Document:

Unassociated Document

     

    Exhibit
      10.1

     

    COBRA
      OIL & GAS COMPANY

    

    EXECUTIVE
      EMPLOYMENT AGREEMENT

    

    THIS
      EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is made between Cobra Oil
      & Gas Company., a Nevada corporation and its affiliated companies
      (collectively referred to as the “Company"), and Massimiliano
      Pozzoni(“Executive”). Unless otherwise indicated, all references to Sections are
      to Sections in this Agreement. This Agreement is effective as of the “Effective
      Date” set forth in Section 14 below. 

     

    W
      I T N E
      S S E T H:

    

    WHEREAS,
      the Company desires to obtain the services of Executive, and Executive desires
      to be employed by the Company upon the terms and conditions hereinafter set
      forth;

    

    NOW,
      THEREFORE, in consideration of the premises, the agreements herein contained
      and
      other good and valuable consideration, receipt of which is hereby acknowledged,
      the parties hereto agree as of the date hereof as follows:

    

    1.
      Employment. The Company hereby agrees to employ Executive, and Executive hereby
      agrees to serve the Company, as it’s President (“Employment”) for a period of
      one (1) year beginning on the Effective Date. This Agreement is renewable upon
      the mutual written consent of the parties.

     

    2.
      Scope
      of Employment. During the Employment, Executive will serve as President. In
      that
      connection, Executive will (i) devote his attention, and energies to the
      business of the Company and will diligently and to the best of his ability
      perform all duties incident to his employment hereunder including, but not
      limited to, carrying out the exploration program and securing financing; (ii)
      use his best efforts to promote the interests and goodwill of the Company;
      and
      (iii) perform such other duties commensurate with his office as the Board of
      Directors of the Company may from time-to-time assign to him.

    

    3.
      Compensation and Benefits During Employment. During the Employment, the Company
      shall provide compensation to Executive as follows.

    

    (a)
      The
      Company shall pay Executive $10,000 per month in equal monthly installments.
      Executive shall be responsible for the payment of all taxes to the Internal
      Revenue Service as well as any and other taxes payable in the United States
      or
      any other country. Executive indemnifies the Company with respect to the payment
      of any and all taxes owing and due from Executive’s compensation. 

    

    (b)
      The
      Company shall reimburse Executive for business expenses incurred by Executive
      in
      connection with the Employment in accordance with the Company’s then-current
      policies.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    (c)
      Executive will be entitled to participate in any health insurance or other
      employee benefit plan which the Company may adopt in the future.

    

    (d)
      Executive will be entitled to five (4) weeks of vacation per year.

    

    (e)
      Executive will be entitled to participate in any incentive program or
      discretionary bonus program of the Company which may be implemented in the
      future by the Board of Directors.

    

    (f)
      Executive will be entitled to participate in any stock option plan of the
      Company which may be approved in the future by the Board of
      Directors.

     

    Any
      act,
      or failure to act, based upon authority given pursuant to a resolution duly
      adopted by the Board or based upon the advice of counsel for the Company shall
      be conclusively presumed to be done, or omitted to be done, by Executive in
      good
      faith and in the best interests of the Company and thus shall not be deemed
      grounds for Termination for Cause.

    

    4.
      Confidential Information. 

    

    (a)
      Executive acknowledges that the law provides the Company with protection for
      its
      trade secrets and confidential information. Executive will not disclose,
      directly or indirectly, any of the Company’s confidential business information
      or confidential technical information to anyone without authorization from
      the
      Company’s management. Executive will not use any of the Company’s confidential
      business information or confidential technical information in any way, either
      during or after the Employment with the Company, except as required in the
      course of the Employment.

    

    (b)
      Executive will strictly adhere to any obligations that may be owed to former
      employers insofar as Executive’s use or disclosure of their confidential
      information is concerned. 

    

    (c)
      Information will not be deemed part of the confidential information restricted
      by this Section 4 if Executive can show that: (i) the information was in
      Executive’s possession or within Executive’s knowledge before the Company
      disclosed it to Executive; (ii) the information was or became generally known
      to
      those who could take economic advantage of it; (iii) Executive obtained the
      information from a party having the right to disclose it to Executive without
      violation of any obligation to the Company, or (iv) Executive is required to
      disclose the information pursuant to legal process (e.g., a subpoena), provided
      that Executive notifies the Company immediately upon receiving or becoming
      aware
      of the legal process in question. No combination of information will be deemed
      to be within any of the four exceptions in the previous sentence, however,
      whether or not the component parts of the combination are within one or more
      exceptions, unless the combination itself and its economic value and principles
      of operation are themselves within such an exception or exceptions.

    

    (d)
      All
      originals and all copies of any drawings, blueprints, manuals, reports, computer
      programs or data, notebooks, notes, photographs, and all other recorded,
      written, or printed matter relating to research, manufacturing operations,
      or
      business of the Company made or received by Executive during the Employment
      are
      the property of the Company. Upon Termination of the Employment, whether or
      not
      for Cause, Executive will immediately deliver to the Company all property of
      the
      Company which may still be in Executive’s possession. Executive will not remove
      or assist in removing such property from the Company’s premises under any
      circumstances, either during the Employment or after Termination thereof, except
      as authorized by the Company’s management.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    5.
      Ownership of Intellectual Property.

    

    (a)
      The
      Company will be the sole owner of any and all of Executive’s Inventions that are
      related to the Company’s business, as defined in more detail below.

    

    (b)
      For
      purposes of this Agreement, “Inventions” means all inventions, discoveries, and
      improvements (including, without limitation, any information relating to
      manufacturing techniques, processes, formulas, developments or experimental
      work, work in progress, or business trade secrets), along with any and all
      other
      work product relating thereto. 

    

    (c)
      An
      Invention is “related to the Company’s business” (“Company-Related Invention”)
      if it is made, conceived, or reduced to practice by Executive (in whole or
      in
      part, either alone or jointly with others, whether or not during regular working
      hours), whether or not potentially patentable or copyrightable in the U.S.
      or
      elsewhere, and it either: (i) involves equipment, supplies, facilities, or
      trade
      secret information of the Company; (ii) involves the time for which Executive
      was or is to be compensated by the Company; (iii) relates to the business of
      the
      Company or to its actual or demonstrably anticipated research and development;
      or (iv) results, in whole or in part, from work performed by Executive for
      the
      Company. 

    

    (d)
      Executive will promptly disclose to the Company, or its nominee(s), without
      additional compensation, all Company-Related Inventions. 

    

    (e)
      Executive will assist the Company, at the Company’s expense, in protecting any
      intellectual property rights that may be available anywhere in the world for
      such Company-Related Inventions, including signing U.S. or foreign patent
      applications, oaths or declarations relating to such patent applications, and
      similar documents.

    

    (f)
      To
      the extent that any Company-Related Invention is eligible under applicable
      law
      to be deemed a “work made for hire,” or otherwise to be owned automatically by
      the Company, it will be deemed as such, without additional compensation to
      Executive. In some jurisdictions, Executive may have a right, title, or interest
      (“Right,” including without limitation all right, title, and interest arising
      under patent law, copyright law, trade-secret law, semiconductor chip protection
      law, or otherwise, anywhere in the world, including the right to sue for present
      or past infringement) in certain Company-Related Inventions that cannot be
      automatically owned by the Company. In that case, if applicable law permits
      Executive to assign Executive’s Right(s) in future Company-Related Inventions at
      this time, then Executive hereby assigns any and all such Right(s) to the
      Company, without additional compensation to Executive; if not, then Executive
      agrees to assign any and all such Right(s) in any such future Company-Related
      Inventions to the Company or its nominee(s) upon request, without additional
      compensation to Executive.

    

    (g)
      To
      the extent that Executive retains any so-called “moral rights” or similar rights
      in a Company-Related Invention as a matter of law, Executive authorizes the
      Company or its designee to make any changes it desires to any part of that
      Company-Related Invention; to combine any such part with other materials; and
      to
      withhold Executive’s identity in connection with any business operations
      relating to that Company-Related Invention; in any case without additional
      compensation to Executive.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    6.
      Legal
      Fees and Expenses. In the event of a lawsuit, arbitration, or other
      dispute-resolution proceeding between the Company and Executive arising out
      of
      or relating to this Agreement, the prevailing party, in the proceeding as a
      whole and/or in any interim or ancillary proceedings (e.g., opposed motions,
      including without limitation motions for preliminary or temporary injunctive
      relief) will be entitled to recover its reasonable attorneys’ fees and expenses
      unless the court or other forum determines that such a recovery would not serve
      the interests of justice. 

    

    7.
      Successors. 

    

    (a)
      This
      Agreement shall inure to the benefit of and be binding upon (i) the Company
      and
      its successors and assigns and (ii) Executive and Executive’s heirs and legal
      representatives, except that Executive’s duties and responsibilities under this
      Agreement are of a personal nature and will not be assignable or delegable
      in
      whole or in part.

    

    (b)
      The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to assume expressly and agree to perform this
      Agreement in the same manner and to the same extent that the Company would
      be
      required to perform it if no such succession had taken place. As used in this
      Agreement, "the Company" shall mean the Company as hereinbefore defined and
      any
      successor to its business and/or assets as aforesaid which assumes and agrees
      to
      perform this Agreement by operation of law, or otherwise.

    

    8.
      Arbitration.

    

    (a)
      Except as set forth in paragraph (b) of this Section 8 or to the extent
      prohibited by applicable law, any dispute, controversy or claim arising out
      of
      or relating to this Agreement will be submitted to binding arbitration before
      a
      single arbitrator in accordance with the National Rules for the Resolution
      of
      Employment Disputes of the American Arbitration Association in effect on the
      date of the demand for arbitration. The arbitration shall take place before
      a
      single arbitrator, who will preferably but not necessarily be a lawyer but
      who
      shall have at least five years’ experience in working in or with mining
      companies. Unless otherwise agreed by the parties, the arbitration shall take
      place in the city in which Executive’s principal office space is located at the
      time of the dispute or was located at the time of Termination of the Employment
      (if applicable). The arbitrator is hereby directed to take all reasonable
      measures not inconsistent with the interests of justice to expedite, and
      minimize the cost of, the arbitration proceedings.

    

    (b)
      To
      protect inventions, trade secrets, or other confidential information of Section
      4 the Company may seek temporary, preliminary, and/or permanent injunctive
      relief in a court of competent jurisdiction, in each case, without waiving
      its
      right to arbitration. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (c)
      At
      the request of either party, the arbitrator may take any interim measures s/he
      deems necessary with respect to the subject matter of the dispute, including
      measures for the preservation of confidentiality set forth in this Agreement.
      

     

    (d)
      Judgment upon the award rendered by the arbitrator may be entered in any court
      having jurisdiction.

     

    9.
      Indemnification.

     

    (a)
      Company shall to the full extent permitted by law or as set forth in the
      Articles of Incorporation, and any future amendments, and the Bylaws of the
      Company, indemnify, defend and hold harmless Executive from and against any
      and
      all claims, demands, liabilities, damages, losses and expenses (including
      attorney's fees, court costs and disbursements) arising out of the performance
      of duties hereunder except in the case of willful misconduct.

    

    (b)
      Executive shall indemnify the Company with respect to the payment of any and
      all
      taxes owed under this Agreement.

    

    
      	 	
              10.

            	
              Termination

            

    

    

    This
      Agreement and the employment relationship created hereby will terminate (i)
      upon
      the death or disability of Executive under Section 10 (a) or 10(b); (ii) with
      cause under Section 10 (c); (iii) for good reason under Section 10 (d); or
      (iv)
      without cause under Section 10(e).

    

    
      	 	
              (a)

            	
              Disability.
                Company
                shall have the right to terminate the employment of Executive under
                this
                Agreement for disability in the event Executive suffers an injury,
                illness, or incapacity of such character as to substantially disable
                him
                from performing his duties without reasonable accommodation by Executive
                hereunder for a period of more than thirty (30) consecutive days
                upon
                Company giving at least thirty (30) days written notice of termination.
                

            

    

    

    
      	 	
              (b)

            	
              Death.
                This
                agreement will terminate on the Death of the
                Executive.

            

    

    

    
      	 	
              (c)

            	
              With
                Cause.
                Company may terminate this Agreement at any time because of (i)
                Executive’s material breach of any term of the Agreement, (ii) the
                determination by the Board of Directors in the exercise of its reasonable
                judgment that Executive has committed an act or acts constituting
                a felony
                or other crime involving moral turpitude, dishonesty or theft or
                fraud; or
                (iii) Executive’s negligence in the performance of his duties
                hereunder.

            

    

    

    
      	 	
              (d)

            	
              Good
                Reason.
                The Executive may terminate his employment for “Good Reason” by giving
                Company ten (10) days written notice
                if:

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (i) he
      is
      assigned, without his express written consent, any duties materially
      inconsistent with his positions, duties, responsibilities, or status with
      Company as of the date hereof, or a change in his reporting responsibilities
      or
      titles as in effect as of the date hereof;

     

    (ii) his
      compensation is reduced; or

    

    (iii) Company
      does not pay any material amount of compensation due hereunder and then fails
      either to pay such amount within the ten (10) day notice period required for
      Termination hereunder or to contest in good faith such notice. Further, if
      such
      contest is not resolved within thirty (30) days, Company shall submit such
      dispute to arbitration under Section 9. 

    
      

      
        	 	
                (e)

              	
                Without
                  Cause.
                  Company
                  may terminate this Agreement without
                  cause.

              

      

    

    

    11.
      Obligations of Company Upon Termination.

    

    (a)
      In
      the event of the termination of Executive’s employment pursuant to Section 11
      (a), (b) or (c), Executive will be entitled only to the compensation earned
      by
      him hereunder as of the date of such termination (plus life insurance or
      disability benefits).

    

    (b) In
      the
      event of the termination of Executive’s employment pursuant to Section 10 (d) or
      (e), Executive will be entitled to receive as severance pay, an amount equal
      to
      the monthly compensation provided for in Section 3(a) multiplied by a factor
      of
      three (3) in addition to all payments of salary earned through the date of
      termination in one lump sum.

    

    12.
      Other
      Provisions. 

    

    (a)
      All
      notices and statements with respect to this Agreement must be in writing.
      Notices to the Company shall be delivered to the Chairman of the Board or any
      vice president of the Company. Notices to Executive may be delivered to
      Executive in person or sent to Executive’s then-current home address as
      indicated in the Company’s records.

    

    (b)
      This
      Agreement sets forth the entire agreement of the parties concerning the subjects
      covered herein; there are no promises, understandings, representations, or
      warranties of any kind concerning those subjects except as expressly set forth
      in this Agreement.

    

    (c)
      Any
      modification of this Agreement must be in writing and signed by all parties;
      any
      attempt to modify this Agreement, orally or in writing, not executed by all
      parties will be void. 

    

    (d)
      If
      any provision of this Agreement, or its application to anyone or under any
      circumstances, is adjudicated to be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability will not affect any other
      provision or application of this Agreement which can be given effect without
      the
      invalid or unenforceable provision or application and will not invalidate or
      render unenforceable such provision or application in any other
      jurisdiction.

     

    
      
         

      

      
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    (e)
      This
      Agreement will be governed and interpreted under the laws of the United States
      of America and the laws of the State of New York as applied to contracts made
      and carried out in New York by residents of New York.

    

    (f)
      No
      failure on the part of any party to enforce any provisions of this Agreement
      will act as a waiver of the right to enforce that provision.

    

    (g)
      Section headings are for convenience only and shall not define or limit the
      provisions of this Agreement.

    

    (h)
      This
      Agreement may be executed in several counterparts, each of which is an original.
      It shall not be necessary in making proof of this Agreement or any counterpart
      hereof to produce or account for any of the other counterparts. A copy of this
      Agreement signed by one party and faxed to another party shall be deemed to
      have
      been executed and delivered by the signing party as though an original. A
      photocopy of this Agreement shall be effective as an original for all
      purposes.

    

    (i)
      If
      the company stock (TNEN.OB) trades at the average price of over $2 or more
      per
      share during a minimum period of 30 calendar days, executive shall be entitled
      to review of employment agreement.

    

    13.
      Summary of Terms of Employment 

    

      
        	
                Effective
                  Date

              	
                June
                  5th,
                  2008

              
	 	 
	
                Term

              	
                One
                  year, renewable

              
	 	 
	
                Office
                  / Position

              	
                President

              
	 	 
	
                Salary

              	
                $10,000
                  per month 

              

      

    

     

    This
      Agreement contains provisions requiring binding arbitration of disputes. By
      signing this Agreement, Executive acknowledges that he or she (i) has read
      and
      understood the entire Agreement; (ii) has received a copy of it (iii) has had
      the opportunity to ask questions and consult counsel or other advisors about
      its
      terms; and (iv) agrees to be bound by it.

    

    Executed
      to be effective as of the Effective Date.

    

    Cobra
      Oil
& Gas Company

    

    

    By:
      /s/
      Massimiliano Pozzoni 

    Name:
      Massimiliano Pozzoni

    Title:
      President

    

    
      
         

      

      
        72008
      EMPLOYMENT AGREEMENT  

    

    Columbia
      Bancorp - Roger L. Christensen 

    

    This
      Employment Agreement (the "Agreement") is made and entered into this 16th day
      of
      April, 2008 by and between Columbia Bancorp, an Oregon corporation and bank
      holding company (“Bancorp”) and Roger L. Christensen ("Employee").

    

    RECITALS

    

    (1) Bancorp
      is an Oregon corporation and is the holding company of Columbia River Bank,
      a
      state-chartered Oregon financial institution. Bancorp’s principal office is at
      401 East Third Street, Suite 200, The Dalles, Oregon 97058.

    

    (2) Bancorp
      desires to employ Employee as an officer of Bancorp and of its subsidiary
      Columbia River Bank (the “Bank”) on the terms and conditions set forth herein.

     

    Now,
      therefore, it is agreed:

    

    1. Relationship
      and Duties.

    

    1.1 Employment
      and Title.
      Bancorp
      shall employ Employee as an officer of Bancorp with the title of President
      and
      Chief Executive Officer of Columbia Bancorp and Chief Executive Officer of
      Columbia River Bank. Subject to the terms and conditions hereof, employee shall
      perform such duties and exercise such authority as are customarily performed
      and
      exercised by persons holding such office, subject to the general direction
      of
      the Boards of Directors of Bancorp and the Bank. Such services and duties shall
      be exercised in good faith and in accordance with standards of reasonable
      business judgment. As used herein, references to “Bancorp” shall be deemed to
      also refer to and include the Bank where the context requires. 

     

    1.2 Duties;
      Conflicts. Employee
      shall devote his full time, attention and efforts to the diligent performance
      of
      his duties as an officer of Bancorp. Employee will not accept employment with
      any other individual, corporation, partnership, governmental authority or any
      other entity, or engage in any other venture for profit which Bancorp, or any
      subsidiary, parent, sister or affiliated corporation of Bancorp, considers
      to be
      in conflict with their best interests or to be in competition with their
      business, or which may interfere in any way with Employee's performance of
      his
      duties hereunder.

    

    1.3 Service
      on Other Company Boards.
      Nothing
      in the Agreement shall prohibit Employee from serving on the board of directors
      of any profit or non-profit corporation not in direct competition with Bancorp
      or with any subsidiary, parent, sister or affiliated corporation of Bancorp.
      In
      addition, Employee may own stock in any other corporation whether or not the
      stock is publicly traded; provided, that if such corporation operates a business
      in competition with Bancorp Employee may not own more than five percent (5%)
      of
      the outstanding shares of such corporation.

     

    Page 1
      - 2008 EMPLOYMENT AGREEMENT (Columbia
      Bancorp - Christensen)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Term
      of Employment.

    

    2.1 Two-Year
      Term.
      The term
      of employment under the Agreement shall begin on April 16, 2008 and end on
      April
      15, 2010.

     

    3. Termination.

    

    3.1 Definition.
      As used
      in the Agreement, "termination" shall mean the termination of Employee's
      employment relation with Bancorp, whether initiated by Bancorp or by Employee,
      and whether for cause or without cause.

    

    3.2 Termination
      Events. Notwithstanding
      any other provisions of the Agreement, the employment of Employee shall
      terminate immediately on the earlier to occur of any of the
      following:

     

    3.2.1 Employee's
      death;

    

    3.2.2 Employee's
      complete disability. "Complete disability" as used herein shall mean the
      inability of Employee, due to illness, accident, or other physical or mental
      incapacity, to perform the services required under the Agreement for an
      aggregate of ninety (90) days within any period of 180 consecutive days during
      the term hereof; provided, however, that disability shall not constitute a
      basis
      for discharge for cause;

    

    3.2.3 The
      discharge of Employee by Bancorp for cause. "Cause" as used herein shall mean
      (i) Employee's gross negligence or willful misconduct as shall constitute,
      as a
      matter of law, a breach of the covenants and obligations of Employee hereunder;
      (ii) failure or refusal of Employee to comply with the provisions of the
      Agreement; (iii) Employee's conviction by any duly constituted court with
      competent jurisdiction of a crime (other than traffic offenses); (iv) Employee's
      malfeasance or incompetence, provided that in applying this criteria Bancorp
      shall not be unreasonable or arbitrary, and provided further that prior to
      effecting a dismissal under this Section (iv) Bancorp shall afford Employee
      with
      fair and reasonable warning and with a fair and reasonable opportunity to cure
      any defects in Employee's performance.

    

    3.3 Termination
      by Employee. Employee
      may terminate his employment with Bancorp with or without cause by giving thirty
      (30) days written notice of termination. "Cause" as used herein shall include
      Bancorp’s failure or refusal to comply with the provisions of the
      Agreement.

    

    3.4 Effect
      of Termination. The
      termination of Employee's employment shall constitute a tender by Employee
      of
      his resignation as an officer of Bancorp, and as a member of any board of
      directors or board committees of Bancorp or its affiliates if Employee is a
      member thereof at the time of termination.

    Page 2
      - 2008 EMPLOYMENT AGREEMENT (Columbia Bancorp - Christensen)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.5 Payment
      on Termination. If
      Employee's employment is terminated by Employee with or without cause, or by
      Bancorp with or without cause, Employee shall be paid all base salary and
      benefits accrued under the Agreement as of the termination date.

    

    3.6 Severance
      Payment. If
      Employee’s employment is terminated by Employee with cause, or by Bancorp
      without cause, Employee shall be paid all base salary and benefits accrued
      under
      the Agreement as of the termination date, and in addition, shall be entitled
      to
      a severance payment equal to the lesser of (i) four month’s base salary as of
      the date of termination multiplied by the number of full calendar years Employee
      has been employed by Bancorp or any predecessor thereof, or (ii) one month’s
      base salary as of the date of termination multiplied by twenty-four (24). For
      purposes of Section 3.6(i) a period of continuous full-time employment for
      six
      months or more in a calendar year shall count as a full calendar year. If for
      any period Employee has been employed simultaneously by Bancorp and by one
      or
      more of its affiliates, such period shall count only once in determining the
      severance payment under Section 3.6(i). The severance payment provided herein
      shall be paid in full within thirty (30) days of the date of Employee’s
      termination. Employee shall not be entitled to such severance payment if
      Employee’s employment is terminated by Bancorp with cause, or by Employee
      without cause, and in either such case, Employee shall only be entitled to
      receive on termination a payment equal to Employee’s base salary and benefits
      accrued under the Agreement as of the termination date, and no other
      payments.

    

    3.7 Salary
      Continuation Plan. If
      Employee’s employment is terminated by Employee with cause, or by Bancorp
      without cause, Employee shall also be entitled to any severance benefits under
      any Executive Salary Continuation Agreement between Bancorp and
      Employee.

    

    3.8. Stock
      Options. If
      Employee's employment is terminated by Employee with cause, or by Bancorp
      without cause, all stock options awarded to Employee that have not vested shall
      automatically become fully vested on the date of termination.

    

    3.9 Performance
      Bonus. If
      Employee's employment is terminated by Employee with cause, or by Bancorp
      without cause, Employee shall be paid, in addition to all other amounts payable
      under the Agreement: (i) all nonforfeitable deferred compensation, if any;
      and
      (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of
      the
      Agreement, which shall be declared earned and payable based upon performance
      up
      to, and shall be pro-rated as of, the date of termination. Employee shall not
      be
      entitled to such unpaid performance bonus payments if Employee's employment
      is
      terminated by Bancorp with cause, or by Employee without cause. 

     

    Page 3 - 2008 EMPLOYMENT AGREEMENT (Columbia Bancorp -
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    4. Compensation.

     

    4.1 Base
      Salary. For
      the
      period beginning April 16, 2008 and ending April 15, 2010, Employee shall be
      paid an annual base salary of $260,000 payable in equal bi-monthly installments
      and subject to any deductions required by law. 

    

    4.2 Performance
      Bonus. Employee
      shall be entitled to consideration for annual performance bonus compensation
      for
      each calendar year constituting a percentage of annual base salary earned from
      his employment by Bancorp during such calendar year. Bonus compensation shall
      be
      subject to any deductions required by law. The Bancorp Board shall timely,
      and
      at least once yearly, determine the amount of and the formulas and methods
      for
      establishing such bonus compensation. The amount of such bonus compensation
      shall at all times be discretionary, and Bancorp may decline to award a
      performance bonus to Employee in any year.

    

    4.2.1 Employee
      shall be entitled to a pro-rata performance bonus for less than a full year
      of
      performance if Employee's employment is terminated by Employee with cause,
      or by
      Bancorp without cause (including termination following a change of control
      as
      described in Section 7.4 of the Agreement), prior to the date on which Employee
      would otherwise be entitled to consideration for Employee’s annual performance
      bonus. In such circumstances, such pro-rata performance bonus shall be declared
      earned and payable as of the date of termination.

     

    5. Benefits;
      Purchase of Shares.

    

    5.1 Eligibility
      for General Benefits.
      Employee
      shall be eligible to participate in any plan of Bancorp or its affiliates
      relating to stock options, stock purchases, profit sharing, group life
      insurance, medical coverage, education and other retirement or employee benefits
      that Bancorp or its affiliates may adopt for the benefit of employees.

    

    5.2 Car
      Allowance. Employee
      shall receive the use of Bank-owned vehicle in accordance with Bank
      policies.

    

    5.3 Additional
      Benefits.
      Employee
      shall be eligible to participate in any other benefits which may be or become
      applicable to Bancorp’s executive employees of similar rank. In addition,
      Employee shall be entitled to: (i) a reasonable expense account for use in
      connection with Bancorp business; and (ii) any other benefits which in Bancorp’s
      judgment are commensurate with the responsibilities and functions to be
      performed by Employee under the Agreement, including the payment of reasonable
      expenses for attendance by Employee and Employee's spouse at annual meetings
      of
      the Oregon Bankers Association. 

    

    5.4 Share
      Ownership. During
      the term of the Agreement, including extensions, Employee shall purchase shares
      of Bancorp Stock, including purchases through the exercise of stock options,
      in
      accordance with the share ownership policies and requirements established by
      Bancorp management in effect from time to time for employees of comparable
      rank.

     

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    6. Vacations
      and Leaves. 

    

    6.1 Paid
      Vacation. During
      the term of the Agreement, Employee shall be entitled to annual paid vacation
      benefits identical to those offered to employees of Bancorp holding executive
      vice president or higher positions. The timing of vacations shall be scheduled
      in a reasonable manner by Employee. Employee shall not be entitled to receive
      any additional compensation from Bancorp on account of his failure to take
      a
      vacation, and may not accumulate unused vacation time from one calendar year
      to
      the next.

    

    6.2 Leaves
      With or Without Pay. The
      Bancorp Board may grant Employee a leave or leaves of absence, with or without
      pay, at such time or times and upon such terms and conditions as the Board
      may
      determine.

    

    6.3 Mandatory
      Absence. In
      each
      calendar year Employee shall be absent from Bancorp for one period of two
      consecutive weeks. Such period may include vacation, leave, sick leave,
      attendance at seminars or conventions, or any combination thereof. 

    

    7. Change
      of Control.

    

    7.1 Survival
      of Rights.
      Employee's rights on termination of employment under Section 3 of the Agreement,
      as well as all other rights of Employee under the Agreement or applicable law,
      shall survive a change of control of Bancorp or Bank whether or not Employee
      opposed or favored the change of control.

     

    7.2 Rights
      on Change of Control.
      If a
      change of control of Bancorp or Bank occurs while the Agreement is in effect,
      Employee shall have ninety (90) days following the date such change of control
      becomes effective to elect to terminate Employee’s employment with cause. If
      Employee so elects to terminate, such termination shall constitute a termination
      by Employee with cause, and Employee shall receive all payments and benefits
      due
      to Employee on termination by Employee with cause under Section 3 of the
      Agreement. Notwithstanding the foregoing, if following such change of control
      Employee is offered a position of employment either substantially equivalent
      to
      Employee’s compensation and position prior to the change of control, or an
      executive officer position with significant responsibility and compensation
      commensurate (and substantially equivalent to his previous compensation) with
      such responsibility, and Employee elects nevertheless to termination Employee’s
      employment under this Section 7.2, Employee shall be entitled to a maximum
      severance payment under Section 3.6 equal to one month’s base salary as of the
      date of termination multiplied by nine (9).

    

    7.3 Base
      Compensation.
      Following a change of control, Bancorp shall not reduce Employee’s base
      compensation in effect prior to the effective date of the change of control
      for
      a period of time equal to the greater of (i) twenty four (24) months from the
      effective date of the change of control; (ii) one (1) month for each full
      calendar year Employee has been employed by Bancorp; or (iii) the remaining
      term
      of the Agreement, including any extensions thereof. For purposes of this
      Subsection 7.3, a period of continuous full-time employment for six months
      or
      more in a calendar year shall count as a full calendar year.

     

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    7.4 Termination
      Without Cause. If
      following a change of control Bancorp terminates Employee’s employment within
      two (2) years of the effective date of the change of control because of a
      reduction in force or for any other reason, other than for cause pursuant to
      Section 3.3 of the Agreement, such termination shall constitute a termination
      by
      Bancorp without cause, and Employee shall receive all payments and benefits
      due
      to Employee on termination under the Agreement, plus: (i) all non-forfeitable
      deferred compensation, if any; and (ii) unpaid performance bonus payments,
      if
      any, payable under Section 4.2 of the Agreement, which shall be declared earned
      and payable based upon performance up to, and shall be pro-rated as of, the
      date
      of termination.

     

    7.5 Options
      and Stock.
      If
      Employee is a participant in a restricted stock plan or share option plan,
      and
      such plan is terminated involuntarily as a result of the change of control,
      all
      stock and options shall be declared fully vested and shall be paid, awarded
      or
      otherwise distributed. With respect to any unexercised options under any stock
      option plan, such options may be exercised within the period provided in such
      plan. Effective as of the date of the change of control, any holding period
      established for stock paid as bonus or other compensation shall be deemed
      terminated, except as otherwise provided by law. 

    

    7.6 Relocation. If
      relocation is required by the acquiring institution the relocation package
      option will be at the choice of the Employee. He/She may pick Columbia’s
      relocation package at the time of the merger or the package offered by the
      acquiring company. This option is available for one year from the merger
      date.

    

    7.7 Definition.
      As used
      in this Section, "control" shall mean the acquisition during Employee’s
      employment of twenty-five percent (25%) or more of the voting securities of
      Bancorp or Bank by any person, or persons acting as a group within the meaning
      of Section 13(d) of the Securities Exchange Act of 1934, or to such acquisition
      of a percentage between ten percent (10%) and twenty-five percent (25%) if
      the
      Board or the Comptroller of the Currency, the FDIC, or the Federal Reserve
      Bank
      have made a determination that such acquisition constitutes or will constitute
      control of Bancorp or Bank. The term "person" refers to an individual,
      corporation, bank, bank holding company, or other entity, but excludes any
      Employee Stock Ownership Plan established for the benefit of employees of
      Bancorp or any of its subsidiaries or other affiliates. 

    

    8. Post
      Termination Covenants.

    

    8.1 Non-Compete
      Covenants.
      If
      Employee terminates his employment without cause, or if Employee's employment
      is
      terminated by Bancorp for cause, then for one year from the date of such
      termination Employee will not, without the prior written consent of
      Bancorp:

     

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    8.1.1 Undertake
      full or part-time work, either as an employee or as a consultant, for another
      financial institution if such work is to be done, in whole or in part, in or
      from an office or other work site in Yamhill, Wasco, Hood River, Jefferson,
      Deschutes, Sherman or Gilliam Counties, Oregon, in Klickitat County, Washington,
      or in any other county in Oregon or Washington in which Bancorp or any of its
      affiliates has a place of business at the time of termination; or  

    

    8.1.2 Hire
      for
      any financial institution or other employer (including himself) any employee
      of
      Bancorp or any of its affiliates, or directly or indirectly cause such an
      employee to leave his or her employment to work for another employer, if such
      employee is to work in or from an office or other work site in Yamhill, Wasco,
      Hood River, Jefferson, Deschutes, Sherman or Gilliam Counties, Oregon, in
      Klickitat County, Washington, or in any other county in Oregon or Washington
      in
      which Bancorp or any of its affiliates has a place of business at the time
      of
      termination.

     

    8.2 Liquidated
      Damages for Breach of Non-Compete Covenants; Other Remedies.
If
      Employee breaches the covenants of Section 8.1, Employee shall be liable to
      Bancorp for liquidated damages equal to the lesser of (i) $18,000, or (ii)
      $1,500 multiplied by the number of months (including fractions thereof) between
      the date of breach and one year from the date of Employee’s termination of
      employment. For example, if the date of breach occurs six months after the
      date
      of Employee’s termination, liquidated damages shall be $9,000 (6 x $1,500). The
      parties agree that Bancorp’s actual money damages upon Employee’s breach will be
      difficult to compute, and further agree that the liquidated damages formula
      provided herein reasonably represents Bancorp’s actual money damages. Employee
      shall pay the liquidated damages required hereunder within ten (10) days of
      the
      date Bancorp makes written demand for such payment. Nothing herein shall
      preclude Bancorp from enforcing any other legal or equitable remedies it may
      have upon Employee’s breach, including injunctive relief. Such other remedies
      may be enforced in addition to Bancorp’s right to liquidated damages under this
      Section. 

    

    8.3 Limitation.
      The
      covenants in Sections 8.1 and 8.2 do not apply if Employee terminates his
      employment for cause, if Employee terminates his employment for any reason
      within ninety (90) days after the effective date of a change of control within
      the meaning of Section 7 of the Agreement, or if Employee's employment is
      terminated by Bancorp without cause.

    

    8.4 Additional
      Covenants.
      The
      following provisions shall apply and be binding on Employee following Employee’s
      termination of employment under all circumstances, whether termination occurred
      with cause, without cause, following illness or disability, because of a change
      of control, or for any other reason:

     

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    8.4.1 Employee
      shall fully cooperate in the defense or prosecution of any litigation arising
      from or relating to matters about which Employee has knowledge based on his
      employment or other work, paid or unpaid, for Bancorp and its affiliates. To
      the
      extent allowed by law Employee shall receive reasonable compensation in
      connection with his performance under this Section 8.4.1;

    

    8.4.2 Employee
      shall at all times keep all confidential and proprietary information gained
      from
      his employment by Bancorp, or from other previous, present or subsequent paid
      or
      unpaid work for Bancorp and its affiliates, in strictest confidence, and will
      not disclose or otherwise disseminate such information to anyone, other than
      to
      employees of Bancorp or its affiliates, except as may be required by law,
      regulation or subpoena; and

    

    8.4.3 Employee
      shall not take or use for any purpose confidential or proprietary information
      of
      Bancorp or its affiliates, including without limitation customer or potential
      customer lists and trade secrets.

    

    8.5 Advancement
      of Employee. Employee
      acknowledges and agrees that the Agreement constitutes a bona fide advancement
      of Employee with the Employer under ORS 653.295 in several respects, including
      without limitation an increase in base salary and benefits.

     

    9. Miscellaneous.

    

    9.1 Recitals;
      Law; Amendments.
      Each and
      every portion of the Agreement is contractual and not a mere recital, and all
      recitals shall be deemed incorporated into the Agreement. The Agreement shall
      be
      governed by and interpreted according to Oregon law and any applicable federal
      law. The Agreement may not be amended except by a subsequent written agreement
      signed by all parties hereto.

    

    9.2 Entire
      Agreement.
      The
      Agreement contains the entire understanding and agreement of the parties with
      respect to the parties' relationship, and all prior negotiations, discussions
      or
      understandings, oral or written, are hereby integrated herein. No prior
      negotiations, discussions or agreements not contained herein or in such
      documents shall be binding or enforceable against the parties.

    

    9.3 Counterparts.
      The
      Agreement may be signed in several counterparts. The signature of one party
      on
      any counterpart shall bind such party just as if all parties had signed that
      counterpart. Each counterpart shall be considered an original. All counterparts
      of the Agreement shall together constitute one original document.

    

    9.4 Successors
      and Assigns. All
      rights and duties of Bancorp under the Agreement shall be binding on and inure
      to the benefit of Bancorp’s successors and assigns, including any person or
      entity which acquires a controlling interest in Bancorp and any person or entity
      which acquires all or substantially all of Bancorp’s assets. Bancorp and any
      such successor or assign shall be and remain jointly and severally liable to
      Employee under the Agreement. Employee may not assign or transfer Employee's
      rights or interests in or under the Agreement other than by a will or by the
      laws of descent and distribution. The Agreement shall inure to the benefit
      of
      and be enforceable by Employee's estate or legal representative.

     

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    9.5 Waiver.
      Any
      waiver by any party hereto of any provision of the Agreement, or of any breach
      thereof, shall not constitute a waiver of any other provision or of any other
      breach. If any provision, paragraph or subparagraph herein shall be deemed
      invalid, illegal or unenforceable in any respect, the validity and
      enforceability of the remaining provisions, paragraphs and subparagraphs shall
      not be affected.

    

    9.6 Arbitration.
      Any
      dispute, controversy, claim or difference concerning or arising from the
      Agreement or the rights or performance of either party under the Agreement,
      including disputes about the interpretation or construction of the Agreement,
      shall be settled through binding arbitration in the State of Oregon and in
      accordance with the rules of the American Arbitration Association. A judgment
      upon the award rendered in such arbitration may be entered in any court of
      competent jurisdiction. 

    

    9.7 Employee
      Handbook. Employee
      agrees to be bound by the terms and conditions of any employee handbook of
      Bancorp or its affiliates as may be in effect from time to time, except that
      in
      the event of a conflict between such employee handbook and the Agreement, the
      Agreement shall control. 

    

    9.8 Captions.
      All
      captions, titles and headings in the Agreement are for convenience only, and
      shall not be construed to limit any term of the Agreement.

    

    9.9 Definition.
      When
      used herein in reference to a corporation, “affiliate” shall mean, without
      limitation, any parent or subsidiary of the corporation and any entity
      controlled by the corporation. 

     

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    9.10 Exceptions.
      The
      Bancorp Board or the management of Bancorp may, in its discretion, make
      exceptions to one or more of the conditions contained in the Agreement, provided
      that any such exceptions must be approved in writing.

     

    
      	
                

            
	
              Employee

            
	 	 
	
              Date:

            	  

	 	 
	
              COLUMBIA
                BANCORP

            
	 	 
	
              By:

            	
               
                

            
	 	 
	
              Title:

            	
                

            

    

     

    Page 10 - 2008 EMPLOYMENT AGREEMENT (Columbia Bancorp -
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