Document:

Form of Indemnification Agreement

 EXHIBIT 10.2 
  
 INDEMNIFICATION AGREEMENT 
  
 This INDEMNIFICATION AGREEMENT is made this day of
            , 2005 (“Agreement”) by and between Centennial Bank Holdings, Inc., a Delaware corporation, and
                     (“Indemnitee”). 
  
 WHEREAS, at the request of the Company, Indemnitee currently serves as a director and/or officer of the Company and may, therefore, be subjected to
claims, suits or proceedings arising as a result of his service; and 
  
 WHEREAS, as an inducement to Indemnitee to continue to serve as such director and/or officer, the Company has agreed to indemnify Indemnitee against expenses and costs incurred by Indemnitee in connection with any such claims, suits or
proceedings, to the fullest extent that is lawful; and 
  
 WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advancement of expenses; 
  
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

  
 1. Definitions. For purposes of this Agreement:

  
 (a) “Board of Directors” means the
Board of Directors of the Company. 
  
 (b) the
“Company” shall include, in addition to Centennial Bank Holdings, Inc., any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, employees or agents. 
  
 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of
which indemnification or advance of Expenses is sought by Indemnitee. 
  
 (d) “Expense” or “Expenses” shall mean any expense, including without limitation, all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and expenses of experts
(including accountants and other advisors), witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, filing fees and all other disbursements or expenses of the type typically
paid or incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding relating to an Indemnifiable Event, and any expenses of
establishing a right to indemnification or advancement of Expenses under this Agreement. Expenses 

 shall also include Expenses incurred in connection with any appeal resulting from any Proceeding,
including without limitation the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee. 
  
 (e)
“Indemnifiable Event” shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or officer of the Company and/or its subsidiaries,
or by reason of any action taken by him or of any inaction on his part while acting as director or officer of the Company and/or its subsidiaries, or by reason of the fact that he is or was serving at the request of the Company as a director,
officer, employee or agent of any other foreign or domestic corporation, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which
indemnification, reimbursement or advancement of Expenses can be provided under this Agreement. 
  
 (f) “Independent Counsel” means a law firm, or a member of a law firm, other than a law firm or a member of a law firm that has
previously served as Independent Counsel pursuant to the terms of this Agreement, that is experienced in matters of corporation law and neither presently is, nor in the past two years has been, retained to represent: (i) the Company or Indemnitee in
any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors (which approval
shall not be unreasonably withheld). In the event that the Board of Directors does not approve Indemnitee’s selection within 30 days of written notice by Indemnitee of his selection, Indemnitee may select a law firm: (a) having 50 or more
attorneys and (b) rated “AV” by Martindale-Hubbell Law Directory, to act as Independent Counsel for purposes of this Agreement. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement, unless both the Company and
the Indemnitee waive such conflict in writing. 
  
 (g) “DGCL” means the Delaware General Corporation Law. 
  
 (h) “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative or legislative hearing or any
other actual, threatened or completed proceeding, including any and all appeals, whether of a civil, criminal, administrative, investigative or other nature, and in each case whether or not 
  

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 commenced prior to the date of this Agreement, that relates to an Indemnifiable Event. 
  
 2. Services by Indemnitee. Indemnitee agrees to continue to serve as a
director and/or officer, as applicable, of the Company and may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall
have no obligation under this Agreement to continue Indemnitee in such position, but Indemnitee shall nevertheless retain all rights provided under this Agreement. 
  
 3. Indemnification. 
  
 (a) General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as specifically provided in this Agreement and
(b) otherwise to the fullest extent permitted by applicable law in effect on the date hereof and amended from time to time; provided, however, that no change in applicable law shall have the effect of reducing the benefits available to
Indemnitee hereunder based on applicable law as in effect on the date hereof. The rights of Indemnitee provided in this Section shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement. 
  
 (b) Proceedings Other Than Proceedings by or in the Right
of the Company. In the event Indemnitee was or is a party to or other participant in, or is threatened to be made a party to or other participant in, a Proceeding (other than an action by or in the right of the Company to procure a judgment in
its favor) by reason of (or arising in part out of ) an Indemnifiable Event, the Company shall indemnify Indemnitee from and against any and all Expenses, liabilities, losses, judgments, fines, amounts paid or to be paid in settlement, any interest,
assessments or other charges imposed thereon and any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, which are actually and reasonably incurred by Indemnitee in
connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable
cause to believe Indemnitee’s conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that (i)
Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or (ii) with respect to any criminal action or proceeding, Indemnitee had reasonable cause to
believe that Indemnitee’s conduct was unlawful. 
  
 (c) Proceedings by or in the Right of the Company. In the event Indemnitee was or is a party to or other participant in, or is threatened to be made a party to or other participant in, a Proceeding by or in the right of the Company

  

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 or any subsidiary of the Company to procure a judgment in its favor by reason of (or arising in part out
of ) an Indemnifiable Event, the Company shall indemnify Indemnitee from and against any and all Expenses, liabilities, losses, judgments, fines, and, to the fullest extent permitted by law, amounts paid in settlement, any interest, assessments or
other charges imposed thereon and any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, in each case to the extent actually and reasonably incurred by Indemnitee in
connection with the defense or settlement of such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its sstockholders; provided,
however, that no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Company unless and only to the extent that the court in which such Proceeding was
brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses which the court shall deem proper.

  
 4. Advancement of Expenses; Indemnification Procedure.

  
 (a) Advancement of Expenses. The
Company shall advance all Expenses incurred by Indemnitee in connection with the investigation, preparation for, defense, settlement or appeal of any Proceeding referenced in Section 3(b) or 3(c) hereof. Indemnitee hereby undertakes to repay such
amounts advanced if and only if, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as authorized hereby or elsewhere. The advances to be made hereunder shall be paid by the Company to Indemnitee
within ten (10) days following delivery of a written request therefor by Indemnitee to the Company and shall be made without regard to Indemnitee’s ability to repay the Expenses. Advances shall include any and all reasonable Expenses incurred
pursuing an action to enforce this right of advancement. Indemnitee’s obligation to reimburse the Company for advances shall be unsecured and no interest shall be charged thereon. 
  
 (b) Notice/Cooperation by Indemnitee. Indemnitee shall give the Company notice in writing as soon as
practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the Company shall be directed to the General Counsel of the Company at the address shown on the signature page of this
Agreement (or such other address as the Company shall designate in writing to Indemnitee pursuant to Section 16 hereof). Notice shall be deemed received as set forth in Section 16 hereof. In addition, Indemnitee shall give the Company such
information and cooperation in the defense of any pending, threatened or completed Proceeding as shall be within Indemnitee’s power, except that Indemnitee shall not be required to give the Company information that is 
  

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 privileged or confidential as to Indemnitee. The giving of notice required under this Section 4(b) shall
be a condition precedent to Indemnitee’s right to be indemnified under this Agreement if the failure to give such notice materially prejudices any right, claim or defense available to the Company. 
  
 (c) Procedure. 
  
 (i) Any indemnification provided for in Section 3(b) or 3(c)
hereof shall be made no later than sixty (60) days after receipt of the written request of Indemnitee if, and only if, authorized in the specific case upon a determination that indemnification of Indemnitee is proper in the circumstances because
Indemnitee has met the applicable standard of conduct set forth in Section 3(b) or 3(c), as the case may be, by Independent Legal Counsel in a written opinion, unless Indemnitee consents to the making of the determination by any of the following:

  
 A. by a majority vote of the Disinterested
Directors, even though less than a quorum; 
  
 B.
by a committee of Disinterested Directors designated by majority vote of the Disinterested Directors, even though less than a quorum; or 
  
 C. by the stockholders of the Company. 
  
 (ii) If a claim under this Agreement, under any statute or under any provision of the Company’s Certificate of Incorporation or
By-laws providing for indemnification, is not paid in full by the Company within sixty (60) days after a written request for payment thereof has first been received by the Company, Indemnitee may, but need not, within one (1) year after receipt of
such written request by the Company bring an action against the Company to recover the unpaid amount of the claim and, subject to Section 11 of this Agreement, Indemnitee shall also be entitled to be paid for the Expenses of bringing such action. It
shall be a defense to any such action (other than an action brought to enforce a claim for Expenses incurred in connection with any Proceeding in advance of its final disposition) that Indemnitee has not met the standards of conduct which make it
permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Company, and Indemnitee shall be entitled to receive interim payments of Expenses pursuant to
Subsection 4(a) unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists. It is the parties’ intention that if the Company contests Indemnitee’s right to
indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide on a de novo basis, and neither the failure of the Company (including its Board of Directors, any committee or subgroup of the Board of
Directors, including the Disinterested Directors, 
  

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 Independent Counsel or the Company’s stockholders) to have made a determination that indemnification
of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual determination by the Company (including its Board of Directors, any committee or subgroup of the
Board of Directors, including the Disinterested Directors, Independent Counsel or the Company’s stockholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the
applicable standard of conduct. 
  
 (d) Notice
to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Section 4(b) hereof, the Company has directors’ and officers’ insurance policies in effect, then the Company shall give prompt notice of the commencement of
such Proceeding to the insurers of such policies in accordance with the procedures set forth in such policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of such Proceeding in accordance with the terms of such policies. 
  
 (e) Selection of Counsel. Upon notification by the Indemnitee to the Company of the commencement of any Proceeding as to which
indemnification will or could be sought under this Agreement, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to
Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any
fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding; provided, that (i) Indemnitee shall have the right to employ his or her counsel in any such Proceeding at Indemnitee’s expense; and (ii) if (A) the
employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or (C)
the Company shall not within sixty (60) days of delivering notice to Indemnitee of its election to assume the defense of such Proceeding, in fact, have retained counsel to assume the defense of such Proceeding, then the Expenses of Indemnitee’s
counsel shall be at the expense of the Company. In the event separate counsel is retained by Indemnitee pursuant to this Section 4(e), the Company shall cooperate with Indemnitee with respect to the defense of the Proceeding, including making
documents, witnesses and other reasonable information related to the defense available to Indemnitee and such separate counsel pursuant to joint-defense agreements or confidentiality agreements, as appropriate. The Company shall not be entitled to
assume the defense of any Proceeding brought by or on behalf of the Company or as to which Indemnitee shall have made the determination provided for in (ii)(B) above. 
  

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 (f) Settlement of Claims. The Company shall not be liable to indemnify Indemnitee
under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s written consent. The Company shall not settle any Proceeding (in whole or in part) in any manner which would impose any
Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent. Neither the Company nor Indemnitee will unreasonably withhold their consent to any proposed settlement. 
  
 5. Additional Indemnification Rights; Nonexclusivity. 
  
 (a) Scope. Notwithstanding any other provision of
this Agreement, the Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s
Certificate of Incorporation, the Company’s By-laws or by any statute. In the event of any change, after the date of this Agreement, in any applicable law, statute or rule (including any judicial decision) which expands the right of a Delaware
corporation to indemnify a member of its board of directors or an officer thereof, such changes shall be, ipso facto, within the purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any
change in any applicable law, statute or rule (including any judicial decision) which narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer thereof, such changes, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 
  
 (b) Nonexclusivity. The indemnification and advancement of Expenses provided by this Agreement shall
not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company’s Certificate of Incorporation, the Company’s By-laws, any agreement, any vote of stockholders or disinterested directors, the Delaware General
Corporation Law or otherwise, both as to action taken in Indemnitee’s official capacity and as to action taken in another capacity while holding such office. The indemnification and advancement of Expenses provided under this Agreement shall
continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though Indemnitee may have ceased to serve in such capacity at the time of any Proceeding. 
  

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 6. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement or
otherwise to indemnification by the Company for some or a portion of the Expenses, judgments, fines or penalties actually or reasonably incurred by him in the investigation, preparation for, defense, appeal or settlement of any Proceeding, but not,
however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines or penalties to which Indemnitee is entitled. 
  
 7. Mandatory Indemnification. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
has been successful on the merits in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by Indemnitee in connection therewith. 
  
 8. Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, applicable law or public policy may prohibit the Company from indemnifying its directors and officers, and/or the directors and officers of any of its
subsidiaries under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 
  
 9. Directors’ and Officers’ Liability Insurance. The Company shall, from time to time, make the good faith determination whether or not
it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company and/or its subsidiaries with coverage for losses from wrongful acts or
to ensure the Company’s performance of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. In
all policies of directors’ and officers’ liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Company’s and/or its subsidiaries’ directors, if Indemnitee is a director, or of the Company’s and/or its subsidiaries’ officers, if Indemnitee is not a director of the Company but is an officer thereof. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount
of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit or if Indemnitee is covered by similar insurance maintained by a subsidiary or parent of the Company. 
  
 10. Severability. Nothing in this Agreement is intended to require or
shall be construed as requiring the Company to do or fail to do any act in violation of 
  

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 applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 10. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction,
then the Company shall nevertheless indemnify Indemnitee to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in
accordance with its terms. 
  
 11. Exceptions. Any other
provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 
  
 (a) Excluded Acts. To indemnify Indemnitee for any acts or omissions or transactions from which a director or officer may not be
relieved of liability under applicable law (including, without limitation, the DGCL and the Federal or state banking laws); or 
  
 (b) Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Proceedings or claims initiated
or brought voluntarily by Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification or advancement of Expenses under this Agreement or any other statute or law or otherwise as
required under §145 of the DGCL (or any similar successor statute), but such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors of the Company has approved the initiation or
bringing of such suit; or 
  
 (c) Lack of Good
Faith. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material
assertions made by Indemnitee in such Proceeding was not made in good faith or was frivolous; or 
  
 (d) Claims Under Section 16(b). To indemnify Indemnitee for Expenses and the payment of profits arising from the purchase and sale,
or the sale and purchase, by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 
  

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 12. Effectiveness of Agreement. This Agreement shall be effective as of the date set forth on the
first page and may apply to acts or omissions of Indemnitee which occurred prior to such date if Indemnitee was an officer, director, employee or agent of the Company and/or any of its subsidiaries, or was serving at the request of the Company as
director, officer, employee or agent of any other foreign or domestic corporation, partnership, joint venture, trust or other enterprise, at the time such act or omission occurred. 
  
 13. Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile transmission),
each of which shall constitute an original. 
  
 14. Successors
and Assigns. 
  
 (a) This Agreement shall be
binding upon the Company and its successors and assigns, and shall inure to the benefit of Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. 
  
 (b) If Indemnitee is deceased and is entitled to indemnification under any provision of this Agreement, the
Company shall indemnify Indemnitee’s estate and his or her spouse, heirs, administrators and executors against and shall assume all of the Expenses, judgments, penalties and fines actually and reasonably incurred by or for Indemnitee or his or
her estate, in connection with the investigation, defense, settlement or appeal of any such Proceeding; provided, however, that when requested in writing by the spouse of Indemnitee and/or the heirs, executors or administrators of
Indemnitee’s estate, the Company shall provide appropriate evidence of the agreement set forth herein to indemnify Indemnitee against, and to itself assume, such costs, liabilities and Expenses. 
  
 15. Attorneys’ Fees. In the event that any action is instituted
by Indemnitee under this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid all Expenses, including reasonable attorneys’ fees, incurred by Indemnitee with respect to such action, unless as a part
of such action, a court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith or were frivolous. In the event of an action instituted by or in the name of
the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses, including reasonable attorneys’ fees, incurred by Indemnitee in defense of such action
(including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action a court of competent jurisdiction determines that each of Indemnitee’s material defenses to such action were made
in bad faith or were frivolous. 
  
 16. Notice. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and receipted for by the party addressee, on the date of such receipt, or (ii) if 
  

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 mailed by domestic certified or registered mail, postage prepaid, on the third (3rd) business day after the date
postmarked. Addresses for notice to either party are as shown on the signature page of this Agreement or as subsequently modified by written notice given pursuant to this Section 16. 
  
 17. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the
courts of the State of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the State of
Delaware. 
  
 18. Choice of Law. This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such State without giving effect to the principles of conflicts of laws. 
  
 19. Subrogation. In the event of any payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company to
effectively bring suit to enforce such rights. 
  
 20. Parties
in Interest. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement to any persons other than the parties to it and their respective successors and assigns
(including an estate of Indemnitee), nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party hereto. Furthermore, no provision of this Agreement shall give any third persons
any right of subrogation or action against any party hereto. 
  
 21. Continuation of Indemnification. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company and shall continue thereafter so long as
Indemnitee shall be subject to any possible claim or threatened, pending or completed Proceeding by reason of the fact that Indemnitee was serving in the capacity referred to herein. 
  
 22. Indemnification by One or More Subsidiaries. If at any time during the application of this Agreement, Indemnitee
is also party to a separate indemnity agreement between the Indemnitee and one or more of the Company’s subsidiaries, then Indemnitee specifically agrees that all demands and claims for indemnification by Indemnitee shall first be presented to,
and either paid or rejected, in whole or in part, by, the appropriate subsidiary or subsidiaries of the Company, and that the indemnification contained in this Agreement shall apply only to the extent that one or more of the subsidiaries for any
reason refuses or fails to fully indemnify Indemnitee under the terms of such subsidiary’s indemnity agreement, or is prohibited by any policy, statute or regulation. 
  

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 23. Entire Agreement. Except as provided in Sections 5 and 22 hereof, this Agreement represents
and contains the entire agreement and understanding between and among the parties, and all previous statements or understandings, whether express or implied, oral or written, relating to the subject matter hereof are fully and completely
extinguished and superseded by this Agreement. 
  
 24.
Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties hereto. 
  
 25. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in
connection with any claim made against Indemnitee to the extent that Indemnitee has otherwise received payment (under any insurance policy, bylaw or otherwise) of the amounts otherwise indemnifiable under this Agreement. 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date
specified above. 
  

			
	 CENTENNIAL BANK HOLDINGS, INC.
  
 1331 Seventeenth Street
 Denver, Colorado 80202

		
	By	 	 
	 	 	Name: 
	 	 	Title: 

  

	
	AGREED TO AND ACCEPTED:
	
	INDEMNITEE:
	
	 1331 Seventeenth Street
 Denver, Colorado
80202

	
	  
	Name:

  

 - 13 -Employment Agreement  - David Boyles

 EXHIBIT 10.3 
  
 EMPLOYMENT AGREEMENT 
  
 This employment agreement (“Agreement”) is dated as of October 27, 2004, and is entered into by and among David Boyles (“Employee”),
Centennial Bank Holdings, Inc., a Delaware corporation (“CBH” or the “Employer”). As an inducement to render services and superior performance, Employee and Employer agree as follows: 
  
 1. Employment. During the term of this Agreement, Employee agrees to
devote his best efforts to the business of Employer, and shall perform his duties in a diligent, trustworthy, and business-like manner, all for the purpose of advancing the business of Employer. 
  
 2. Title; Duties. During the term of this Agreement, Employee shall
serve as President and Chief Operating Officer of CBH and President and Chief Executive Officer of Guaranty Bank and Trust Company, a Colorado state-chartered bank and wholly-owned subsidiary of CBH (“GBT”). The duties of Employee shall be
those duties which are appropriate (including appropriate authority and responsibilities) to Employee’s position with Employer and GBT and to which Employer and Employee may hereafter mutually agree in writing. Employee’s duties may,
subject to the provisions of Section 9(d), from time to time, be changed or modified at the discretion of the Board, subject to the terms of this Agreement. Employer shall use its reasonable best efforts to cause Employee to be nominated for
re-election to the Board during the term of this Agreement. 
  
 3.
Salary and Benefits. 
  
 (a) Base Salary. Employer
shall, during the Term of Employment, pay Employee an annual base salary of $400,000. Such salary shall be paid in accordance with Employer’s payroll practices as in effect from time to time less applicable withholding and salary deductions.
Employee’s base salary shall be reviewed at least annually in accordance with Employer’s salary review process as in effect from time to time, provided, however, that Employee’s base salary shall not be decreased during the Term of
Employment if Employee continues to serve as President and Chief Operating Officer of CBH and President and Chief Executive Officer of GBT during the Term of Employment. 
  
 (b) Bonus. Subject to the terms of this Agreement and Employer’s annual bonus program as in effect from time to
time, Employee shall be eligible to receive an annual bonus for each year during the term of this Agreement as shall be determined by the Board, including a prorated bonus for any partial year of employment during such term. 
  
 (c) Reimbursement of Business Expenses. Employer shall reimburse
Employee for all out-of-pocket business expenses incurred by Employee in the course of his duties, in accordance with, Employer’s policies as in effect from time to time. 

 
Employee shall be required to submit to Employer appropriate documentation supporting such out-of-pocket business expenses as a prerequisite to reimbursement
in accordance with such policies. 
  
 (d) Employee
Benefits. Employee shall be eligible to participate in the employee benefit plans, programs, policies and arrangements generally available to employees of Employer and to receive the other perquisites provided to senior executive officers of
Employer, in each case in accordance with the terms and conditions of such plans, programs, policies, arrangements and other perquisites as in effect from time to time. 
  
 (e) Benefits Not in Lieu of Compensation. No benefit or perquisite provided to Employee shall be deemed to be in lieu
of base salary or other compensation. 
  
 4. Term of
Agreement. 
  
 (a) General. This Agreement is being
entered into in connection with the Agreement and Plan of Merger, dated August 31, 2004, by and between CBH, Newco Front Range, Inc. and Guaranty Corporation (the “Merger Agreement”). Employee’s employment under this Agreement shall
commence on the date the merger contemplated by the Merger Agreement becomes effective (the “Effective Date”) and shall continue in effect until the second anniversary of the Effective Date (the “Term of Employment”);
provided, however, that if the Merger Agreement terminates for any reason before the merger occurs, all of the provisions of this Agreement will terminate and there will be no liability of any kind under this Agreement. 
  
 (b) Effect of non-renewal. In the event that Employee remains in the
employment of Employer at the end of the Term of Employment and either this Agreement is not renewed at the expiration of the Term of Employment or the parties do not enter into a new employment agreement, then CBH shall elect, in its sole
discretion, on or before the last day of the Term of Employment, one of the following, and the Employee agrees to be bound by such election: 
  
 (i) payment to Employee of the amount specified in Section 6(a)(i), in which case Employee remains subject to the provisions of Sections 8(a) and 8(b); or

  
 (ii) waiver of the application of the provisions of Sections
8(a) and 8(b) to Employee, in which case Employee shall not be entitled to any further payment hereunder. 
  
 5. General Termination Provisions. If either Employer or Employee terminates this Agreement under the provisions of this Section 5, Employer will
be liable to Employee for all payments (if any) as described in Section 5, as follows: 
  

 2 

 (a) Termination by Employer. Employer may terminate Employee’s employment under this Section
5 only upon the occurrence of one or more of the following events and under the conditions described below. 
  
 (i) Disability. If, during the Term of Employment, Employee’s employment terminates due to Disability, Employer shall pay Employee his base
salary at the rate then in effect through the then remaining Term of Employment. For each year thereafter, Employer shall pay to Employee until his death, an amount equal to 50% of the base salary paid to Employee during the twelve (12) month period
prior to the date of such termination of employment. All amounts payable under this Section 5(a) shall be paid in semi-monthly installments, less applicable withholdings for income taxes and employment taxes. In addition, to the extent not
theretofore paid or provided, Employer shall pay or provide any other accrued amounts or benefits required to be paid or provided under any plan, program, policy or arrangement through the date of termination of employment (such other amounts and
benefits shall be hereinafter referred to as the “Other Benefits”). Employer’s obligation to make the payments to Employee as described in this Section 5(a)(i) is contingent upon Employee’s execution of a Waiver and Release of
Claims, a form of which is attached to this Agreement as Annex A. 
  
 (ii) Termination for Cause. Employer may terminate Employee’s employment for Cause and, upon such termination, Employer shall have no further obligation to make payments under this Agreement, except for paying amounts that have
already become payable as of the date of such termination, but have not yet been paid and paying or providing the Other Benefits. 
  
 (b) Termination by Employee. Employee may terminate his employment at any time during the Term of Employment, upon sixty (60) days prior written
notice. If Employee terminates his employment other than for Good Reason, Employer shall have no further obligation to make payments under this Agreement, except for paying amounts that have already become payable as of the date of such termination,
but have not yet been paid and paying or providing the Other Benefits. Employee may terminate his employment for Good Reason under the provisions of Section 6. 
  

(c) Employer’s obligation to make any payment to Employee as described in this Section 5 is contingent upon Employee’s execution of a Waiver
and Release of Claims, a form of which is attached to this Agreement as Annex A. 
  
 6. Special Termination Provisions. (a) If, during the Term of Employment, Employer terminates Employee’s employment other than for Cause or due to Disability or Employee terminates his employment for Good
Reason, then Employer shall: 
  
 (i) pay to the Employee in one
lump sum within five (5) days of such termination, an amount in cash equal to two (2) times the Employee’s Base Salary pursuant to Section 3(a); 
  

 3 

 (ii) for 24 months following the date of such termination, continue to provide medical and dental
benefits to the Employee, his spouse and his eligible dependants on the same basis as such benefits are then currently provided to such Employee (the “Medical Benefits”); provided that such benefits shall be secondary to any other coverage
obtained by the Employee; provided, however, that if the Company’s welfare plans do not permit such coverage, the Company will provide the Employee the Medical Benefits with the same tax effect; and 
  
 (iii) To the extent not theretofore paid or provided, pay or provide any
Other Benefits (as defined in Section 5(a)(i) above) through the date of termination of employment. 
  
 (b) Employer’s obligation to make any payments to Employee as described in this Section 6 is contingent upon Employee’s execution of a Waiver
and Release of Claims, a form of which is attached to this Agreement as Annex A. Except as described in this Section 6, Employee shall not be eligible to receive any other severance benefits under any severance or termination plan, program, policy
or arrangement maintained by Employer or its affiliates. 
  
 7.
Excess Payments. Notwithstanding any provision of this Agreement to the contrary, in the event any payments or non-cash benefits that Employee is entitled to receive (whether pursuant to the terms of this Agreement or otherwise (the
“Payments”)) would be subject to the excise tax (the “Excise Tax”) under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the amounts payable to Employee under this Agreement shall be
reduced, but not below zero, to the maximum amount as will result in no portion of the Payments being subject to such excise tax (the “Safe Harbor Cap”). For purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable to
Employee under this Agreement (and no other Payments) shall be reduced, unless consented to by Employee. 
  
 8. Covenants Not to Compete or Solicit Employer Clients and Employees; Confidential Information. 
  
 (a) Non-Compete. During Employee’s employment with Employer, and
for a two (2) year period after the date Employee’s employment is terminated in accordance with Section 5 hereof or a one year period after the date Employee’s employment is terminated in accordance with Section 6 hereof (collectively, the
“Restricted Period”), Employee shall not directly or indirectly (without the prior written consent of Employer) associate (including as a director, officer, employee, partner, consultant, agent or advisor) with a Competitive Enterprise in
a Restricted Territory and in connection with Employee’s association engage, or directly or indirectly manage or supervise personnel engaged, in any activity: 
  
 (i) that is substantially related to any activity that Employee was engaged in with Employer during the 12
months prior to the date of termination of Employee’s employment, 
  

 4 

 (ii) that is substantially related to any activity for which Employee had direct or
indirect managerial or supervisory responsibility with Employer during the 12 months prior to the date of termination of Employee’s employment, or 
  
 (iii) that calls for the application of specialized knowledge or skills substantially related to those used by Employee in his activities
with Employer during the 12 months prior to the date of termination of Employee’s employment. 
  
 For purposes of this Agreement, “Competitive Enterprise” means any business enterprise that either (A) engages in any activity closely associated with commercial banking or the operation of an institution,
the deposits of which are insured by the Federal Deposit Insurance Corporation, in a Restricted Territory, or (B) holds a 25% or greater equity, voting or profit participation interest in any enterprise that engages in such a competitive activity,
and “Restricted Territory” means the geographic area of the State of Colorado extending from the continental divide to the eastern State boundary. 
  
 For the purposes of this Agreement, Employee acknowledges that Employee is part of “executive and management personnel” of Employer within the meaning of C.R.S.
§ 8-2-113(2). 
  
 (b) Non-Solicitation. During the
Restricted Period, Employee shall not, in any manner, directly or indirectly (without the prior written consent of Employer): (i) Solicit any Client to transact business with a Competitive Enterprise in a Restricted Territory or to reduce or refrain
from doing any business with Employer, (ii) transact business with any Client that would cause Employee to be a Competitive Enterprise in a Restricted Territory, (iii) interfere with or damage any relationship between Employer and a Client or (iv)
Solicit anyone who is then an employee of Employer (or who was an employee of Employer within the prior 12 months) to resign from Employer or to apply for or accept employment with any other business or enterprise. 
  
 For purposes of this Agreement, a “Client” means any client or prospective client
of Employer to whom Employee provided services, or for whom Employee transacted business, or whose identity became known to Employee in connection with his relationship with or employment by Employer, and “Solicit” means any direct or
indirect communication of any kind, regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take or refrain from taking any action. 
  
 (c) Confidential Information. Employee hereby acknowledges that, as an employee of Employer, he will be making use
of, acquiring and adding to confidential information of a special and unique nature and value relating to Employer and its strategic plans, operations, financial condition and performance and such confidential information constitutes trade secrets
of Employer. Employee further recognizes and acknowledges that all confidential information is the exclusive property of Employer, is material and confidential, and is critical to the successful conduct of the 

  

 5 

 
business of Employer. Accordingly, Employee hereby covenants and agrees that he will use confidential information for the benefit of Employer only and shall
not at any time, directly or indirectly, during the Term of Employment and thereafter divulge, reveal or communicate any confidential information to any person, firm, corporation or entity whatsoever, or use any confidential information for his own
benefit or for the benefit of others. Notwithstanding the foregoing, Employee shall be authorized to disclose confidential information (i) as may be required by law or legal process after providing Employer with prior written notice and an
opportunity to respond to such disclosure (unless such notice is prohibited by law), (ii) in any criminal proceeding against him after providing Employer with prior written notice and an opportunity to seek protection for such confidential
information and (iii) with the prior written consent of Employer. 
  
 (d) Survival. Any termination of Employee’s employment, of the Term of Employment or of this Agreement (or breach of this Agreement by Employee or Employer) shall have no effect on the continuing operation of this Section 8.

  
 (e) Validity. The terms and provisions of this Section
8 are intended to be separate and divisible provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Agreement shall thereby be
affected. The parties hereto acknowledge that the potential restrictions on Employee’s future employment imposed by this Section 8 are reasonable in both duration and geographic scope and in all other respects. If for any reason any court of
competent jurisdiction shall find any provisions of this Section 8 unreasonable in duration or geographic scope or otherwise, Employee and Employer agree that the restrictions and prohibitions contained herein shall be effective to the fullest
extent allowed under applicable law in such jurisdiction. 
  
 (f)
Consideration. The parties acknowledge that this Agreement would not have been entered into and the benefits described herein would not have been promised in the absence of Employee’s promises under this Section 8. 
  
 (g) Cease Payments. In the event that Employee breaches Section 8(a),
8(b) or 8(c), Employer’s obligation to make or provide payments or benefits under Section 5 or 6 shall cease, to the extent not already paid or provided. 
  

(h) Notice to New Employers. Before Employee either applies for or accepts employment with any other person or entity while any of Section
8(a), 8(b) or 8(c) is in effect, Employee will provide the prospective employer with written notice of the provisions of this Section 8 and will deliver a copy of the notice to Employer. 
  
 9. Definitions. 
  
 (a) Board. “Board” shall mean the Board of Directors of Employer. 
  
 (b) Cause. Termination of employment for “Cause” shall mean that, prior to any termination pursuant to
Section 5(a)(ii) hereof, Employee shall have committed: 
  

 6 

 (i) an intentional act of fraud, embezzlement or theft; 
  
 (ii) intentional damage to property of Employer; 

 
 (iii) intentional disclosure of confidential information
or trade secrets of Employer or information relating to customers of Employer or its parent, a subsidiary or affiliate; 
  
 (iv) willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist order;

  
 (v) an act constituting a felony or a
misdemeanor involving moral turpitude for which the Employee is convicted by any federal, state or local authority, or to which the Employee enters a plea of guilty or nolo contendere; 
  
 (vi) an act or omission that causes Employee to be
disqualified or barred by any governmental or self-regulatory authority from serving in the capacity contemplated by this Agreement or losing any governmental or self-regulatory license that is reasonably necessary for Employee to perform his
responsibilities to Employer under this Agreement; or 
  
 (vii) intentional breach of corporate fiduciary duty involving personal profit. 
  
 For the purposes of this Agreement, no act, or failure to act, on the part of Employee shall be deemed “intentional” unless done, or omitted to be done, by Employee not in good faith and without reasonable
belief that his action or omission was in the best interest of Employer. Notwithstanding the foregoing, Employee shall not be deemed to have been terminated for Cause hereunder unless and until there shall have been delivered to Employee a copy of a
resolution duly adopted by the affirmative vote of not less than three-quarters of the members of the Board then in office at a meeting of the Board called and held for such purpose (after reasonable notice to Employee and an opportunity for
Employee, together with his counsel to be heard before the Board), finding that, in the good faith opinion of the Board, Employee had committed an act set forth above in this Section 9(b) and specifying the particulars thereof in detail. Nothing
herein shall limit the right of Employee or his beneficiaries to contest the validity or propriety of any such determination. 
  
 (c) Disability. “Disability” shall occur if Employee is incapacitated and absent from his duties hereunder on a full-time basis for four
(4) consecutive months or for at least one hundred eighty (180) days (which need not be consecutive) during any twelve (12) month period. Employee shall be entitled to the disability benefits generally available to employees of Employer, and the
disability payment provided for in Section 5(a) hereof shall be apart from and in addition to any disability benefits generally available to employees of Employer. 
  

 7 

 (d) Good Reason. “Good Reason” shall mean: 
  
 (i) without his express written consent, the assignment to
Employee of any duties inconsistent with his title, position, duties, responsibilities and status with Employer as contemplated by Section 2, or any other action by Employer that results in a diminution of Employee’s title, duties, position or
reporting relationships, or any removal of Employee from, or any failures to re-elect Employee to, any of such positions, except in connection with the termination of his employment for Cause or as a result of his Disability or death, or termination
by Employee other than for Good Reason; provided, however, that insubstantial or inadvertent actions not taken in bad faith which are remedied by Employer promptly after receipt of notice thereof given by Employee shall not constitute
Good Reason to terminate employment hereunder; 
  
 (ii) a significant adverse change in the nature or scope of the authorities, powers, functions or duties attached to Employee’s position with Employer, any reduction in Employee’s base salary, or a significant reduction in the
aggregate employee benefits provided to Employee without his prior written consent, unless such reduction applies equally to other similarly situated employees of Employer, in each case, which is not remedied within ten (10) calendar days after
receipt by Employer of written notice from the Employee of such change or reduction, as the case may be; 
  
 (iii) a determination by Employee made in good faith that he has been rendered substantially unable to carry out, or has been
substantially hindered in the performance of, any of the authorities, powers, functions, responsibilities or duties attached to his position, which situation is not remedied within thirty (30) calendar days after receipt by Employer of written
notice from Employee of such determination; 
  
 (iv) Employer relocating its principal executive offices or requiring Employee to relocate his principal location of work to a location which is in excess of fifty (50) miles from the current location thereof, or requiring Employee to
travel away from his office in the course of discharging his responsibilities or duties hereunder more than thirty (30) consecutive calendar days or an aggregate of more than one hundred twenty (120) calendar days in any consecutive three hundred
sixty-five (365) calendar-day period, without in either case his prior consent; 
  
 (v) failure by Employer to 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 Employer, by agreement in form and substance satisfactory to Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Employer would be
required to perform it if no such succession had taken place; or 
  

 8 

 (vi) any material breach of this Agreement by Employer. 
  
 10. Governing Law. This Agreement is made and entered into in the
State of Colorado, without regard to conflict of laws rules, and the laws of Colorado shall govern its validity and interpretation in the performance by the parties of their respective duties and obligations. 
  
 11. Entire Agreement. This Agreement constitutes the entire agreement
between the parties concerning the employment of Employee and supercedes any prior written agreements, and there are no representations, warranties or commitments, other than those in writing executed by all of the parties. 
  
 12. Indemnification. Following the date of this Agreement, Employer
shall not take any action to amend Employer’s Articles of Incorporation, or to amend any articles of incorporation or association of any corporation or bank, respectively, that is an affiliate of Employer, if such amendment would adversely
affect Employee’s right to receive indemnification from such corporation or bank. 
  
 13. Arbitration. Except as otherwise expressly provided herein, any dispute, controversy, or claim arising out of or relating to this Agreement or breach thereof, or arising out of or relating in any way to the
employment of the Employee or the termination thereof, shall be submitted to arbitration in accordance with the Voluntary Labor Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered by the arbitrator may be
entered in any court of competent jurisdiction. In reaching his or her decision, the arbitrator shall have no authority to ignore, change, modify, add to or delete from any provision of this Agreement, but instead is limited to interpreting this
Agreement. In the case of any arbitration or subsequent judicial proceeding arising after Employee’s discharge or termination, Employee shall be awarded his or her costs, including attorneys’ fees, provided Employee substantially prevails
on at least one claim. 
  
 14. Assistance in Litigation.
Employee shall make himself available, upon the request of Employer, to testify or otherwise assist in litigation, arbitration, or other disputes involving Employer, or any of the directors, officers, employees, subsidiaries, or parent corporations
of either, at no additional cost during the term of this Agreement and at any time following the termination of Employee’s employment for any reason, at the rate of One Thousand and No/l00 Dollars ($1,000) per day or portion thereof, plus all
associated out-of-pocket expenses for complying with this Section 14. 
  
 15. Notices. Any notice or communication required or permitted to be given to the parties shall be delivered personally or sent by United States registered or certified mail, postage prepaid and return receipt requested, and
addressed or delivered as follows, or to such other address as the party addressed may have substituted by notice pursuant to this Section. 
  

 9 

	 	(a)	If to Employer: 

  
 Centennial Bank Holdings, Inc. 
 4650 Royal
Vista Circle 
 Fort Collins, Colorado 80528 
 Attn: Paul W. Taylor 
  

	 	(b)	If to Employee: 

  
 David Boyles 
 Guaranty Bank and Trust
Company 
 1331 17th Street 
 Denver, CO 80202 
  
 16. Binding Agreement. This Agreement shall inure to the benefit of and be enforceable by Employee and his personal or legal representatives,
executors, administrators, successors, heirs, distributees, devises and legatees. If Employee should die while any amounts would still be payable to him hereunder if he had continued to live, all such amounts, unless otherwise provided herein, shall
be paid in accordance with the terms of this Agreement to his devisee, legatee, or other designee, or, if there be no such designee, to his estate. This Agreement shall inure to the benefit of and be enforceable by Employer and any of its successors
and assigns. 
  
 17. No Mitigation of Amounts Payable
Hereunder. Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Agreement be reduced by any
compensation earned by Employee as the result of employment by another employer after the date of termination, or otherwise. 
  
 18. Advice of Counsel. EMPLOYEE ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, HE 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. 
  
 19. Captions. The captions of this Agreement are inserted for
convenience and are not part of the Agreement. 
  
 20.
Severability. In case anyone or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any other respect, such invalidity, illegality or unenforceability shall not affect
any other provision of this Agreement. This Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been a part of the Agreement and there shall be deemed substituted therefore such other provision as will most
nearly accomplish the intent of the parties to the extent permitted by the applicable law. 
  

 10 

 21. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each
of which shall be deemed an original, but all of which shall together constitute one in the same Agreement. 
  
 DATED: October 27, 2004 
  

			
	EMPLOYEE:
		
	 	 	 /s/ David Boyles

	 	 	David Boyles
	
	CENTENNIAL BANK HOLDINGS, INC.:
		
	By:	 	 /s/ Paul W. Taylor

	Name:	 	Paul W. Taylor
	Title:	 	Executive Vice President, Chief Financial Officer and Secretary

  
  

 11 

 Annex A 
  
 WAIVER AND RELEASE OF CLAIMS 
  
 In consideration of the payments and arrangements set forth in the employment agreement between you and Centennial Bank Holdings, Inc., a Delaware
corporation (“Employer”), dated October 27, 2004 (the “Employment Agreement”) and incorporated herein by reference, you agree knowingly and voluntarily as follows: 
  

	 	1.	You knowingly and voluntarily waive and release forever whatever claims you ever had, now have or hereafter may have against Employer and any subsidiary or affiliate of Employer,
and any of its present and former employees, directors, officers and agents (collectively referred to as “Releasees”), based upon any offer, agreement, matter, occurrence or event existing or occurring prior to the execution of this waiver
and release of claims, including anything relating to your employment by Employer or to the termination of such employment or to your status as a shareholder or creditor of Employer. 

  
 This release and waiver includes but is not limited to any rights or claims
under United States federal, state or local law and the national or local law of any foreign country (statutory or decisional), for wrongful or abusive discharge, for breach of any contract, for misrepresentation, for breach of any securities laws,
or for discrimination based upon race, color, ethnicity, sex, age, national origin, religion, disability, sexual orientation, or any other unlawful criterion or circumstance, including rights or claims under the Age Discrimination in Employment Act
of 1967 (“ADEA”) (except that you do not waive ADEA rights or claims that may arise after the date of this agreement). 
  

	 	2.	The payments received by you pursuant to the Employment Agreement shall be in lieu of any and all other amounts to which you might be, are now or may become entitled from Employer
and, without limiting the generality of the foregoing, you hereby expressly waive any right or claim that you may have or assert to payment for salary, bonuses, medical, dental or hospitalization benefits, life insurance benefits or attorneys’
fees; provided, however, that notwithstanding any other provision of this agreement, you do not waive any of your rights and Employer shall comply with its obligations with respect to (i) the payments and arrangements set forth in the
Employment Agreement and (ii) continuation coverage requirements under Section 4980B of the Internal Revenue Code of 1986, as amended (commonly referred to as “COBRA”). 

  

	 	3.	You agree that you will not knowingly orally or in writing criticize, disparage or undermine the reputation of any Releasee. 

  
 You also hereby expressly agree not to discuss the business affairs of
Employer and any of its subsidiaries and affiliates with any member of the press (or to otherwise 

 
make such information publicly available) at any time without the express written consent of Employer. Your signature below will also constitute your
agreement that you will not disclose, directly or indirectly, to anyone other than your spouse, counsel, accountants or financial advisors, the terms of this release and waiver of claims or the Employment Agreement, except as may be required by law
or in response to regulatory inquiry, judicial process or order. 
  
 Notwithstanding anything herein to the contrary, you hereby expressly agree that the severance payment and arrangements set forth in the Employment Agreement may be offset by any amounts you owe to Employer or any of its subsidiaries or
affiliates. 
  
 Your signature below will also constitute
confirmation that you have (i) made such waivers, releases, agreements and confirmation in consideration for the severance payment and other arrangements set forth in the Employment Agreement, (ii) been given at least 21 days within which to
consider this Settlement Agreement and its consequences, and (iii) been advised prior to signing this release and waiver of claims to consult, and have consulted, with an attorney of your choice. For a period of seven days following the execution of
this release of claims, you may revoke this release, and forfeit any right you have to the severance payments and other arrangements described under the Employment Agreement. 
  
 This release and waiver of claims shall be governed by the laws of the State of Colorado, without regard to principles of
conflict of laws. 
  

	
	AGREED AND CONFIRMED:
	  

	
	 Date:                  ,
200  

  

 13

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