
                TWO YEARS                           60% OF THE SINGLE PREMIUM
                THREE YEARS                         40% OF THE SINGLE PREMIUM
                FOUR YEARS                          20% OF THE SINGLE PREMIUM
                FIVE YEARS                          NO OBLIGATION TO REIMBURSE

           The reimbursement amount shall be due and payable within thirty (30)
           days from the date of termination of service. To facilitate prompt
           reimbursement, the Company may off-set against any amounts it owes to
           a terminated Director. This agreement shall automatically terminate
           upon full reimbursement.

                                       2
<PAGE>

IV.        MISCELLANEOUS

           A.        Alienability and Assignment Prohibition:
                     ---------------------------------------

                     The Participant shall have no power or right to transfer,
                     assign, anticipate, hypothecate, mortgage, commute, modify
                     or otherwise encumber in advance any of the benefits
                     payable hereunder nor shall any of said benefits be subject
                     to seizure for the payment of any debts, judgments, alimony
                     or separate maintenance owed by the Participant or the
                     Participant's beneficiary(ies), nor be transferable by
                     operation of law in the event of bankruptcy, insolvency or
                     otherwise. In the event that the Participant or any
                     beneficiary attempts assignment, commutation,
                     hypothecation, transfer or disposal of the benefits
                     hereunder, the Company's liabilities shall forthwith cease
                     and terminate.

           B.        Amendment or Revocation:
                     -----------------------

                     This Plan may be amended or revoked at any time, in whole
                     or in part, by the mutual written consent of the
                     Participant and the Company.

           C.        Gender:
                     ------

                     Whenever in this Participant Plan words are used in the
                     masculine or neuter gender, they shall be read and
                     construed as in the masculine, feminine or neuter gender,
                     whenever they should so apply.

           D.        Fringe Benefit; Effect on Other Company Benefit Plans:
                     -----------------------------------------------------

                     The long term care benefits provided by this Agreement are
                     granted by the Company as a fringe benefit to the
                     Participant and are not part of any fee reduction plan or
                     arrangement deferring fees or other compensation.

                     The Participant does not have a right to any form of
                     compensation instead of these long-term care benefits.

                     Nothing contained in this Participant Plan shall affect the
                     right of the Participant to receive any other benefit or
                     compensation that constitutes a part of the Company's
                     existing or future benefit or compensation structure.

           E.        Headings:
                     --------

                     Headings and subheadings in this Agreement are for
                     reference and convenience only and shall not be deemed a
                     part of this Agreement.

                                       3
<PAGE>

IV.        MISCELLANEOUS (CONTINUED)

           F.        Applicable Law:
                     --------------

                     The laws of the State of Washington shall govern the
                     validity and interpretation of this Agreement.

           G.        Partial Invalidity:
                     ------------------

                     If any term, provision, covenant, or condition of this
                     Agreement is determined by an arbitrator or a court, as the
                     case may be, to be invalid, void, or unenforceable, such
                     determination shall not render any other term, provision,
                     covenant, or condition invalid, void, or unenforceable, and
                     the Agreement shall remain in full force and effect
                     notwithstanding such partial invalidity.

             H.      Continuation as Participant:
                     ---------------------------

                     Neither this Agreement nor the payments of any benefits
                     hereunder are to be construed as giving to the Participant
                     any right to be retained as a director or an employee of
                     the Company.

             In witness whereof, the parties hereto acknowledge that each has
carefully read this Agreement and executed the original thereof on the first
date set forth hereinabove, and that, upon execution, each has received a
conforming copy.

PARTICIPANT                         COLUMBIA BANKING SYSTEM, INC.

-----------------------------       -----------------------------------------
Participant                         J. James Gallagher, Vice Chairman and CEO

                                    COLUMBIA STATE BANK

                                    -------------------------------------
                                    Melanie J. Dressel, President and CEO

                                       4EXHIBIT 10.1
                                                                    ------------

                                                                       C#: 15334
                                                                       L#: 15333

                                                                Amendment No. 04
                                                           To Security Agreement

     This MASTER SECURITY AGREEMENT AMENDMENT is made as of September 26, 2001,
and is annexed to and made a part of the MASTER SECURITY AGREEMENT DATED AS OF
SEPTEMBER 27, 1999 (the "Agreement") between KEY Equipment Finance, a Division
of KEY Corporate Capital Inc., as lender, and PRESSTEK, INC., as Borrower.
Unless OTHERWISE specified herein, all capitalized terms shall have the meanings
ascribed to them in the Agreement.

1.   The terms of this Amendment replace and supercede in their entirety the
     terms of all prior Financial Covenant addenda and amendments to the
     Agreement, as well as all amendments to such addenda (if any), including
     without limitation the Financial Covenants Addenda dated as of September
     27, 1999.

2.   This Amendment is effective from and after September 26, 2001.

3.   TOTAL FUNDED DEBT TO EBITDA RATIO: Borrower shall maintain a ratio of Total
     Funded Debt to EBITDA of not greater than 2.5 to 1; calculated for the
     period of the previous four financial quarters as at the end of each fiscal
     quarter.

4.   MINIMUM LIQUIDITY: Borrower shall maintain a minimum liquidity of not less
     that $2,500,000 as cash or cash equivalents.

5.   FIXED CHARGE COVERAGE: Borrower shall maintain a minimum Fixed charge
     Coverage of 1.25 to 1, measured at the end of each fiscal quarter.

6.   CALCULATION: Unless otherwise noted, the financial covenants contained
     herein shall be computed based on the consolidated financial statements of
     Presstek, Inc. and subsidiaries.

7.   COMPLIANCE. Borrower shall, within thirty (30) days of the end of each
     fiscal quarter end of Borrower, provide Lender with a certificate (a
     "Compliance Certificate") representing that Borrower is in full compliance
     with the foregoing financial covenants and setting forth the calculations
     used by Borrower to reach its conclusion. The Compliance Certificate shall
     be signed by Borrower's chief financial officer or, if Borrower does not
     have a chief financial officer, such other officer or employee of Borrower
     who performs the duties typically undertaken by a chief financial officer.

DEFINITIONS:

a)   "EBITDA" means, calculated for the period of the previous four fiscal
     quarters, the net earnings of Borrower plus the aggregate amounts deducted
     in determining such net income in respect of interest expenses, taxes,
     depreciation and amortization; but not, however, giving effect to
     extraordinary losses or gains in calculating net income.

b)   "TOTAL FUNDED DEBT" means, the sum, without duplication for a Borrower and/
     or any of its subsidiaries of (1) all indebtedness for borrowed money,
     whether maturing in less than or more than one year, plus (2) all bonds,
     notes, debentures or similar debt instruments plus (3) all capitalized
     lease obligations plus (4) the present value of all basic rental
     obligations under any synthetic lease plus, (5) indebtedness of a second
     person secured by a lien on any property owned by a first person, whether
     or not such indebtedness has been assumed plus (6) the full outstanding
     balance of trade receivables sold with full or limited recourse, provided
     that if THE structure of any receivables sales program provides for
     "over-collateralization", the outstanding balance of the trade receivables
     attributable to the "over-collateralization" may be excluded plus (7) the
     stated value, or liquidation value, if higher, of all redeemable stock or
     such person.
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Form No.: 99-508.501                                                 Page 1 of 2

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c)   Fixed Charge means, Net income after taxes, and exclusive of extraordinary
     gains, gains on asset sales, and other income, plus depreciation and
     amortization, plus interest expense, plus lease expense, less dividends,
     and distributions; divided by interest expense, plus current maturities of
     long-term debt and current maturities of capital leases, plus lease
     expenses, plus preferred stock dividends, plus Capital Expenditures
     (calculated for the preceding twelve-month period).

d)   Calculation of Fixed Charge - actual Capital Expenditures for the quarters
     ended 12/ 31/ 2000 and 3/ 37/ 2001 shall be replaced with $1,500,000.

     EXCEPT AS EXPRESSLY MODIFIED HEREBY, ALL OF THE TERMS, COVENANTS AND
CONDITIONS OF THE AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT AND ARE IN ALL
RESPECTS HEREBY RATIFIED AND AFFIRMED.

     IN WITNESS WHEREOF, Lender and Borrower have executed this Amendment as of
the date first written above.

Lender:                                         Borrower:

Key Equipment Finance, a Division of            PRESSTEK, INC.
Key Corporate Capital Inc.

By: /s/ Sandra L. Costanzo                      /s/ Neil Rossen
    --------------------------------            --------------------------------
Name:                                           Name: Neil Rossen
Title:                                          Title: Vice President and
                                                       Chief Financial Officer

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Form No.: 99-508.501                                                 Page 2 of 2

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