Document:

Letter Agreement, between Brian F. Lilly and National Bank Holdings Corp

 Exhibit 10.9 
 PRIVILEGED AND CONFIDENTIAL 
 February 13, 2012 

Brian Lilly 
 [ADDRESS] 

Dear Brian: 
 We are pleased to
extend to you our offer to join NBH Holdings Corp. (the “Company”) as Chief Financial Officer of the Company, reporting to G. Timothy Laney, Chief Executive Officer of the Company (the “CEO”). Your start date is
February 27, 2012 (the “Effective Date”). This letter (“Letter”) serves as confirmation of our offer subject to the contingencies listed below. You and the Company agree that your employment with the Company
constitutes “at-will” employment and this employment relationship may be terminated at any time, upon written notice to the other party, for any reason, at the option either of you or the Company. The provisions of this Letter shall be
construed in accordance with the internal laws of the State of Delaware, without regard to the conflict of law provisions of any state. 
 The key elements of your employment package are as follows: 
  

	 	1.	Location. Your principal office will be based at our offices in Denver, Colorado, however you will be expected to perform your duties at, and travel to, such
other offices of the Company and its subsidiaries and controlled affiliates as required to fulfill your duties and obligations as Chief Financial Officer of the Company. You will be reimbursed for business travel and other business expenses in
accordance with the Company’s standard corporate travel policy, as in effect from time to time. 

  

	 	2.	Annual Base Salary. You will be paid an annual base salary of $350,000 (“Annual Base Salary”), which will be reviewed by the compensation
committee of the Company’s board of directors (the “Compensation Committee”) at least annually. The term Annual Base Salary as utilized in the Letter will refer to Annual Base Salary as in effect from time to time. Such Annual
Base Salary will be payable in monthly or more frequent installments in accordance with the Company’s customary payroll practices. 

  

	 	3.	 Annual Bonus Opportunity. You will be eligible for an annual cash incentive opportunity with a target incentive award opportunity of 75% of your
Annual Base Salary (the “Target Incentive Amount”) and a maximum incentive award opportunity of 150% of your Annual Base Salary based upon the attainment of performance criteria established by the CEO and approved by the Committee.
Your annual cash incentive award, if any, will be paid by no later than March 15th of the year following the year during which the annual cash incentive award is earned. 

  

	 	4.	Initial Equity Award. As an inducement to commence employment with the Company, you will be granted the following equity awards under the Company’s 2009
Equity Incentive Plan (the “2009 EIP”): 

  

	 	(a)	 As soon as practicable following the Effective Date, you will be granted a stock option to acquire 200,000 shares of company common stock (the
“Stock Option Award”) under the 2009 EIP that, subject to the public listing of the Company’s common stock on a national securities exchange and your continued employment through the applicable vesting date, vests and becomes
exercisable in three equal annual installments on each of the first, second and third anniversary of the date of grant. The Stock Option will have a ten-year term and will have an exercise price of $20.00 per share, provided that $20.00 is no less
than the Fair Market Value (as defined in the 2009 EIP) of a share of Company common stock on the date of grant. 

	 	
If the per share exercise price of the Stock Option Award is greater than $20.00, the Company will provide additional compensation to offset the difference between the economic value of the Stock
Option Award with a per-share exercise price of $20.00 and the economic value of the Stock Option Award with the actual per share exercise price, as reasonably determined by the Committee. The Stock Option Award will be subject to the terms and
conditions set forth in the 2009 EIP and the applicable award agreement. 

  

	 	(b)	As soon as practicable following the Effective Date, you will be granted 100,000 shares of restricted stock under the 2009 EIP (the “Restricted Stock
Award”), 1/3 of the Restricted Stock Award (33,333 shares of restricted stock) vests based solely on the passage of time (the “Time-Vesting Restricted Stock”) and 2/3 of the Restricted Stock Award (66,667 shares of
restricted stock) vests based on the passage of time and the achievement of performance goals based on specified per share prices of Company common stock (the “Performance-Vesting Restricted Stock”). In each case subject to
the public listing of the Company’s common stock on a national securities exchange and your continued employment through the applicable vesting date, (i) the Time-Vesting Restricted Stock vests in full on the second anniversary of the date
of grant and (ii) (A) 1/3 of the Performance-Vesting Restricted Stock vests on the later of the first anniversary of the date of grant and the Company’s share price exceeding $28.00 for a specified period of time, (B) 1/3 of the
Performance-Vesting Restricted Stock vests on the later of the second anniversary of the date of grant and the Company’s share price exceeding $32.00 for a specified period and (C) 1/3 of the Performance-Vesting Restricted Stock vests on
the later of the third anniversary of the date of grant and the share price exceeding $34.00 for a specified period of time. Any unvested shares of Performance-Vesting Restricted Stock will be forfeited on the tenth anniversary of the date of grant.
The Time-Vesting Restricted Stock and the Performance-Vesting Restricted Stock will be subject to the terms and conditions set forth in the 2009 EIP and the applicable award agreements. 

 

	 	5.	Severance Protection. 

  

	 	(a)	 Prior to or More than Two Years Following a Change in Control. If your employment with the Company is terminated (i) by the Company other
than for “Cause” (as defined in the 2009 EIP), death or Disability (as defined in the 2009 EIP) or (ii) by you for “Good Reason” (as defined below), you will receive a lump-sum cash payment, on the date that is 60 days after
the effective date of your termination of employment, equal to the sum of (A) your Annual Base Salary and (B) your Target Incentive Amount as in effect immediately prior to the termination of your employment, provided that prior to
such time you have executed, delivered and not revoked a release of claims against the Company and its affiliates in the form prepared by the Company. For purposes of this Letter, “Good Reason” means, in the absence of your written
consent, (i) a material diminution in your Annual Base Salary, (ii) the assignment to you of duties that are materially inconsistent with your position, duties or responsibilities, or any other action by the Company which results in a
material diminution in such position or the duties or responsibilities customarily associated with such position in a company of the size and nature of the Company or (iii) any other material breach of this Letter. In order to invoke a
termination for Good Reason, you will provide written notice to the Company of the existence of one or more of the conditions described in clauses (i) through (iii) within 30 days following your knowledge of the initial existence of such
condition or conditions, specifying in reasonable detail the conditions constituting Good Reason, and the Company will have 30 days following receipt of 

  
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such written notice (the “Cure Period”) during which it may remedy the condition if such condition is reasonably subject to cure. In the event that the Company fails to remedy
the condition constituting Good Reason during the applicable Cure Period, your “separation from service” (within the meaning of Section 409A (as defined below)) must occur, if at all, within 30 days following such Cure Period in order
for such termination as a result of such condition to constitute a termination for Good Reason. Notwithstanding the foregoing, payments under this paragraph 5(a) are subject to any delay that is required by Section 409A as described in the
Tax Matters provision in paragraph 11 of this Letter. 

  

	 	(b)	Following a Change in Control. If, during the two-year period immediately following a Change in Control of the Company (as defined in the 2009 EIP), your
employment with the Company is terminated (i) by the Company other than for Cause, death or Disability or (ii) by you for Good Reason, in each case within two years immediately following a “Change in Control” (as defined in the
2009 EIP) of the Company, you will receive a lump-sum cash payment, on the date that is 60 days after the effective date of your termination of employment, equal to two times the sum of (A) your Annual Base Salary and (B) your Target
Incentive Amount as in effect immediately prior to the termination of your employment, provided that prior to such time you have executed, delivered and not revoked a release of claims against the Company and its affiliates in the form
prepared by the Company. Notwithstanding the foregoing, payments under this paragraph 5(b) are subject to any delay that is required by Section 409A as described in the Tax Matters provision in paragraph 11 of this Letter.

  

	 	6.	Employee Benefits. You will be eligible to participate in all health and welfare and retirement and savings programs on a basis commensurate with the
participation of other senior executives of the Company in such programs, in accordance with the applicable terms and conditions of such programs in effect from time to time. 

 

	 	7.	Relocation. In connection with your relocation from your current residence to Denver, Colorado, you will be provided with relocation benefits provided under the
Company’s Executive Relocation Policy. 

  

	 	8.	Company Policies; Regulatory and Licensing Requirement. You will be subject to all policies of the Company, including, without limitation, any stock ownership
guidelines and incentive compensation clawback policy applicable to senior executives of the Company, as each policy is adopted or amended from time to time. By signing this Letter you agree that your continued employment is contingent upon
compliance with applicable regulatory, registration and licensing requirements, if any, now or in the future required of your position, including passing the appropriate exams or transferring existing license(s), if any, or completing any
registration requirements, within any reasonable time limits imposed by the Company, and your compliance with applicable regulatory, registration and licensing. 

 

	 	9.	Restrictive Covenants. 

  

	 	•	 	 Confidentiality. You agree that, during your employment with the Company and at all times thereafter, you will hold for the benefit of the
Company all secret or confidential information, knowledge or data relating to the Company or any of the affiliates, and their respective businesses, which has been obtained by you during your employment by the Company, and which shall not be or
become public knowledge (other than by acts by you or your representatives in violation of this Letter). Except in the good faith performance of your duties for the Company, you will not, without the prior written consent of the

  
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Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it.

  

	 	•	 	 Non-Solicitation. You agree that, while you are employed by the Company and during the one-year period following the termination of your
employment with the Company (the “Restricted Period”) for any reason, you will not directly or indirectly, (i) solicit any individual who is, on the date of termination of your employment (or was, during the six-month period
prior to such date), employed by the Company or any of its affiliates to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company or one
of its affiliates, (ii) initiate discussions with any such employee or former employee for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity on behalf of your employer or
(iii) induce or attempt to induce any customer or investor (in each case, whether former, current or prospective), supplier, licensee or other business relation of the Company or any its affiliates to cease doing business with the Company or
such an affiliate, or in any way interfere with the relationship between any such customer, investor, supplier, licensee or business relation, on the one hand, and the Company or any of its affiliates, on the other hand.

  

	 	•	 	 Non-Competition. You agree that, during the Restricted Period, you will not engage in Competition (as defined below). You will be deemed to be
engaging in “Competition” if you, directly or indirectly, anywhere in [Indiana, Illinois Iowa, Minnesota, North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Missouri, Texas, New Mexico, Colorado, Wyoming and Montana], own,
manage, operate, control or participate in the ownership, management, operation or control of or are connected as an officer, employee, partner, director, consultant or otherwise with, or have any financial interest in, any business (whether through
a corporation or other entity) engaged in the commercial banking business or in any other financial services business that is competitive with any portion of the business conducted by the Company or any of its affiliates. Ownership for personal
investment purposes only of less than 2% of the voting stock of any publicly held corporation shall not constitute a violation hereof. 

  

	 	•	 	 Enforcement; Remedies. You understand that the provisions of this paragraph 9 may limit your ability to earn a livelihood in a business similar
to the business of the Company, but you nevertheless agree that such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company, are reasonable limitations as to scope and
duration and are not unduly burdensome to you. You further agree that the Company would be irreparably harmed by any actual or threatened breach of the covenants in this paragraph 9 and that, in addition to any other remedies at law including money
damages and the right to withhold payments otherwise due to you, the Company will be entitled to seek a preliminary injunction, temporary restraining order, or other equivalent relief, restraining you from any actual or threatened breach of this
Letter in any court which may have competent jurisdiction over the matter in a dispute pending arbitration as described in paragraph 11 below. With respect to any provision of this paragraph 9 finally determined by a court of competent jurisdiction
to be unenforceable, you hereby agree that a court shall have jurisdiction to reform such provisions, including the duration or scope of such provisions, as the case may be, so that they are enforceable to the maximum extent permitted by law. If any
of the covenants of this paragraph 9 are determined to be wholly or partially unenforceable in any jurisdiction, such determination will not be a bar to or in any way diminish the rights of the Company to enforce any such covenant in any other
jurisdiction. 

  
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	 	10.	Representations. You represent and warrant to the Company that, as of the Effective Date, you are not a party to any agreement, written or oral, containing any
non-competition or non-solicitation provisions or any other restrictions (including, without limitation, any confidentiality provisions) that would result in any restriction on your ability to accept and perform this or any other position with the
Company or any of its affiliates. 

  

	 	11.	Miscellaneous. 

  

	 	•	 	 Entire Agreement; Amendment. This Letter shall supersede any other agreement or understanding, written or oral, with respect to the matters
covered herein. This Letter may not be amended or modified otherwise than in writing signed by the parties hereto; provided, however, that, notwithstanding the foregoing, the Company may amend or modify this Letter if it determines it is
necessary to do so in order to comply with applicable legal and/or regulatory requirements or guidance or any changes in applicable law, rules or regulations or in the formal and conclusive interpretation thereof by any regulator or agency of
competent jurisdiction. In the event such modification has a material adverse impact upon the employment benefits you received under this Letter agreement, the Company and you will cooperate diligently and in good faith to amend the terms of this
Letter to preserve your employment benefits under this Letter. 

  

	 	•	 	 Severability. The invalidity or unenforceability of any provision of this Letter will not affect the validity or enforceability of any other
provision of this Letter, and this Letter will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified). 

 

	 	•	 	 Tax Matters. The Company may withhold from any amounts payable to you such Federal, state, local or foreign taxes as shall be required to be
withheld pursuant to any applicable law or regulation. It is intended that the payments and benefits provided under this Letter shall comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (“Section
409A”) and the regulations relating thereto, or an exemption to Section 409A, and this Letter shall be interpreted accordingly. Any payments or benefits that qualify for the “short-term deferral” exception or another
exception under Section 409A shall be paid under the applicable exception. Each payment under this Letter will be treated as a separate payment for purposes of Section 409A. All payments that constitute nonqualified deferred compensation
under Section 409A that are to be made upon a termination of employment under this Letter may only be made upon a “separation from service” under Section 409A of the Code. If you become entitled to a payment of nonqualified
deferred compensation as a result of your termination of employment and at such time you are a “specified employee” (within the meaning of Section 409A and as determined in accordance with the methodology established by the Company as
in effect on your date of termination), such payment will be postponed to the extent necessary to satisfy Section 409A, and any amounts so postponed will be paid in a lump sum on the first business day that is six months and one day after your
separation from service (or any earlier date of your death). If the compensation and benefits provided under this Letter would subject you to taxes or penalties under Section 409A, the Company and you will cooperate diligently to amend the
terms of this Letter to avoid such taxes and penalties, to the extent possible under applicable law; provided that, in no event shall the Company be responsible for any Section 409A taxes or penalties that arise in connection with any
amounts payable or benefits provided under this Letter or otherwise. 

  
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	 	•	 	 Dispute Resolution. Any controversy or claim arising out of or relating to this Letter or the breach of this Letter (other than a controversy or
claim arising under paragraph 9 of this Letter) that is not resolved by you and the Company will be submitted to arbitration in a location selected by the Company in accordance with Delaware law and the procedures of the American Arbitration
Association. The determination of the arbitrator will be conclusive and binding on you and the Company and judgment may be entered on the arbitrator(s)’ awards in any court having competent jurisdiction. 

 

	 	•	 	 Successors. This Letter is personal to you and without the prior written consent of the Company will not be assignable by you. This Letter and
any rights and benefits hereunder will inure to the benefit of and be enforceable by your legal representatives, heirs or legatees. This Letter and any rights and benefits hereunder will inure to the benefit of and be binding upon the Company and
its successors and assigns. 

  

	 	•	 	 Headings. The headings in this Letter are for convenience of reference only and do not affect the interpretation of this Letter.

  

	 	•	 	 Counterparts. This Letter may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 Brian, we are looking forward to you joining the Company. We are excited about the important
contributions you will make to the Company and look forward to your acceptance of our offer. 
 To accept, sign below and return
this Letter to my attention. 
  

			
	Sincerely,
	
	NBH Holdings Corp.
		
	By:	 	/s/ G. Timothy Laney
		 	Name: G. Timothy Laney
		 	Title: Chief Executive Officer

 Accepted and agreed to this 
             day of February 2012. 

	
	
	
	/s/ Brian F. Lilly
	Brian F. LillyEmployment Agreement, between Kathryn M. Hinderhofer and National Bank Holdings

 Exhibit 10.10 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into as of August 18th, 2012, by and among Kathryn Hinderhofer (the “Executive”), NBH Bank, N.A. (the “Bank”), and National Bank Holdings Corporation (the
“Company”), a Delaware corporation. 
 WITNESSETH THAT: 

WHEREAS, the Bank and the Company are desirous of continuing to employ the Executive in an executive capacity on the terms and
conditions, and for the consideration, hereinafter set forth, and the Executive is desirous of remaining employed by the Bank or the Company on such terms and conditions and for such consideration. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and for other good and valuable consideration,
it is hereby covenanted and agreed by the Executive, the Bank and the Company as follows: 
 1. Effective Date. This
Agreement shall become binding and enforceable when accepted by the Executive in the manner set forth for acceptance below (the “Effective Date”). 
 2. Employment Period. The initial term of the Executive’s employment will commence on the Effective Date and end on the first anniversary of the Effective Date (the “Initial Employment
Period”), unless terminated earlier pursuant to Section 5 of this Agreement; provided, however, that as of the expiration of (i) the Initial Employment Period and (ii) if applicable, any Renewal Period (as
defined below), the Employment Period will automatically be extended for a one-year period such that it will expire one year from the commencement of such extension (the “Renewal Period”), unless the Executive or the Company gives
at least 90 days written notice prior to the expiration date of the then current Employment Period of its intention not to further extend the Employment Period; provided further, however, that, upon a Change in Control, the Employment Period
shall extend to two years from the date of the consummation of the Change in Control, unless terminated earlier pursuant to Section 5 of this Agreement (the Initial Employment Period and each subsequent extension, if any, shall constitute the
“Employment Period” unless terminated earlier pursuant to Section 5 of this Agreement). 
 3. Position
and Duties. During the Employment Period, the Executive shall (i) serve in the position(s) and have the title(s) assigned to the Executive by the Chief Executive Officer of the Company (the “CEO”) from time to time, which
position(s) shall be commensurate with the Executive’s education and experience and shall initially be Chief of Integration, Technology and Operations, (ii) the Executive shall have duties and responsibilities commensurate with the
assigned position(s) that are substantially the same as immediately prior to the Effective Date, (iii) report directly to the CEO, and (iv) perform her duties at the Executive’s primary workplace as of the Effective Date, until such
time as the Company otherwise determines and thereafter at such location as the Company specifies from time to time, subject to the Executive’s performance of duties at, and travel to, such other offices of the Company and subsidiaries and
controlled affiliates, including, without limitation, the Bank (the “Affiliated Entities”) and/or other locations as shall be necessary to fulfill her duties; provided, however, that in no event during the Employment
Period shall the Company require that the Executive permanently relocate to the geographic location in which the principal office of the Company is maintained from time to time, or Kansas City, Missouri. 

4. Compensation. Subject to the terms of this Agreement, while the Executive is employed by the Bank or the Company during the
Employment Period, the Company shall compensate the Executive for her services as follows: 

 (a) Base Salary. The Executive shall receive an annual base salary (“Annual
Base Salary”) of no less than $250,000. The Executive’s Annual Base Salary shall be reviewed annually by the Compensation Committee of the Company’s board of directors (the “Compensation Committee”) pursuant to
its normal performance review policies for senior executives and may be increased but not decreased. The term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as in effect from time to time. Such Annual Base Salary
shall be payable in monthly or more frequent installments in accordance with the Company’s payroll policies. 
 (b) Annual Incentive Payment. With respect to each fiscal year or portion of a fiscal year of the Company ending during the Employment Period, the Executive shall be eligible to receive an annual
incentive payment (the “Incentive Payment”) pursuant to an annual incentive plan or program approved by the Compensation Committee on terms that are substantially the same as similarly situated executives of the Bank or the Company,
with the actual amount of any such Incentive Payment to be determined by the Compensation Committee. The Executive’s Incentive Payment opportunity under the incentive plan applicable to the Executive for each fiscal year during the Employment
Period shall be 80% of her Annual Base Salary (the “Annual Incentive Opportunity”). Any earned Incentive Payment shall be paid to the Executive pursuant to the terms of the applicable incentive plan; provided, however, that
any such Incentive Payment for a fiscal year shall be paid to the Executive no later than the 15th day of the third month following the close of such fiscal year, or the calendar year where applicable, unless the Company or the Executive shall elect to defer the receipt of such Incentive Payment
pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (c) Equity Compensation. With respect to each fiscal year or portion of a fiscal year of the Company ending during the Employment Period, the Executive shall be eligible to be considered for annual
equity grants in the sole discretion of the Compensation Committee with the terms and conditions of any such equity grant, as determined by the Compensation Committee, to be set forth in an award agreement. Each equity grant made to the Executive
prior to the Effective Date shall remain subject to the terms and conditions set forth in the award agreement relating to such equity award. 
 (d) Employee Benefits, Fringe Benefits and Perquisites. During the Employment Period, the Executive shall be provided with employee benefits, fringe benefits and perquisites on a basis no less
favorable than such benefits and perquisites are provided by the Company from time to time to the Bank’s or the Company’s other senior executives. 
 (e) Expense Reimbursement. Subject to the requirements of Section 8(a)(ii) (relating to in-kind benefits and reimbursements), during the Employment Period, the Company will reimburse the
Executive for all reasonable expenses incurred by her in the performance of her duties in accordance with the Company’s policies applicable to senior executives. 
 (f) Stock Ownership Requirement. While employed by the Bank or the Company, the Executive shall be subject to any stock ownership policy adopted by the Company in accordance with the guidelines as
established by the Compensation Committee. 
 (g) Indemnification/Insurance. The Company shall defend, indemnify and
hold the Executive harmless to the full extent permitted by the general laws of the State of Delaware, its charter or its bylaws now or hereafter in force. The Company also shall procure and maintain directors and officers liability insurance.

  
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 5. Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the
Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may provide
the Executive with written notice in accordance with Section 12(g) of this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the
30th day after receipt of such notice by the Executive
(the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties and, provided further, that a
Disability shall be determined to exist as provided hereinafter. For purposes of this Agreement, “Disability” shall mean the inability of the Executive to perform the Executive’s duties with the Company on a full-time basis as
a result of incapacity due to mental or physical illness, which inability exists for 180 days during any rolling 12-month period, as determined by a physician selected by the Company or its insurers and acceptable to the Executive or the
Executive’s legal representative. 
 (b) Cause. The Bank or the Company may terminate the Executive’s
employment during the Employment Period either with or without Cause. For purposes of this Agreement, “Cause” shall mean: 
 (i) the continued failure of the Executive to perform substantially the Executive’s duties with the Bank or the Company (other than any such failure resulting from incapacity due to physical or
mental illness); 
 (ii) willful misconduct or gross neglect by the Executive in the performance of her duties to the Bank or the
Company; 
 (iii) the Executive’s continued failure to adhere to the clear directions of the Company’s CEO, to adhere
materially to the Bank’s or the Company’s material written policies, or to devote substantially all of the Executive’s business time and efforts to the Bank or the Company; 

(iv) the Executive’s conviction of or formal admission to or plea of guilty or nolo contendere to a charge of commission of,
(A) a felony or (B) any crime involving serious moral turpitude; or 
 (v) the Executive’s willful breach of any
of the material terms or conditions of this Agreement. 
 In order to invoke a termination for Cause on any of the grounds
enumerated under Section 5(b)(i), (ii), (iii) or (v), the Bank or the Company must provide written notice to the Executive of the existence of such grounds within 30 days following the Company’s knowledge of the existence of such
grounds, specifying in reasonable detail the grounds constituting Cause, and the Executive shall have 30 days following receipt of such written notice (the “Executive’s Cure Period”) during which she may remedy the ground if
such ground is reasonably subject to cure. 
 (c) Good Reason. The Executive’s employment may be terminated by the
Executive during the Employment Period with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean in the absence of the written consent of the Executive: 

(i) a material diminution in the Executive’s Annual Base Salary during the Employment Period; 

  
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 (ii) the assignment to the Executive of any duties that are materially inconsistent with the
Executive’s position, duties or responsibilities contemplated by this Agreement, or any other action by the Bank or the Company which results in a material diminution in such position or the duties or responsibilities customarily associated
with such position in a company of the size and nature of the Bank or the Company, provided that following a Change in Control, this clause (ii) shall relate to the Executive’s position(s), duties and responsibilities as in effect
immediately prior to the Change in Control; 
 (iii) any requirement by the Bank or the Company that the Executive permanently
relocate from Massachusetts, subject to the Executive’s performance of duties at, and travel to, any office location of the Company and the Affiliated Entities and/or other locations as shall be necessary to fulfill her duties; provided,
however, that Executive shall not be required to travel west of Colorado. Any travel in performance of Executive’s duties will never give rise to a claim for Good Reason under this Section 5(c)(iii); or 

(iv) any other material breach of this Agreement by the Bank or the Company. 
 In order to invoke a termination for Good Reason, the Executive shall provide written notice to the Company of the existence of one or more of the conditions described in clauses (i) through
(iv) within 30 days following the Executive’s knowledge of the initial existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason, and the Company shall have 30 days following receipt
of such written notice (the “Cure Period”) during which it may remedy the condition if such condition is reasonably subject to cure. In the event that the Company fails to remedy the condition constituting Good Reason during the
applicable Cure Period, the Executive’s “separation from service” (within the meaning of Section 409A of the Code) must occur, if at all, within 30 days following such Cure Period in order for such termination as a result of such
condition to constitute a termination for Good Reason. 
 (d) Notice of Termination. Any termination by the Company for
Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party given in accordance with Section 12(g) of this Agreement. For purposes of this Agreement, a “Notice of Termination”
means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not
more than 30 days after the giving of such notice or 30 days after the end of the Cure Period, if applicable, in the case of a termination by the Executive with Good Reason). The failure by the Executive or the Company to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting
such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 (e) Date of
Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the Bank or the Company other than for Cause or Disability, or by the Executive without Good Reason, the date of receipt of
the Notice of Termination or any later date specified therein within 30 days of such notice, as the case may be, (ii) if the Executive’s employment is terminated by the Executive with Good Reason during such period, a date that is no later
than 30 days after the Cure Period, if applicable, (iii) if the Executive’s employment is terminated by the Bank or the Company for Cause, the Date of Termination shall be the date on which the Bank or the Company, as applicable, after
providing the Executive’s Cure Period, if applicable, notifies the Executive of such 

  
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termination; and (iv) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be. 
 6. Obligations of the Company upon Termination. 

(a) Good Reason; Other Than for Cause or Death or Disability Prior to or More than Two Years Following a Change
in Control. If, during the Employment Period and prior to, or more than two years immediately following, a Change in Control, the Company shall terminate the Executive’s employment other than for Cause, death or Disability or if the
Executive shall terminate her employment for Good Reason during such period, subject to the Executive’s execution, delivery to the Company and non-revocation within 30 days of the Date of Termination of a release of claims against the Company
and its Affiliated Entities substantially in the form used by the Bank or the Company in connection with employment terminations, the Company shall pay to the Executive on the 45th day after the Date of Termination (except as otherwise required by law or provided below) or provide, as applicable,
the following: 
 (i) A lump sum cash payment consisting of: (A) the Executive’s Annual Base
Salary through the Date of Termination to the extent not yet paid; (B) any annual Incentive Payment earned by the Executive for a prior award period, but not yet paid to the Executive, provided that (other than any portion of such annual
Incentive Payment that was previously deferred, which portion shall instead be paid in accordance with the applicable deferral arrangement and any election thereunder) such payment shall be made no later than the 15th day of the third month following the close of the fiscal year with
respect to which such Incentive Payment is earned (the sum of the amounts described in clauses (A) and (B) shall be hereinafter referred to as the “Accrued Obligations”); (C) one times the Executive’s Annual Base
Salary as in effect immediately prior to the Date of Termination; and (D) one times the higher of (x) the Annual Incentive Opportunity for the year in which the Date of Termination occurs and (y) the Incentive Payment paid or payable
to the Executive in respect of the fiscal year immediately prior to the year in which the Date of Termination occurs; and 

(ii) To the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or
benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and the Affiliated Entities through the Date of Termination (such other
amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 
 (b)
Good Reason; Other Than for Cause or Death or Disability during the Two Year Period Immediately Following a Change in Control. If, during the Employment Period and during the two year period immediately following a Change in Control, the
Company shall terminate the Executive’s employment other than for Cause, death or Disability or if the Executive shall terminate her employment for Good Reason, subject to the Executive’s execution, delivery to the Company and
non-revocation within 30 days of the Date of Termination of a release of claims against the Company and its Affiliated Entities substantially in the form used by the Bank or the Company in connection with employment terminations, the Company shall
pay to the Executive on the 45th day after the Date of
Termination (except as otherwise required by law or provided below) or provide, as applicable, the following: 
 (i) A lump sum
cash payment consisting of: (A) Accrued Obligations; (B) two times the higher of (x) Executive’s Annual Base Salary as in effect immediately prior to the Date of Termination and (y) the Executive’s Annual Base Salary as
in effect immediately prior to the Change in Control; and (C) two times the higher of (x) the Annual Incentive Opportunity for the year in which the 

  
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Date of Termination occurs and (y) the Incentive Payment paid or payable to the Executive in respect of the fiscal year immediately prior to the year in which the Date of Termination occurs;
and 
 (ii) To the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive the Other
Benefits. 
 (c) Death or Disability. If the Executive’s employment is terminated by reason of the Executive’s
death or Disability at any time during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than, if such termination occurs during the Employment Period, the obligation to pay or provide
(i) the Accrued Obligations and (ii) the timely payment or provision of the Other Benefits. The Accrued Obligations, in the event of death, shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash
within 30 days of the Date of Termination. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 6(c) shall include death or disability benefits under Company provided plans as in effect on the
date of the Executive’s death with respect to senior executives of the Bank or the Company and their beneficiaries generally. 
 (d) Cause; Other than for Good Reason. If the Executive’s employment shall be terminated for Cause or the Executive terminates her employment without Good Reason at any time during the
Employment Period, this Agreement shall terminate without further obligations to the Executive, other than, if such termination occurs during the Employment Period, the obligation to pay or provide (i) the Accrued Obligations (paid as set forth
in Section 6(c) above) and (ii) the timely payment or provision of the Other Benefits. 
 (e) Effect of
Termination on Other Positions. If, on the Date of Termination, the Executive is a member of the Board or the board of directors of any of the Company’s subsidiaries, or holds any other position with the Company or its subsidiaries, the
Executive shall be deemed to have resigned from all such positions as of the date of her termination of employment with the Company. The Executive agrees to execute such documents and take such other actions as the Company may request to reflect
such resignation. 
 (f) Full Settlement. The payments and benefits provided under this Section 6 (including,
without limitation, the Other Benefits) shall be in full satisfaction of the Company’s obligations to the Executive upon her termination of employment, notwithstanding the remaining length of the Employment Period, and in no event shall the
Executive be entitled to severance benefits (or other damages in respect of a termination of employment or claim for breach of this Agreement) beyond those specified in this Section 6. 

(g) “Change in Control” shall, for the purposes of Section 6 of this Agreement, be the first to occur following
the Effective Date of: 
 (i) the acquisition by any individual, entity or Group, as defined in Section 13(d)(3) and
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of Beneficial Ownership (within the meaning given in
 Rule 13d-3 promulgated under the Exchange Act) of 33 1/3% or more (on a fully diluted basis)
of either (A) the then outstanding shares of common stock of the Company, taking into account as outstanding for this purpose such common stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and
the exercise or settlement of any similar right to acquire such common stock (the “Outstanding Company Common Stock”), or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change in Control:

  
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(I) any acquisition by the Company or any Affiliate, (II) any acquisition directly from the Company, (III) any acquisition by any employee benefit plan sponsored or maintained by the Company
or any Affiliate or (IV) any acquisition by any Person that complies with clauses (A), (B) and (C) of subsection (iv) of this Section 6(g); 
 (ii) individuals who, on the date hereof, constitute the Company’s board of directors (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the board
of directors of the Company (the “Board”), provided that any person becoming a director subsequent to the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination), shall be an Incumbent Director;
provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened
solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
 (iii) approval by the stockholders of the Company of a complete dissolution or liquidation of the Company; or 
 (iv) the consummation of a merger, consolidation, statutory share exchange, a sale or other disposition of all or substantially all of the assets of the Company or similar form of corporate transaction
involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), in each case, unless immediately
following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Company”) or (y) if applicable, the ultimate parent
corporation that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the directors of the Surviving Company (the “Parent Company”) is represented by the Outstanding Company
Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such
voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no Person (other than
any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to
elect directors of the Parent Company (or, if there is no Parent Company, the Surviving Company) and (C) at least two-thirds of the members of the board of directors of the Parent Company (or, if there is no Parent Company, the Surviving
Company) following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination. 

The Company’s closing of a public offering of common stock pursuant to a registration statement declared effective under the
Securities Act shall in no event, by itself, be deemed a Change in Control for purposes of this Agreement. 
 7. No
Mitigation; No Offset. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim,
right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the
provisions 

  
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of this Agreement and, such amounts shall not be reduced whether or not the Executive obtains other employment. 
 8. Section 409A; EESA; Forfeiture. 
 (a) Section 409A.

 (i) General. It is intended that this Agreement shall comply with the provisions of Section 409A of the Code and
the Treasury regulations relating thereto, or an exemption to Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A of the Code shall be paid under the
applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of
applying Section 409A of the Code deferral election rules and the exclusion under Section 409A of the Code for certain short-term deferral amounts. All payments to be made upon a termination of employment under this Agreement may only be
made upon a “separation from service” under Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment under this Agreement. Within the time period permitted by the
applicable Treasury Regulations (or such later time as may be permitted under Section 409A or any IRS or Department of Treasury rules or other guidance issued thereunder), the Company may, in consultation with the Executive, modify the
Agreement in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A of the Code.

 (ii) In-Kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement, all
(A) reimbursements and (B) in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (w) any
reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (x) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar
year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year; (y) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the
year in which the expense is incurred; and (z) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 
 (iii) Delay of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the Executive is considered a “specified employee” for purposes of Section 409A (as
determined in accordance with the methodology established by the Company as in effect on the date of termination), (x) any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is
otherwise due to the Executive under this Agreement during the six-month period following her separation from service (as determined in accordance with Section 409A of the Code) on account of her separation from service shall be accumulated and
paid to Executive on the first business day of the seventh month following her separation from service (the “Delayed Payment Date”) and (y) in the event any equity compensation awards held by the Executive that vest or are to
be settled upon termination of the Executive’s employment constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, the delivery of shares of common stock (or cash) as applicable in settlement of such
awards shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under Section 409A on which the shares (or cash) would otherwise be delivered or paid. The Executive shall be entitled to interest on
any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code Section 1274(d) for the month in which the Executive’s

  
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separation from service occurs. If the Executive dies during the postponement period, the amounts and entitlements delayed on account of Section 409A shall be paid to the personal
representative of her estate on the first to occur of the Delayed Payment Date or 30 days after the date of the Executive’s death. 
 (iv) Separation from Service. Despite any contrary provision of this Agreement, any references to termination of employment or the Executive’s Date of Termination shall mean and refer to the
date of her “separation from service,” as that term is defined in Section 409A of the Code and Treasury Regulation Section 1.409A-1(h). 
 (b) EESA. The Company and the Executive mutually acknowledge that the terms of this Agreement shall be subject to and limited by any requirements or limitations that may apply under any applicable
law, including the Emergency Economic Stabilization Act of 2008 as amended from time to time, including as amended by the America Recovery and Reinvestment Act of 2009 (“EESA”). The Executive acknowledges, understands and agrees
that the Executive may be subject to the provisions and limitations of EESA and the rules, regulations and guidance issued thereunder (including without limitation the Interim Final Rule issued by the Department of the Treasury (the
“Department”) under Interim Rule 31 CFR Part 30) (the “EESA Guidance”) in the event the Department or any other government entity holds any of the Company’s or its Affiliates Entities’ equity or debt
pursuant to the terms of EESA and the EESA Guidance. Accordingly, if the Company becomes subject to EESA and the Executive is an individual at the Company for whom EESA compliance is required, the Executive agrees that her rights to compensation
under this Agreement and participation in the Company’s benefit and compensation arrangements (the Agreement and any and all such arrangements, collectively, the “Benefit Plans”) will be limited to ensure that such arrangements
comply with and are administered in accordance with the provisions of EESA and the EESA Guidance. Accordingly, the Executive hereby (A) acknowledges and understands that any compensation payable to her under any Benefit Plan, including without
limitation under this Agreement, shall be subject to EESA and the EESA Guidance, including, without limitation, (1) the potential for clawback of any bonus or incentive compensation paid to the Executive under any Benefit Plan (including any
Incentive Payment) in contravention of EESA or the EESA Guidance, and (2) the potential for the reduction or elimination of the amounts payable and benefits provided to the Executive under Sections 4 and 6 of this Agreement as a result of the
limitations and prohibitions of EESA and the EESA Guidance, (B) consents to any future modifications and limitations with respect to and under the Benefit Plans to the extent necessary to ensure compliance with EESA and the EESA Guidance, (C) agrees
that any plan, program, policy, agreement or arrangement of the Company and its affiliates and this Agreement shall be treated as a Benefit Plan for purposes of such limitations, (D) voluntarily waives any claims against the Company for any changes
to the Executive’s compensation or benefits that are required to comply with the EESA Guidance as in effect from time to time, (E) agrees that such waiver and consent shall constitute a part of and be integrated with this Agreement, (F) agrees
to execute, acknowledge and deliver such documents or instruments and take such other actions as may be reasonably necessary to effectuate the foregoing; and (G) agrees that in no event shall the Executive have the right to claim a breach of this
Agreement or the terms of any Benefit Plan, if such claim is due to or arises from the Company’s compliance or alleged failure to comply with applicable law, including without limitation EESA and the EESA Guidance. 

(c) Forfeiture. Notwithstanding any other provisions of this Agreement, subject to amendment as may be required or recommended in
order to comply with applicable law or regulation, and in addition to and not in contravention of the clawback provision applicable to the Executive under the EESA Guidance: 
 (i) If the Company is required to prepare an accounting restatement due to material noncompliance of the Company as a result of misconduct, with any financial reporting requirement under the Federal
securities laws, the Executive shall reimburse the Company for all amounts 

  
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received under any incentive compensation plans from the Company during the 12 month period following the first public issuance or filing with the Securities and Exchange Commission (whichever
first occurs) of the financial document embodying such financial reporting requirement; and any profits realized from the sale of securities of the Company during that 12 month period, unless the application of this provision has been exempted by
the Securities and Exchange Commission; 
 (ii) If the Compensation Committee shall determine that the Executive has engaged in
a serious breach of conduct, the Compensation Committee may terminate any equity compensation award or require the Executive to repay any gain realized on the exercise of an award in accordance with the terms such award or the equity compensation
plan governing such award; and 
 (iii) If the Executive is found guilty of misconduct by any judicial or administrative
authority in connection with any (A) formal investigation by the Securities and Exchange Commission or (B) other federal or state regulatory investigation, the Compensation Committee may require the repayment of any gain realized on the
exercise of an award under any equity compensation plan without regard to the timing of the determination of misconduct in relation to the timing of the exercise of the award. 

9. Limitation on Payments Under Certain Circumstances. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event the Accounting Firm (as defined below) shall determine that receipt of all Payments (as defined below) would subject the
Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) so that the Parachute
Value (as defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Agreement Payments shall be so reduced only if the Accounting Firm determines that the Executive would have a greater Net After-Tax
Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced. If the Accounting Firm determines that the Executive would not have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement
Payments were so reduced, the Executive shall receive all Agreement Payments to which the Executive is entitled hereunder. 

(b) If the Accounting Firm determines that aggregate Agreement Payments should be reduced so that the Parachute Value of all Payments,
in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 9 shall be
binding upon the Company and the Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the Date of Termination. For purposes of reducing the Agreement Payments so that the Parachute Value of all
Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the payments and
benefits under the following sections in the following order: (i) first, any Payments under Section 6(b)(1)(B); (ii) second, any other cash Payments that would be made upon a termination of the Executive’s employment, beginning
with payments that would be made last in time; (iii) third, all rights to payments, vesting or benefits in connection with any options to purchase common stock that are performance-based vesting awards; (iv) fourth, all rights to payments,
vesting or benefits in connection with any restricted stock awards that are performance-based vesting awards; (v) fifth, all rights to payments, vesting or benefits in connection with any options to purchase common stock that are time-based
vesting awards; and (vi) sixth, all rights to any other payments or benefits shall be reduced, beginning with payments or benefits that would be received last in time. All fees and expenses of the Accounting Firm shall be borne solely by the
Company. 

  
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 (c) As a result of the uncertainty in the application of Section 4999 of the Code at
the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so
paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed
(“Underpayment”), in each case, consistent with the calculation of the Safe Harbor Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the
Company or the Executive which the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, the Executive shall pay promptly (and in no event later than 60 days following the date on which the
Overpayment is determined) pay any such Overpayment to the Company together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the
Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the
Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment
is determined) by the Company to or for the benefit of the Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. 

(d) To the extent requested by the Executive, the Company shall cooperate with the Executive in good faith in valuing, and the
Accounting Firm shall take into account the value of, services provided or to be provided by the Executive (including without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or
similar covenant, including that set forth in Section 10 of this Agreement) before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of
the Code), such that payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the
definition of the term “parachute payment” within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code.

 (e) Definitions. The following terms shall have the following meanings for purposes of this Section 9.

 (i) “Accounting Firm” shall mean a nationally recognized certified public accounting firm
that is selected by the Company for purposes of making the applicable determinations hereunder and is reasonably acceptable to the Executive, which firm shall not, without the Executive’s consent, be a firm serving as accountant or auditor for
the individual, entity or group effecting the Change in Control. 
 (ii) “Net After-Tax Receipt”
shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under
applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or
such other rate(s) as the Accounting Firm determined to be likely to apply to the Executive in the relevant tax year(s). 
 (iii) “Parachute Value” of a Payment means the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that

  
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constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax
will apply to such Payment. 
 (iv) “Payment” means any payment or distribution in the nature of
compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise. 

(v) “Safe Harbor Amount” means (x) 3.0 times the Executive’s “base amount,” within
the meaning of Section 280G(b)(3) of the Code, minus (y) $1.00. 
 10. Restrictive Covenants. 

(a) Return of Bank and Company Property. Upon her termination of employment for any reason, the Executive shall promptly return
to the Company any keys, credit cards, passes, confidential documents or material, or other property belonging to the Bank or the Company, and the Executive shall also return all writings, files, records, correspondence, notebooks, notes and other
documents and things (including any copies thereof) containing confidential information or relating to the business or proposed business of the Company or the Affiliated Entities or containing any trade secrets relating to the Company or the
Affiliated Entities except any personal diaries, calendars, rolodexes or personal notes or correspondence. For purposes of the preceding sentence, the term “trade secrets” shall have the meaning ascribed to it under the Uniform Trade
Secrets Act. The Executive agrees to represent in writing to the Company upon termination of employment that she has complied with the foregoing provisions of this Section 10(a). 

(b) Mutual Nondisparagement. The Executive and the Company each agree that, following the Executive’s termination of
employment, neither the Executive, nor the Company will make any public statements which materially disparage the other party. The Company shall not be liable for any breach of its obligations under this paragraph if it informs its directors and
executive officers, as such term is defined in Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended, of the content of its covenant hereunder and takes reasonable measures to ensure that such individuals honor the
Company’s agreement. Notwithstanding the foregoing, nothing in this Section 10(b) shall prohibit any person from making truthful statements when required by order of a court or other governmental or regulatory body having jurisdiction or
to enforce any legal right including, without limitation, the terms of this Agreement. 
 (c) Confidential Information.
The Executive agrees that, during her employment with the Bank or the Company and at all times thereafter, she shall hold for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of the
Affiliated Entities, and their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company or during her consultation with the Company after her termination of employment, and which
shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). Except in the good faith performance of her duties for the Company, the Executive shall not, without
the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. 

(d) Nonsolicitation. The Executive agrees that, while she is employed by the Bank or the Company and during the one-year period
following her termination of employment with the Company (the “Restricted Period”), the Executive shall not directly or indirectly, (i) solicit any individual who is, on the Date of Termination (or was, during the six-month
period prior to the Date of 

  
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Termination), employed by the Company or the Affiliated Entities to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other
individual or entity other than the Company or the Affiliated Entities, (ii) initiate discussions with any such employee or former employee for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any
other individual or entity on behalf of the Executive’s employer or (iii) induce or attempt to induce any customer or investor (in each case, whether former, current or prospective), supplier, licensee or other business relation of the
Company or any of the Affiliated Entities to cease doing business with the Company or such Affiliated Entity, or in any way interfere with the relationship between any such customer, investor, supplier, licensee or business relation, on the one
hand, and the Company or any Affiliated Entity, on the other hand. 
 (e) Noncompetition. The Executive agrees that,
during the Restricted Period, she will not engage in Competition (as defined below). The Executive shall be deemed to be engaging in “Competition” if she, directly or indirectly, any where in the continental United States except for
in any of Connecticut, Rhode Island, Vermont, New Hampshire, Maine and Massachusetts, owns, manages, operates, controls or participates in the ownership, management, operation or control of or is connected as an officer, employee, partner, director,
consultant or otherwise with, or has any financial interest in, any business (whether through a corporation or other entity) engaged in the commercial banking business or in any other financial services business that is competitive with any portion
of the business conducted by the Company or any of the Affiliated Entities. Ownership for personal investment purposes only of less than 2% of the voting stock of any publicly held corporation shall not constitute a violation hereof. 

Notwithstanding the foregoing, the restriction above shall not prohibit the Executive from employment with any subsidiary, division,
affiliate or unit of an entity (a “Related Unit”) if that Related Unit does not engage in business that is in Competition with the Company, irrespective of whether some other Related Unit of that entity competes with the Company (as
long as the Executive does not engage in or assist in the activities of any Related Unit which competes with the Company). 

(f) Equitable Remedies. The Executive acknowledges that the Company would be irreparably injured by a violation of
Section 10(b), (c), (d) or (e) and she agrees that the Company, in addition to any other remedies available to it for such breach or threatened breach, on meeting the standards required by law, shall be entitled to a preliminary
injunction, temporary restraining order, or other equivalent relief, restraining the Executive from any actual or threatened breach of Section 10(b), (c), (d) or (e). If a bond is required to be posted in order for the Company to secure an
injunction or other equitable remedy, the parties agree that said bond need not be more than a nominal sum. 
 (g)
Severability; Blue Pencil. The Executive acknowledges and agrees that she has had the opportunity to seek advice of counsel in connection with the Agreement and the restrictive covenants contained herein are reasonable in geographical scope,
temporal duration, and in all other respects. If it is determined that any provision of this Section 10 is invalid or unenforceable, the remainder of the provisions of this Section 10 shall not thereby be affected and shall be given full
effect, without regard to the invalid portions. If any court or other decision-maker of competent jurisdiction determines that any of the covenants in this Section 10 is unenforceable because of the duration or geographic scope of such
provision, then after such determination becomes final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable, and in its reduced form, such provision shall be
enforced. 
 11. Successors. 
 (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive. This Agreement and any rights and

  
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benefits hereunder shall inure to the benefit of and be enforceable by the Executive’s legal representatives, heirs or legatees. This Agreement and any rights and benefits hereunder shall
inure to the benefit of and be binding upon the Company and its successors and assigns. 
 (b) The Bank and the Company will
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Bank and/or the Company to assume expressly and agree to satisfy all of the
obligations under this Agreement in the same manner and to the same extent that the Company would be required to satisfy such obligations if no such succession had taken place. As used in this Agreement, “Company” shall mean the
Company and the “Bank” shall mean the Bank, each as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

12. Miscellaneous. 
 (a) Amendment. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

 (b) Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or
foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (c) Applicable Law.
The provisions of this Agreement shall be construed in accordance with the internal laws of the State of Delaware, without regard to the conflict of law provisions of any state. 

(d) Dispute Resolution. Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement
(other than a controversy or claim arising under Section 10 of this Agreement) that is not resolved by the Executive and the Company shall be submitted to arbitration in a location selected by the Company in accordance with Delaware law and the
procedures of the American Arbitration Association. The determination of the arbitrator shall be conclusive and binding on the Bank or the Company and the Executive and judgment may be entered on the arbitrator(s)’ awards in any court having
competent jurisdiction. 
 (e) Severability. The invalidity or unenforceability of any provision of this Agreement will
not affect the validity or enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately
reformed or modified). 
 (f) Waiver of Breach. No waiver by any party hereto of a breach of any provision of this
Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party of any similar or dissimilar
provisions and conditions at the same or any prior or subsequent time. The failure of any party hereto to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.

 (g) Notices. Notices and all other communications provided for in this Agreement shall be in writing and shall be
delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, or prepaid overnight courier to the parties at the addresses set forth below (or such other addresses as shall be specified by the parties by
like notice): 

  
 -14-

			
	to the Bank or the Company:	  	 Mark W. Yonkman
 General
Counsel & Secretary
 National Bank Holdings Corporation
 5570 DTC Parkway
 Greenwood Village, CO 80111

		
	or to the Executive:	  	 Kathryn Hinderhofer
 At the
address last on the records of the Company

 Such notices, demands, claims and other communications shall be deemed given in the case of delivery by
overnight service with guaranteed next day delivery, the next day or the day designated for delivery or, in the case of certified or registered U.S. mail, five days after deposit in the U.S. mail; provided, however, that in no event shall any
such communications be deemed to be given later than the date they are actually received. 
 (h) Expenses. The Company
agrees to reimburse the Executive for all reasonable legal fees and disbursements incurred by the Executive in negotiating this Agreement, with such amount to be not more than $15,000.00. The Company shall also pay or reimburse the Executive for
legal fees (determined based on a reasonable and customary per-hour billable rate and reasonable disbursements) incurred by the Executive in connection with or as a result of any claim, action or proceeding brought by the Company or the Executive
with respect to or arising out of this Agreement or any provision hereof unless the Company prevails on the merits of such claim. 
 (i) Survivorship. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the
extent necessary to carry out the intentions of the parties under this Agreement. 
 (j) Entire Agreement. From and
after the Effective Date, this Agreement shall supersede any other agreement or understanding between the parties with respect to the subject matter hereof. The obligations under this Agreement are enforceable solely against the Company and its
Affiliated Entities, and in no event shall this Agreement be enforceable against any shareholder of, or investor in, the Company. 
 (k) Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

 IN WITNESS THEREOF, the Executive has hereunto set her hand, and the Company has caused these presents to be executed in its
name and on its behalf, all as of the day and year first above written: 
  

					
	NATIONAL BANK HOLDINGS CORPORATION	 		 	NBH BANK, N.A.
			
	/s/ G. Timothy Laney	 		 	/s/ Mark W. Yonkman
	By: G. Timothy Laney	 		 	By: Mark W. Yonkman
	Its: President and CEO	 		 	Its: General Counsel and Secretary
			
	KATHRYN HINDERHOFER	 		 	
			
	/s/ Kathryn Hinderhofer	 		 	

  
 -15-

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