Document:

FIRST AMENDED AND RESTATED CHANGE
IN CONTROL AGREEMENT

 

THIS FIRST
AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (the “Agreement”), made as of the 1st
day of December, 2008, by and between CASCADE BANCORP, an Oregon corporation (“Bancorp”),
BANK OF THE CASCADES, an Oregon state banking corporation (the “Bank”) (sometimes together
referred to as the “Company”), and MICHAEL J. DELVIN (“Delvin”).

 

RECITALS:

 

A.           Delvin
is currently serving as Executive Vice President and Chief Operating Officer of Bancorp and President and Chief Operating Officer
of the Bank.

 

B.           The
Company desires to continue to employ and retain the unique experience, abilities, and services of Delvin, and Delvin desires to
continue to be employed by the Company, subject to the terms and conditions of this Agreement.

 

C.           The
Bank and Delvin entered into that certain Change in Control Agreement dated effective January 1, 2002 (the “Original
Agreement”).

 

D.           The
Company and Delvin desire to amend and restate in its entirety the Original Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the
mutual promises, covenants and conditions contained in this Agreement, the parties hereby agree as follows:

 

1.          Term.
This Agreement shall be for a period of one year from the date hereof and shall automatically renew for additional one-year
periods thereafter unless either party gives notice of termination to the other party on or before the expiration of the immediately
preceding term.

 

2.          Compensation;
Consultation.

 

a.           Except
as set forth in Section 2.d. below, upon Delvin’s termination of employment, following both a Change in Control and a Material
Adverse Change in Employment (provided the termination of employment occurs within one (1) year prior to or eighteen (18) months
following the Change in Control), the Company shall provide severance compensation and benefits as follows:

 

(1)         The
Company shall pay Delvin an amount equal to two (2) times the sum of Delvin’s men current base salary plus an amount equal
to the product of the average of each of the prior three years’ annual cash incentive as a percent of the applicable year’s
base salary and Delvin’s then current base salary. This amount shall be calculated as follows: 2 x then current base salary
plus 2 x (the average of each of the prior three years’ annual cash incentive as a percent of the applicable year’s
base salary x then current base salary); and 

    	Page 1.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

(2)         The
Company shall, at its sole expense, for a period of eighteen (18) months following the date of termination provide Delvin with
medical, dental, disability and life insurance benefits equivalent to the benefit plans and programs available to Delvin through
the Company immediately prior to the date of termination.

 

b.           Amounts
payable pursuant to subsection (1) of Section 2.a. above shall be paid in one lump sum within 90 days of the termination and, if
Delvin is a “specified employee” as such term is defined in Section 409(A) of the Internal Revenue Code of 1986, as amended
(“Code”), or any successor section (“Code Section 409(A)”), shall bear interest at the prime rate as published
in the Wall Street Journal in effect from time to time, commencing on the date of termination until such amounts shall be paid.
Delvin may exercise no discretion with respect to the timing of the payment within such 90 day period. Amounts payable under this
Section shall be the net of amounts required to be withheld under applicable law and amounts requested to be withheld by Delvin.
Notwithstanding the foregoing, if the Company determines that Delvin is a “specified employee” within the meaning of
Code Section 409(A), and that, as a result of such status, any portion of the payment under this Agreement would be subject to
additional taxation, the Company will delay paying any payment or portion thereof until the earliest permissible date on which
payments may commence without triggering such additional taxation or penalty.

 

c.           If
any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Delvin
to incur any additional tax or interest under Code Section 409(A) or any regulations or Treasury guidance promulgated thereunder,
the Company shall, after consulting with Delvin, reform such provision to comply with Code Section 409(A); provided that the Company
agrees to make only such changes as are necessary to bring such provisions into compliance with Code Section 409(A) and to maintain,
to the maximum extent practicable, the original intent and economic benefit to Delvin of the applicable provision without violating
the provisions of Code Section 409(A).

 

d.           Upon
Delvin’s termination for Cause or due to death or Disability, or voluntary or involuntary termination under any circumstances other
than those described in Section 2.a., Delvin shall not be entitled to the compensation and benefits described in this Section 2.

 

e.           
Notwithstanding the above, if it is determined, in the opinion of the Company’s independent accountants, in consultation,
if necessary, with the Company’s independent legal counsel, that any amount paid under this Agreement due to a Change in
Control, either separately or in conjunction with any other payments, benefits and entitlements received by Delvin in respect
of a Change in Control under any other plan or agreement under which Delvin participates or to which he is a party, would constitute
an “Excess Parachute Payment” within the meaning of Section 280G of the Code, and thereby be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then in such event the Company shall pay to Delvin
a “grossing-up” amount equal to the amount of such Excise Tax. The amount will include all federal and state income
taxes with respect to the payment of the amount of such Excise Tax. Any additional Excise Tax or other tax amounts that result
from the Company providing this “grossing-up” amount will be the responsibility of Delvin and will not be paid by
the Company. The highest marginal tax rate applicable to the individual at the time of thepayment of such amounts will be used
for purposes of determining the federal and state income taxes with respect thereto. The Company shall withhold from any amounts
paid under this Agreement the amount of any Excise Tax or other federal, state or local taxes then required to be withheld with
respect to the amount paid hereunder. Computations of the amount of any grossing-up supplemental compensation paid under this
subparagraph shall be conclusively made by the Company’s independent accountants, in consultation, if necessary, with the
Company’s independent legal counsel. If, after Delvin receives any gross-up payments or other amount pursuant to this Section
2.e, Delvin receives any refund with respect to the Excise Tax, Delvin shall promptly pay the Company the amount of such refund
within ten (10) days of receipt by Delvin. 

    	Page 2.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

f.            In
the event Delvin’s employment is terminated pursuant to Section 1, by written agreement of the parties, or by resignation
of Delvin, then Delvin shall provide up to 120 hours of consulting services to the Company within the first ninety (90)
days following such termination concerning matters associated with the operation of the Company’s business. Delvin shall
keep the Company informed of his availability to perform the consulting services required under this Agreement, which services
shall be performed at such times and such places as agreed to by the parties. Delvin shall be paid for the consulting services
at an hourly rate equal to his annual base salary at the time of termination divided by 2080 for each hour worked.

 

3.          Definitions.
For purposes of this Agreement, the following terms have the definitions set forth below:

 

a.           “Change
in Control” means the occurrence of any of the following events:

 

(1)         Any
Person acting individually or as a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) becomes the “beneficial owner” (as defined in Rule 13d(3) of
the Exchange Act), directly or indirectly, of securities of Bancorp representing fifty percent (50%) or more of the total voting
power represented by Bancorp’s then outstanding voting securities;

 

(2)         The
consummation of the sale, liquidation or disposition by Bancorp of all or substantially all of Bancorp’s or the Bank’s assets;

 

(3)         The
consummation of a share exchange, merger or consolidation of Bancorp or the Bank with any other corporation, other than a share
exchange, merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such
surviving entity or its parent outstanding immediately after such share exchange, merger or consolidation; or

 

(4)         A
majority of the Board of Directors of Bancorp is removed from office by a vote of Bancorp’s shareholders against the recommendation
of the then incumbent Board or a majority of the directors elected at any Annual or Special Meeting of shareholders are not individuals
nominated by Bancorp’s then incumbent Board of Directors. 

    	Page 3.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

b.           “Material
Adverse Change in Employment” means:

 

(1)         Without
Delvin’s express written consent, which consent may be withheld in Delvin’s sole discretion; (i) any reduction of duties materially
inconsistent with Delvin’s position immediately prior to a Change in Control; or (ii) a change in Delvin’s reporting responsibilities
as in effect immediately prior to a Change in Control; or (iii) any removal of Delvin from or any failure to reelect or reappoint
Delvin to Delvin’s position immediately prior to a Change in Control, except (a) in connection with Delvin’s termination for Cause
or due to death or Disability, or (b) upon Delvin’s retirement; or

 

(2)         A
reduction in Delvin’s aggregate base salary or a reduction or elimination of any compensation or benefit plan benefiting Delvin,
winch reduction or elimination does not generally apply to substantially all similarly situated employees of the Company; or

 

(3)         The
relocation of the office at which Delvin regularly performs Delvin’s duties for the Company (“Delvin’s Office”)
which relocation is more than 30 miles outside the city limits of Bend, Oregon, and which relocation of Delvin’s Office
is not consented to by Delvin, which consent may be withheld in Delvin’s sole discretion.

 

c.           “Person”
means any individual, corporation, partnership, trust, association, joint venture, pool, syndicate, unincorporated organization,
joint-stock company or similar organization or group acting in concert, but does not include any employee stock ownership plan
or similar employee benefit plan of the Company. A “Person” shall be deemed to be a beneficial owner as that term is
used in Rule 13d(3) under the Exchange Act.

 

d.           “Cause”
means the occurrence of one or both of the following: Delvin is convicted of criminal conduct or engages in conduct with respect
to the Company that is dishonest, fraudulent or materially detrimental to the reputation, character or standing of the Company.

 

e.           “Disability”
means that Delvin: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement
benefits for a period of not less than three (3) months under the Company’s long term disability plan covering employees
of the Company. Medical determination of Disability may be made by either the Social Security Administration or by the provider
of the long term disability plan covering employees of the Company provided that the definition of “disability” applied
under such plan complies with the requirements of the preceding sentence. Upon the request of the Plan Administrator, the employee
must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination. 

    	Page 4.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

4.          Notice.
Unless otherwise provided herein, any notice, request, certificate or instrument required or permitted under this Agreement
shall be in writing and shall be deemed “given” upon personal delivery to the party to be notified or three business
days after deposit with the United States Postal Service, by registered or certified mail, addressed to the party to receive notice
at the address set forth above, postage prepaid. Either party may change its address by notice to the other party given in the
manner set forth in this Section.

 

5.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties and contains all the agreements between
them with respect to the subject matter hereof. It also supersedes any and all other agreements or contracts, either oral or written,
between the parties with respect to the subject matter hereof.

 

6.          Modification.
Except as otherwise specifically provided, the terms and conditions of this Agreement may be amended at any time by mutual
agreement of the parties, provided that before any amendment shall be valid or effective, it shall be in writing and signed by
an authorized representative of the Company and Delvin.

 

7.          No
Waiver. The failure of any party hereto exercise any right, power or remedy provided under this Agreement or otherwise
available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations,
shall not be a waiver by such party of its right to exercise any such or other right, power or remedy or to demand compliance.

 

8.          Severability.
In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable, such paragraph
or provision shall be severed from this Agreement and the entire Agreement shall not fail as a result, but shall otherwise remain
in full force and effect.

 

9.          Assignment.
This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall be binding
upon Delvin, his administrators, executors, legatees, and heirs. Delvin shall not assign this Agreement.

 

10.         Dispute
Resolution. The Company and Delvin agree that any dispute between Delvin and the Company or its officers, directors, employees,
or agents in their individual or Company capacity relating to the interpretation, enforcement or breach of this Agreement, shall
be submitted to a mediator for non-binding, confidential mediation. If the matter cannot be resolved with the aid of the mediator,
the Company and Delvin mutually agree to arbitration of the dispute. The arbitration shall be in accordance with the then-current
Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”) before an arbitrator who is licensed
to practice law in the State of Oregon. The arbitration shall take place in or near Portland, Oregon. The prevailing party in
such arbitration, including any appeals thereon, shall be awarded reasonable attorneys’ fees and costs, including expenses
associated with the taking of depositions and the hiring of expert witnesses. 

    	Page 5.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

The Company and Delvin agree that the
procedures outlined in this provision are the exclusive method of dispute resolution. 

 

11.         Applicable
Law. This Agreement shall be construed and enforced under and in accordance with the laws of the State of Oregon.

 

12.         Counterparts.
This Agreement may be signed in two counterparts, each of which shall be deemed an original and both of which shall together
constitute one agreement.

 

13.         Troubled
Assets Relief Program Capital Purchase Program. Attached hereto and incorporated herein is Exhibit A setting forth
additional agreements required pursuant to the terms of the Troubled Assets Relief Program Capital Purchase Program, which if such
additional agreements conflict with the other terms set forth herein during the term of this Agreement or any renewal or extension
of this Agreement shall supersede the other terms of this Agreement.

 

[Signature page follows] 

    	Page 6.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be signed by its duly authorized representative, and Delvin has hereunder set his name as of the date of this
Agreement. 

 

	“Bank”	 	“Bancorp”
	 	 	 
	BANK OF THE CASCADES, an Oregon state banking institution	 	CASCADE BANCORP, an Oregon corporation
	 	 	 	 
	By	/s/ Peggy L. Biss	 	By	/s/ Patricia L. Moss
	Its	EVP, CHRO	 	Its	CEO
	 	 	 
	“Delvin”	 	 
	 	 	 
	/s/ MICHAEL J. DELVIN	 	 
	MICHAEL J. DELVIN	 	 

    	Page 7.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

    	 

    

 

Exhibit A

 

WHEREAS, Bancorp has applied to participate
in the Troubled Assets Relief Program (“TARP”) Capital Purchase Program (“CPP”) established by the Emergency
Economic Stabilization Act of .2008;

 

WHEREAS, the CPP requires financial institutions
from which the Department of the Treasury (“Treasury”) is purchasing troubled assets through direct purchases to meet appropriate
standards for executive compensation; and

 

WHEREAS, the Company and Delvin agree to
the following additional agreements to comply with such requirements;

 

Now therefore, the following additional
agreements are incorporated into the First Amended and Restated Change in Control Agreement:

 

1.          The
Company and Delvin agree that any bonus or incentive compensation paid to Delvin during the period that the Treasury holds an equity
or debt position in the Company acquired under the CPP shall be subject to recovery or “clawback” by the Company if such
payments were based on materially inaccurate financial statements and any other materially inaccurate performance metric criteria.

 

2.          The
Company and Delvin agree that any payment that is a “golden parachute payment,” as such term in defined under 26 U.S.C.
280G, shall not be paid to executive during the period that the Treasury holds and equity or debt position acquired under the CPP.
Notwithstanding the foregoing, this provision shall continue to apply following an acquisition of the Company by an unrelated acquirer
in an acquisition in any form until after the first anniversary following the acquisition.

 

3.          The
Company and Delvin agree to further amend the Agreement or take any additional action that is appropriate to comply with any restrictions
or limitations on compensation or other payments to Delvin required by any interim or final rules adopted in connection with the
implementation of the CPP.

 

4.          The
provisions contained in this Exhibit A shall only become effective upon participation by the Company in the CPP and if
this Amendment becomes effective it shall terminate when the Treasury no longer holds an equity or debt position acquired under
the CPP or as otherwise set forth in Section 2 of this Exhibit A. 

    	Page 8.          FIRST AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENTUNITED STATES OF AMERICA

BEFORE THE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM

WASHINGTON, D.C.

 

STATE OF OREGON

DEPARTMENT OF CONSUMER AND BUSINESS SERVICES,

DIVISION OF FINANCE AND CORPORATE SECURITIES

SALEM, OREGON

 

	Written Agreement by and among	 
	 	 
	CASCADE BANCORP	Docket No. 09-165-WA/RB-HC
	Bend, Oregon	 
	 	 
	FEDERAL RESERVE BANK OF	 
	SAN FRANCISCO	 
	San Francisco, California	 
	 	 
	and	 
	 	 
	OREGON DEPARTMENT OF	 
	CONSUMER AND BUSINESS SERVICES,	 
	DIVISION OF FINANCE AND	 
	CORPORATE SECURITIES	 
	Salem, Oregon	 

 

WHEREAS, Cascade Bancorp, Bend, Oregon
("Bancorp"), a registered bank holding company, owns and controls Bank of the Cascades, Bend, Oregon (the "Bank"),
a state chartered nonmember bank, and various nonbank subsidiaries;

 

WHEREAS, it is the common goal of Bancorp,
the Federal Reserve Bank of San Francisco (the "Reserve Bank"), and the Director of the State of Oregon's Department
of Consumer and Business Services acting through the Administrator of the Division of Finance and Corporate Securities (the "DFCS")
to maintain the financial soundness of Bancorp so that Bancorp may serve as a source of strength to the Bank;

 

    	 

    	 

    

 

WHEREAS, Bancorp, the Reserve Bank, and
the DFCS have mutually agreed to enter into this Written Agreement (the "Agreement"); and

 

WHEREAS, on October 23, 2009 the board
of directors of Bancorp, at a duly constituted meeting, adopted a resolution authorizing and directing Patricia Moss to enter into
this Agreement on behalf of Bancorp, and consenting to compliance with each and every provision of this Agreement by Bancorp and
its institution-affiliated parties, as defined in sections 3(u) and 8(b)(3) of the Federal Deposit Insurance Act, as amended (the
"FDI Act") (12 U.S.C. §§ 1813(u)and 1818(b)(3)).

 

NOW, THEREFORE, Bancorp, the Reserve Bank,
and the DFCS agree as follows:

 

Dividends and Distributions

 

1.            (a)         Bancorp
shall not declare or pay any dividends without the prior written approval of the Reserve Bank, the Director of the Division of
Banking Supervision and Regulation (the "Director") of the Board of Governors of the Federal Reserve System (the "Board
of Governors"), and the DFCS.

 

(b)         Bancorp
shall not directly or indirectly take dividends or any other form of payment representing a reduction in capital from the Bank
without the prior written approval of the Reserve Bank and the DFCS.

 

(c)         Bancorp
and its nonbank subsidiaries shall not make any distributions of interest, principal, or other sums on subordinated debentures
or trust preferred securities without the prior written approval of the Reserve Bank, the Director, and the DFCS.

 

    	2

    	 

    

 

(d)          All
requests for prior approval shall be received by the Reserve Bank and the DFCS at least 30 days prior to the proposed dividend
declaration date, proposed distribution on subordinated debentures, and required notice of deferral on trust preferred securities.
All requests shall contain, at a minimum, current and projected information on Bancorp's capital, earnings, and cash flow; the
Bank's capital, asset quality, earnings, and allowance for loan and lease losses; and identification of the sources of funds for
the proposed payment or distribution. For requests to declare or pay dividends, Bancorp must also demonstrate that the requested
declaration or payment of dividends is consistent with the Board of Governors' Policy Statement on the Payment of Cash Dividends
by State Member Banks and Bank Holding Companies, dated November 14, 1985 (Federal Reserve Regulatory Service, 4-877 at page 4-323).

 

Debt and Stock Redemption

 

2.        
  (a)          Bancorp and any nonbank subsidiary shall not,
directly or indirectly, incur, increase, or guarantee any debt without the prior written approval of the Reserve Bank and the
DFCS. All requests for prior written approval shall contain, but not be limited to, a statement regarding the purpose of the
debt, the terms of the debt, and the planned source(s) for debt repayment, and an analysis of the cash flow resources
available to meet such debt repayment.

 

(b)          Bancorp
shall not, directly or indirectly, purchase or redeem any shares of its stock without the prior written approval of the Reserve
Bank and the DFCS.

 

Capital Plan

 

3.          Within
60 days of this Agreement, Bancorp shall submit to the Reserve Bank an acceptable written plan to maintain sufficient capital at
Bancorp, on a consolidated basis, and at the Bank, as a separate legal entity on a stand-alone basis. The plan shall, at a minimum,
address, consider, and include:

 

(a)          The
consolidated organization's and the Bank's current and future capital requirements, including compliance with the Capital
Adequacy Guidelines for Bank Holding Companies: Risk-Based Measure and Tier 1 Leverage Measure, Appendices A and D of
Regulation Y of the Board of Governors (12 C.F.R. Part 225, App. A and D), and the applicable capital adequacy guidelines for
the Bank issued by the Bank's federal regulator;

 

    	3

    	 

    

 

(b)          the
adequacy of the Bank's capital, taking into account the volume of classified credits, concentrations of credit, allowance for loan
and lease losses ("ALLL"), current and projected asset growth, and projected retained earnings;

 

(c)          the
source and timing of additional necessary funds to fulfill the consolidated organization's and the Bank's future capital requirements;

 

(d)          supervisory
requests for additional capital at the Bank or the requirements of any supervisory action imposed on the Bank by its federal or
state regulator; and

 

(e)          the
requirements of section 225.4(a) of Regulation Y of the Board of Governors (12 C.F.R. § 225.4(a)) that Bancorp serve as a
source of strength to the Bank.

 

4.           Bancorp
shall notify the Reserve Bank, in writing, no more than 30 days after the end of any quarter in which any of the consolidated organization's
or the Bank's capital ratios (total risk-based, Tier 1, or leverage) fall below the approved plan's minimum ratios. Together with
the notification, Bancorp shall submit an acceptable capital plan that details the steps Bancorp will take to increase the consolidated
organization's or the Bank's capital ratios to or above the approved plan's minimums.

 

Compliance with Laws and Regulations

 

5.          (a)          In
appointing any new director or senior executive officer, or changing the responsibilities of any senior executive officer so
that the officer would assume a different senior executive officer position, Bancorp shall comply with the notice provisions
of section 32 of the FDI Act (12 U.S.C. § 183 li) and Subpart H of Regulation Y of the Board of Governors (12 C.F.R.
§§225.71 et seq.).

 

    	4

    	 

    

 

(b)          Bancorp
shall comply with the restrictions on indemnification and severance payments of section 18(k) of the FDI Act (12 U.S.C. §
1828(k)) and Part 359 of the Federal Deposit Insurance Corporation's regulations (12 C.F.R. Part 359).

 

Progress Reports

 

6.           Within
30 days after the end of each calendar quarter following the date of this Agreement, the board of directors shall submit to the
Reserve Bank and the DFCS written progress reports detailing the form and manner of all actions taken to secure compliance with
the provisions of this Agreement and the results thereof, and a parent company only balance sheet, income statement, and, as applicable,
a report of changes in stockholders' equity.

 

Approval and Implementation of Plan

 

7.           (a)          Bancorp
shall submit a written capital plan that is acceptable to the Reserve Bank within the applicable time period set forth in paragraph
3 of this Agreement.

 

 (b)          Within
10 days of approval by the Reserve Bank, Bancorp shall adopt the approved capital plan. Upon adoption, Bancorp shall promptly implement
the approved plan and thereafter fully comply with it.

 

(c)          During
the term of this Agreement, the approved capital plan shall not be amended or rescinded without the prior written approval of the
Reserve Bank.

 

Communications

 

8.           All
communications regarding this Agreement shall be sent to:

 

(a)          Mr.
John Kandaris

Examining Manager

Banking Supervision and Regulation

Federal Reserve Bank of San Francisco

101 Market Street, Mail Stop 920

San Francisco, California 94105

 

    	5

    	 

    

 

(b)          Mr.
Richard Renken

Banks and Trusts Program Manager

State of Oregon, Department of Consumer and Business
Services

 Division of Finance and Corporate Securities

 350 Winter Street NW, Room 410

 Salem, Oregon 97309-0405

 

(c)          Ms.
Patricia Moss

Chief Executive Officer

Cascade Bancorp

1100 NW Wall Street

 Bend, Oregon 97701

 

Miscellaneous

 

9.           Notwithstanding
any provision of this Agreement, the Reserve Bank and the DFCS may, in their sole discretion, grant written extensions of time
to Bancorp to comply with any provision of this Agreement.

 

10.         The
provisions of this Agreement shall be binding upon Bancorp and its institution-affiliated parties, in their capacities as such,
and their successors and assigns.

 

11.         Each
provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing
by the Reserve Bank and the DFCS.

 

12.         The
provisions of this Agreement shall not bar, estop, or otherwise prevent the Board of Governors, the Reserve Bank, the DFCS, or
any other federal or state agency from taking any other action affecting Bancorp, the Bank, any nonbank subsidiary of Bancorp,
or any of their current or former institution-affiliated parties and their successors and assigns.

 

    	6

    	 

    

 

13.         Pursuant
to section 50 of the FDI Act (12 U.S.C. § 183 laa), this Agreement is enforceable by the Board of Governors under section
8 of the FDI Act (12 U.S.C. § 1818).

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed as of the 26th day of October, 2009.

 

	CASCADE BANCORP	 	FEDERAL RESERVE BANK OF
	 	 	SAN FRANCISCO
	 	 	 	 	 
	By:	/s/ Patricia Moss	 	By:	/s/ Kevin Zerbe
	 	 Patricia Moss	 	 	 Kevin Zerbe
	 	 Chief Executive Officer	 	 	 Vice President
	 	 	 	 	 
	 	 	OREGON DEPARTMENT OF
	 	 	CONSUMER AND BUSINESS
	 	 	SERVICES, DIVISION OF FINANCE
	 	 	AND CORPORATE SECURITIES
	 	 	 
	 	 	By:	/s/ David Tatman
	 	 	 	 David C. Tatman
	 	 	 	 Administrator

 

    	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]