Document:

Form of Restricted Stock Agreement

 Exhibit 10.1 
 UMPQUA HOLDINGS CORPORATION 
 RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement is made and entered into pursuant to the terms of the 2003 Stock Incentive Plan (the “Plan”)
adopted by the Board of Directors and Shareholders of Umpqua Holdings Corporation, an Oregon corporation (the “Company”). Unless otherwise defined herein, capitalized terms defined in this Restricted Stock Agreement shall have the meanings
as defined in the Plan. 
  

			
	The “Grantee”	  	  

		
	 Target Number of Shares of the Company’s
 Common Stock Awarded
	  	  
 (the “Target Grant Shares”)

		
	 Maximum Number of Shares of the Company’s
 Common Stock Awarded
	  	  
 (the “Maximum Grant Shares”)

		
	“Date of Award”	  	1/27/2012
		
	Price Paid by Grantee per Share	  	$ 0
		
	Fair Market Value per Share on Date of Award	  	$ 12.28
		
	Repurchase Price per Share	  	$ 0.001
		
	“Vesting Schedule”	  	Per the attached Schedule A

  

	1.	AWARD OF RESTRICTED STOCK GRANT 

 The Company hereby awards to the Grantee and the Grantee accepts the award of a Restricted Stock Grant of the number of shares of Common Stock of the Company specified above as the Target Grant Shares.
This Restricted Stock Grant is being made as part of the Grantee’s compensation package without the payment of any consideration other than the Grantee’s services to the Company and payment of the Price Paid by the Grantee per Share
specified above, if any. The Award is being made pursuant to the Plan and is subject to and conditioned upon the terms and conditions of the Plan and the terms and conditions set forth in this Agreement. Any inconsistency between this Agreement and
the terms and conditions of the Plan will be resolved in accordance with the Plan. As used herein, the term “Grant Shares” refers to Target Grant Shares and Maximum Grant Shares. 

 

	2.	REPRESENTATIONS OF THE GRANTEE 

 2.1 No Representations by or on Behalf of the Company. The Grantee is not relying on any representation, warranty or statement made by the Company or any agent, employee or officer, director,
shareholder or other controlling person of the Company regarding the Grant Shares or this Restricted Stock Grant. 

  

			
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 2.2. Tax Election. The Company has advised the Grantee to seek the Grantee’s own
tax and financial advice with regard to the federal and state tax considerations resulting from the Grantee’s receipt of the Grant Shares pursuant to the Award. The Grantee is making the Grantee’s own determination as to the advisability
of making a Section 83(b) election with respect to the Target Grant Shares covered by the Award and this Agreement. The Grantee understands that the Company will report to appropriate taxing authorities the payment to the Grantee of
compensation income either (i) upon the vesting of Shares or (ii) if the Grantee makes a timely Section 83(b) election, as of the Date of the Award. The Grantee understands that he or she is solely responsible for the payment of all
federal and state taxes resulting from this Restricted Stock Grant. With respect to Tax Withholding Amounts, the Company has all of the rights specified in Section 5 of this Agreement and has no obligations to the Grantee except as expressly
stated in Section 5 of this Agreement. 
 2.3 Agreement to Enter into Lock-Up Agreement with an Underwriter. If the
Grantee is then an executive officer of the Company, the Grantee, by accepting the Award represented by this Agreement, understands and agrees that whenever the Company undertakes a firmly underwritten public offering of its securities, the Grantee
will, if requested to do so by the managing underwriter in such offering, enter into an agreement not to sell or dispose of any securities of the Company owned or controlled by the Grantee provided that such restriction will not extend beyond 12
months from the effective date of the registration statement filed in connection with such offering. 
  

	3.	GENERAL RESTRICTIONS OF TRANSFERS OF UNVESTED SHARES 

 3.1 No Transfers of Unvested Shares. The Grantee agrees for himself or herself, his or her executors, administrators and other successors in interest that none of the Unvested Shares (as defined in
Schedule A), nor any interest therein, may be voluntarily or involuntarily sold, transferred, assigned, donated, pledged, hypothecated or otherwise disposed of, gratuitously or for consideration prior to their vesting in accordance with the Vesting
Schedule set forth in Schedule A. 
 3.2 Stock Distributions. If the Company makes any distribution of stock with respect
to the Grant Shares by way of a stock dividend or stock split, or pursuant to any recapitalization, reorganization, consolidation, merger or otherwise, and the Grantee receives any additional shares of stock in the Company (or other shares of stock
in another corporation) as a result thereof, such additional (or other) shares shall be deemed Grant Shares hereunder and shall be subject to the same restrictions and obligations imposed by this Agreement. 

3.3 Invalid Transfers. Any disposition of the Grant Shares other than in strict compliance with the provisions of this Agreement
shall be void. The Company shall not be required (i) to transfer on its books any Grant Shares which have been sold or transferred in violation of the provisions of this Section 3 or (ii) to treat as the owner of the Grant
Shares, or otherwise to accord voting, dividend or any other rights to, any person or entity to whom Grantee transferred or attempted to transfer the Grant Shares in contravention of this Agreement. 

3.4 Status of Repurchased Grant Shares. Any of the Grant Shares repurchased by the Company pursuant to this Agreement shall return
to the status of authorized, but unissued, shares of the Company. 

  

			
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	4.	REPURCHASE OF UNVESTED GRANT SHARES 

 4.1 Repurchase Right. Unless the Company gives notice to the Grantee within a period of ninety days (90) after the occurrence of any of the foregoing events (each a “Repurchase
Event”) of its intent to waive its repurchase right, the Company will repurchase the Grant Shares from the Grantee to the extent that they were Unvested on the date of the Repurchase Event: 

(i) upon the death of the Grantee; 

(ii) upon the Grantee becoming Disabled, as such term is defined in the Plan; and 

(iii) upon the Grantee ceasing, for any reason, to be an Employee, as such term is defined in the Plan, except that a
leave of absence in accordance with the Company’s sick leave, family leave or military leave policies or that is otherwise approved by the Committee that administers the Plan shall not constitute cessation of Employment provided unless the
Grantee fails to return to employment with the Company at the end of such leave in accordance with such policies or approval, or upon Grantee’s ceasing their membership in the Company’s President’s Club. 

Notwithstanding the foregoing, if the Company was not aware of the occurrence of the Repurchase Event, the ninety-day period shall not begin to run until
such time as the Company actually becomes aware of such occurrence. If the Company gives notice of its election not to repurchase the Unvested Grant Shares, this shall not bar or waive the Company’s obligation or option to exercise its
repurchase right in connection with any subsequent Repurchase Event. 
 4.2 Purchase Price and Payment. The Repurchase
Price of the Grant Shares under this Section 4 is as specified on the first page of this Agreement and shall be paid by the Company at the closing by check. 
 4.3 Closing of the Repurchase. Any shares repurchased pursuant to this Section 4 shall be transferred at a closing to be held at the principal office of the Company no later than ten
(10) days after the expiration of the ninety (90) day period specified in Section 4.1. Failure to timely remit the Repurchase Price to the Grantee shall not invalidate the Company’s repurchase obligation and right as set forth in
Section 4.1. 
 4.4 Safekeeping of Stock Certificate Until the Expiration of the Repurchase Right. Until Grant
Shares are vested in accordance with the vesting schedule set forth in Schedule A, the stock certificate representing the Grant Shares may be retained by the Company or its transfer agent. Upon the closing of any repurchase pursuant to this
Section 4, Grantee does hereby authorize and does hereby irrevocably appoint the Secretary of the Company (with full power of substitution) as Grantee’s attorney-in-fact to transfer the Grant Shares on the books of the Company and to
cancel or reissue a new certificate representing the Grant Shares in accordance with this Section 4. Upon the written request of the Grantee, the Company will deliver or cause to be delivered to the Grantee a stock certificate representing the
Grant Shares that have vested in accordance with the vesting schedule set forth in Schedule A to the extent that stock certificates for such vested shares have not previously been delivered to the Grantee. The power of attorney contained in this
Section 4.4 shall become null and void as to Grant Shares that have vested in accordance with the vesting schedule set forth in Schedule A. 
 4.5 Assignment of Rights by the Company. The Company may, in its sole discretion, assign its repurchase obligation with respect to any Unvested Grant Shares to any one or more persons without
notice to, or the prior consent of, the Grantee. 

  

			
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	5.	PROVISION FOR PAYMENT OF TAX WITHHOLDING AMOUNTS 

 5.1 Payment of Tax Withholding Amounts. Upon the vesting of the Grant Shares or upon the Grantee making a valid election under Section 83(b) of the Internal Revenue Code, the Grantee must pay
to the Company or make adequate provision for the payment of all Tax Withholding as such term is defined in the Plan. By accepting the Award represented by this Agreement, the Grantee shall be deemed to have consented to the Company withholding the
amount of any Tax Withholding from any amounts payable by the Company to the Grantee. No shares of Common Stock will be released from the restrictions on their transfer under Section 3 of this Agreement unless and until payment or adequate
provision for payment of the Tax Withholding has been made. If the Company later determines that additional Tax Withholding was or has become required beyond any amount paid or provided for by the Grantee, the Grantee will pay such additional amount
to the Company immediately upon demand by the Company. If the Grantee fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the Grantee, including salary or any bonus. 

5.2 Alternative Provisions for the Payment of Tax Withholding Amounts. The Grantee may elect to pay all or any portion of the Tax
Withholding (i) by surrender of shares of Common Stock (including vested Grant Shares) valued at their Fair Market Value as such term is defined in the Plan, (ii) by authorizing a duly registered and licensed broker-dealer to sell shares
of Common Stock that are vested or vesting under this Agreement (or, at least a sufficient portion thereof) and instructing such broker-dealer to immediately remit to the Company a sufficient portion of the proceeds from such sale to pay the Tax
Withholding (iii) by the surrender of other securities of the Company in the manner specified in Section 8.4 of the Plan, or (iv) any combination of the foregoing. 

 

	6.	MISCELLANEOUS PROVISIONS 

6.1 Specific Performance. The parties hereby acknowledge and agree that it is impossible to measure in money the damages which will
be suffered by a party hereto by reason of any breach by another party of any term of this Agreement, that the Company and its common stock are unique and that a non-breaching party will suffer irreparable injury if this Agreement is not
specifically performed. Accordingly, the parties hereto acknowledge that a non-breaching party shall, in addition to all other remedies available hereunder or at law, be entitled to equitable relief (including without limitation preliminary and
permanent injunctive relief) to enforce the terms of this Agreement. 
 6.2 No Rights to Continued Employment. Nothing
contained herein shall confer upon Grantee any right to continue in the employ of the Company or continue in their position, and the Company reserves all rights to discharge or demote Grantee for any reason whatsoever, with or without cause, as an
at-will employee, subject to the terms of any other written agreement that may exist between the Company and Grantee. 
 6.3
Amendment and Modification. This Agreement may be amended, modified and supplemented only by written agreement of all of the parties hereto. 
 6.4 Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, but
neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by the Grantee without the prior written consent of the Company. 
 6.5 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the internal laws of the State of Oregon applicable
to the construction and enforcement of contracts wholly executed in Oregon by residents of Oregon and wholly performed in Oregon. Any action or proceeding brought by any party hereto shall be brought only in a state or federal court of competent
jurisdiction located in the County of Multnomah in the State of Oregon and all parties hereto hereby submit to the in personal jurisdiction of such court for purposes of any such action or procedure. 

  

			
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 6.6. Arbitration. The parties agree to submit any dispute arising under this
Agreement to final, binding, private arbitration in Portland, Oregon. This includes not only disputes about the meaning or performance of the Agreement, but disputes about its negotiation, drafting, or execution. The dispute will be determined by a
single arbitrator in accordance with the then-existing rules of arbitration procedure of Multnomah County, Oregon Circuit Court, except that there shall be no right of de novo review in Circuit Court and the arbitrator may charge his or her standard
arbitration fees rather than the fees prescribed in the Multnomah County Circuit Court arbitration procedures. The proceeding will be commenced by the filing of a civil complaint in Multnomah County Circuit Court and a simultaneous request for
transfer to arbitration. The parties expressly agree that they may choose an arbitrator who is not on the list provided by the Multnomah County Circuit Court Arbitration Department, but if they are unable to agree upon the single arbitrator within
ten days of receipt of the Arbitration Department list, they will ask the Arbitration Department to make the selection for them. The arbitrator will have full authority to determine all issues, including arbitrability, to award any remedy, including
permanent injunctive relief, and to determine any request for costs and expenses in accordance with Section 6.7 of this Agreement. The arbitrator’s award may be reduced to final judgment in Multnomah County Circuit Court. The complaining
party shall bear the arbitration expenses and may seek their recovery if it prevails. Notwithstanding any other provision of this Agreement, an aggrieved party may seek a temporary restraining order or preliminary injunction in Multnomah County
Circuit Court to preserve the status quo during the arbitration proceeding. 
 6.7 Attorney Fees. If any suit, action, or
proceeding is instituted in connection with any controversy arising out of this Agreement or the enforcement of any right hereunder, the prevailing party will be entitled to recover, in addition to costs, such sums as the court or arbitrator may
adjudge reasonable as attorney fees, including fees on any appeal. 
 6.8 Headings. The headings of the sections and
subsections of this Agreement are inserted for convenience only and shall not constitute a part hereof. 
 6.9 Entire
Agreement. This Agreement and the Plan embody the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein and supersedes all prior written or oral communications or agreements all of which are
merged herein. There are no restrictions, promises, warranties, covenants, or undertakings, other than those expressly set forth or referred to herein. 
 6.10 No Waiver. No waiver of any provision of this Agreement or any rights or obligations of any party hereunder shall be effective, except pursuant to a written instrument signed by the party or
parties waiving compliance, and any such waiver shall be effective only in the specific instance and for the specific purpose stated in such writing. 
 6.11 Severability of Provisions. In the event that any provision hereof is found invalid or unenforceable pursuant to judicial decree or decision, the remainder of this Agreement shall remain valid
and enforceable according to its terms. 

  

			
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 6.12 Notices. All notices or other communications pursuant to this Agreement shall be
in writing and shall be deemed duly given if delivered personally or by courier service, or if mailed by certified mail, return receipt requested, prepaid and addressed to the Company executive offices to the attention of the Corporate Secretary, or
if to the Grantee, to the address maintained by the personnel department, or such other address as such party shall have furnished to the other party in writing. 
 IN WITNESS WHEREOF, the Grantee and the Company have executed this Agreement effective as of the Date of Award. 
  

					
	The GRANTEE	  	  
  

					
			
		  	Type or Print Name:	  	 

					
			
		  	Social Security Number:	  	 

  

					
	COMPANY	  	UMPQUA HOLDINGS CORPORATION
			
		  	By:	  	  

  

  

			
	Restricted Stock Agreement – PSA Vesting - Jan 2012	 	6

 RESTRICTED STOCK AGREEMENT 

Schedule A – Vesting Schedule 
 Grant Shares Awarded under the Restricted Stock Agreement to which this Schedule A is attached shall vest in accordance with the following conditions. Grant Shares that have not yet vested in accordance
with the vesting schedule set forth herein, are referred to in the Restricted Stock Agreement as “Unvested Shares.” 

Performance-Based and Accelerated Vesting. Under the Restricted Stock Agreement to which this Vesting Schedule is attached, Grant Shares
shall vest only in accordance with the following provisions: 
  

	A.	For the purposes of this Vesting Schedule, the terms below have the following meanings: 

“Final Closing Price” means in the case of the Company the closing price of a share of the Company’s common stock,
and in the case of the KRXTR the closing price of the KRXTR (symbol “KRXTR”). 
 “Initial Closing
Price” means, in the case of the Company $12.28, and in the case of the KRXTR $52.55 (using the symbol “KRXTR”). 
 “KRXTR” means the KBW Regional Banking Total Return Index, or such other similar index as selected by the Committee should the KBW Regional Banking Total Return Index cease to be
available. 
 “Retirement” means termination of employment after becoming eligible for retirement by reaching
age 62 and having 5 years of continuous service. 
 “TSR” means the cumulative total shareholder return as
measured by dividing the sum of the cumulative amount of dividends for the TSR Period, assuming dividend reinvestment, and the difference between the Initial Closing Price and the Final Closing Price, by the Initial Closing Price. 

“TSR Performance” compares the Company’s TSR to the KRXTR TSR, each converted into a fixed investment, stated in
dollars, assuming $100.00 was invested at the Initial Closing Price at the commencement of TSR Period. 
 TSR Performance, for
the purposes of determining vesting, is the quotient resulting from dividing Company TSR Performance by KRXTR TSR Performance. 

Company TSR Performance and KRXTR TSR Performance are calculated in the same manner as the performance of the Company’s common stock
in the Stock Performance Graph presented in the Company’s Annual Report on Form 10-K as required by Item 201(e) of SEC Regulation S-K except that the measurement period is three years for the purposes of this Agreement and five years for
the Stock Performance Graph. 
 “TSR Period” means the three-year period ending on January 27, 2015.

  

			
	Restricted Stock Agreement – PSA Vesting - Jan 2012	 	7

	B.	The vesting of Grant Shares shall be conditioned upon the satisfaction of a performance vesting requirement based on TSR Performance. Unless earlier vested in
accordance with Sections C or D of this Vesting Schedule, Target Grant Shares shall become vested, provided Grantee is employed by the Company at the end of the TSR Period and upon the written certification by the Committee, or its delegate, of the
achievement of the performance goal of TSR Performance, in accordance with the applicable Vesting Percentage specified for TSR Performance in the following schedule: 

 

			
	 TSR Performance
	  	 Vesting Percentage of

Target Grant Shares

	Lower than 60%	  	0%
		
	60%	  	25%
		
	between 60% and 100%	  	**
		
	 100% (the Company TSR Performance equals or

exceeds the KRX TSR Performance)
	  	100%
		
	Above 100%	  	***

  

	**	When TSR Performance is between 60% and 100%, such results will be interpolated on a straight-line basis to determine the applicable Vesting Percentage. For example,
80% TSR Performance represents the midpoint of TSR Performance and would result in the midpoint of the Vesting Percentage, or 62.5%. 

	***	When TSR Performance is between 100% and 125%, the applicable Vesting Percentage shall be equal to the TSR Performance. If TSR Performance exceeds 125%, the Vesting
Percentage shall be 125%. In no event shall the total vested shares exceed the Maximum Grant Shares. 

  

	C.	Notwithstanding Section B of this Vesting Schedule, upon the consummation of a Change of Control Transaction, as such term is defined in the Plan, all of the Target
Grant Shares that remain unvested shall become vested. 

  

	D.	Notwithstanding Section B of this Vesting Schedule, upon Retirement by the Grantee, death or Disability of the Grantee, or a termination of employment by the Grantee
for “good reason” (as defined in the Grantee’s Employment Agreement with the Company) prior to the end of the TSR Period, a percentage of the unvested Target Grant Shares, rounded to the nearest whole share, shall vest as of the date
of such termination and become exercisable, with such percentage equal to the number of months of service by the Grantee during the TSR Period divided by 36. 

 Notwithstanding the foregoing: (i) no additional Grant Shares will vest after the occurrence of any Repurchase Event; and (ii) the number of Grant Shares vesting above shall automatically be
adjusted as appropriate to reflect any stock dividend, stock-split, combination of shares or other similar event as referred to in Section 10.1 of the Plan. 

  

			
	Restricted Stock Agreement – PSA Vesting - Jan 2012	 	8Restricted Stock Unit Agreement

 Exhibit 10.2 
 LONG TERM INCENTIVE 
 RESTRICTED STOCK UNIT AGREEMENT 

This Long Term Incentive Restricted Stock Unit Agreement (this “Agreement”) is made and entered into as of the Grant Date
indicated below pursuant to the terms of the 2007 Long Term Incentive Plan (the “Plan”) of Umpqua Holding Corporation (the “Company”) by and between the Company and the person named below as the Participant. 

 

			
	The “Participant”	  	Raymond P. Davis
		
	Target Number of Restricted Stock Units (“Target Units”)	  	20,000
		
	Maximum Number of Restricted Stock Units	  	25,000
		
	“Grant Date”	  	January 27, 2012
		
	“Settlement Date”	  	February 15, 2015
		
	Performance Vesting	  	See Exhibit A

 The Company hereby awards to the Participant and the Participant accepts the right to receive shares of
the Company’s Common Stock (“Stock”) on the Settlement Date, or such earlier date as provided herein, to the extent Units are vested in accordance with the terms hereof. This Award (“Award”) is being made as part of the
Participant’s compensation package without the payment of any consideration other than the Participant’s services as an employee. 
 The terms and conditions of this Award are set forth on the following pages of this Agreement subject to the terms and conditions of the Plan. 

 

					
	UMPQUA HOLDINGS CORPORATION	  	PARTICIPANT:
			
	By:	 	  
	  	  

		 	Peggy Y. Fowler, Compensation Committee Chair	  	Raymond P. Davis

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 1 of 9

 Long Term Incentive Restricted Stock Unit Award 

Terms and Conditions 
  

	1.	Definitions. 

Unless otherwise defined herein, capitalized terms used in this Agreement have the meanings set forth in the Plan. 

1.1. “Agreement” has the meaning given on page 1 hereof. 

1.2. “Award” means this Long Term Incentive Restricted Stock Unit Award. 

1.3. “Cause” means the definition of “Cause” stated in the Participant’s employment agreement with the
Company. 
 1.4. “Code” has the meaning given in the Plan. 

1.5. “Company” means Umpqua Holdings Corporation. 

1.6. “Disability” means the definition of “Disability” stated in the Participant’s employment agreement
with the Company. 
 1.7. “Grant Date” means the date of the grant of the Award, as specified on page 1 hereof.

 1.8. “Good Reason” means the definition of “Good Reason” stated in the Participant’s
employment agreement with the Company. 
 1.9. “Measurement Period” means, for purposes of performance based
vesting under Section 2.1, the performance period described in Section 2.1. 
 1.10. “Measurement Start
Date” means the Grant Date 
 1.11. “Participant” means the individual identified on page 1 hereof.

 1.12. “Plan” shall have the meaning given on page 1 hereof. 

1.13. “Settlement Date” means date indicated on page 1 hereof. 

1.14. “Stock” means the Common Stock of the Company, and any successor entity. 

1.15. “Subsidiary” has the meaning given in the Plan. 

1.16. “Target Units” means the target number of Units eligible for vesting as shown on page 1. 

1.17. “Units” means the restricted stock units awarded under this Agreement. 

2.     Vesting of Units. Vesting of Units is subject to the double trigger vesting requirements which include:
(a) the performance based vesting requirements set forth in Section 2.1 and (b) the service based vesting requirement set forth in Section 2.2. 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 2 of 9

 2.1. Performance Based Vesting Requirements. 

(a) Subject to service vesting requirements under Section 2.2, vesting of the Target Units will be measured based on the
Company’s total shareholder return over the 36-month period which commenced as of the Measurement Start Date. The number of Units that vest shall be based on the vesting percentage of the Target Units, as shown on the performance vesting
schedule on Exhibit A. That percentage shall be determined based on the Company’s TSR Performance, as defined and calculated in Exhibit A. 
 2.2. Service Requirements. The service requirement for vesting shall be satisfied as set forth in Section 2.2(a) or accelerated as provided in Exhibit A: 

(a) Participant has been continuously employed by the Company or a Subsidiary through the end of the Measurement Period. (Participant
will be deemed continuously employed notwithstanding any unpaid leaves of absence if such leave of absence is in accordance with the Company or Subsidiary’s sick leave, family leave or military leave policies or that otherwise is with the prior
written approval of the Company or its Subsidiary and such leave continues only for so long as the Company or its Subsidiary has agreed and occurs only in accordance with the terms and conditions as have been required by the Company or its
Subsidiary, in each instance as determined by the Company or its Subsidiary in its sole discretion); or 
 (b) Notwithstanding
the foregoing, service-based vesting may be accelerated as described in the attached Exhibit A. 
 In the event the Participant voluntarily
terminates employment without Good Reason or is terminated by the Company for Cause prior to the Settlement Date, this Agreement shall terminate without vesting of any Units. 

 

	3.	Settlement of Award and Issuance of Share Certificates. 

 3.1. Issuance of Shares of Stock. The Company shall issue to the Participant, as soon as practicable following the vesting under Section 2 and upon payment of all required Tax Withholding
pursuant to Section 4 hereof, a number of whole shares of Stock equal to the number of Units that have vested.
 3.2. No
Additional Payment Required. The Participant shall not be required to make any additional payment of consideration upon settlement of the Award. 
 3.3. Stock Certificate. The certificate for the shares of Stock as to which the Award is settled shall be registered in the name of the Participant, or, if applicable, in the names of the
beneficiaries of the Participant. The Company may at any time place legends referencing any applicable restrictions on all certificates representing shares of Stock issued upon settlement of the Award. 

3.4. Restrictions on Grant of the Award and Issuance of Shares. The grant of the Award and issuance of shares of Stock upon
settlement of the Award shall be subject to compliance with all applicable requirements of federal and state securities laws. No shares of Stock may be issued hereunder if the issuance of such shares would constitute a violation of any
applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body
having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject to the Award shall relieve the Company of any liability with respect to the failure to issue
or sell such shares as to which such requisite authority shall not have been obtained; provided, however, the Company shall undertake commercially reasonable efforts to timely obtain all such consents and approvals. As a condition to the
settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect
thereto as may be requested by the Company. In the unanticipated event the Company is unable to issue the shares of stock Participant is entitled within seven months of the settlement date, the Company shall pay Participant the cash equivalent value
of such shares based upon the fair market value of the common stock on the date of the cash payment. 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 3 of 9

 3.5. Fractional Shares. The Company shall not be required to issue fractional
shares upon the settlement of the Award. 
 3.6. 409A. Notwithstanding any provision of this Agreement to the contrary,
if, at the time of Participant’s “separation of service” with the Company, he is a “specified employee” as such terms are defined in Section 409A of the Internal Revenue Code and regulations promulgated thereunder, and
one or more of the payments or benefits received or to be received by Participant pursuant to this Agreement would constitute “deferred compensation” subject to Section 409A, no such payment or benefit will be provided under this
Agreement until the earlier of (a) the date that is six (6) months following Participant’s termination of employment with the Company, or (b) the Participant’s death, unless the payment or distribution is exempt from the
application of Section 409A. 
  

	4.	Payment of Tax Withholding Amounts. 

 4.1. Tax Withholding. At the time the Award is settled, the Participant will be required to remit to the Company an amount sufficient to satisfy federal, state, and local taxes and FICA
withholding requirements prior to the delivery of any certificate or certificates for the Stock. The Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate
provision for, any sums required to satisfy such tax withholding obligations of the Company. 
 4.2. Alternative Provisions
for the Payment of Tax Withholding Amounts. As an alternative to the payment of Tax Withholding in cash, the Committee (as defined in the Plan), in its sole discretion, may allow the Participant to pay Tax Withholding (i) by the Company
withholding such amount from other amounts payable by the Company to the Participant, including salary, (ii) by surrender of shares of Common Stock or other securities of the Company in the manner specified in Section 6.11 of the Plan,
(iii) by the application of shares of Stock to be issued under this Agreement up to an amount not greater than the Company’s minimum statutory withholding rate for federal and state tax purposes, including payroll taxes, that are
applicable to such supplemental taxable income, or (iv) any combination of the foregoing. 
  

	5.	Restrictions on Transfer. 

 5.1. Transfer Restrictions. Prior to the full vesting of the Units, and for the shorter of (i) a 2-year period after vesting or (ii) six months after termination of Participant’s
employment, neither this Award, nor any Unit, nor any shares of Stock issued in settlement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or
the Participant’s beneficiary, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, Participant may surrender shares of Stock in accordance with Section 4.2 above for the limited purpose of paying Tax
Withholding on the shares of Stock issued pursuant to this Agreement. 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 4 of 9

 5.2. Safekeeping of Stock Certificate. During the period of any transfer restrictions
pursuant to Section 5.1, the stock certificate representing the shares of Stock issued pursuant to this Agreement may be retained by the Company or its transfer agent. After expiration of the transfer restriction period, upon the written
request of the Participant, the Company will deliver or cause to be delivered to the Participant a stock certificate representing shares issued pursuant to this Agreement. 

 

	6.	Adjustment of Units. 

 In the event of any change to the Stock of the Company as described in Article VII of the Plan, the number and/or kind of Units shall be adjusted in accordance with Article VII of the Plan.

 

	7.	Representations, Warranties and Covenants of the Participant. 

 7.1. No Shareholder Rights. The Participant shall have no rights as a shareholder with respect to any shares which may be issued in settlement of this Award until the date of the issuance of a
certificate for such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
 7.2. No Right to Continued Service. The Participant understands and agrees that nothing contained in this Agreement will be construed to limit or restrict the rights of the Company or of any
Subsidiary of the Company to terminate the employment of the Participant at any time, with or without cause, to change the duties of the Participant or to increase or decrease the Participant’s compensation. Without limiting the foregoing, the
Participant understands and agrees that the vesting of Units under this Agreement is directly conditioned upon the Participant continuing to be employed by the Company or a Subsidiary of the Company and that the Participant’s relationship with
the Company or a Subsidiary of the Company can be terminated at any time with or without notice to the Participant. 
 7.3.
Tax Treatment. The Company has advised the Participant to seek the Participant’s own tax and financial advice with regard to the federal and state tax considerations resulting from the Participant’s receipt of the Units or Stock
pursuant to this Award. The Participant understands that the Company will report to appropriate taxing authorities the payment to the Participant of compensation income upon settlement of the Award. The Participant understands that he or she is
solely responsible for the payment of all federal and state taxes resulting from this Award and the issuance of the Stock. 

7.4. Disclosures. The Participant acknowledges receipt of a copy of the Plan and represents that the Participant has fully
reviewed the terms and conditions of the Plan and this Agreement and has had an opportunity to obtain the advice of counsel prior to executing this Agreement. The Participant represents and warrants that the Participant is not relying upon any
representations, agreements or understandings of or with the Company except for those set forth in this Agreement. 
 7.5.
Underwriter Lock-up. The Participant agrees that whenever the Company undertakes a firmly underwritten public offering of its securities, the Participant will, if requested to do so by the managing underwriter in such offering, enter into an
agreement not to sell or dispose of any securities of the Company owned or controlled by the Participant provided that such restriction will not extend beyond 12 months from the effective date of the registration statement filed in connection with
such offering. 
  

	8.	Miscellaneous Provisions. 

 8.1. Binding Effect. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The rights and obligations of the
Company under this Agreement may be assigned without prior notice to or the consent of the Participant. The rights and obligations of the Participant under this Agreement may not be assigned by the Participant except as may be permitted by
Section 5 of this Agreement. 

  

			
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 8.2. Amendment and Waiver. This Agreement may be amended, modified and supplemented
only by written agreement signed by both the Participant and an authorized officer of the Company. No waiver of any provision of this Agreement or any rights or obligations of any party hereunder shall be effective, except pursuant to a written
instrument signed by the party or parties waiving compliance, and any such waiver shall be effective only in the specific instance and for the specific purpose stated in such writing. 

8.3. Notices. All notices or other communications pursuant to this Agreement shall be in writing and shall be deemed duly given if
delivered personally or by courier service, or if mailed by certified mail, return receipt requested, prepaid and addressed to the Company’s executive offices to the attention of the Corporate Secretary, or if to the Participant, to the address
maintained by the personnel department, or such other address as such party shall have furnished to the other party in writing. 

8.4. Governing Law and Interpretation. This Agreement will be governed by the laws of the State of Oregon as to all matters,
including but not limited to matters of validity, construction, effect, and performance, without giving effect to rules of choice of law. This Agreement hereby incorporates by reference all of the provisions of the Plan and will in all respects be
interpreted and construed in such manner as to effectuate the terms and intent of the Plan. In the event of a conflict between the terms of this Agreement and the Plan, the terms of the Plan will prevail. All matters of interpretation of the Plan
and this Agreement, including the applicable terms and conditions and the definitions of the words, will be determined at the sole and final discretion of the Committee or the Company’s Board of Directors. 

8.5. IRC Section 409A Compliance. Notwithstanding any other provision of Agreement, it is intended that any deferred
compensation benefit which is provided pursuant to or in connection with this Agreement shall be provided and issued in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to
avoid the unfavorable tax consequences provided therein for non-compliance. Any provision in this Agreement that is determined to violate the requirements of Section 409A shall be void and without effect. To the extent permitted under
Section 409A, the parties shall reform the provision, provided such reformation shall not subject the Participant to additional tax or interest and the Company shall not be required to incur any additional compensation as a result of the
reformation. In addition, any provision that is required to appear in this Agreement that is not expressly set forth shall be deemed to be set forth herein, and this Agreement shall be administered in all respects as if such provision were expressly
set forth. References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Code Section 409A. 

8.6. Attorney Fees. If any suit, action or proceeding is instituted in connection with any controversy arising out of this
Agreement or the enforcement of any right hereunder, the prevailing party will be entitled to recover, in addition to costs, such sums as the court or arbitrator may adjudge reasonable as attorney fees, including fees on any appeal. 

8.7. Arbitration. The parties agree to submit any dispute arising under this Agreement to final, binding, private arbitration in
Portland, Oregon. This includes not only disputes about the meaning or performance of the Agreement, but disputes about its negotiation, drafting, or execution. The dispute will be determined by a single arbitrator in accordance with the
then-existing rules of arbitration procedure of Multnomah County, Oregon Circuit Court, except that there shall be no right of de novo review in Circuit Court and the arbitrator may charge his or her standard arbitration fees rather than the fees
prescribed in the Multnomah County Circuit Court arbitration procedures. The proceeding will be commenced by the filing of a civil complaint in Multnomah County Circuit Court and a simultaneous request for transfer to arbitration. The parties
expressly agree that they may choose an arbitrator who is not on the list provided by the Multnomah County Circuit Court Arbitration Department, but if they are unable to agree upon the single arbitrator within ten days of receipt of the Arbitration
Department list, they will ask the Arbitration Department to make the selection for them. The arbitrator will have full authority to determine all issues, including arbitrability, to award any remedy, including permanent injunctive relief, and to
determine any request for costs and expenses in accordance with Section 8.6 of this Agreement. The arbitrator’s award may be reduced to final judgment in Multnomah County Circuit Court. The complaining party shall bear the arbitration
expenses and may seek their recovery if it prevails. Notwithstanding any other provision of this Agreement, an aggrieved party may seek a temporary restraining order or preliminary injunction in Multnomah County Circuit Court to preserve the status
quo during the arbitration proceeding. 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 6 of 9

 8.8. IRC 280G Adjustment. If the benefit payments under this Agreement, either alone
or together with other payments to which the Participant is entitled to receive from the Company, would constitute an “excess parachute payment” as defined in Section 280G of the Code, such benefit payments shall be reduced to the
largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of which benefits to reduce shall be made by the Participant, provided
the Company’s accountants confirm that such reduction satisfies the requirements of this Section. 
 8.9. Entire
Agreement. This Agreement and the Plan embody the entire agreement and understanding of the parties hereto in respect to the subject matter contained herein and supersedes all prior written or oral communications or agreements all of which are
merged herein. There are no restrictions, promises, warranties, covenants, or undertakings, other than those expressly set forth or referred to herein. 
 * * * 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 7 of 9

 EXHIBIT A 

PERFORMANCE VESTING SCHEDULE 
 RESTRICTED STOCK UNIT AGREEMENT 
 Units awarded under the Restricted Stock Unit Agreement
to which this Exhibit A is attached shall vest in accordance with the following conditions. 
 Performance-Based and Accelerated
Vesting. Under the Restricted Stock Unit Agreement to which this Exhibit A is attached, Units shall vest only in accordance with the following provisions: 
  

	A.	For the purposes of this Performance Vesting Schedule, the terms below have the following meanings: 

“Final Closing Price” means in the case of the Company the closing price of a share of the Company’s common stock,
and in the case of the KRXTR the closing price of the KRXTR (symbol “KRXTR”). 
 “Initial Closing
Price” means, in the case of the Company $12.28, and in the case of the KRXTR $52.55 (using the symbol “KRXTR”). 
 “KRXTR” means the KBW Regional Banking Total Return Index, or such other similar index as selected by the Committee should the KBW Regional Banking Total Return Index cease to be
available. 
 “Retirement” means termination of employment after becoming eligible for retirement by reaching
age 62 and having 5 years of continuous service. Participant has satisfied the conditions for Retirement. 

“TSR” means the cumulative total shareholder return as measured by dividing the sum of the cumulative amount of dividends
for the TSR Period, assuming dividend reinvestment, and the difference between the Initial Closing Price and the Final Closing Price, by the Initial Closing Price. 
 “TSR Performance” compares the Company’s TSR to the KRXTR TSR, each converted into a fixed investment, stated in dollars, assuming $100.00 was invested at the Initial Closing Price
at the commencement of TSR Period. 
 TSR Performance, for the purposes of determining vesting, is the quotient resulting from
dividing Company TSR Performance by KRXTR TSR Performance. 
 Company TSR Performance and KRXTR TSR Performance are calculated in
the same manner as the performance of the Company’s common stock in the Stock Performance Graph presented in the Company’s Annual Report on Form 10-K as required by Item 201(e) of SEC Regulation S-K except that the measurement period
is three years for the purposes of this Agreement and five years for the Stock Performance Graph. 
 “TSR
Period” means the three-year period ending on January 27, 2015. 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 8 of 9

	B.	The vesting of Units shall be conditioned upon the satisfaction of a performance vesting requirement based on TSR Performance. Unless earlier vested in accordance with
Sections C or D of this Performance Vesting Schedule, Target Units shall become vested, provided Participant has satisfied the service vesting requirements stated in the Restricted Stock Unit Agreement, and upon the written certification by the
Committee, or its delegate, of the achievement of the performance goal of TSR Performance, in accordance with the applicable Vesting Percentage specified for TSR Performance in the following schedule: 

 

			
	 TSR Performance
	  	 Vesting Percentage of

Target Units

	Lower than 60%	  	0%
		
	60%	  	25%
		
	between 60% and 100%	  	**
		
	 100% (the Company TSR Performance equals or

exceeds the KRX TSR Performance)
	  	100%
		
	Above 100%	  	***

  

	**	When TSR Performance is between 60% and 100%, such results will be interpolated on a straight-line basis to determine the applicable Vesting Percentage. For example,
80% TSR Performance represents the midpoint of TSR Performance and would result in the midpoint of the Vesting Percentage, or 62.5%. 

	***	When TSR Performance is between 100% and 125%, the applicable Vesting Percentage shall be equal to the TSR Performance. If TSR Performance exceeds 125%, the Vesting
Percentage shall be 125%. In no event shall the total vested Units exceed the Maximum Number of Restricted Stock Units. 

  

	C.	Notwithstanding Section B of this Performance Vesting Schedule, upon the consummation of a Change of Control Transaction, as such term is defined in the Plan, all of
the Target Units that remain unvested shall become vested. 

  

	D.	Notwithstanding Section B of this Performance Vesting Schedule, upon Retirement by the Participant, death or Disability of the Participant, or a termination of
employment by the Participant for “good reason” (as defined in the Participant’s Employment Agreement with the Company) prior to the end of the TSR Period, a percentage of the unvested Target Units, rounded to the nearest whole share,
shall vest as of the date of such termination and become subject to settlement and issuance of shares of Stock, with such percentage equal to the number of months of service by the Participant during the TSR Period divided by 36.

 Notwithstanding the foregoing: (i) no additional Units will vest after the occurrence of any Repurchase Event; and
(ii) the number of Units vesting above shall automatically be adjusted as appropriate to reflect any stock dividend, stock-split, combination of shares or other similar event as referred to in the Plan. 

  

			
	Long Term Incentive Restricted Stock Unit Agreement	 	Page 9 of 9

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