Document:

Ex_1023

		
			Exhibit 10.23
		

		
			 
		

		
			 
		

		
			EMPLOYMENT SEPARATION, WAIVER AND RELEASE AGREEMENT
		

			
	
			
				 I.
			RECITALS

		
			 
		

			
	
			
				 A.
			

			
	
			
			SCOTT PAGE (hereinafter referred to as “Mr. Page” or “Employee”) has been employed by COBIZ BANK (hereinafter referred to as “CoBiz” or “Employer”).  Mr. Page and Employer are sometimes individually referred to below as a specific person or as a “Party” and collectively referred to below as the “Parties.”  Mr. Page and Employer desire to terminate the Employment Agreement between Mr. Page and CoBiz Bank d/b/a Colorado Business Bank dated as of June 23, 2009 (“Employment Agreement”) and to terminate Mr. Page’s employment with CoBiz pursuant to this Separation, Waiver and Release Agreement (“Agreement”).

		
			 
		

			
	
			
				 B.
			

			
	
			
			This Agreement sets forth below the terms and conditions of the separation of Mr. Page from CoBiz and a full accord and satisfaction of all claims and controversies between Mr. Page and Employer.

		
			 
		

			
	
			
				 C.
			

			
	
			
			This Agreement is executed in conjunction with the termination of Mr. Page’s employment, but the scope of this Agreement is broader than that.  The Parties intend to settle by this Agreement all matters between them relating to or arising out of events occurring up to the date of this Agreement.  

			
	
			
				 II.
			COVENANTS

		
			 
		

			
	
			
				 A.
			

			
	
			
			The Employment Agreement will be terminated effective December 31, 2017 (“Effective Date”), and Mr. Page’s employment with CoBiz will continue, on an at-will basis, after such date on a consulting basis through March 31, 2018 (the “Termination Date”).  Mr. Page agrees that he is not entitled to any compensation or benefits under the terminated Employment Agreement during the period from the Effective Date through the Termination Date ( “Transition Period”).  

		
			 
		

			
	
			
				 B.
			

			
	
			
			As of the Effective Date, Mr. Page will be removed as chief executive officer of CoBiz and will be removed from any and all other positions (other than as an at-will employee) he holds with CoBiz or any affiliated entity.

		
			 
		

			
	
			
				 C.
			During the Transition Period:

			
	
			
				 1.
			

			
	
			
			Mr. Page will be paid his regular base salary in effect on the Effective Date (which base salary is $344,793.12 annually).

		
			

		 

		

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				 2.
			

			
	
			
			Mr. Page will not accrue any additional vacation, sick leave or personal time.

			
	
			
				 3.
			

			
	
			
			Mr. Page will be expected to be “on call” as needed by Employer but will not be required to be present in the Employer’s offices on a daily basis. 

			
	
			
				 4.
			

			
	
			
			Mr. Page will continue to be covered under all employee benefit plans and programs maintained by CoBiz under which he (and his dependents) were covered as of the Effective Date, provided that Mr. Page continues to be on call, during the Transition Period, for a sufficient number of hours required for such participation under the terms of such benefit plans and programs.

			
	
			
				 5.
			

			
	
			
			Mr. Page will remain eligible for any incentive bonus earned during the 2017 calendar year, subject to any performance goals applicable to such bonus, which bonus will be paid at the time such bonuses normally are paid by CoBiz (generally, in March, 2018).  As clarification, Mr. Page will be entitled to receive his 2017 target bonus, subject to satisfaction of any performance goals, even if Mr. Page is not employed by CoBiz on the date such bonus is paid.  Notwithstanding the above, any bonus paid to Mr. Page under this paragraph will be paid in cash, and no additional equity will be granted or issued to Mr. Page after the Effective Date.

			
	
			
				 6.
			

			
	
			
			Mr. Page will not be entitled to any bonus for any period after December 31, 2017.

		
			 
		

			
	
			
				 D.
			As of the Termination Date:

			
	
			
				 1.
			

			
	
			
			Mr. Page’s employment with CoBiz will be terminated.

			
	
			
				 2.
			

			
	
			
			Mr. Page will be paid any accrued but unused vacation or personal time, in one lump sum payment, on the payroll coincident with or immediately following the Termination Date.

			
	
			
				 3.
			

			
	
			
			Mr. Page will be entitled to reimbursement for any expenses incurred in connection with his employment with Employer pursuant to the requirements and provisions of Employer’s expense reimbursement policy.

			
	
			
				 4.
			

			
	
			
			Any equity awards held by Mr. Page as of the Termination Date will vest and be paid only as provided by the award agreement and any CoBiz equity incentive plan, and nothing in this Agreement shall be interpreted to provide for any acceleration or amendment to such equity awards.

			
	
			
				 5.
			

			
	
			
			Mr. Page’s eligibility for benefits under any employee benefit plan or program will terminate, subject to Mr. Page’s COBRA rights as explained below. 

			
	
			
				 6.
			

			
	
			
			Subject to the Supplemental Release (as defined below) becoming effective and the requirements set forth in paragraphs II.J., II.K., and II.L. below, Mr. Page will be paid separation pay equal to 12 months’ base salary (excluding any bonus and incentive compensation) as in effect on the Effective Date, with such separation pay paid in equal installments pursuant to CoBiz regular payroll schedule, commencing on the first payroll period immediately following the date the Supplemental Release becomes effective.  As clarification, the separation pay will be subject to all regular tax withholdings, but will not be subject to any withholding for 401(k) deductions, COBRA premiums, or other employee benefit deductions. 

		
			

		 

		

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				 7.
			

			
	
			
			Subject to the Supplemental Release (as defined below) becoming effective and the requirements set forth in paragraphs II.J., II.K. and II.L. below, and provided that Mr. Page timely elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for himself and his covered dependents under the CoBiz group health plans (including health, vision and dental benefits), CoBiz will pay the employer portion of the COBRA premiums for Mr. Page and his covered dependents (equal to the same portion of premiums for health coverage that CoBiz pays for active employees) for twelve (12) months, after which period Mr. Page will be solely responsible for any COBRA premiums.  As clarification, Mr. Page will be responsible for paying the employee portion of such COBRA premiums.

		
			 
		

		
			These payments and benefits described in paragraphs F.6. and F.7. are hereafter referred to collectively as the “Separation Benefits”.
		

			
	
			
				 E.
			

			
	
			
			In consideration of the Separation Benefits, Mr. Page, individually and on behalf of his successors, heirs, and assigns (together, “Employee Releasing Parties”), hereby forever releases, remises, waives, acquits, and discharges Employer, together with any and all parent corporations of Employer and their respective affiliates, subsidiaries, successors, predecessors, assigns, directors, officers, shareholders, supervisors, employees, attorneys, agents, insurers, and representatives (“Employer Released Parties”), from any and all actions, causes of action, claims, demands, losses, damages, costs, attorneys’ fees, judgments, liens, indebtedness, and liabilities whatsoever, known or unknown, suspected or unsuspected, past or present, arising from or relating or attributable to Mr. Page’s employment by Employer, the termination of said employment, Mr. Page’s subsequent search for other employment to the date of this Agreement, and without limiting the generality of the foregoing, from any and all matters asserted, or which could have been asserted, in any state or federal judicial or administrative forum, up to the date of this Agreement, specifically, but not by way of limitation, including claims under the Fair Labor Standards Act, as amended, the National Labor Relations Act (NLRA), as amended, Title VII of the Civil Rights Act of 1964, as amended, the Post-Civil War Reconstruction Acts, as amended, the Age Discrimination in Employment Act (ADEA), as amended, the Americans with Disabilities Act (ADA), as amended the Rehabilitation Act of 1973, as amended, the Civil Rights Act of 1991, the Family and Medical Leave Act (FMLA), the Employee Retirement Income Security Act of 1974 (ERISA), any state civil rights act, any state or federal statutory claim, including wage and hour claims, any claim of wrongful discharge, “whistleblower conduct”, tort or contract arising out of the common law of any state.  Mr. Page agrees not to pursue any claims he may have for pain and suffering, intentional infliction of emotional distress, or similar claims (together, “Employee Released Claims”).  In addition, within twenty-one (21) days after the Termination Date, Employee agrees to execute a release identical to the Employee Released Claims set forth in this paragraph but covering the period through the Termination Date (the “Supplemental Release”).

		
			

		 

		

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				 F.
			

			
	
			
			Mr. Page hereby covenants and warrants that he has not assigned or transferred to any person or business association any portion of any Employee Released Claims which are released, remised, waived, acquitted, and discharged in paragraph II.E. above.

		
			 
		

			
	
			
				 G.
			

			
	
			
			Employer, together with any and all parent corporations of Employer and their respective affiliates, subsidiaries, successors, predecessors, assigns, directors, officers, shareholders, and representatives (together, “Employer Releasing Parties”), hereby forever releases, remises, waives, acquits, and discharges Employee Releasing Parties (as defined in paragraph II.E. above), from any and all actions, causes of action, claims, demands, losses, damages, costs, attorneys’ fees, judgments, liens, indebtedness, and liabilities whatsoever, that are known arising from or relating or attributable to Mr. Page by Employer, and without limiting the generality of the foregoing, from any and all matters asserted, except newly discovered liabilities within one (1) year of the Effective Date, in any state or federal judicial or administrative forum, up to the date of this Agreement, specifically, but not by way of limitation, including any state or federal statutory claim or tort or contract arising out of the common law of any state (together, “Employer Released Claims”). 

		
			 
		

			
	
			
				 H.
			

			
	
			
			Employer hereby covenants and warrants that it has not assigned or transferred to any person or business association any portion of any Employer Released Claims which are released, remised, waived, acquitted, and discharged in paragraph II.E. above.

		
			 
		

			
	
			
				 I.
			

			
	
			
			Mr. Page agrees to waive reinstatement to employment with Employer.  Mr. Page further promises not to apply in the future for employment with Employer or any respective affiliates, subsidiaries, successors, or assigns, and Employer agrees not to consider Mr. Page for such employment.  

		
			 
		

			
	
			
				 J.
			

			
	
			
			Restrictive Covenants.  In consideration for the continued employment of Employee during the Transition Period and the Separation Benefits, Employee agrees as follows:

		
			 
		

			
	
			
				 1.
			

			
	
			
			Employee’s Agreement Not to Compete:  Employee agrees that, during the Transition Period and for a period of eighteen (18) months following the Termination Date, Employee will not, directly or indirectly, as principal or agent, or in any other capacity, own, manage, operate, participate in, or be employed by or otherwise be interested in, or connected in any manner with any person that competes with the business of the Employer within the United States, as such business is conducted while the Employee is employed by the Employer.  Nothing contained herein shall be construed as denying the Employee the right to own securities of any such person, so long as such securities are listed on a national securities exchange or quoted on the Nasdaq Stock Market, to the extent of an aggregate of 5% of the outstanding shares of such securities.

		
			

		 

		

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				 2.
			

			
	
			
			Employee’s Agreement to Keep Information Confidential:  Employee  agrees that  during the Transition Period and at all times thereafter, the Employee will not, other than in the performance of his duties as an employee of the Employer, directly or indirectly, use or disclose to any other person any information of a confidential or proprietary nature belonging or relating to the Employer or its affiliates, any information the disclosure of which could reasonably be expected to have an adverse effect on Employer, its businesses, property, or financial condition, including but not limited to information concerning the Employer’s methods of operation, techniques, know-how, plans, policies, customers, suppliers, representatives or other matters of any kind or description relating to the products, services, or businesses of the Employer and its affiliates. 

			
	
			
				 3.
			

			
	
			
			Participant’s Agreement Regarding Non-Solicitation:  Employee  agrees that, during the Transition Period and for a period of twenty-four (24) months following the Termination Date, without the Employer’s consent, neither Employee nor any affiliate of Employee will: 

			
	
			
				 a.
			

			
	
			
			Solicit or induce, directly or indirectly, any person who is or was during the six-month period preceding such solicitation or inducement an employee or agent of Employer or any affiliate of Employer to terminate such person’s relationship with Employer or such affiliate or enter into an employment or agency relationship with any person other than the Employer or an affiliate to Employer; 

			
	
			
				 b.
			

			
	
			
			Solicit or induce, directly or indirectly, any customer of Employer or any affiliate of Employer to terminate or reduce the extent of such customer’s business with Employer or such affiliate or to become a customer of any other person in respect of products or services offered by the Employer or any of its affiliates; or

			
	
			
				 c.
			

			
	
			
			Make any statements or take any action that could reasonably be expected to damage the reputation, standing or business of the Employer or any affiliate of the Employer.  

		
			 
		

			
	
			
				 K.
			

			
	
			
			Confidentiality.  Mr. Page expressly agrees to keep the substance of negotiations and conditions of this Agreement, and the terms and substance of this Agreement, strictly confidential. With the exception of immediate family, tax advisors, and attorneys, Mr. Page further agrees that he will not communicate (orally or in writing) or in any way disclose the substance of negotiations and conditions of the settlement, and the terms or substance of this Agreement to any person, judicial or administrative agency or body, business entity or association, or anyone else, for any reason whatsoever, without the prior express written consent of Employer, unless compelled to do so by law.  The CoBiz Board of Directors represent and expressly agree to keep the substance of negotiations and conditions of this Agreement, and the terms and substance of this Agreement, strictly confidential. The Board members may communicate with those who need to know the terms of this Agreement, but shall be limited to tax advisors and attorneys.  The Board of Directors will not communicate the substance of negotiations and conditions of the settlement, and the terms or substance 

		 

		

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	of this Agreement to any person, judicial or administrative agency or body, business entity or association, or anyone else, for any reason whatsoever (including but not limited to prospective candidates for Employee’s position, executive search firms, and Employer’s officers, employees, or partners) without the prior express written consent of Employee in the form of a release of liability against CoBiz and its Board of Directors, unless compelled to do so by law.  It is expressly agreed that this confidentiality provision is an essential provision of this Agreement.  

		
			 
		

			
	
			
				 L.
			

			
	
			
			Non-Disparagement.  Employee agrees that he will not directly or indirectly through a third party make any written or oral statements that could be harmful to or reflect negatively on the personal, professional, business reputations of the Employer Released Parties, and will not make or solicit any comments, statements, or the like to the media or to others that may be considered derogatory or detrimental to the Employer Released Parties’ names, or personal, professional, or business reputations.  Employer agrees that its Board of Directors will not directly or indirectly make any written or oral statements to a third party that could be harmful to or reflect negatively on Employee’s personal, professional, or business reputation, including comments, statements, or the like to the media.  The Board of Directors will respond only with the Employee’s resignation letter, unless Employee authorizes the release of liability against CoBiz and its Board of Directors.  Employer agrees to inform each Board Member of his or her obligation in this paragraph of the Agreement. Nothing in this Agreement shall prohibit Employee or Employer from responding truthfully to a governmental authority through a lawful subpoena.

		
			 
		

			
	
			
				 M.
			

			
	
			
			If any of the provisions in paragraph II.J., II.K. or II.L are breached by Mr. Page, the covenants and obligations of Employer herein shall immediately terminate, and Mr. Page agrees to forfeit and, if already paid, to repay to Employer, the amount of base salary paid to Employee during the Transition Period plus all Separation Benefits, as well as any other actual damages incurred by Employer, for his breach, upon demand made by Employer, and to pay Employer’s costs and attorneys’ fees incurred in any legal action or proceeding taken by Employer to enforce the provisions of paragraphs II.J., II.K. and II.L and otherwise to remedy any breach of those provisions.  If the confidentiality provision in paragraph II.K. or the prohibitions contained in II.L., above, are breached by the Board of Directors, Employee shall be entitled to equitable relief or nominal or actual damages incurred by Employee, or both for its breach, upon demand made by Employee, and to pay Employee’s costs and attorneys’ fees incurred in any legal action or proceeding taken by Employee to enforce the provisions of paragraphs II.K. and II.L. and otherwise to remedy any breach of those provisions.

		
			 
		

			
	
			
				 N.
			

			
	
			
			Apart from the salary and benefits paid during the Transition Period and any Separation Benefits, and any relief awarded under the foregoing paragraph II.M. above, each Party will bear its own costs and attorneys’ fees.  

		
			 
		

		
			

		 

		

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				 O.
			

			
	
			
			Return of Property and Proprietary Information.  Employee agrees that on or before the Termination Date, except as provided below, he will return to CoBiz all property belonging to it, including, but not limited to his ID badges, cellular phone, personal digital assistants, pagers, company pass, keys, credit cards, telephone calling cards, files, records, computer access codes, computer equipment instruction manuals, business plans, and any other CoBiz documents in his possession.  Once all of this property is returned and Employee represents and warrants in writing to CoBiz that he has not downloaded, uploaded, or copied any information stored on these devices, he must make all of these devices available to CoBiz to do a complete examination of each device and scrub them of any CoBiz proprietary information.  At this point, Employee shall be granted ownership and possession of his existing cellphones (and current cellphone number), laptops, iPad and desktop devices.  

		
			 
		

			
	
			
				 P.
			

			
	
			
			Automobile.  Employer will allow Employee to purchase, at depreciated book value (which, as of March 31, 2018, will equal $24,724.48), the vehicle used by Employee. The Employee’s purchase of the vehicle is required to be completed, with full payment, on or before March 31, 2018.  Mr. Page will be responsible for paying a pro-rata portion of the annual vehicle licensing fee.

		
			 
		

			
	
			
				 Q.
			

			
	
			
			This Agreement sets forth the complete agreement between the Parties.  No other covenants or representations have been made or relied on by the Parties, and no other consideration, other than that set forth herein, is due between the Parties.  Specifically, but without limiting the scope of the foregoing, no payment of money between the Parties is due in any way, in any amount, or on account of any claim, including attorneys’ fees, other than as expressly provided in this Agreement.

		
			 
		

		
			Mr. Page acknowledges that Employer has advised and hereby advises him to consult with an attorney prior to executing this Agreement; Mr. Page acknowledges that he has consulted with an attorney; and that he has at least twenty-one (21) days within which to consider this Agreement.  Mr. Page further understands that for a period of seven (7) days following execution of this Agreement, Mr. Page may revoke this Agreement and that it shall not become effective or enforceable until expiration of this seven (7) day period.  Mr. Page further acknowledges and agrees that he will receive the consideration described in this Agreement only upon expiration of the seven (7) day time period described above (the “Release Effective Date”), and that these payments and benefits represent amounts to which Mr. Page is not otherwise entitled.
		

		
			 
		

			
	
			
				 III.
			MISCELLANEOUS

		
			 
		

			
	
			
				 A.
			

			
	
			
			Mr. Page represents that he has read this Agreement and understands each of its terms.  Mr. Page further represents that no representations, promises, agreements, stipulations, or statements have been made by Employer, or its respective subsidiaries, successors, 

		 

		

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	predecessors, assigns, directors, officers, employees, shareholders, supervisors, agents, attorneys, insurers, or representatives to induce this settlement, beyond those contained herein.  Mr. Page further represents that he voluntarily signs this Agreement as his own free act.

		
			 
		

			
	
			
				 B.
			

			
	
			
			If any provision of this Agreement should be declared to be invalid, unenforceable, or void by any administrative agency, fact finder, or court of law, the remainder of the Agreement shall remain in full force and effect, and shall be binding upon the Parties hereto as if the invalidated provision were not part of this Agreement.  Any portion held to be invalid, unenforceable, or void shall be deemed amended or reduced in scope, but such amendment or reduction in scope will be made only to the minimum extent required for purposes of maximizing the validity and enforceability of this Agreement, as determined by the agency, fact finder or court.

		
			 
		

			
	
			
				 C.
			

			
	
			
			Colorado substantive law, and not its choice of law doctrine, shall govern the interpretation of this Agreement.

		
			 
		

			
	
			
				 D.
			

			
	
			
			If a Party is required to initiate an action in court to enforce this Agreement, or to assert this Agreement as a defense to an action initiated by the other Party, the prevailing Party shall be entitled to its costs and attorneys’ fees from the other Party, to the extent such costs and fees are related to the enforcement of this Agreement or the assertion of it as a defense.

		
			 
		

			
	
			
				 E.
			

			
	
			
			Mr. Page acknowledges that Employer has not provided any advice or opinion to him regarding potential tax liability for payments made hereunder.  Mr. Page agrees to indemnify Employer and its insurers against, and hold them harmless from, any and all claims asserted against, imposed upon or paid, incurred or suffered by Employer or its insurers, or any of them, as a result of, arising from, in connection with, or incident to assertion by any taxing authority of tax liability for the payments made hereunder.

		
			 
		

			
	
			
				 F.
			

			
	
			
			The Parties, individually or by and through counsel, mutually contributed to the preparation of and have had the opportunity to review and revise this Agreement.  Accordingly, no provision of this Agreement shall be construed against any Party to this Agreement because that Party, or its counsel, drafted or assisted in the drafting of the provision.  This Agreement and all of its terms shall be construed equally as to all Parties.

		
			 
		

			
	
			
				 G.
			

			
	
			
			This Agreement may be executed in identical counterparts, which, when considered together, shall constitute the entire agreement of the Parties.

		
			 
		

			
	
			
				 H.
			

			
	
			
			This Agreement does not purport to waive or release any claims or rights that by law cannot be waived or released.  Mr. Page further represents that no claims, complaints, charges, or other proceedings are pending in any court, administrative agency, commission or other forum relating directly or indirectly to Mr. Page’s employment by the Employer.  Employer 

		 

		

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	represents that it knows of no claims, complaints, charges, or other proceedings that are pending in any court, administrative agency, commission or other forum relating directly or indirectly to Mr. Page’s employment by Employer.  Except as described in paragraph II.I. above, Mr. Page agrees that by signing this Agreement, he waives his right to recover monetary damages in any charge, complaint, or lawsuit filed by Mr. Page or by anyone else on Mr. Page’s behalf.  

		
			 
		

		
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IN WITNESS THEREOF, and intending to be legally bound, the Parties have executed this Agreement on ____________________, 2017.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SCOTT PAGE

				

		
			 
		

		
			STATE OF COLORADO)
		

		
			) ss.
		

		
			CITY AND COUNTY OF DENVER )
		

		
			 
		

		
			The foregoing instrument was acknowledged before me this ______ day of ______________, 2017, by Scott Page.
		

		
			 
		

		
			Witness my hand and official seal.
		

		
			My commission expires ____________________.
		

		
			 
		

		
			
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Notary Public

				

		
			 
		

		
			[SEAL]
		

		
			
		

		
			

		 

		

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			COBIZ BANK
		

		
			 
		

		
			By: 
		

		
			 
		

		
			_________________________________
		

		
			 
		

		
			_________________________________
		

		
			
		

		
			
		

		
			STATE OF COLORADO)
		

		
			) ss.
		

		
			CITY AND COUNTY OF DENVER)
		

		
			 
		

		
			The foregoing instrument was acknowledged before me this ______ day of ______________, 2017, by ________________________ as __________________________ of CoBiz Bank.
		

		
			 
		

		
			Witness my hand and official seal.
		

		
			 
		

		
			My commission expires ____________________.
		

		
			
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Notary Public

				

		
			 
		

		
			 [SEAL]
		

		
			 
		

		 

		

			L-11Ex_1024

		
			Exhibit 10.24
		

		
			 
		

		
			EMPLOYMENT AGREEMENT
		

		
			    
		

		
			THIS EMPLOYMENT AGREEMENT (“Agreement”) is made as of February 1, 2018 (the “Effective Date”), by CoBiz Bank d/b/a Arizona Business Bank (the “Company”), and Jeremy Lindner (“Employee”).  This Agreement supersedes and replaces in its entirety the Employment Agreement between the Company and the Employee dated November 15, 2015.  
		

		
			 
		

			
	
			
				 1.
			Employment.  The Company agrees to employ Employee, and Employee agrees to work for the Company, in the capacity or capacities specified on Exhibit A or in such other capacities with the Company and its subsidiaries as may be determined from time to time by the Company, on the terms and subject to the conditions established in this Agreement.  Employee will report to the Reporting Person designated in Exhibit A, subject to change by the Company from time to time.  This Agreement and Employee’s employment by the Company shall continue for the term set forth in Section 5(a) below or until earlier termination as provided in Section 5(b) below.  Terms capitalized and not otherwise defined herein are used as defined in Exhibit B.

			
	
			
				 2.
			Responsibilities of Employment.  Employee shall devote his or her full business time and effort to the performance of his or her responsibilities under this Agreement and shall not provide services to, or own any equity or other interest in, any other entity, other than passive investments that do not interfere with the performance of Employee’s responsibilities hereunder.  Employee shall perform his or her responsibilities diligently, faithfully and to the best of his or her abilities.  Employee shall comply with and carry out the policies, programs and directions of the Company, including, without limitation, the Company’s Code of Ethics and Insider Trading Policies as in effect from time to time.

			
	
			
				 3.
			Compensation.  The Company will compensate Employee for his or her services as follows:

			
	
			
				 (a)
			Base Compensation.  The Company will pay Employee the annual base compensation specified on Exhibit A, payable in accordance with the Company’s normal payroll schedule.  Employee’s base compensation will be reviewed annually and may be increased or decreased from time to time, so long as a decrease does not amount to a decrease constituting Good Reason as defined in Exhibit B, in the sole discretion of the Company’s Board of Directors or such officers as the Board of Directors designate as having such discretion.

			
	
			
				 (b)
			Plans.  Employee will be eligible to participate in all medical, dental, vision and other employee welfare plans maintained by the Company from time to time and available to similarly situated employees of the Company, in accordance with the terms of such plans.

			
	
			
				 (c)
			Vacation.  Employee will be entitled to paid vacation each year as specified on Exhibit A, subject to the Company’s general vacation policy as in effect from time to time.

			
	
			
				 (d)
			Discretionary Bonus Plan.  Employee will be eligible to participate in such discretionary bonus plans as the Company may establish from time to time for similarly situated employees of the Company, in accordance with the terms of any such plans and any amendments 

		 

 

	thereto.    This Section 3(d) shall not be construed to require the Company to provide any discretionary bonus plans or programs.  The Company may terminate or modify such plans or programs at any time, in its sole discretion.  Employee’s target bonus for the term of this Agreement is specified on Exhibit A.

			
	
			
				 (e)
			Equity Incentive Plans.  Employee will be eligible to participate in such stock option and other equity incentive plans as the Company may establish from time to time for similarly situated employees of the Company, in accordance with the terms of any such plans and any amendments thereto.  This subparagraph shall not be construed to require the Company to provide any such plans or programs.  The Company may terminate or modify such plans or programs at any time, in its sole discretion.

			
	
			
				 (f)
			Automobile Allowance.  Employee will be entitled to an automobile allowance each month in the amount specified on Exhibit A, which will be paid to Employee not later than the last day of each month.

			
	
			
				 (g)
			Withholding.  The payment of compensation and the provision of benefits will be subject to all applicable federal, state and local tax withholding and reporting requirements.

			
	
			
				 4.
			Reimbursement of Expenses.  Employee will be entitled to reimbursement of ordinary and necessary out-of-pocket expenses reasonably incurred by him or her on behalf of the Company in the course of performing his or her duties hereunder under the Company’s expense reimbursement policy, as may be amended from time to time, applicable to similarly situated employees, upon furnishing appropriate documentation in accordance with such policy as in effect at the time the expense is incurred.

			
	
			
				 5.
			Term; Termination.  

			
	
			
				 (a)
			Term.  The initial term of this Agreement will begin on the Effective Date and will continue until the third (3rd) anniversary of the Effective Date (the “Initial Term”) or, if sooner, until this Agreement is terminated pursuant to Section 5(b).  If this Agreement continues in effect until the third (3rd) anniversary of the Effective Date, it will thereafter automatically renew for successive one-year terms (each, a “Renewal Term”) unless either party gives written notice of non-renewal to the other at least thirty (30) days prior to the end of the then-current term or this Agreement is otherwise terminated as provided herein.  Should Employee continue in his position or any other position after expiration of the Initial Term (if there is no Renewal Term) or after any Renewal Term (if there is no subsequent Renewal Term), he will thereafter become an employee “at will” subject to the policies and procedures of the Company as applicable to all employees until such time as the parties enter into a written agreement modifying Employee’s “at-will” employment.

			
	
			
				 (b)
			Termination.  This Agreement, the Employee’s base compensation and any and all other rights of the Employee under this Agreement or as an employee of the Company will terminate (except as otherwise provided in this Agreement): (i) immediately upon the death of the Employee; (ii) upon the termination of employment due to the Disability of the Employee immediately upon notice from either party to the other; (iii) upon termination of the employment of Employee for Cause, immediately upon notice of such termination from the Company to the 

		 

 

	Employee after the end of any applicable cure period, or at such later time as such notice may specify; (iv) upon termination of the employment of Employee without Cause, immediately upon notice from the Company to the Employee, or at such later time as such notice may specify; (v) upon voluntary resignation by the Employee for Good Reason, immediately upon notice of such termination from the Employee to the Company after the end of any applicable cure period, or at such later time as such notice may specify; (vi) upon voluntary resignation by the Employee without Good Reason, immediately upon notice from the Employee to the Company, or at such later time as such notice may specify; or (vii) if either party gives notice of non-renewal under Section 5(a), then at the end of the then current Initial Term or Renewal Term.

			
	
			
				 6.
			Effect of Termination.  Upon termination of this Agreement by the Company or by Employee, including termination upon the death or Disability of Employee, the rights and obligations of Employee, and the Company shall be as provided in this Section 6.

			
	
			
				 (a)
			Compensation through Termination Date.  Upon any termination of this Agreement pursuant to Section 5(b), the Company (i) will pay Employee his or her base compensation pursuant to Section 3(a) through the date of termination, (ii) will pay Employee for vacation accrued but not taken under Section 3(c) in accordance with its vacation policy, and (iii) will reimburse Employee pursuant to Section 4 for expenses incurred prior to the termination, provided that the request for such reimbursement is made by the Employee no later than 10 days after the termination of this Agreement.  Except as specifically provided in this Section 6, the Company will have no obligation to pay any severance, salary, benefits or other compensation or damages at or after the date of termination.  All payments under this Section 6(a) shall be at the earliest possible time and no later than 15 days after the Employee’s termination date.

			
	
			
				 (b)
			Severance Upon Termination Without Cause or for Good Reason.  If Employee’s employment is terminated by the Company without Cause pursuant to Section 5(b)(iv) or by Employee with Good Reason pursuant to Section 5(b)(v), then, in addition to the amounts payable under Section 6(a), the Company will pay Employee severance equal to (i) his or her base compensation under Section 3(a) as in effect on the date of termination for the Severance Period specified in Exhibit A, plus (ii) if Employee received a bonus from the Company in respect of the last full fiscal year ending prior to the date of termination, an amount equal to (A) the average of the bonuses paid to Employee in respect of each year in the three-year period ending with such last full fiscal year (or if Employee had not been employed for all of that three-year period, the average of the bonuses paid with respect to each full fiscal year in which Employee was employed) multiplied by (B) a fraction, the numerator of which is the number of days that Employee was employed by the Company during the fiscal year in which Employee’s employment was terminated and the denominator of which is 365.

			
	
			
				 (c)
			Increased Severance Upon Termination Following Change of Control.  If severance is payable under Section 6(b), and if notice of such termination without Cause by the Company or termination by the Employee with Good Reason pursuant to Section 6(b) was given by the Company or Employee within 180 days after a Change of Control, (i) then if Employee received a bonus from the Company in respect of the last full fiscal year ending prior to the date of termination, the amount of severance payable pursuant to Section 6(b)(ii) shall be calculated without applying the proration adjustment contemplated by Section 6(b)(ii)(B) (i.e. the amount of such severance shall be equal to the amount specified in Section 6(b)(ii)(A)) and (ii) the severance 

		 

 

	payable under Section 6(b)(i) shall be increased by multiplying the amount otherwise payable by the Change of Control Multiple. For the avoidance of doubt, the increased severance payable to Employee pursuant to this Section 6(c) will be paid to the Employee over the time period specified in Section 6(d) below.

			
	
			
				 (d)
			Payment.  Subject to Section 6(h), severance payable under Section 6(b) (as potentially adjusted under Section 6(c)) shall be payable in six equal monthly installments commencing on the last day of the first full calendar month following the date the Employee’s release under Section 6(f) becomes fully and finally effective after the effective date of termination.  All severance payments shall be subject to normal withholding.  Notwithstanding the preceding sentence, if the Release Review Period (as defined in Section 6(f)) straddles two calendar years, then payment of the severance payable under Section 6(b) shall commence on the first business day in January of the second calendar year.

			
	
			
				 (e)
			Continuation of Benefits.  If severance is payable under Section 6(b), provided that the Employee timely elects COBRA continuation coverage under any one or more of the Company’s medical, dental and vision insurance plans for the Employee and/or the Employee’s covered dependents, the Company will pay, or reimburse the Employee for, that portion of the COBRA continuation coverage premiums for the Employee and his covered dependents that would result in the Employee’s portion of such COBRA continuation coverage premiums being equal to the premiums paid by similarly situated active employees of the Company for the same coverage, for the shorter of (i) six months or (ii) the maximum period of COBRA continuation coverage available to the Employee and his dependents.  The payment or reimbursement by the Company as provided in the immediately preceding sentence shall be made as necessary to cause the cost to Employee of such coverage to equal the cost that Employee would have incurred if continued direct participation under the plans had been permissible.  The Company’s obligation for payment or reimbursement under this Section 6(e) as to each such plan shall terminate if and when Employee becomes eligible to participate in a medical, dental or vision plan, as the case may be, of another employer, without regard to the relative level of benefits provided by the Company’s plan and the plan of the other employer.  This Section 6(e) will be effective only if the provision of such benefits does not violate any then-applicable law and only if the provision of such benefits does not result in a prohibited discrimination under the Company’s medical, dental and vision plans.

			
	
			
				 (f)
			Severance Conditioned on Release.  Employee’s right to receive severance and premiums for COBRA continuation coverage under the Company’s medical, dental and vision insurance plans as provided in Sections 6(b) through 6(e) will (i) be contingent upon Employee’s execution of a release of all claims against the Company and its Affiliates (other than the right to receive severance and premiums for COBRA continuation coverage under this Section 6) in form and substance and under procedures reasonably believed by the Company to be adequate to effectively waive all such claims under applicable laws, such executed release to be delivered to the Company within 45 days after the Employee’s termination date (such period, together with any legally prescribed revocation period, the “Release Review Period”) and (ii) automatically terminate upon any breach by Employee of Section 7 or 8 of this Agreement.  The Company will provide the form of such release to Employee at the time of any termination as a result of which severance is payable.  If the release does not become fully and finally effective until legally prescribed periods have elapsed, notwithstanding any other provision of this Agreement, no 

		 

 

	severance shall be payable until all such periods have elapsed and the release has become fully and finally effective. 

			
	
			
				 (g)
			Deferral.  The Company may elect to defer any payment of severance that may become due to Employee if, at the time the payment becomes due, the Company or any bank owned by the Company is not in compliance with any regulatory-mandated minimum capital requirements or if making the payments would cause the Company’s or any such bank’s capital to fall below such minimum capital requirements provided, however, that any such deferral complies in all respects with Internal Revenue Code Section 409A (“Section 409A”) to the extent applicable.  In this event, the Company will resume making the payments as soon as it can do so without violating such minimum capital requirements or as soon as payment is permitted under Section 409A if applicable.

			
	
			
				 (h)
			Compliance with Section 409A.  It is intended that the severance payments and benefits provided under this Section 6 be exempt from the provisions of Section 409A to the fullest extent possible.  To the extent that any such payment or benefit is subject to Section 409A then, notwithstanding anything in this Agreement to the contrary, any amount that becomes payable under this Agreement to the Employee upon the Employee’s termination of employment shall not be paid unless such termination of employment constitutes a separation from service under Section 409A and payment of any severance amount under Section 6 shall not commence until sixty (60) days after such separation from service.  A “separation from service” means a separation from service with the Company and all other persons or entities with whom the Company would be considered a single employer under Section 409A.  If the Company determines in good faith that the Employee is a “specified employee” under Section 409A then, to the extent required under Section 409A, any amount that otherwise would be payable to the Employee during the six-month period following the Employee’s separation from service shall be suspended until the lapse of such six-month period (or, if earlier, the date of death of the Employee).  The amount that otherwise would be payable to the Employee during such period of suspension shall be paid in a single payment on the day following the end of such six-month period (or, if such day is not a business day, on the next succeeding business day) or within thirty (30) days following the death of the Employee during such six-month period, provided that the death of the Employee during such six-month period shall not cause the acceleration of any amount that otherwise would be payable on any date during such six-month period following the date of the Employee’s death.  Any amounts not subject to the suspension described in the preceding sentence shall be paid as otherwise provided in this Agreement.  Any in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be paid pursuant to the Company’s reimbursement policies, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred by the Employee.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year.  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

			
	
			
				 7.
			Protective Covenants.  

			
	
			
				 (a)
			Non-Solicitation /Non-Disparagement.  Employee agrees that, without the Company’s prior written consent, during the period commencing on the Effective Date and ending 

		 

 

	on the first anniversary of the effective date of termination of Employee’s employment with the Company, neither Employee nor any Affiliate of Employee will:

			
	
			
				 (i)
			Solicit or induce, directly or indirectly, any Person who is or was during the six-month period preceding such solicitation or inducement an employee or agent of the Company or of any Affiliate of the Company to terminate such Person’s relationship with the Company or such Affiliate or to enter into an employment or agency relationship with any Person other than the Company or an Affiliate of the Company;

			
	
			
				 (ii)
			Solicit or induce, directly or indirectly, in any location the Company or any of its Affiliates does business, any customer of the Company or of any Affiliate of the Company to terminate or reduce the extent of such customer’s business with the Company or such Affiliate or to become a customer of any other Person in respect of products or services offered by the Company or any of its Affiliates; or

			
	
			
				 (iii)
			Make any statements or take any action that could reasonably be expected to damage the reputation, standing or business of the Company or of any Affiliate of the Company.  

			
	
			
				 (b)
			Judicial Modification. Employee acknowledges and agrees that the restrictions set forth in this Section 7 are reasonable and necessary in duration and scope to protect the legitimate interests and expectations of the Company.  If, contrary to the agreement and intent of the parties, a court of competent jurisdiction should find that any such restriction is unenforceable as written, the parties intend and agree that such restriction will be deemed modified to the minimum extent necessary to render it enforceable and will be enforced as so modified.

			
	
			
				 8.
			Confidentiality.  Except as may be required in connection with his or her employment under this Agreement, Employee will not, directly or indirectly, use or disclose to any other Person any information of a confidential or proprietary nature belonging to the Company or any of its Affiliates, or any information the disclosure of which could reasonably be expected to have an adverse effect on the Company, its businesses, property or financial condition, including but not limited to information concerning the Company’s methods of operation, techniques, know-how, plans, policies, customers, suppliers, representatives or other matters of any kind or description relating to the products, services, or businesses of the Company or any of its Affiliates.  All records, files, documents, equipment and the like relating to the Company’s businesses which Employee may prepare, use, possess or observe shall be and remain the sole property of the Company, and upon termination of his or her employment hereunder for any reason, Employee shall return to the Company any items of that nature and any copies thereof which he or she may have in his or her possession or control.

			
	
			
				 9.
			Indemnity.

			
	
			
				 (a)
			Indemnification.  Company will indemnify and defend at Company’s sole cost Employee (and, upon his death, his heirs, executors and administrators) to the fullest extent permitted by law against all losses, liabilities, costs and expenses, including reasonable attorneys’ fees, court and investigative costs, judgments, fines and amounts paid in settlement (collectively, “Losses”) reasonably incurred by him in connection with or arising out of any pending, threatened 

		 

 

	or completed action, suit or proceeding brought by a third party in which he may become involved by reason of his having been an officer or director of the Company or any Affiliate of the Company, unless the acts or omissions giving rise to the pending, threatened or completed action arise or result, in whole or in part, from the actual or alleged gross negligence or willful misconduct of the Employee.  The indemnification rights provided for herein are not exclusive and will supplement any rights to indemnification that Employee may have under any applicable bylaw or charter provision of Company or any Affiliate of the Company or any applicable statute.

			
	
			
				 (b)
			Advancement of Expenses.  In the event that Employee becomes a party, or is threatened to be made a party, to any pending, threatened or completed action, suit or proceeding for which the Company is required to indemnify and defend him or her, the Company will, to the fullest extent permitted by law (including in compliance with Section 409A), advance all expenses incurred by Employee in connection with the investigation, defense, settlement or appeal of any threatened, pending or completed action, suit or proceeding, subject to receipt by the Company of a written undertaking from Employee to reimburse the Company for all amounts actually paid by the Company to or on behalf of Employee in the event it shall be ultimately determined that the Company is not obligated to indemnify Employee for such amounts, and to assign to the Company all rights of Employee to indemnification under any policy of directors and officers liability insurance to the extent of the amounts actually paid by Company to or on behalf of Employee. 

			
	
			
				 (c)
			Litigation.  Unless precluded by an actual or potential conflict of interest, Company will have the right to recommend counsel to Employee to represent him in connection with any claim covered by this Section 9.  Further, Employee’s choice of counsel, his decision to contest or settle any such claim, and the terms and amount of the settlement of any such claim will be subject to Company’s prior reasonable approval in writing.

			
	
			
				 10.
			Damages for Breach /Injunctive Relief. Employee acknowledges that should he breach Section 7 or 8 of this Agreement, the Company will be entitled to pursue all available remedies, including injunctive relief and money damages.  The parties acknowledge and agree that any breach of Employee’s covenants set forth in Section 7 or 8 will result in irreparable damage to the Company, which would be impossible to calculate, and for which there would be no adequate remedy at law.  Therefore, the parties agree that the Company may in its sole discretion seek a Court (as defined below) order enjoining any breach of such covenants, without prejudice to any other right or remedy to which the Company may be entitled at law or in equity.  The parties further agree that, in any action brought by the Company as a result of Employee’s breach of any of the covenants set forth in Section 7 or 8 above, the Company shall be entitled to all reasonable costs and expenses, including reasonable attorneys’ fees incurred in connection therewith. For purposes of this Section 10, the Court shall be the Superior Court of the State of Arizona for Maricopa County (the “Court”).  The parties specifically agree to submit to the jurisdiction of the Court and waive all objections based on personal jurisdiction and venue, including inconvenient forum.   

			
	
			
				 11.
			Arbitration.  Any dispute arising out of this Agreement or connected with Employee’s employment will be submitted to binding arbitration in Denver,  Colorado.  The arbitration will be conducted by one arbitrator selected by the parties from the Judicial Arbiter Group or, if the Judicial Arbiter Group is not available, by the American Arbitration Association or another arbitral body selected by the parties.  The American Arbitration Association Employment Arbitration Rules shall govern the arbitration.  The decision of the arbitrator may be 

		 

 

	entered as a judgment in any court of competent jurisdiction.  Notwithstanding this arbitration provision, and, as the sole exception to its exclusivity, the Company will be entitled to apply to any court of competent jurisdiction for injunctive relief under Section 10.  The prevailing party in any arbitration shall be entitled to his or its reasonable costs and expenses, including reasonable attorneys’ fees incurred in connection therewith.

			
	
			
				 12.
			Governing Law; Interpretation.  This Agreement will be governed by and construed in accordance with the substantive laws of the State of Colorado and not its choice of law doctrine.  The titles of the Sections have been inserted for convenient reference only and will not affect the construction of this Agreement.

			
	
			
				 13.
			Severability.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or unenforceability of any other provision.  If any provision is found to be invalid or unenforceable as written, it will be deemed modified to the minimum extent necessary to render it valid and enforceable.

			
	
			
				 14.
			Benefit.  This Agreement may not be assigned by either party without the written consent of the other, and any assignment without such consent will be null and void; provided that the Company may assign this Agreement, without Employee’s consent, to any successor to all or substantially all of the Company’s business and assets or to any successor to all or substantially all of the business and assets of the Affiliate of the Company for which Employee primarily worked.  Subject to that limitation, this Agreement will be binding upon and inure to the benefit of the parties and their heirs, personal representatives, successors and assigns.

			
	
			
				 15.
			Notices.  All notices given under this Agreement will be in writing.  Any notice may be transmitted by any means selected by the sender.  A notice that is mailed to a party at its address given below, registered or certified mail, return receipt requested, with all postage prepaid, will be deemed to have been given and received on the earlier of the date reflected on the return receipt or the third business day after it is posted.  A notice sent by facsimile transmission to a party at its facsimile number given below will be deemed to have been given and received upon confirmation of transmission by the sender’s facsimile machine.  A notice transmitted by recognized overnight courier service to a party at its address given below will be deemed given and received on the first business day after it is delivered to the courier.  A notice given by any other means will be deemed given and received only upon actual receipt.  The addresses and facsimile numbers of the parties for notice purposes are as follows:

		
			If to the Company:
		

		
			 
		

		
			CoBiz Bank d/b/a Arizona Business Bank
		

		
			1401 Lawrence St., Ste. 1200
		

		
			Denver,  Colorado 80202 
		

		
			Attn: Chief Executive Officer
		

		
			Facsimile No.: (303) 244-9700
		

		
			 
		

		
			If to the Employee:
		

		
			 
		

		
			To the address or facsimile number set forth on Exhibit A.
		

		
			

		 

 

		

		
			 
		

		
			Either party may change his, her or its address or facsimile number for notice purposes by written notice to the other party.
		

		
			 
		

			
	
			
				 16.
			Modification.  No failure by either party to insist upon the strict performance of this Agreement on one or more occasions will constitute a waiver of any right or remedy hereunder.  This Agreement may be amended, and any right or remedy hereunder may be waived, only in a writing signed by the party against whom the amendment or waiver is asserted.

			
	
			
				 17.
			Waiver of Other Benefits.  Employee irrevocably waives any right he might otherwise have to receive any severance, damages or other post-termination payments or benefits from the Company, except for those provided in this Agreement.  This waiver expressly includes, without limitation, any amounts payable under any severance plan or policy adopted by the Company.

			
	
			
				 18.
			Survival.  The provisions of Sections 6 (insofar as they require payments after termination) and 7 through 20 shall survive the termination of this Agreement.

			
	
			
				 19.
			Entire Agreement.  This Agreement sets forth the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous negotiations, understandings and agreements with regard to the subject matter hereof, whether oral or written.  In entering into this Agreement, neither party has made or relied upon any representation or promise not set forth herein.

			
	
			
				 20.
			Interpretation of Agreement.  The parties acknowledge and agree that the terms and conditions of this Agreement have been arrived at after thorough bargaining and negotiation, and that the Agreement shall not be construed more strictly against one party than another merely by virtue of the fact that it may have been prepared by one of the parties.

		
			 
		

		
			[Remainder of page left blank intentionally.]
		

		
			
		

		
			

		 

 

		

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

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						COMPANY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CoBiz Bank d/b/a Arizona Business Bank

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name: Steven Bangert

				
	
					
						 

					
					
						 

					
					
						Title: Chairman & CEO

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						EMPLOYEE:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Jeremy Lindner

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			EXHIBIT A
		

		
			 
		

		
			TERMS OF EMPLOYMENT
		

		
			 
		

		
			 
		

			
					
						 

					
						 

					
						 

					
						 

					
						 

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						Name of Employee:

					
					
						 

					
					
						Jeremy Lindner

				
	
					
						Capacity(ies):

					
					
						 

					
					
						Executive Vice President and Chief Credit Officer (CCO)

				
	
					
						Reporting Person:

					
					
						 

					
					
						Steve Bangert

				
	
					
						Base Compensation: 

					
					
						 

					
					
						$267,500 (annually)

				
	
					
						Annual Bonus Target:

					
					
						 

					
					
						 From 0% to 100% of annual base compensation, to be paid 50% in cash and 50% in restricted stock, which will vest over three years from date of grant 

				
	
					
						Equity Grant:

					
					
						 

					
					
						 Subject to Compensation Committee approval, 5,000 shares of restricted stock in CoBiz Financial, granted no later than June 15, 2018, which will cliff vest three years from the grant date, if Employee remains employed with Company

				
	
					
						Vacation:

					
					
						 

					
					
						Five (5) weeks per year

				
	
					
						Automobile Allowance:

					
					
						 

					
					
						$800 per month

				
	
					
						Club Membership:

					
					
						 

					
					
						Up to $298 per month per membership. Max two (2)

				
	
					
						Executive Physical:

					
					
						 

					
					
						Annual physical at a cost of up to $3,000

				
	
					
						Severance Period:

					
					
						 

					
					
						Six (6) months

				
	
					
						Change of Control Multiple:

					
					
						 

					
					
						Two times (for total Severance Period of twelve (12) months)

				
	
					
						Address and Facsimile 

					
					
						 

					
					
						 

				
	
					
						Number of Employee:

					
					
						 

					
					
						 5849 E. Tierra Buena Ln.

				
	
					
						 

					
					
						 

					
					
						Scottsdale, AZ 85254

				

		
			 
		

		
			
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			EXHIBIT B
		

		
			 
		

		
			Definitions
		

		
			 
		

		
			“Affiliate” means, with respect to a specified Person, (i) any other Person directly or indirectly controlling, controlled by or under common control with the specified Person, (ii) any trust in which the specified Person holds 10% or more of the beneficial interest, as beneficiary, settler or otherwise, (iii) any member of the immediate family of the specified Person, (iv) any director, executive officer, manager, member, partner or trustee of the specified Person, or (v) any other Person in which the specified person or any Affiliate of the specified Person owns a beneficial interest of 10% or more.
		

		
			“Cause” for the termination by the Company of Employee’s employment means (i) a breach by Employee of Section 7 or 8 of the Agreement, (ii) a breach of any other provision of this Agreement by Employee which, if curable, has not been cured within 15 days after notice from the Company, (iii) theft or embezzlement from or other dishonesty involving the Company by Employee, (iv) the commission by Employee of a crime involving moral turpitude or constituting a felony, (v) gross negligence or willful misconduct with respect to Employee’s duties and responsibilities to the Company, (vi) the willful failure or refusal of Employee to perform his duties under this Agreement or to carry out the lawful instructions of the Reporting Person or Board of Directors, (vii) a material violation of the standards of conduct or code of ethics established by the Company or (viii) Employee engages in self-dealing or attempts to obtain any improper personal benefit or profit from the Company or any transaction in which the Company or any Affiliate of the Company has an interest. 
		

		
			

		 

		

			L-1

		

 

		

			 

		

		

		
			“Change of Control” means a change of control, as defined in the following sentences, of the Company or CoBiz Financial Inc., a Colorado corporation and the owner of all outstanding capital stock of the Company (“CoBiz”).  Change of Control of either the Company or CoBiz (each, for the purposes of the following events, the “Subject Entity”) shall be deemed to have occurred if: (i) any person (as such term is defined in Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)), other than a person who is a shareholder of the Subject Entity as of the date of this Agreement, acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of 50% or more of the combined voting power of the then outstanding voting securities of the Subject Entity; or (ii) the individuals who were members of the Subject Entity’s Board of Directors as of the date of this Agreement (the “Current Board Members”) cease for any reason to constitute a majority of the Board of Directors of the Subject Entity or its successor; provided, however, that if the election or the nomination for election of any new director of the Subject Entity or its successor is approved by a vote of a majority of the individuals who are Current Board Members, such new director shall, for the purposes of this paragraph, be considered a Current Board Member; or (iii) the Subject Entity’s shareholders approve (A) a merger or consolidation of the Subject Entity and the shareholders of the Subject Entity immediately before such merger or consolidation do not, immediately after such merger or consolidation, own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the entity resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the outstanding securities of the Subject Entity immediately before such merger or consolidation; or (B) a complete liquidation or dissolution or an agreement for the sale or other disposition of all or substantially all of the assets of the Subject 

		 

		

			L-2

		

 

		

			 

		

Entity.  Notwithstanding the foregoing, a Change of Control will not be deemed to have occurred: (x) solely because 50% or more of the combined voting power of the then outstanding voting securities of the Subject Entity are acquired by a trustee or other fiduciary holding securities under one or more employee benefit plans maintained for employees of the Subject Entity or its subsidiaries; (y) if Employee agrees in writing to waive a particular Change of Control for the purposes of this Agreement; or (z) if the events set forth in subsections (i) and (iii) above occur among or between Affiliates of the Company or CoBiz.
		

		
			 “Disability” has the meaning given to that term (or the most closely analogous term) in the Company’s long-term disability insurance policy as in effect at the relevant time.  If no such policy is in effect, “Disability” means a mental or physical condition that prevents Employee from performing the essential functions of his or her position hereunder, with or without reasonable accommodations by the Company, as determined by the Company in its reasonable discretion.
		

		
			“Good Reason” for the termination by Employee of his employment means (i) Employee is removed from all of the capacities described in Exhibit A, other than for Cause, and is not offered another position with the Company or an Affiliate of the Company that is commensurate with Employee’s education, experience and abilities so as to result in a material diminution of Employee’s authority, duties or responsibilities; (ii) the Company (A) decreases Employee’s base compensation by an amount that is more than twenty percent (20%) of the Employee’s base salary as of the date of this Agreement, unless such decrease occurs as part of a compensation reduction instituted by the Company in good faith and which reduces the base compensation of all similarly situated employees of the Company by a comparable percentage to the decrease in Employee’s base compensation, or (B) arbitrarily and capriciously materially decreases Employee’s bonus; provided, 

		 

		

			L-3

		

 

		

			 

		

however, that with respect to each of subclause (A) and (B), any such decrease results in a material decrease in the Employee’s total compensation; or (iii) the Company transfers Employee (without the consent of Employee, either before, at or after the time of such transfer) to a location outside the metropolitan area in which Employee’s employment was based on the date of this Agreement so as to result in a material geographic change; provided that as long as such transfer occurred prior to the occurrence of a Change of Control, then such a transfer to another location in the metropolitan Phoenix area shall not constitute Good Reason.  Notwithstanding anything to the contrary herein, no such action or event shall constitute Good Reason unless Employee gives written notice to the Company within 45 days after the action or event, which notice shall specify the action or event and indicate that Employee believes it constitutes Good Reason as defined herein, and the Company fails to cure the action or event within 30 days after such notice.  In addition, a termination by Employee of his employment shall not be a termination for Good Reason unless notice of the termination is given by Employee within 90 days after the end of the 30-day cure period set forth in the preceding sentence.
		

		
			 “Person” means any individual and any corporation, partnership, trust, unincorporated organization, association, limited liability company or other entity.
		

		
			 
		

		 

		

			L-4

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