Document:

Employment Agreement Colin Eccles

 Exhibit 10.8 
 UMPQUA HOLDINGS CORPORATION 
 EMPLOYMENT AGREEMENT

 FOR 
 Colin Eccles 
 Dated as of January 21, 2009 

 Table of Contents 
  

							
	 	  	 	  	 	  	Page
			
	1.	  	PURPOSE AND DURATION OF AGREEMENT	  	1
	2.	  	EMPLOYMENT	  	1
	3.	  	NO TERM OF EMPLOYMENT	  	1
	4.	  	DUTIES; POSITION	  	1
		  	4.1	  	Position	  	1
		  	4.2	  	Obligations of Officer	  	1
	5.	  	BASE COMPENSATION	  	1
	6.	  	TERMINATION	  	2
		  	6.1	  	For Cause	  	2
		  	6.2	  	Without Cause	  	2
		  	6.3	  	For Good Reason	  	2
		  	6.4	  	Death or Disability	  	2
		  	6.5	  	Separation of Service	  	2
	7.	  	DEFINITIONS	  	2
		  	7.1	  	Cause	  	2
		  	7.2	  	Good Reason	  	3
		  	7.3	  	Disability	  	3
		  	7.4	  	Change in Control	  	3
	8.	  	PAYMENT UPON TERMINATION	  	4
	9.	  	SEVERANCE BENEFIT	  	4
	10.	  	CHANGE IN CONTROL BENEFIT	  	4
	11.	  	CHANGE IN CONTROL RETENTION INCENTIVE	  	5
	12.	  	LIMITATION ON BENEFITS	  	5
		  	12.1	  	IRC 280G Adjustment	  	5
		  	12.2	  	Limitation on Severance or Change in Control Benefit	  	5
		  	12.3	  	IRC 409A	  	5
	13.	  	EXECUTIVE SEVERANCE PLAN	  	5
		  	13.1	  	In General	  	5
		  	13.2	  	Administration of Executive Severance Plan	  	6
		  	13.3	  	Claims Procedures	  	6
	14.	  	NONCOMPETITION	  	8
		  	14.1	  	Competition Restriction	  	8
		  	14.2	  	Consequence of Breach	  	8
		  	14.3	  	Subsequent Employer	  	8
	15.	  	NON-SOLICITATION	  	8
	16.	  	NONRAIDING OF EMPLOYEES	  	8
	17.	  	CONFIDENTIAL INFORMATION	  	9
	18.	  	REASONABLENESS OF RESTRICTION PERIOD; EQUITABLE RELIEF	  	9
	19.	  	DISPUTE RESOLUTION	  	9
		  	19.1	  	Arbitration	  	9
		  	19.2	  	Expenses/Attorneys’ Fees	  	10

							
		  	19.3	  	Injunctive Relief	  	10
	20.	  	NOTICES	  	10
	21.	  	BENEFICIARIES	  	10
	22.	  	GENERAL PROVISIONS	  	11
		  	22.1	  	Governing Law	  	11
		  	22.2	  	Saving Provision	  	11
		  	22.3	  	Survival Provision	  	11
		  	22.4	  	Counterparts	  	11
		  	22.5	  	Entire Agreement	  	11
		  	22.6	  	Previous Agreements	  	11
		  	22.7	  	Waiver	  	11
		  	22.8	  	Assignment	  	12
	23.	  	ADVICE OF COUNSEL	  	12

 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this “Agreement”) is by and between Umpqua Holdings Corporation (“Umpqua”) and Colin Eccles
(“Officer”), effective as of January 21, 2009. 
 1. PURPOSE AND DURATION OF AGREEMENT. The purpose
of this Agreement is to set forth the terms of Officer’s employment with Umpqua and to provide Officer benefits in circumstances where Officer’s employment is terminated or a Change in Control (defined below) occurs. This Agreement,
including the severance provisions governed by ERISA, shall expire on January 31, 2014. 
 2. EMPLOYMENT.
Umpqua, either directly or through one of its wholly owned subsidiaries, employs the Officer and the Officer accepts that employment on the terms and conditions contained in this Agreement. 
 3. NO TERM OF EMPLOYMENT. Notwithstanding the term of this Agreement, Umpqua may terminate Officer’s employment at any time for
any lawful reason or for no reason at all, subject to the provisions of this Agreement. 
 4. DUTIES; POSITION.

 4.1 Position. Officer shall be employed as Executive Vice President/Chief Information Officer, and will perform
such duties as may be designated by Umpqua’s Chief Executive Officer or Umpqua’s Executive Vice President/Strategic Initiatives, to whom Officer will directly report (the “Supervisor”). 
 4.2 Obligations of Officer. 
 (a) Officer agrees that to the best of Officer’s ability and experience, Officer will at all times loyally and conscientiously perform all of the duties and obligations required of Officer pursuant
to the express and implicit terms of this Agreement and as directed by the Board, Chief Executive Officer or the Supervisor. 
 (b) Officer shall devote Officer’s entire working time, attention and efforts to Umpqua’s business and affairs, shall faithfully and diligently serve Umpqua’s interests and shall not engage in any business or employment
activity that is not on Umpqua’s behalf (whether or not pursued for gain or profit) except for (a) activities approved in writing in advance by Umpqua and (b) passive investments that do not involve Officer providing any advice or
services to the businesses in which the investments are made. 
 5. BASE COMPENSATION. For services performed under this
Agreement, Officer shall be entitled to $23,333.34 per month ($280,000 on annualized basis) (“Base Salary”), which Umpqua may increase in its sole discretion, as well as perquisites provided to Umpqua’s officers. Officer shall
be entitled to participate, under the terms of the respective plans, in the bonus compensation plans, group health insurance, long-term disability insurance, as well as such other compensation or benefits as approved by the Board. Officer is
entitled to four weeks vacation per year. 
  

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 6. TERMINATION. Officer’s employment may be terminated before the expiration of
this Agreement as described in this Section, in which event Officer’s compensation and benefits shall terminate except as otherwise provided in this Agreement. 
 6.1 For Cause. Upon Umpqua’s termination of Officer’s employment for Cause (as defined in Section 7.1 below) (“Termination For Cause”). 
 6.2 Without Cause. Upon Umpqua’s termination of Officer’s employment without Cause, with or without notice, at any time in
Umpqua’s sole discretion, for any reason (other than for Cause, death, or Disability) or for no reason (“Termination Without Cause”). A Change in Control does not in itself constitute Termination Without Cause. 
 6.3 For Good Reason. Upon Officer’s termination of the employment for Good Reason (as defined in Section 7.2 below)
(“Termination For Good Reason”). 
 6.4 Death or Disability. Upon Officer’s death or Disability (as
defined in Section 7.3 below). 
 6.5 Separation of Service. For the purposes of this Agreement, the term
“termination” means a termination of employment that meets the definition of “separation of service” as defined in Section 409A of the Internal Revenue Code and regulations promulgated thereunder. 
 7. DEFINITIONS. 
 7.1 Cause. For the purposes of this Agreement, “Cause” for Officer’s termination will exist upon the occurrence of one or more of the following events: 
 (a) Dishonest or fraudulent conduct by Officer with respect to the performance of Officer’s duties with Umpqua; 
 (b) Conduct by Officer that materially discredits Umpqua or any of its subsidiaries or is materially detrimental to the reputation of
Umpqua or any of its subsidiaries, including but not limited to conviction or a plea of nolo contendere of Officer of a felony or crime involving moral turpitude; 
 (c) Officer’s willful misconduct or gross negligence in performance of Officer’s duties under this Agreement, including but not limited to Officer’s refusal to comply in any material
respect with the legal directives of the Board, Chief Executive Officer or the Supervisor, if such misconduct or negligence has not been remedied or is not being remedied to Umpqua’s reasonable satisfaction within thirty (30) days after
written notice, including a detailed description of the misconduct or negligence, has been delivered to Officer; 
  

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 (d) An order or directive from a state or federal banking regulatory agency requesting or
requiring removal of Officer or a finding by any such agency that Officer’s performance threatens the safety or soundness of Umpqua or any of its subsidiaries; or 
 (e) A material breach of Officer’s fiduciary duties to Umpqua if such breach has not been remedied or is not being remedied to the Umpqua’s reasonable satisfaction within thirty (30) days
after written notice, including a detailed description of the breach, has been delivered to Officer. 
 7.2 Good Reason.
For purposes of this Agreement, “Good Reason” for Officer’s termination of employment will exist upon the occurrence of one or more of the following events, without Officer’s consent, if Officer has informed Umpqua in writing of
the circumstances described below in this Section that could give rise to termination for Good Reason and Umpqua has not removed the circumstances within thirty (30) days of the written notice: 
 (a) A material reduction of Officer’s Base Salary, unless the reduction is in connection with, and commensurate with, reductions in
the salaries of all or substantially all senior officers of Umpqua; or 
 (b) A requirement for Officer to relocate to a
facility or location more than 30 miles from the location where Officer is currently employed. 
 7.3 Disability. For
purposes of this Agreement, “Disability” shall mean that (i) Officer has been unable to perform Officer’s duties under this Agreement as a result of Officer’s incapacity due to physical or mental illness for at least 90
consecutive calendar days or 150 calendar days during any consecutive 12 month period and (ii) a physician selected by Umpqua and its insurers and acceptable to Officer or Officer’s legal representative (with such agreement on
acceptability of the physician not to be unreasonably withheld), determines the incapacity to be (a) total and permanent and (b) prohibiting of Officer’s ability to perform the essential functions of Officer’s position with or
without reasonable accommodation. 
 7.4 Change in Control. For purposes of this Agreement, a “Change in
Control” shall be deemed to have occurred when any of the following events take place: 
 (a) Any person (including any
individual or entity), or persons acting in concert, become(s) the beneficial owner of voting shares representing fifty percent (50%) or more of Umpqua; 
 (b) A majority of the Board is removed from office by a vote of Umpqua’s shareholders over the recommendation of the Board then serving; or 
 (c) Umpqua is a party to a plan of merger or plan of exchange and upon consummation of such plan, the shareholders of Umpqua immediately
prior to the transaction do not own or continue to own (i) at least forty percent (40%) of the shares of the surviving company (if the then current CEO of Umpqua continues as CEO of the surviving organization), or (ii) at least a
majority of the shares of the surviving organization (if the then current CEO of Umpqua does not continue as CEO of the surviving organization). 
  

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 8. PAYMENT UPON TERMINATION. Upon termination of Officer’s employment for any of
the reasons set forth in Section 6 above, Officer will receive payment for all Base Salary and benefits earned as of the date of Officer’s termination (“Earned Compensation”), which shall be paid by the end of the business day
following termination or sooner if required by applicable law. 
 9. SEVERANCE BENEFIT. In the event of Termination
Without Cause or Termination for Good Reason, in addition to receiving Earned Compensation, Officer will receive a severance benefit equal to the greater of: (i) nine (9) months Base Salary, based on Officer’s Base Salary just prior
to termination or (ii) two weeks salary for every year of employment with Umpqua (the “Severance Benefit”). Subject to Section 12.3 below, the Severance Benefit shall be paid in equal installments over the number of months of
continued Base Salary, starting on the next regular payday following termination. Receipt of the Severance Benefit is conditioned on Officer having executed the Employment Separation Agreement and Release of Claims, in substantially the form
attached hereto as Exhibit A (the “Separation Agreement”) and the revocation period having expired without Officer having revoked the Separation Agreement. Receipt and continued receipt of the Severance Benefit is further
conditioned on Officer not being in violation of any material term of this Agreement or in violation of any material term of the Separation Agreement. Officer shall not be required to mitigate the amount of any payments under this Section (whether
by seeking new employment or otherwise) and no such payment shall be reduced by earnings that Officer may receive from any other source. 
 10. CHANGE IN CONTROL BENEFIT. After announcement of a proposed Change in Control and for a period continuing for one year following a Change in Control, in the event of Termination Without Cause
or Termination For Good Reason, instead of receiving the Severance Benefit set forth in Section 9 above, Officer shall receive 24 months Base Salary, based on Officer’s Base Salary just prior to the termination of employment, as well as
200% of the incentive compensation Officer received for services performed in the previous year (the aforementioned Base Salary and incentive are collectively referred to as the “Change in Control Benefit”). Subject to Section 12.3
below, the Change in Control Benefit shall be paid in equal installments over 24 months, starting on the next regular payday following termination. Receipt of the Change in Control Benefit is conditioned on Officer having executed the Separation
Agreement in substantially the form attached hereto as Exhibit A and the revocation period having expired without Officer having revoked the Separation Agreement. Receipt and continued receipt of the Change in Control Benefit is further conditioned
on Officer not being in violation of any material term of this Agreement or in violation of any material term of the Separation Agreement. Officer shall not be required to mitigate the amount of any payments under this Section (whether by seeking
new employment or otherwise) and no such payment shall be reduced by earnings that Officer may receive from any other source, provided, however, that the provisions of Section 14.2 related to forfeiture of payments under certain circumstances
remain applicable. 
  

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 11. CHANGE IN CONTROL RETENTION INCENTIVE. If Officer remains employed for 12 months
following a Change in Control, Officer will receive twelve (12) months Base Salary and 100% of the incentive compensation Officer received for services performed in the previous year (the aforementioned Base Salary and incentive are
collectively referred to as the “Retention Incentive”). The Retention Incentive shall be paid in equal installments over twelve (12) months, starting on the next regular payday following the first anniversary of the Change in Control.
Receipt of the Retention Incentive is conditioned on Officer not being in violation of any material term of this Agreement. If Officer receives a benefit under this Section 11, such benefit shall cease when Officer begins to receive any benefit
under Section 10. 
 12. LIMITATION ON BENEFITS. 
 12.1 IRC 280G Adjustment. If the benefit payments under this Agreement, either alone or together with other payments to which the
Officer is entitled to receive from Umpqua, would constitute an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), such benefit payments shall be reduced to
the largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefit payments pursuant to the foregoing
provisions, shall be made by mutual agreement of Umpqua and Officer or if no agreement is possible, by the Umpqua’s accountants. 
 12.2 Limitation on Severance or Change in Control Benefit. Notwithstanding any other provision in this Agreement, Umpqua shall make no payment of any benefit provided for herein to the extent that such payment would be prohibited by
the provisions of Part 359 of the regulations of the Federal Deposit Insurance Corporation (the “FDIC”) as the same may be amended from time to time, and if such payment is so prohibited, the Umpqua shall use its best efforts to secure the
consent of the FDIC or other applicable banking agencies to make such payments in the highest amount permissible, up to the amount provided for in this Agreement. 
 12.3 IRC 409A. To the extent the Severance Benefit or Change in Control Benefit is subject to Section 409A of the Code and Executive is deemed to be a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, commencement of payment of the Severance Benefit shall be delayed for six (6) months following Executive’s termination of employment and the first installment payment made in the
seventh month following termination of employment shall equal the aggregate installment payments Executive would have received during the first six months of the Installment Period (the “Aggregate Payments”), plus the payment Executive is
otherwise entitled to receive for the seventh month of the Installment Period. If Umpqua or Officer believe, at any time, that this Agreement does not comply with Section 409A, it will promptly advise the other party and will negotiate
reasonably and in good faith to amend the terms of the Agreement, if permitted under Section 409A, with the most limited possible economic effect on Umpqua and Officer, such that it complies. 
 13. EXECUTIVE SEVERANCE PLAN 
 13.1 In General. Those provisions of this Agreement (including this Section) related to the Severance Benefit set forth in Section 9 and Change in Control Benefit set forth in

  

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Section 10 constitute part of the terms of the Umpqua Holdings Corporation Executive Severance Plan (the “Executive Severance Plan”) with respect to the Officer, and such terms and
the general terms of the Executive Severance Plan, if any, established by Umpqua shall comprise the entirety of the Executive Severance Plan as it applies to the Officer. Umpqua intends for the Plan to be considered a welfare benefit plan within the
meaning of Section 3(1) of the Employee Retirement Income Security Act (“ERISA”), and a plan which is unfunded and maintained by Umpqua solely for the purpose of providing benefits for a select group of management or highly
compensated employees within the meaning of ERISA Regulation Section 2520.104-24. A copy of the Executive Severance Plan (if an Executive Severance Plan separate from or in addition to the terms of this Section 13 is established) will be
furnished to the Officer upon request. 
 13.2 Administration of Executive Severance Plan. Umpqua’s Chief Executive
Officer and Human Resources Director are each plan administrators (the “Plan Administrator”) of the Executive Severance Plan and the Plan Administrator shall have the discretionary authority to administer and construe the terms of the
Executive Severance Plan, including the authority to decide if Officer is entitled to the Severance Benefit, Change in Control Benefit, or Retention Incentive and the authority to determine if there is Termination For Cause or Termination For Good
Reason. 
 13.3 Claims Procedures. The Officer may file a claim for a payment under the Executive Severance Plan by
filing a written request for such a payment with the Plan Administrator. If the Plan Administrator prescribes a form for such a claim, the claim must be filed on such form. The claim should be sent to the attention of the Plan Administrator of the
Executive Severance Plan at the address set forth for Umpqua in Section 20. 
 If the Plan Administrator denies the claim,
in whole or in part, the Plan Administrator shall notify the Officer within 90 days of the Plan Administrator’s receipt of the claim, unless the Plan Administrator determines that special circumstances require an extension of time for
processing the claim. If the Plan Administrator determines that an extension of time is required, written notice of the extension shall be furnished to Officer prior to the termination of the initial 90-day period. Such extension notice shall
indicate the special circumstances and the date by which the Plan Administrator expects to issue a determination with respect to the claim. The period of the extension will not exceed 90 days beyond the termination of the original 90-day
period. If the Plan Administrator does not provide written notice, Officer may deem the claim denied and seek review according to the appeals procedures set forth below. 
 The notice of denial of Officer’s claim shall state: 
 a. the specific reasons
for the denial; 
 b. specific references to pertinent provisions of the Executive Severance Plan on which the denial was based;

 c. a description of any additional material or information needed for Officer to perfect his or her claim and an explanation
of why the material or information is needed; and 
  

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 d. a statement (1) that Officer may request a review upon written application to the
Plan Administrator, review or receive (free of charge) pertinent Plan documents and records, and submit issues and comments in writing, (2) that any appeal that Officer wishes to make of the adverse determination must be in writing to the Plan
Administrator within sixty (60) days after the Officer receives notice of denial of benefits, and (3) that Officer may bring a civil action under ERISA Section 502(a) following an adverse benefit determination upon review. 

The notice of denial of benefits shall specify that Officer must forward any appeal to the Plan Administrator at the address provided in
such notice. The notice may state that failure to appeal the action to the Plan Administrator in writing within the sixty (60) day period will render the determination final, binding and conclusive. 
 If Officer appeals to the Plan Administrator, Officer may submit in writing whatever issues and comments he or she believes to be pertinent.
The Plan Administrator shall reexamine all facts related to the appeal and make a final determination about whether the denial of benefits is justified under the circumstances. The Plan Administrator shall advise Officer in writing of: 

a. its decision on appeal; 
 b. the specific reasons for the decision; 
 c. the specific provisions of the Plan
on which the decision is based; and 
 d. Officer’s right to receive, upon request and free of charge, reasonable access
to, and copies of, all relevant documents and records. 
 Notice of the Plan Administrator’s decision shall be given within
sixty (60) days of Officer’s written request for review, unless additional time is required due to special circumstances. In no event shall the Plan Administrator render a decision on an appeal later than one hundred twenty (120) days
after receiving a request for a review. If the Plan Administrator fails to provide a decision with respect to Officer’s appeal within the 60 (or, if applicable, 120) day period Officer may deem his or her appeal denied and may pursue the
arbitration remedy set forth below. 
 In the event that Officer fails to pursue his or her administrative remedies as set forth
above within the specified periods, he shall have no further right to the benefits subject to his or her claim and agrees by executing this Agreement that he or she shall have no right to pursue such claim in arbitration or in a court of law.

 For purposes of this Claims Procedure under the Executive Severance Plan, Officer may act through a representative authorized
in writing to act on his behalf, provided that such authorization is furnished to the Plan Administrator. 
  

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 In the event that Umpqua denies the Officer’s appeal of the denial of his or her
claim, in whole or in part, Umpqua and Officer’s may agree to submit the Plan Administrator’s decision to binding arbitration in lieu of Officer’s right to pursue his claim in any court of law. 
 14. NONCOMPETITION 
 14.1 Competition Restriction. During Officer’s employment and for the period of time in which Officer is entitled to payment of a Severance Benefit, Change in Control Benefit, or Retention Incentive, Officer shall not engage in
any activity as an officer, director, owner (except for an ownership of less than three percent (3%) of any publicly traded security), employee, consultant, or otherwise of a financial services company with an office or doing business within 50
miles of any office or branch of Umpqua or of any of its subsidiaries in existence at the time of termination of Officer’s employment. 
 14.2 Consequence of Breach. If Officer breaches the covenant not to compete in Section 14.1, Officer shall forfeit any remaining payments under the Severance Benefit, Change in Control
Benefit, or Retention Incentive, to which Officer is entitled under this Agreement. 
 14.3 Subsequent Employer
Notification. Officer agrees to give Umpqua, at the time of termination of employment, a declaration under penalty of perjury of the name of Officer’s new employer, if known, or if not known, that subsequent employer is not known. Officer
further agrees to disclose to Umpqua, during the period of payment of any benefit under this Agreement, the name of any subsequent employer, wherever located and regardless of whether such employer is a competitor of Umpqua. 
 14.4 Acknowledgment of Notice. Officer acknowledges that he was informed in a written employment offer received at least two weeks
before the first day of the employment that a noncompetition agreement is required as a condition of employment. 
 15.
NON-SOLICITATION. For a period of two (2) years following termination of employment (the “Restriction Period”), Officer shall not solicit any customer of Umpqua or of any of its subsidiaries for services or products then
provided by Umpqua or any of its subsidiaries. For purposes of this Section, “customers” are defined as (a) all customers serviced by Umpqua or any of Umpqua’s subsidiaries at any time within 12 months before termination of
Officer’s employment, (b) all customers and potential customers whom Umpqua or any of Umpqua’s subsidiaries, with the knowledge or participation of Officer, actively solicited at any time within 12 months before termination of
Officer’s employment, and (c) all successors, owners, directors, partners and management personnel of the customers just described in (a) and (b). 
 16. NONRAIDING OF EMPLOYEES Officer recognizes that Umpqua’s workforce is a vital part of its business; therefore, Officer agrees that for the Restriction Period, Officer will not to directly
or indirectly solicit any employee to leave his or her employment with Umpqua or any of Umpqua’s subsidiaries. This includes that Officer will not (a) disclose to any third party the names, backgrounds or qualifications of any Umpqua or
any of Umpqua subsidiary’s employees or otherwise identify them as potential candidates for employment, or (b) personally or through any other person approach, recruit, interview or otherwise solicit employees of Umpqua or any

  

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of Umpqua’s subsidiaries to work for any other employer. For purposes of this Section, employees include all employees working for Umpqua or any of Umpqua’s subsidiaries at the time of
termination of Officer’s employment. 
 17. CONFIDENTIAL INFORMATION The parties acknowledge that in the course of
Officer’s duties, Officer will have access to and become familiar with certain proprietary and confidential information of Umpqua and its subsidiaries not known by its actual or potential competitors. Officer acknowledges that such information
constitutes valuable, special, and unique assets of Umpqua’s business, even though such information may not be of a technical nature and may not be protected under trade secret or related laws. Officer agrees to hold in a fiduciary capacity and
not use for Officer’s benefit, nor reveal, communicate, or divulge during the period of Officer’s employment with Umpqua or at any time thereafter, and in any manner whatsoever, any such data and confidential information of any kind,
nature, or description concerning any matters affecting or relating to Umpqua’s business, its customers, or its services, including information developed by Officer, alone or with others, or entrusted to Umpqua by its customers or others, to
any person, firm, entity, or company other than Umpqua or persons, firms, entities, or companies designated by Umpqua. Officer agrees that all memoranda, notes, records, papers, customer files, and other documents, and all copies thereof relating to
Umpqua’s operations or business, or matters related to any of Umpqua’s customers, some of which may be prepared by Officer, and all objects associated therewith in any way obtained by Officer, shall be Umpqua’s property (“Umpqua
Property”). Upon termination or at Umpqua’s request, Officer shall promptly return all the Umpqua Property to Umpqua. 
 18. REASONABLENESS OF RESTRICTION PERIOD; EQUITABLE RELIEF. Officer acknowledges and agrees that the restrictive covenants in Sections 14, 15, 16, and 17 are fair and reasonable and are the result of negotiation between Umpqua and
Officer (and Officer’s counsel, if Officer has sought the benefit of counsel). Officer further acknowledges and agrees that the covenants and obligations in this Agreement relate to special, unique, and extraordinary matters and that a
violation of any of the terms of the covenants and obligations will cause irreparable injury to Umpqua, for which adequate remedies are not available at law. Therefore, Officer agrees that Umpqua shall be entitled to an injunction, restraining
order, or such other equitable relief as a court of competent jurisdiction may deem necessary or appropriate to restrain the Officer from committing any violation of the covenants and obligations set forth in Sections 14.3, 15, 16 and 17 of this
Agreement. These injunctive remedies are cumulative and are in addition to any other rights and remedies Umpqua may have at law or in equity. If Umpqua institutes an action to enforce the provisions hereof, Officer hereby waives the claim or defense
that an adequate remedy at law is available, and Officer agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. 
 19. DISPUTE RESOLUTION 
 19.1 Arbitration. Except where such matters
are deemed governed by ERISA and are the subject to Section 13 above, the parties agree to submit any dispute arising under this Agreement to final, binding, private arbitration in Portland, Oregon. The disputes subject to arbitration include
not only disputes involving the meaning or performance of the Agreement, but disputes about its negotiation, drafting, or execution. The dispute will be determined by a

  

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single arbitrator and governed by then-existing rules of arbitration procedure in Multnomah County Circuit Court except as set forth herein. Instead of filing of a civil complaint in Multnomah
County Circuit Court, a party will commence the arbitration process by noticing the other party. The parties will choose an arbitrator who specializes in employment conflicts from the arbitration list for Multnomah County Circuit Court. If the
parties are unable to agree on an arbitrator within ten (10) days of receipt of the list of arbitrators, each party will select one attorney from the list, and those two attorneys shall select the arbitrator from the list (with each of the two
selecting attorneys then concluding their services and each being compensated by the party selecting each attorney, subject to recovery of such fees under Section 19.2). The arbitrator may charge his or her standard arbitration fees rather than
the fees prescribed in the Multnomah County Circuit Court arbitration procedures. The arbitrator will have full authority to determine all issues, including arbitrability, to award any remedy, including permanent injunctive relief, and to determine
any request for attorneys’ fees, costs and expenses in accordance with Section 19.2. There shall be no right of review in court. The arbitrator’s award may be reduced to final judgment or decree in Multnomah County Circuit Court.

 19.2 Expenses/Attorneys’ Fees. The prevailing party shall be awarded all costs and expenses of the proceeding,
including, but not limited to, attorneys’ fees, filing and service fees, witness fees, and arbitrators’ fees. If arbitration is commenced, the arbitrator will have full authority and complete discretion to determine the “prevailing
party” and the amount of costs and expenses to be awarded. 
 19.3 Injunctive Relief. Notwithstanding any other
provision of this Agreement, an aggrieved party may seek a temporary restraining order or preliminary injunction in Multnomah County Circuit Court to preserve the status quo during the arbitration proceeding, provided however, that the party seeking
relief agrees that ultimate resolution of the dispute will still be determined through arbitration and not through court process. The filing of the court action for injunctive relief shall not hinder or delay the arbitration process. 
 20. NOTICES All notices, requests, demands, and other communications provided for by this Agreement will be in writing and shall be
deemed sufficient upon receipt, when delivered personally or by a nationally-recognized delivery service (such as Federal Express), or three (3) business days after being deposited in the U.S. mail as certified mail, return receipt requested,
with postage prepaid, if such notice is properly addressed. Unless otherwise changed in writing, notice shall be properly addressed to Officer if addressed to the address of Officer on Umpqua’s books and records at the time of mailing of such
notice, and properly addressed to Umpqua if addressed to Umpqua Holdings Corporation, One SW Columbia, Suite 1200, Portland, Oregon 97258, Attention: Chief Executive Officer. 
 21. BENEFICIARIES. 
 21.1 Beneficiary Designations. The Officer shall designate a beneficiary by filing a written designation with Umpqua. The Officer may revoke or modify the designation at any time by filing a new designation. However,
designations will only be effective if signed by the Officer and received by Umpqua during the Officer’s lifetime. The Officer’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Officer or

  

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if the Officer names a spouse as beneficiary and the marriage is subsequently dissolved. If the Officer dies without a valid beneficiary designation, all payments shall be made to the
Officer’s estate. 
 21.2 Facility of Payment. If a benefit is payable to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of his or her property, Umpqua may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person.
Umpqua may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge Umpqua from all liability with respect to such benefit. 
 22. GENERAL PROVISIONS 
 22.1 Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by federal ERISA, as it relates to the Severance Benefit and Change in Control
Benefit as discussed in Section 13 above, and otherwise by the laws of the State of Oregon. 
 22.2 Saving
Provision. If any part of this Agreement is held to be unenforceable, it shall not affect any other part. If any part of this Agreement is held to be unenforceable as written, it shall be enforced to the maximum extent allowed by applicable law.

 22.3 Survival Provision. If any benefits provided in Sections 9, 10, or 11 of this Agreement are still owed, or claims
pursuant to Section 13 are still pending, at the time of termination of this Agreement, this Agreement shall continue in force, with respect to those obligations or claims, until such benefits are paid in full or claims are resolved in full.
The noncompetition, nonsolicitation, non-raiding, confidential information, and dispute resolution provisions of this Agreement shall survive after termination of this Agreement, and shall be enforceable regardless of any claim Officer may have
against Umpqua. 
 22.4 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together will constitute one and the same instrument. 
 22.5 Entire Agreement. This Agreement
constitutes the sole agreement of the parties regarding Officer’s benefits in the event of termination or Change in Control and together with Umpqua’s employee handbook governs the terms of Officer’s employment. Where there is a
conflict between the employee handbook and this Agreement, the terms of this Agreement shall govern. 
 22.6 Previous
Agreements. This Agreement supersedes all prior oral and written agreements between the Officer and Umpqua, or any affiliates or representatives of Umpqua regarding the subject matters set forth herein. 
 22.7 Waiver/Amendment. No waiver of any provision of this Agreement shall be valid unless in writing, signed by the party against
whom the waiver is sought to be enforced.

  

 11 

 
The waiver of any breach of this Agreement or failure to enforce any provision of this Agreement shall not waive any later breach. This Agreement may only be amended by a writing signed by the
parties. 
 22.8 Assignment. Officer shall not assign or transfer any of Officer’s rights pursuant to this
Agreement, wholly or partially, to any other person or to delegate the performance of its duties under the terms of this Agreement. The rights and obligations of Umpqua under this Agreement shall inure to the benefit of and be binding in each and
every respect upon the direct and indirect successors and assigns of Umpqua, regardless of the manner in which the successors or assigns succeed to the interests or assets of Umpqua. This Agreement shall not be terminated by the voluntary or
involuntary dissolution of Umpqua, by any merger, consolidation or acquisition where Umpqua is not the surviving corporation, by any transfer of all or substantially all of Umpqua’s assets, or by any other change in Umpqua’s structure or
the manner in which Umpqua’s business or assets are held. Officer’s employment shall not be deemed terminated upon the occurrence of one of the foregoing events. In the event of any merger, consolidation or transfer of assets, this
Agreement shall be binding upon and shall inure to the benefit of the surviving corporation or the corporation to which the assets are transferred. 
 23. ADVICE OF COUNSEL. Officer acknowledges that, in executing this Agreement, Officer has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of
the terms and provisions of this Agreement. This Agreement shall not be construed against any party by reason of the drafting or preparation hereof. 
  

			
	UMPQUA HOLDINGS CORPORATION
		
	By:	 	  

		 	Raymond P. Davis, Chief Executive Officer
	
	OFFICER
		 	  

		 	Colin Eccles

  

 12 

 Exhibit A 
 EMPLOYMENT SEPARATION AGREEMENT AND RELEASE OF CLAIMS 
 This is a confidential agreement (this “Separation Agreement”) between you, Colin Eccles, and us, Umpqua Holdings Corporation, except to the extent Umpqua is required to disclose the terms of this agreement under applicable
law. This Separation Agreement is dated for reference purposes                     , 20    , which is the date we
delivered this Separation Agreement to you for your consideration. For purposes of this Separation Agreement Umpqua Holdings Corporation together with each of its subsidiaries or affiliates is referred to as “Umpqua.” 
 1. Termination of Employment. Your employment terminates [or was terminated] on
                    , 20     (the “Separation Date”). 
 2. Payments. In exchange for your agreeing to the release of claims and other terms in this Separation Agreement, we will pay you the
Severance Benefit specified in Section 9 or the Change in Control Benefit specified in Section 10, as appropriate, of the Agreement between you and Umpqua dated
                         (the “Employment Agreement”) on the dates provided therein (or on such other date or
dates as may be mutually agreed upon by you and Umpqua or our successor). Such provisions of the Employment Agreement are incorporated herein by reference. You acknowledge that we are not obligated to make these payments to you unless you comply
with the provisions in Sections 14 through 22 of the Employment Agreement, which is incorporated herein by reference and otherwise comply with the material terms of the Employment Agreement and of this Separation Agreement. 
 3. COBRA Continuation Coverage. Your normal employee participation in Umpqua’s group health coverage will terminate on the
Separation Date. Continuation of group health coverage thereafter will be made available to you and your dependents pursuant to federal law (COBRA). Continuation of group health coverage after the Separation Date is entirely at your expense, as
provided under COBRA. 
 4. Termination of Benefits. Except as provided in Section 3 above, your participation in
all employee benefit plans and programs ended on the Separation Date. Your rights under any pension benefit or other plans in which you may have participated will be determined in accordance with the written plan documents governing those plans.

 5. Full Payment. You acknowledge having received full payment of all compensation of any kind (including wages,
salary, vacation, sick leave, commissions, bonuses and incentive compensation) that you earned as a result of your employment by us except, if applicable, the Severance Benefit or the Change in Control Benefit described in Section 2 above.

 6. No Further Incentive Compensation. Any and all agreements to pay you bonuses or other incentive compensation are
terminated. You understand and agree that you have no right to receive any further payments for bonuses or other incentive compensation. We owe no further compensation or benefits of any kind, except as described in Section 2 above. 

7. Release of Claims. 
 (a) You hereby release (i) Umpqua and its subsidiaries, affiliates, and benefit plans, (ii) each of Umpqua’s past and present shareholders, officers, directors, agents, employees,
representatives, administrators, fiduciaries and attorneys, and (iii) the predecessors, successors, transferees and assigns of each of the persons and entities described in this sentence, from any and all claims of any kind, known or unknown,
that arose on or before the date you signed this Separation Agreement. 
  

 1 

 (b) The claims you are releasing include, without limitation, claims of wrongful
termination, claims of constructive discharge, claims arising out of employment agreements, representations or policies related to your employment, claims arising under federal, state or local laws or ordinances prohibiting discrimination or
harassment or requiring accommodation on the basis of age, race, color, national origin, religion, sex, disability, marital status, sexual orientation or any other status, claims of failure to accommodate a disability or religious practice, claims
for violation of public policy, claims of retaliation, claims of failure to assist you in applying for future position openings, claims of failure to hire you for future position openings, claims for wages or compensation of any kind (including
overtime claims), claims of tortious interference with contract or expectancy, claims of fraud or negligent misrepresentation, claims of breach of privacy, defamation claims, claims of intentional or negligent infliction of emotional distress,
claims of unfair labor practices, claims arising out of any claimed right to stock or stock options, claims for attorneys’ fees or costs, and any other claims that are based on any legal obligations that arise out of or are related to your
employment relationship with us. 
 (c) You specifically waive any rights or claims that you may have under the Oregon Civil
Rights and Unlawful Employment Practices Statutes (ORS Chapter 659), the Oregon Wage and Hour Laws (ORS Chapter 652), the Civil Rights Act of 1964 (including Title VII of that Act), the Equal Pay Act of 1963, the Age Discrimination in
Employment Act of 1967 (ADEA), the Americans with Disabilities Act of 1990 (ADA), the Fair Labor Standards Act of 1938 (FLSA), the Family and Medical Leave Act of 1993 (FMLA), the Worker Adjustment and Retraining Notification Act (WARN), the
Employee Retirement Income Security Act of 1974 (ERISA), the National Labor Relations Act (NLRA), and all similar federal, state and local laws. 
 (d) You agree not to seek any personal recovery (of money damages, injunctive relief or otherwise) for the claims you are releasing in this Separation Agreement, either through any complaint to any
governmental agency or otherwise. You agree never to start any lawsuit or arbitration asserting any of the claims you are releasing in this Separation Agreement. You represent and warrant that you have not initiated any complaint, charge, lawsuit or
arbitration involving any of the claims you are releasing in this Separation Agreement. Should you apply for future employment with Umpqua, Umpqua has no obligation to consider you for future employment. 
 (e) You represent and warrant that you have all necessary authority to enter into this Separation Agreement (including, if you are married,
on behalf of your marital community) and that you have not transferred any interest in any claims to your spouse or to any third party. 
 (f) This Separation Agreement does not affect your rights, if any, to receive pension plan benefits, medical plan benefits, unemployment compensation benefits or workers’ compensation benefits. This
Separation Agreement also does not affect your rights, if any, under agreements, bylaw provisions, insurance or otherwise, to be indemnified, defended or held harmless in connection with claims that may be asserted against you by third parties.

 (g) You understand that you are releasing potentially unknown claims, and that you have limited knowledge with respect to
some of the claims being released. You acknowledge that there is a risk that, after signing this Separation Agreement, you may learn information that might have affected your decision to enter into this Separation Agreement. You assume this risk and
all other risks of any mistake in entering into this Separation Agreement. You agree that this release is fairly and knowingly made. 
 (h) You are giving up all rights and claims of any kind, known or unknown, except for the rights specifically given to you in this Separation Agreement. 
  

 2 

 8. No Admission of Liability. Neither this Separation Agreement nor the payments made
under this Separation Agreement are an admission of liability or wrongdoing by Umpqua. 
 9. Umpqua Materials. You
represent and warrant that you have, or no later than the Separation Date will have, returned all keys, credit cards, documents and other materials that belong to us, including but not limited to the Umpqua Property, as defined in Section 17 of
the Employment Agreement, which definition is incorporated herein by reference. 
 10. Nondisclosure Agreement. You will
comply with the covenant regarding confidential information in Section 17 of the Employment Agreement, which covenant is incorporated herein by reference. 
 11. No Disparagement. You may not disparage Umpqua or Umpqua’s business or products, and may not encourage any third parties to sue Umpqua. 
 12. Cooperation Regarding Other Claims. If any claim is asserted by or against Umpqua as to which you have relevant knowledge,
you will reasonably cooperate with us in the prosecution or defense of that claim, including by providing truthful information and testimony as reasonably requested by us. 
 13. Noncompetition; Nonsolicitation; No interference. During the Restriction Period, as defined in Section 15 of the Employment
Agreement, you will comply with Sections 14 through 22 of the Employment Agreement, incorporated herein by reference and Umpqua will have the right to enforce those provisions under the terms of Section 18 of the Employment Agreement,
incorporated herein by reference. After the Restriction Period, you will not, apart from good faith competition, interfere with Umpqua’s relationships with customers, employees, vendors, or others. 
 14. Independent Legal Counsel. You are advised and encouraged to consult with an attorney before signing this Separation Agreement.
You acknowledge that you have had an adequate opportunity to do so. 
 15. Consideration Period. You have 21 days from
the date this Separation Agreement is given to you to consider this Separation Agreement before signing it. You may use as much or as little of this 21-day period as you wish before signing. If you do not sign and return this Separation Agreement
within this 21-day period, you will not be eligible to receive the benefits described in this Separation Agreement. 
 16. Revocation Period and Effective Date. You have 7 calendar days after signing this Separation Agreement to revoke it. To revoke this Separation Agreement after signing it, you must
deliver a written notice of revocation to Umpqua’s Chief Executive Officer before the 7-day period expires. This Separation Agreement shall not become effective until the 8th calendar day after you sign it. If you revoke this Separation Agreement it will not become effective or enforceable
and you will not be entitled to the benefits described in this Separation Agreement. 
 17. Governing Law. This
Separation Agreement is governed by the laws of the State of Oregon that apply to contracts executed and to be performed entirely within the State of Oregon. 
 18. Dispute Resolution. 
 (a) Except where such matters are deemed governed
by ERISA or are the subject to Section 7 above, the parties agree to submit any dispute arising under this Separation Agreement to final, binding, private arbitration in Portland, Oregon. The disputes subject to arbitration include not only
disputes involving the meaning or performance of the Separation Agreement, but disputes about its

  

 3 

 
negotiation, drafting, or execution. The dispute will be determined by a single arbitrator and governed by the then-existing rules of arbitration procedure in Multnomah County Circuit Court
except as set forth herein. Instead of filing of a civil complaint in Multnomah County Circuit Court, a party will commence the arbitration process by noticing the other party. The parties will choose an arbitrator who specializes in employment
conflicts from the arbitration list for Multnomah County Circuit Court. If the parties are unable to agree on an arbitrator within ten (10) days of receipt of the list of arbitrators, each party will select one attorney from the list, and those
two attorneys shall select the arbitrator from the list (with each of the two selecting attorneys then concluding their services and each being compensated by the party selecting each attorney, subject to recovery of such fees under subsection
(b) of this Section). The arbitrator may charge his or her standard arbitration fees rather than the fees prescribed in the Multnomah County Circuit Court arbitration procedures. The arbitrator will have full authority to determine all issues,
including arbitrability, to award any remedy, including permanent injunctive relief, and to determine any request for attorneys’ fees, costs and expenses in accordance with subsection (b) of this Section. There shall be no right of review
in court. The arbitrator’s award may be reduced to final judgment or decree in Multnomah County Circuit Court. 
 (b) The
prevailing party shall be awarded all costs and expenses of the proceeding, including, but not limited to, attorneys’ fees, filing and service fees, witness fees, and arbitrators’ fees. If arbitration is commenced, the arbitrator will have
full authority and complete discretion to determine the “prevailing party” and the amount of costs and expenses to be awarded. 
 (c) Notwithstanding any other provision of this Separation Agreement, an aggrieved party may seek a temporary restraining order or preliminary injunction in Multnomah County Circuit Court to preserve the
status quo during the arbitration proceeding, provided however, that the party seeking relief agrees that ultimate resolution of the dispute will still be determined through arbitration and not through court process. The filing of the court action
for injunctive relief shall not hinder or delay the arbitration process. 
 19. Saving Provision. If any part of
this Separation Agreement is held to be unenforceable, it shall not affect any other part. If any part of this Separation Agreement is held to be unenforceable as written, it shall be enforced to the maximum extent allowed by applicable law.

 20. Final and Complete Agreement. Except for the Employment Agreement to the extent it is expressly
incorporated herein by reference, this Separation Agreement is the final and complete expression of all agreements between us on all subjects and supersedes and replaces all prior discussions, representations, agreements, policies and practices. You
acknowledge you are not signing this Separation Agreement relying on anything not set out herein. 
  

			
	Umpqua Holdings Corporation
		
	By:	 	  

			
		
	Title:	 	  

 I, the undersigned, having been advised to consult with an attorney, hereby agree to be bound by this Separation Agreement and confirm that I have read and understood each part of it. 

 

	
	  

	
	  
	Date

  

 4 

 BENEFICIARY DESIGNATION 
 for 
 UMPQUA HOLDINGS CORPORATION 
 EMPLOYMENT AGREEMENT 
 I designate the following as beneficiary of any payment or other benefits under my Employment Agreement payable following my death: 
  

			
	Primary:	 	  

  

			
	Contingent:	 	
	  
	 	

  

			
	Note:	 	To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement. 

 I understand that I may change these beneficiary designations by filing a new written designation with Umpqua. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

			
	Signature:	 	  

		 	Colin Eccles

  

									
	Date:	 	  
	  		  		  	

															
								
	Received by Umpqua this	 	                      
	 	day of	 	                                      
	 	,	 	                                  
	 	.	  	

  

					
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	

  

 5Form of Performance Share Agreement for Non-Officers

 Exhibit 10.51 
 [FORM OF NON-OFFICER PERFORMANCE SHARE AGREEMENT] 
 POLYCOM, INC. 
 PERFORMANCE SHARE AGREEMENT 
 [NAME] 
 Employee ID Number: [Number]

 NOTICE OF GRANT 
 Polycom, Inc. (the “Company”) hereby grants you, [Name] (the “Employee”), an award of Performance Shares under the Company’s 2004 Equity Incentive Plan (the
“Plan”). The date of this Performance Share Agreement (the “Agreement”) is [DATE] (the “Grant Date”). Subject to the provisions of Appendix A (attached), Appendix B (attached) and of the Plan, the principal
features of this award are as follows: 
  

			
	Target Number of Performance Shares:	  	[________]
		
	Performance Period:	  	[INSERT PERFORMANCE PERIOD]
		
	Performance Matrix:	  	The number of Performance Shares in which you may vest in accordance with the Vesting Schedule will depend upon achievement of [INSERT DESCRIPTION OF PERFORMANCE GOALS] and
will be determined in accordance with the Performance Matrix, attached hereto as Appendix B.
		
	Vesting Schedule:	  	[INSERT DESCRIPTION OF VESTING SCHEDULE]*

 IMPORTANT: 
  

	*	Except as otherwise provided in Appendix A, Employee will not vest in the Performance Shares unless he or she is employed by the Company or one of its Subsidiaries
through the applicable vesting date. 

 Your signature below indicates your agreement and understanding
that this award is subject to all of the terms and conditions contained in Appendix A, Appendix B and the Plan. For example, important additional information on vesting and forfeiture of the Performance Shares is contained in paragraphs 3
through 5 and paragraph 7 of Appendix A. PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT. 
  

 -1- 

					
	POLYCOM, INC.	 		 	EMPLOYEE
			
	  	 		 	  
	[NAME]	 		 	[NAME]
			
	  	 		 	
	[TITLE]	 		 	
			
	Date: ___________, 20___	 		 	Date: ___________, 20___

  

 -2- 

 APPENDIX A 
 TERMS AND CONDITIONS OF PERFORMANCE SHARES 
 1.
Grant. The Company hereby grants to the Employee under the Plan an award of the Target Number of Performance Shares set forth on the Notice of Grant, subject to all of the terms and conditions in this Agreement and the Plan. The Performance
Shares in which the Employee may vest shall depend upon achievement of [INSERT DESCRIPTION OF PERFORMANCE GOALS] for the Performance Period and shall be determined in accordance with the Performance Matrix, attached hereto as Appendix B. In
accordance with the Performance Matrix, the number of the Performance Shares in which the Employee may vest will range [INSERT APPLICABLE RANGE]. The number of such Shares shall be determined by the Committee following the end of the
Performance Period, and shall be certified by the Committee following the end of each Performance Period. When Shares are paid to the Employee in payment for the Performance Shares, par value will be deemed paid by the Employee for each Performance
Share by past services rendered by the Employee, and will be subject to the appropriate tax withholdings. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Plan. 
 (a) As used herein, [INSERT APPLICABLE DEFINITIONS]. 
 2. Company’s Obligation to Pay. Each Performance Share has a value equal to the Fair Market Value of a Share on the date that
the Performance Share is granted. Unless and until the Performance Shares have vested in the manner set forth in paragraphs 3 through 5, the Employee will have no right to payment of such Performance Shares. Prior to actual payment of any
vested Performance Shares, such Performance Shares will represent an unsecured obligation. Payment of any vested Performance Shares shall be made in whole Shares only. 
 3. Vesting Schedule/Period of Restriction. Except as provided in paragraphs 4 and 5, and subject to paragraph 7, the Performance Shares awarded by this Agreement shall vest in accordance with the
vesting provisions set forth on the first page of this Agreement. Performance Shares shall not vest in the Employee in accordance with any of the provisions of this Agreement unless the Employee shall have been continuously employed by the Company
or by one of its Subsidiaries from the Grant Date until the date the Performance Shares are otherwise scheduled to vest. 
 4.
Modifications to Vesting Schedule. 
 (a) Vesting upon Leave of Absence. In the event that the
Employee takes an authorized leave of absence (“LOA”), the Performance Shares awarded by this Agreement that are scheduled to vest shall be modified as follows: 
 (i) if the duration of the Employee’s LOA is sixty (60) days or less, the vesting schedule set forth on the first
page of this Agreement shall not be affected by the Employee’s LOA. 
  

 -3- 

 (ii) if the duration of the Employee’s LOA is greater than sixty
(60) days, the scheduled vesting of any Performance Shares awarded by this Agreement that are not then vested shall be deferred for a period of time equal to the duration of the Employee’s LOA. 
 (b) Death or Disability of Employee. In the event that the Employee incurs a Termination of Service due to his or her
death or Disability during a Performance Period, the Employee shall immediately vest [INSERT DESCRIPTION OF VESTING CONDITIONS]. 
 In the event that any applicable law limits the Company’s ability to accelerate the vesting of this award of Performance Shares, this paragraph 4(b) shall be limited to the extent required to comply
with applicable law. 
 (c) Change in Control. 
 (i) In the event of a Change in Control, this award shall be subject to the definitive agreement governing such Change in
Control. Such agreement, without the Employee’s consent and notwithstanding any provision to the contrary in this Agreement or the Plan, must provide for one of the following: (a) the assumption of this award by the surviving corporation
or its parent; (b) the substitution by the surviving corporation or its parent of an award with substantially the same terms as this award; or (c) the cancellation of this award after payment to the Employee in Shares of an amount equal to
the Performance Shares subject to this award at the time of the Change in Control. In the event the definitive agreement does not provide for one of the foregoing alternatives with respect to the treatment of this award, this award shall have the
treatment specified in clause (c) of the preceding sentence. The Committee may, in its sole discretion, accelerate the vesting of this award in connection with any of the foregoing alternatives. For purposes of this Agreement, “Change in
Control” means the occurrence of any of the following events: (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the 1934 Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the 1934
Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting securities; (b) the consummation of the sale or
disposition by the Company of all or substantially all of the Company’s assets; (c) a change in the composition of the Board occurring within a one-year period, as a result of which fewer than a majority of the directors are Incumbent
Directors; or (d) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the
Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are
elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the Company). 
 (ii) Notwithstanding
anything herein to the contrary, in the event the Employee incurs a Termination of Service within twelve (12) months following a Change in Control on account of a termination by the Company (or any Subsidiary) for any reason other than
Misconduct, then this award immediately will vest in one hundred percent (100%) of the Performance Shares subject to this Performance Share award. 
  

 -4- 

 For purposes of this Agreement, “Misconduct” means (a) the
commission of any act of fraud, embezzlement or dishonesty by the Employee, (b) the Employee’s conviction of, or plea of nolo contendre to, a felony, (c) any unauthorized use or disclosure by the Employee of confidential information
or trade secrets of the Company or of any Subsidiary, or (d) any other intentional misconduct by the Employee adversely affecting the business or affairs of the Company or of any Subsidiary in a material manner. The preceding definition shall
not be deemed to be inclusive of all the acts or omissions that the Company (or any Subsidiary) may consider as grounds for the dismissal or discharge of the Employee or any other individual in the service of the Company (or any Subsidiary).

 (iii) In the event of a Change in Control during any Performance Period, all Performance Periods shall be
deemed to end immediately prior to the Change in Control and the number of Performance Shares in which the Employee shall be entitled to vest in accordance with the terms of this Agreement and the Vesting Schedule set forth on the Notice of Grant
shall be one hundred percent (100%) of the Target Number of Performance Shares (as set forth on the Notice of Grant) less the number of vested Performance Shares. 
 5. Committee Discretion. The Committee, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the Performance Shares at any time, subject to the
terms of the Plan. If so accelerated, such Performance Shares will be considered as having vested as of the date specified by the Committee. If the Committee, in its discretion, accelerates the vesting of the balance, or some lesser portion of the
balance, of the Performance Shares and the Performance Shares are “deferred compensation” within the meaning of Section 409A, the payment of such accelerated Performance Shares nevertheless shall be made at the same time or times as
if such Performance Shares had vested in accordance with the vesting schedule set forth on the first page of this Agreement (whether or not the Employee remains employed by the Company or by one of its Subsidiaries as of such date(s)).
Notwithstanding the foregoing, if such Performance Shares are accelerated in connection with the Employee’s Termination of Service (other than due to death), the Performance Shares that vest on account of the Employee’s Termination of
Service will not be considered due or payable until the Employee has a “separation from service” within the meaning of Section 409A. In addition, if the Employee is a “specified employee” within the meaning of
Section 409A at the time of the Employee’s separation from service, then any such accelerated Performance Shares otherwise payable within the six (6) month period following the Employee’s separation from service instead will be
paid on the date that is six (6) months and one (1) day following the date of the Employee’s separation from service, unless the Employee dies following his or her separation from service, in which case, the accelerated Performance
Shares will be paid to the Employee’s estate as soon as practicable following his or her death, subject to paragraph 9. Thereafter, such Performance Shares shall continue to be paid in accordance with the vesting schedule set forth on the first
page of this Agreement. For purposes of this Agreement, “Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any final Treasury Regulations and other Internal Revenue Service guidance
thereunder, as each may be amended from time to time (“Section 409A”). 
  

 -5- 

 6. Payment after Vesting. Any Performance Shares that vest in
accordance with paragraphs 3 through 4 will be paid to the Employee (or in the event of the Employee’s death, to his or her estate) in Shares as soon as practicable following the date of vesting, subject to paragraph 9, but in no event
later than the applicable two and one-half (2 1/2) month period of the “short-term deferral” rule set forth in the Section 1.409A-1(b)(4) of the Treasury Regulations issued under Section 409A. Notwithstanding the foregoing, if the Performance Shares are
“deferred compensation” within the meaning of Section 409A, the vested Performance Shares will be released to the Employee (or in the event of the Employee’s death, to his or her estate) in Shares as soon as practicable following
the date of vesting, subject to paragraph 9, but in no event later than the end of the calendar year that includes the date of vesting or, if later, the fifteen (15th) day of the third (3rd) calendar month following the date of vesting
(provided that the Employee will not be permitted, directly or indirectly, to designate the taxable year of the payment). Further, if some or all of the Performance Shares that are “deferred compensation” within the meaning of
Section 409A vest on account of the Employee’s Termination of Service (other than due to death) in accordance with paragraphs 3 through 4, the Performance Shares that vest on account of the Employee’s Termination of Service will not
be considered due or payable until the Employee has a “separation from service” within the meaning of Section 409A. In addition, if the Employee is a “specified employee” within the meaning of Section 409A at the time
of the Employee’s separation from service (other than due to death), then any accelerated Performance Shares will be paid to the Employee no earlier than six (6) months and one (1) day following the date of the Employee’s
separation from service unless the Employee dies following his or her separation from service, in which case, the Performance Shares will be paid to the Employee’s estate as soon as practicable following his or her death, subject to paragraph
9. Any Performance Shares that vest in accordance with paragraph 5 will be paid to the Employee (or in the event of the Employee’s death, to his or her estate) in Shares in accordance with the provisions of such paragraph, subject to
paragraph 9. For each Performance Share that vests, the Employee will receive one Share. 
 7. Forfeiture.
Notwithstanding any contrary provision of this Agreement, the balance of the Performance Shares that have not vested [INSERT DESCRIPTION OF VESTING SCHEDULE] will be forfeited and automatically transferred to and reacquired by the Company at
no cost to the Company. 
 8. Death of Employee. Any distribution or delivery to be made to the Employee under this
Agreement will, if the Employee is then deceased, be made to the administrator or executor of the Employee’s estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee,
and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 
 9. Withholding of Taxes. When Shares are issued as payment for vested Performance Shares, the Company (or the employing Subsidiary) will withhold a portion of the Shares that have an aggregate
market value sufficient to pay federal, state, local and foreign income, social insurance, employment and any other applicable taxes required to be withheld by the Company or the employing Subsidiary with respect to the Shares, unless the Company,
in its sole discretion, either requires or otherwise permits the Employee to make alternate arrangements satisfactory to the Company for such withholdings in advance of the arising of any withholding obligations. The number of Shares withheld
pursuant to the prior sentence will be rounded up to the nearest whole

  

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Share, with no refund for any value of the Shares withheld in excess of the tax obligation as a result of such rounding. Notwithstanding any contrary provision of this Agreement, no Shares will
be issued unless and until satisfactory arrangements (as determined by the Company) have been made by the Employee with respect to the payment of any income and other taxes which the Company determines must be withheld or collected with respect to
such Shares. In addition and to the maximum extent permitted by law, the Company (or the employing Subsidiary) has the right to retain without notice from salary or other amounts payable to the Employee, cash having a sufficient value to satisfy any
tax withholding obligations that the Company determines cannot be satisfied through the withholding of otherwise deliverable Shares. All income and other taxes related to the Performance Shares award and any Shares delivered in payment thereof are
the sole responsibility of the Employee. By accepting this award, the Employee expressly consents to the withholding of Shares and to any additional cash withholding as provided for in this paragraph 9. 
 10. Rights as Stockholder. Neither the Employee nor any person claiming under or through the Employee will have any of the rights or
privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its
transfer agents or registrars, and delivered to the Employee (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, the Employee will have all the rights of a stockholder of the Company with
respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 11. No Effect on Employment.
Subject to any employment contract with the Employee, the terms of such employment will be determined from time to time by the Company, or the Subsidiary employing the Employee, as the case may be, and the Company, or the Subsidiary employing the
Employee, as the case may be, will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment of the Employee at any time for any reason whatsoever, with or without good cause. The transactions
contemplated hereunder and the vesting schedule set forth on the first page of this Agreement do not constitute an express or implied promise of continued employment for any period of time. A leave of absence or an interruption in service (including
an interruption during military service) authorized or acknowledged by the Company or the Subsidiary employing the Employee, as the case may be, shall not be deemed a Termination of Service for the purposes of this Agreement. 
 12. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company, in
care of its General Counsel, at 4750 Willow Road, Pleasanton, CA 94588, or at such other address as the Company may hereafter designate in writing. 
 13. Grant is Not Transferable. Except to the limited extent provided in this Agreement, this grant of Performance Shares and the rights and privileges conferred hereby will not be sold, pledged,
assigned, hypothecated, transferred or disposed of any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process, until the Employee has been issued Shares in payment of the
Performance Shares. Upon any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this
grant and the rights and privileges conferred hereby immediately will become null and void. 
  

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 14. Restrictions on Sale of Securities. The Shares issued as payment for vested
Performance Shares under this Agreement will be registered under U.S. federal securities laws and will be freely tradable upon receipt. However, an Employee’s subsequent sale of the Shares may be subject to any market blackout-period that may
be imposed by the Company and must comply with the Company’s insider trading policies, and any other applicable securities laws. 
 15. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto. 
 16. Additional Conditions to Issuance of Certificates for Shares. The Company shall not
be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed;
(b) the completion of any registration or other qualification of such Shares under any U.S. state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the
Committee shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any U.S. state or federal governmental agency, which the Committee shall, in its absolute discretion, determine
to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of vesting of the Performance Shares as the Committee may establish from time to time for reasons of administrative convenience. 
 17. Plan Governs. This Agreement is subject to all the terms and provisions of the Plan. In the event of a conflict between one or
more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. 
 18.
Committee Authority. The Committee will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke
any such rules (including, but not limited to, the determination of whether or not any Performance Shares have vested). All actions taken and all interpretations and determinations made by the Committee in good faith will be final and binding upon
the Employee, the Company and all other interested persons. No member of the Committee will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 
 19. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of
this Agreement. 
 20. Agreement Severable. In the event that any provision in this Agreement will be held invalid or
unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 
 21. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The
Employee expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express

  

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written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this
Agreement as it deems necessary or advisable, in its sole discretion and without the consent of the Employee, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A prior
to the actual payment of Shares pursuant to this award of Performance Shares. 
 22. Amendment, Suspension or Termination of
the Plan. By accepting this Performance Shares award, the Employee expressly warrants that he or she has received a right to receive stock under the Plan, and has received, read and understood a description of the Plan. The Employee understands
that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time. 
 23. Labor
Law. By accepting this Performance Shares award, the Employee acknowledges that: (a) the grant of these Performance Shares is a one-time benefit which does not create any contractual or other right to receive future grants of Performance
Shares, or benefits in lieu of Performance Shares; (b) all determinations with respect to any future grants, including, but not limited to, the times when the Performance Shares shall be granted, the number of Performance Shares subject to each
Performance Share award and the time or times when the Performance Shares shall vest, will be at the sole discretion of the Company; (c) the Employee’s participation in the Plan is voluntary; (d) the value of these Performance Shares
is an extraordinary item of compensation which is outside the scope of the Employee’s employment contract, if any; (e) these Performance Shares are not part of the Employee’s normal or expected compensation for purposes of calculating
any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (f) the vesting of these Performance Shares will cease upon termination of employment for any
reason except as may otherwise be explicitly provided in the Plan or this Agreement; (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (h) these Performance Shares have been granted to the
Employee in the Employee’s status as an employee of the Company or its Subsidiaries; (i) any claims resulting from these Performance Shares shall be enforceable, if at all, against the Company; and (j) there shall be no additional
obligations for any Subsidiary employing the Employee as a result of these Performance Shares. 
 24. Disclosure of Employee
Information. By accepting this Performance Shares award, the Employee consents to the collection, use and transfer of personal data as described in this paragraph. The Employee understands that the Company and its Subsidiaries hold certain
personal information about him or her, including his or her name, home address and telephone number, date of birth, social security or identity number, salary, nationality, job title, any shares of stock or directorships held in the Company, details
of all awards of Performance Shares or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in his or her favor, for the purpose of managing and administering the Plan (“Data”). The
Employee further understands that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of his or her participation in the Plan, and that the Company
and/or any of its Subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. The Employee understands that these recipients may be located in the European
Economic Area, or elsewhere, such as in the U.S. The Employee authorizes the Company

  

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to receive, possess, use, retain and transfer the Data in electronic or other form, for the purposes of implementing, administering and managing his or her participation in the Plan, including
any requisite transfer to a broker or other third party with whom he or she may elect to deposit any Shares of stock acquired from this award of Performance Shares of such Data as may be required for the administration of the Plan and/or the
subsequent holding of Shares of stock on his or her behalf. The Employee understands that he or she may, at any time, view the Data, require any necessary amendments to the Data or withdraw the consent herein in writing by contacting the Equity
Programs Department for the Company and/or its applicable Subsidiaries. 
 25. Notice of Governing Law. This award of
Performance Shares shall be governed by, and construed in accordance with, the laws of the State of California, without regard to principles of conflict of laws. 
  

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 APPENDIX B 
 PERFORMANCE MATRIX 
  

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