Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.51 
  
 BRE PROPERTIES, INC 
 NON-EMPLOYEE DIRECTOR 
 RESTRICTED STOCK AWARD AGREEMENT 
  
 THIS AGREEMENT, dated as of
                    ,              (“Grant Date”), by and between
BRE Properties, Inc., a Maryland Corporation (“Company”), and
                                 (“Director”), is entered into as
follows: 
  
 WHEREAS, Director has been elected to serve a
term as a member of the Board of Directors of Company; 
  
 WHEREAS, the Company has adopted the Second Amended and Restated Non-Employee Director Stock Option and Restricted Stock Plan (the “Plan”), a copy of which is included in the Company’s Proxy Statement dated April 4,
2003, to attract and retain the services of experienced and knowledgeable non-employee directors; and 
  
 WHEREAS, in accordance with the Plan, the director is entitled to receive such number of whole shares (“Stock”) equal to a Fair Market
Value of ($xx,xxx) subject to the restrictions stated below and as hereinafter set forth; 
  
 NOW, THEREFORE, the parties agree as follows: 
  
 1. Grant of Stock. Subject to the terms and conditions of this Agreement and of the Plan, the Company hereby grants to Director One Thousand Three Hundred Forty-Eight (1,348) shares of Stock (the “Grant
Amount”). The difference between ($xx,xxx) and the Fair Market Value of the Grant Amount shall be paid in cash. 
  
 2. Terms of Vesting. The interest of the Director in the Stock shall be fully vested on the one year anniversary of the date of this Agreement (the
“Vesting Date”) provided that, if Director voluntarily terminates as a director prior to the one year anniversary, Director shall vest in one-twelfth (1/12th) of the Grant Amount for each full calendar month from the Vesting Date until such termination. 
  
 3. Restrictions. 
  
 3.1. Restriction Period. The Stock or rights granted hereunder may not be sold, pledged or otherwise transferred until the Stock becomes vested in
accordance with Section 2. The period of time between the date hereof and the date the Stock becomes vested is referred to herein as the “Restriction Period.” 
  
 3.2. Resignation. If the Director resigns or is removed as a director prior to the Vesting Date, the unvested Stock
subject to the provisions of this Agreement shall be forfeited by the Director, and ownership transferred back to the Company. 
  
 3.3. Reorganization. In the event of a Reorganization prior to the Vesting Date, the entire Grant Amount shall vest immediately prior to such
Change of Control. 

 4. Legend. During the Restriction Period, all certificates representing any shares of Stock of the
Company subject to the provisions of this Agreement shall have endorsed thereon the following legend: “The shares represented by this certificate are subject to an agreement between the Corporation and the registered holder, a copy of which is
on file at the principal office of this Corporation.” 
  
 5. Retention of Certificate. The certificate or certificates evidencing the Stock subject hereto shall be deposited with the Secretary of the Company. The Stock may also be held in a restricted book entry account in the name of the
Director. Such certificates or such book entry shares are to be held by the Company until termination of the Restriction Period, when they shall be released by the Company to the Director, provided that Director may request that a certificate for
any Stock that has vested be released to the Director free of the legend described in Section 4. 
  
 6. Director Shareholder Rights. During the Restriction Period, the Director shall have all the rights of a shareholder with respect to the Stock
except for the right to transfer the Stock, as set forth in Section 3 and except as set forth in Section 7. Accordingly, the Director shall have the right to vote the Stock and to receive any cash dividends paid to or made with respect to the Stock.

  
 7. Changes in Stock. In the event that as a result of
(a) any stock dividend, stock split or other change in the Stock, or (b) any merger or sale of all or substantially all of the assets or other acquisition of the Company, and by virtue of any such change the Director shall in his/her capacity as
owner of unvested shares of Stock which have been awarded to Director (the “Prior Stock”) be entitled to new or additional or different shares or securities, such new or additional or different shares or securities shall thereupon be
considered to be unvested Stock and shall be subject to all of the conditions and restrictions which were applicable to the Prior Stock pursuant to this Agreement. 
  
 8. Taxes. The Director shall be liable for any and all taxes, including withholding taxes, arising out of this grant
or the vesting of Stock hereunder. The Director may elect to satisfy such withholding tax obligation by having the Company retain Stock having a Fair Market Value equal to the Company’s minimum withholding obligation and may request that the
Company withhold additional amounts by notifying Company at any time prior to issuance of the certificate evidencing the Stock of the additional amount the Director desires to have withheld. 
  
 9. Miscellaneous. 
  
 9.1. Transfers in Violation of Restrictions. The Company shall not be
required (i) to transfer on its books any shares of Stock which shall have been sold or transferred in violation of any of the provisions set forth in this Agreement, or (ii) to treat as owner of such shares or to accord the right to vote as such
owner or to pay dividends to any transferee to whom such shares shall have been so transferred. 
  
 9.2. Further Assurances. The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out
the intent of this Agreement. 

 9.3. Notices. Any notice required or permitted hereunder shall be given in writing and shall be
deemed effectively given upon delivery to the Director at such Director’s address then on file with the Company. 
  
 9.4. Entire Agreement. This Agreement, including the Plan, constitute the entire agreement of the parties with respect to the subject matter
hereof. 
  
 9.5. Defined Terms. Terms not defined herein
shall have the meaning given to them in the Plan. 
  
 IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

					
	BRE PROPERTIES, INC.	 	DIRECTOR
		
	  

	 	  

	By:	 	  

	 	  

	Its:	 	  

	 	Printed NameCompensation Arrangements

 Exhibit 10.14 
  
 COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS 
  
 Named executive officers are compensated under arrangements providing for employment at will. 
  

												
	 Name

	  	Base Salary
(effective
1/1/05)

	  	Bonus
Amount
for 2004

	  	Target Bonus
for 20051

	 	 	2005 Stock
Option
Awards2

	 Dennis Kakures
	  	$	400,000	  	$	284,737	  	86	%	 	55,000
	 Thomas Sauer
	  	$	252,000	  	$	99,971	  	66	%	 	20,000
	 Joseph Hanna
	  	$	228,000	  	$	116,156	  	71	%	 	20,000
	 Randle Rose
	  	$	182,000	  	$	79,692	  	66	%	 	12,500

	1	Target bonuses are expressed as a percentage of base salary. Target bonuses are awarded for performance and are not guaranteed. 

	2	The stock options granted to the named executive officers by the Compensation Committee were granted on January 14, 2005. The stock options have an exercise price
per share of $44.35, which was the fair market value at the time of the grant. Each executive officer’s stock options listed above will vest in equal annual installments over a five-year period.Form of Severance Agreement.

 Exhibit 10.9 
  
 SEVERANCE AGREEMENT 
  
 THIS SEVERANCE AGREEMENT (“Agreement”) is made and entered into effective this
                    , by and between COLUMBIA STATE BANK, a Washington banking corporation (the “Bank”) and
                                        
(“Executive”). 
  
 RECITALS 
  
 1. The Bank currently receives the exclusive services of Executive as its
Executive, and Executive desires that this employment relationship continue. 
  
 2. The Bank desires to provide a severance benefit to Executive (i) to encourage Executive to continue employment with the Bank; (ii) to continue obtaining Executive’s services in the event of a potential Change
in Control (as defined below) of Columbia Banking System, Inc. (“CBSI”), the parent holding company of the Bank, that may be detrimental to the Executive; and (iii) to allow CBSI to maximize the benefits obtainable by its shareholders from
any Change in Control. 
  
 In consideration of the mutual
promises, covenants, agreements and undertakings contained in this Agreement, the parties hereby contract and agree as follows: 
  
 AGREEMENT 
  
 1. Term. The term of this Agreement (“Term”) shall commence as of the date first above written and shall end on the earlier of the
termination of Executive’s employment in a manner that does not constitute a Termination Event or on the fifth anniversary of the date first above written, unless extended in writing by the parties. 
  
 2. Severance Benefit. In the case of a Termination Event, as
defined in Section 4, (i) the Bank shall pay to Executive all salary and benefits earned through the effective date of Executive’s termination and a severance benefit (“Severance Benefit”) in an amount equal to «Number»
times the amount of Executive’s then-current annual base salary, and (ii) vesting of all stock options and lapse of all restrictions with respect to restricted stock awards shall occur. Payment of the Severance Benefit shall begin, and vesting
and lapse of restrictions described in the preceding sentence shall occur, (i) in the case of a Termination Event described in paragraph 4.1, upon the effective date of termination, and (ii) in the case of a Termination Event described in paragraph
4.2, upon the effective date of the Change of Control which is then pending (or announced within sixty days of the date when the Executive’s employment terminated). The Severance Benefit shall be paid over a «Number» year period in
equal regular periodic payments without interest on the same dates that other salaried Executives of the Bank are paid. 
  
 3. Other Compensation and Terms of Employment. Except with respect to the Severance Payment, this Agreement shall have no effect on the
determination of any compensation payable by the Bank to the Executive, or upon any of the other terms of Executive’s employment with the Bank. 
  
 4. Termination Events. A Termination Event shall be deemed to occur upon, and only upon, one or more of the following: 
  
 4.1 Termination of Executive’s employment by the Bank without Cause (as
defined below) or by Executive for Good Reason (as defined below) within 730 days following the effective date of a Change of Control; or 
  
 4.2 Termination of Executive’s employment by the Bank without Cause prior to a Change of Control if such termination occurs at any time from and
after sixty days prior to the public announcement by the CBSI or any other party of a transaction which will result in a Change in Control; provided that the effective date of the Change of Control occurs within eighteen (18) months of
Executive’s termination. 
  
 5. Restrictive
Covenant. 
  
 5.1 Non-competition. Executive
agrees that, during Executive’s employment with the Bank or any of its affiliates and for a period of «Number» «Year» after commencement of the payment to Executive of the Severance Benefit, Executive will not directly
or indirectly become interested in, as a principle shareholder, director, or officer, any financial institution, now existing or organized hereafter, that competes or will compete with CBSI, the Bank or any of their affiliates (together the
“Company”), including any successor, within any county in which the Company does business; provided that Executive’s covenant 

 not to compete shall terminate in the event Executive waives the right to payment of any balance of the Severance Benefit
then payable; and provided further, that Executive shall not be deemed a “principle shareholder” unless (i) Executive’s investment in such an institution exceeds 2% of the institution’s outstanding voting securities or
(ii) Executive is active in the Organization, management or affairs of such institution. The provisions restricting competition by Executive may be waived by action of the Board. Executive recognizes and agrees that any breach of this covenant by
Executive will cause immediate and irreparable injury to the Company, and Executive hereby authorizes recourse by the Bank or CBSI to injunction and/or specific performance, as well as to other legal or equitable remedies to which either may be
entitled. 
  
 5.2 Noninterference. During the
non-competition period described in Section 5.1, Executive shall not solicit or attempt to solicit any other Executive of the Company to leave the employ of those companies, or in any way interfere with the relationship between the Company and any
other Executive of the Company. 
  
 5.3 Interpretation. If
a court or any other administrative body with jurisdiction over a dispute related to this Agreement should determine that the restrictive covenant set forth in Section 5.1 above is unreasonably broad, the parties hereby authorize and direct said
court or administrative body to narrow same so as to make it reasonable, given all relevant circumstances, and to enforce same. The covenants in this paragraph shall survive termination of this Agreement. 
  
 6. Definitions. 
  
 6.1. Cause. “Cause” shall mean only (i) willful misfeasance
or gross negligence in the performance of Executive’s duties, (ii) conduct demonstrably and significantly harmful to the Bank (which would include willful violation of any final cease and desist order applicable to the Bank), or (iii)
conviction of a felony. 
  
 6.2. Change of Control.
“Change of Control” shall mean the occurrence of one or more of the following events: 
  
 6.2.1. One person or entity acquiring or otherwise becoming the owner of twenty-five percent (25%) or more of CBSI’s outstanding common stock;

  
 6.2.2. Replacement of incumbent directors or election of
newly-elected directors constituting a majority of the Board of CBSI where such replacement or election has not been supported by the Board; or 
  
 6.2.3. Dissolution, or sale of fifty percent (50%) or more in value of the assets, of either CBSI or the Bank. 
  
 6.3. Good Reason. “Good Reason” shall mean (i) any reduction
of Executive’s salary or any reduction or elimination of any other compensation or benefit plan, which reduction or elimination is not of general application to substantially all Executives of the Bank or such Executives of any successor entity
or of any entity in control of the Bank, (ii) any changes in Executive’s authority or duties substantially inconsistent with Executive’s then office position; or (iii) any transfer to a location more than thirty miles from Executive’s
then office location. 
  
 7. Miscellaneous.

  
 7.1 This Agreement contains the entire agreement between the
parties with respect to the subject matter, and is subject to modification or amendment only upon amendment in writing signed by both parties. 
  
 7.2 This agreement shall bind and inure to the benefit of the heirs, legal representatives, successors, and assign of the parties. 
  
 7.3 If any provision of this Agreement is invalid or otherwise unenforceable,
all other provisions shall remain unaffected and shall be enforceable to the fullest extent permitted by law. 
  
 7.4 This Agreement is made with reference to and is intended to be construed in accordance with the laws of the State of Washington. Venue for any action
arising out of or concerning this Agreement shall lie in Pierce County, Washington. In the event of a dispute under this agreement, the disputes shall be arbitrated pursuant to the Superior Court Mandatory Arbitration Rules (“MAR”) adopted
by the Washington State Supreme Court, irrespective of the amount in controversy. This Agreement shall be deemed as stipulation to that effect pursuant to MAR 1.2 and 8.1. The arbitrator, in his or her discretion, may award attorney’s fees to
the prevailing party or parties. 

 7.5 Any notice required to be given under this Agreement to either party shall be given by personal
service or by depositing a copy thereof in the United States registered or certified mail, postage prepaid, addressed to the following address or such other address as addressee shall designate in writing: 
  

			
	Company:	  	Columbia Bank
	 	  	1301 ‘A’ Street
	 	  	Tacoma, WA 98402
	 	  	Attn: (Corporate Secretary)
		
	Executive:	  	Name
	 	  	Street
	 	  	City, State

  
 IN WITNESS WHEREOF,
the parties have executed this Agreement effective on the date first above written. 
  

			
	 	 	COLUMBIA STATE BANK
		
	 	 	

	 	 	Melanie J. Dressel
	 	 	President and Chief Executive Officer
		
	 	 	 EXECUTIVE

		
	 	 	  

	 	 	Name

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