Document:

Form of Indemnification Agreement

 Exhibit 10.24 
 FORM OF 
 INDEMNIFICATION AGREEMENT 

INDEMNIFICATION AGREEMENT (the “Agreement”) between each of the entities identified as the
“Company” on the signature page of this Agreement (the “Company”), and [            ], a Representative (defined below) of the Company or an
Affiliated Entity of the Company (the “Indemnitee”), dated as of [                    ], 2011. 

More than one entity is identified as the “Company” on the signature page of this Agreement. This document shall be
deemed to be a separate and distinct agreement between Indemnitee and each such Company. The use of a single signature page is for convenience only. 
 R E C I T A L S: 
 The Indemnitee has agreed to serve as a Representative
of the Company. 
 The Company is incorporated under the laws of Delaware, and its Affiliated Entities may include entities
formed or organized under various jurisdictions as corporations, companies, partnerships, limited partnerships, joint ventures, limited liability companies, trusts, employee benefit plans or other enterprises. To ensure a common standard of
indemnification by the Company and its Affiliated Entities, the Company and Indemnitee have elected to have the standards of indemnification promulgated under the Delaware General Corporation Law (the “DGCL”) applicable to
corporations incorporated under the laws of Delaware govern the provisions of this Agreement as set forth herein. 
 Certain
capitalized terms used in this Agreement are defined in Section 15. 
 In recognition of the Indemnitee’s need for
substantial protection against personal liability and to provide the Indemnitee with specific contractual assurance that indemnification, including the protection, if any, provided by the Constating Documents, will be available to the Indemnitee
(regardless of, among other things, any amendment to the Constating Documents or merger, exchange or reorganization of the Company resulting in changes in the Constating Documents), the Company wishes to provide in this Agreement for the
indemnification of and the advancement of expenses to the Indemnitee to the fullest extent permitted by Delaware law and as set forth in this Agreement, and, to the extent insurance is maintained, for the coverage of the Indemnitee under the
Company’s directors’ and officers’ liability insurance policies. 
 NOW, THEREFORE, in consideration of the
premises and intending to be legally bound hereby, the parties hereto agree as follows: 
 SECTION 1.
INDEMNIFICATION. 
 a. In the event that the Indemnitee was or is made a party to, or is threatened to be
made a party to, or otherwise becomes involved, as a party or otherwise (including, but not limited to, as a witness or as the subject of a subpoena or discovery notice), or is threatened with,

 
any Proceeding by any third party or any derivative action made in the right of the Company, whether arising while such Indemnitee is a Representative of the Company or any Affiliated Entity or
afterwards, relating to or arising out of the business and affairs of, or activities undertaken in connection with, the Company, or by reason of the fact that the Indemnitee or a person of whom the Indemnitee is the legal representative is or was,
at any time, a Representative of the Company or any Affiliated Entity or is or was serving at the request of the Company or any Affiliated Entity for another corporation, company, partnership, limited partnership, joint venture, limited liability
company, trust, employee benefit plan or other enterprise, in any capacity (including service with respect to employee benefit plans), whether the basis of such Proceeding is alleged action in an official capacity as a Representative or in any other
capacity while serving as a Representative, the Company shall indemnify Indemnitee and hold Indemnitee harmless against all claims, demands, liabilities, costs, expenses, damages, judgment, fines, ERISA excise taxes or penalties, and amounts paid or
to be paid in settlement, losses, suits, proceedings and actions, whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or unliquidated (“Claims”), that may accrue to or be
incurred by the Indemnitee, or in which the Indemnitee may become involved, including, but not limited, to amounts paid in satisfaction of attorneys’ fees and all other costs, charges and expenses paid or incurred in connection with
investigating, defending, settling, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in any Claim relating to a Proceeding (“Expenses”) to the fullest extent a
Delaware corporation has the power or obligation to indemnify a person in accordance with the DGCL as the same exists or may hereafter be amended (but only to the extent that such amendment permits a corporation to provide broader indemnification
rights than a corporation was permitted to provide prior to such amendment), except (i) with respect to or in connection with the receipt of a personal benefit to which Indemnitee was not entitled, including but not limited to personal benefits
arising from trading in securities and (ii) to the extent that it shall have been determined by a final disposition that such Claims arose from the gross negligence or willful misconduct of the Indemnitee. 

b. For the avoidance of doubt, subject to the DGCL and the Company’s Constating Documents, the provisions of paragraph
(a) shall not apply to a Claim or Proceeding made directly by the Company against the Indemnitee but shall apply in the case of any derivative action or other Claim or Proceeding made by a third party in the right of the Company. 

c. For the avoidance of doubt, no indemnification under this Agreement in connection with any Claim or Proceeding, whether by or in the
right of the Company or otherwise, shall require any determination by the courts of Delaware or any other court. 
 d. The
indemnification provided in this Agreement specifically includes indemnification with respect to the period from and after the date hereof, notwithstanding the date this Agreement is executed and delivered by the parties. 

SECTION 2. NOTICES OF CLAIMS. 

Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for
indemnification in respect thereof is to be made 

  
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against the Company, give written notice to the Company of the commencement of such Proceeding; provided, that the failure of the Indemnitee to give notice as provided herein shall not
relieve the Company of its obligations under this Agreement, except to the extent that the Company is actually prejudiced by such failure to give notice. In the event that any such Proceeding is brought against the Indemnitee (other than a
derivative suit in right of the Company), the Company will be entitled to participate in and to assume the defense thereof to the extent that the Company may wish, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company
to the Indemnitee of the Company’s election to assume the defense thereof, the Company will not be liable for expenses subsequently incurred by the Indemnitee in connection with the defense thereof. The Company will not consent to entry of any
judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnitee of a release from all liability in respect to such Claim. Any indemnification provided for in
Section 1 shall be made within 10 business days after receipt by the Company of the written notice of Indemnitee. 

SECTION 3. INSURANCE. 

In the event that the Company maintains insurance to protect any director, officer or manager of the Company against
any expense, liability or loss from wrongful acts, or to insure the Company’s indemnification obligations, such insurance shall cover the Indemnitee to at least the same extent as any other director, officer or manager of the Company and the
Company’s insurance shall be the primary insurance policy against any expense, liability or loss from wrongful acts, and to insure the Company’s indemnification obligations[; in each case, notwithstanding that Indemnitee was designated as
a Representative of the Company by affiliates of Onex Corporation (together with such affiliates, “Onex”) or the availability of other insurance maintained or arranged by Onex]1. 
 SECTION 4. ADVANCE OF EXPENSES. 
 a. Notwithstanding anything in the Constating Documents or this Agreement to the contrary, the right to indemnification conferred by this Agreement shall include the obligation of the Company to advance,
if so requested by the Indemnitee (and within 10 business days of such request), Expenses incurred relating to a Claim involving the Indemnitee in advance of its final disposition or to recover under any directors’ and officers’ liability
insurance policies maintained by the Company; provided, that the payment of such Expenses incurred by Indemnitee in advance of the final disposition of any Proceeding shall be made only upon delivery to the Company of an undertaking, by or on
behalf of Indemnitee, to repay all amounts so advanced if it shall ultimately be determined by a final disposition that Indemnitee is not entitled to be indemnified for such expenses under this Agreement or otherwise, or to repay any amount advanced
in excess of the amount of indemnity to which Indemnitee is entitled under this Agreement or otherwise. 
  

	1	 To be added for Onex employees 

  
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 b. For the avoidance of doubt, subject to the DGCL and the Company’s Constating
Documents, the provisions of paragraph (a) shall not apply to a Claim or Proceeding made directly by the Company against the Indemnitee but shall apply in the case of any derivative action or other Claim or Proceeding made by a third party in
the right of the Company. 
 SECTION 5. CONTRIBUTION. 

In the event that the indemnification provided for in this Agreement is unavailable to the Indemnitee for any reason whatsoever, the
Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any
Proceeding, in such proportion as is deemed fair and reasonable, in light of all of the circumstances of such action, by a majority vote of the members of the then current Board of Directors (even though less than a quorum) or similar governing body
of the Company, in each case acting in good faith, or, if the Indemnitee disagrees with the determination of such governing body, then by the courts of the State of Delaware or other court having jurisdiction over the parties to reflect (a) the
relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such action; and/or (b) the relative fault of the Company (and its other Representatives) and the Indemnitee in
connection with such event(s) and/or transaction(s). The Indemnitee’s right to contribution under this Section 5 shall be determined in accordance with, pursuant to and in the same manner as, the provisions in Section 1 and 2 relating
to the Indemnitee’s right to indemnification under this Agreement. 
 SECTION 6.
ATTORNEYS’ FEES. 
 In the event that any action is instituted by the Indemnitee under
this Agreement to enforce or interpret any of the terms hereof, the prevailing party in such action shall be entitled to be paid all costs and expenses, including reasonable attorneys’ fees, incurred by the prevailing party with respect to such
action. 
 SECTION 7. NON-EXCLUSIVITY. 

The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Constating Documents or
under applicable law, and nothing herein shall be deemed to diminish or otherwise restrict the Indemnitee’s right to indemnification under any such other provision. To the extent applicable law or the Constating Documents as in effect on the
date hereof, or at any time in the future, permit greater indemnification than as provided for in this Agreement, the parties hereto agree that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such law or provision of
the Constating Documents, and this Agreement shall be deemed amended without any further action by the Company or the Indemnitee to grant such greater benefits. The Indemnitee may elect to have the Indemnitee’s rights hereunder interpreted on
the basis of applicable law in effect at the time of execution of this Agreement, at the time of the occurrence of the event giving rise to a Claim or at the time indemnification is sought. 

  
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 SECTION 8. BURDEN OF
PROOF; NO PRESUMPTIONS 
 (a) Burden of Proof. In connection with any
determination by any person as to whether Indemnitee is entitled to be indemnified hereunder, the Indemnitee shall be presumed to be entitled to indemnification under this Agreement upon submission of a written claim (and, in an action brought to
enforce a claim for an advancement of expenses, where the required undertaking, if any is required, has been tendered to the Company), and thereafter the burden of proof shall be on the Company to establish that Indemnitee is not so entitled.

 In any suit brought by Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or
brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that Indemnitee is not entitled to be indemnified, or to such advancement of Expenses, under this Agreement or otherwise,
shall be on the Company. 
 (b) No Presumptions. For purposes of this Agreement, the termination of any Proceeding, by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have
any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Company to have made a determination that indemnification of Indemnitee is proper in the
circumstances because Indemnitee has met the applicable standard of conduct or had any particular belief, nor an actual determination by the Company that Indemnitee has not met such standard of conduct or did not have such belief, shall be a defense
to Indemnitee’s claim for indemnification or advancement of expenses under this Agreement or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. The scope of the
Company’s indemnification of Indemnitee is that set forth in Section 1 of this Agreement, and nothing in this Section 8(b) shall be deemed to expand such scope. 
 SECTION 9. PARTIAL INDEMNITY. 
 If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Expenses, judgments, fines, penalties, amounts paid in settlement of a claim or any
other amount but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 
 SECTION 10. SUBROGATION. 
 In the event
of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

  
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 SECTION 11. NO DUPLICATION
OF PAYMENTS. 
 The Company shall not be liable under this Agreement to make any payment in
connection with any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, the Constating Documents or otherwise) of the amounts otherwise indemnifiable hereunder.

 SECTION 12. BINDING EFFECT. 

This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor (whether by purchase, merger, consolidation, reorganization, exchange or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company,
spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor (whether by purchase, merger, consolidation, reorganization, exchange or otherwise) to all, substantially all, or a substantial part,
of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place, but the absence of
any such writing shall not be a defense to any claim for indemnity made hereunder. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a Representative of the Company or of any other enterprise at the
Company’s request. 
 SECTION 13. SEVERABILITY. 

The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 

SECTION 14. AMENDMENT. 

Except as otherwise provided in Section 7 herein, this Agreement may not be changed, modified or amended except in writing signed by
the parties hereto. 
 SECTION 15. CERTAIN DEFINITIONS. 

As used in this Agreement: 
 “Affiliated Entity” means each of the entities identified as the “Company” on the signature page hereof, and each corporation, company, partnership, limited partnership,
joint venture, limited liability company, trust, employee benefit plan or other enterprise directly or indirectly controlled by such Company. 
 The “Constating Documents” of the Company mean its articles or certificate of incorporation, articles or certification of association or formation, charter, by-laws, operating agreement,
partnership agreement and/or other similar document or instrument governing its internal affairs. 

  
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 “final disposition” means a determination by final judicial decision from
which there is no further right to appeal. 
 “Proceeding” means any actual or threatened action, suit,
proceeding, arbitration, alternate or dispute resolution mechanism, or any inquiry or investigation, whether civil, criminal, administrative or investigative. 
 Indemnitee will be deemed to be a “Representative” of an entity for which he is serving as an officer, a director, a manager, managing member, general partner, or in any other executive,
fiduciary or representative capacity, including as an “authorized signatory”, at the request of the entity. 

SECTION 16. COUNTERPARTS. 

More than one entity is identified as the “Company” on the signature page of this Agreement. This document shall be
deemed to be a separate and distinct agreement between Indemnitee and each such Company. This Agreement may be executed in several counterparts, each of which shall be deemed an original. 

SECTION 17. GOVERNING LAW; EXCLUSIVE JURISDICTION.

 This Agreement shall be governed by the laws of the State of Delaware without regard to the principles of conflicts of
law thereof. The Court of Chancery of the State of Delaware is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought under this Agreement or otherwise by the Indemnitee.

 [Intentionally blank; signature page follows] 

  
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 IN WITNESS WHEREOF, the Company and the Indemnitee have executed this Indemnification
Agreement as of the day and year first above written. 
  

			
	 INDEMNITEE:

 

	[NAME]
	
	  

	
	 COMPANY:
  

TMS INTERNATIONAL CORP.,
 a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 COMPANY:
  

TUBE CITY IMS CORPORATION,
 a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:

 Schedule to Exhibit 10.24 – Form of Indemnification Agreement between TMS

 International Corp., Tube City IMS Corporation and certain of their Representatives 

The Indemnification Agreement filed as Exhibit 10.24 is substantially identical in all material respects to the indemnification agreements which
have been entered into by TMS International Corp., Tube City IMS Corporation, and the following individuals with the associated effective dates: 
  

	
	 Indemnitee(1)

	 Joseph Curtin

	 Raymond S. Kalouche

	 J. David Aronson

	 Daniel E. Rosati

	 Thomas E. Lippard

	 Kirk Peters

	 John J. Connelly

	 I Michael Coslov

	 Timothy A.R. Duncanson

	 Colin Osborne

	 Manish K. Srivastava

	 Patrick W. Tolbert

  

	(1)	Each Indemnification Agreement to be dated at or around the time of the offeringEMPLOYMENT AGREEMENT BY AND BETWEEN STERLING AND DANIEL G. BYRNE

 EXHIBIT 10.11 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this “Agreement”) is
made effective as of January 31, 2011, by and between STERLING FINANCIAL CORPORATION (“Sterling”) and DANIEL G. BYRNE (the “Executive”). 
 W I T N E S S E T H : 
 WHEREAS, the Executive has been providing services to
Sterling as Executive Vice President, Finance, and Chief Financial Officer of Sterling, and Sterling desires to retain the Executive and the Executive is willing to continue to serve Sterling in such capacities and roles as is provided herein on the
terms and conditions set forth below; and 
 WHEREAS, the parties desire to enter into this Agreement, which is intended to
supersede an existing Employment Agreement, originally effective August 11, 2008, as amended, (the “Prior Agreement”). 
 NOW THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows: 
 1. Employment. Sterling agrees to continue to employ the Executive, and the Executive agrees to
continue to be employed by Sterling, upon the terms and conditions hereinafter provided. 
 2. Position and Duties.
Sterling agrees to employ the Executive to serve as the Corporate Development Executive, and the Executive will have such powers and duties as are commensurate with such position and as may be conferred upon him or her by the Board of Directors of
Sterling (the “Board”). Executive shall faithfully perform such duties and shall do nothing inconsistent with his or her duties to Sterling and Sterling Savings Bank (the “Bank”). Except for illness or incapacity and reasonable
vacation periods as shall be consistent with Sterling and the Bank’s policies for senior officers, the Executive shall devote all of his or her business time, attention, skill and efforts exclusively to the business and affairs of Sterling and
its subsidiaries. 
 3. Compensation. For all services rendered by the Executive in any capacity required hereunder,
including, without limitation, services as an officer, director, or member of any committee of Sterling, or any subsidiary or division thereof, the Executive shall be compensated as follows: 

  
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 (a) Base Salary. Sterling shall pay the Executive a fixed minimum salary of $235,000 per
annum (such amount or such adjusted annual amount as is paid from time to time pursuant to the terms hereof being referred to as the “Base Salary”). The Base Salary shall be subject to such periodic review (which shall occur at least
annually) and adjustment as deemed appropriate in accordance with Sterling and the Bank’s customary procedures and practices regarding the salaries of senior officers. The Base Salary shall be payable in accordance with the customary payroll
practices of Sterling, but in no event less frequently than monthly. 
 (b) Other Benefits. The Executive shall be entitled to
participate in all compensation or employee benefit plans or programs, and to receive all benefits, perquisites and emoluments, for which any salaried employees of Sterling are eligible under any plan or program now or hereafter established and
maintained by Sterling for senior officers, to the fullest extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions thereof, including group hospitalization, health, dental care, life
or other insurance, tax-qualified pension, savings, thrift, 401(k) and profit-sharing plans, termination pay programs, sick-leave plans, travel or accident insurance, salary continuation plans, disability insurance, automobile allowance or
automobile lease plans, and executive contingent compensation plans, including, without limitation, stock option or incentive plan(s) then in effect. 
 4. Termination of Employment. 
 (a) Termination. Either Sterling or
Executive may terminate Executive’s employment at any time in such party’s sole discretion. Except as expressly provided in this Agreement, upon termination of employment Sterling shall have no liability to pay any further compensation or
any other benefit or sum whatsoever to Executive. 
 (b) In the event that the Executive’s employment hereunder terminates,
earned but unpaid Base Salary as of the date of Termination of Employment shall be payable in full. 
 (i) Except as provided
herein for a Without Cause Termination and Termination Upon a Change in Control, no other payments shall be made, or benefits provided, by Sterling under this Agreement except for vested stock options and other incentive awards held by the Executive
pursuant to the terms of the grant(s) thereof, vested benefits payable under the terms of the nonqualified deferred compensation plans then in effect in which Executive participates, and any 

  
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other vested benefits that the Executive is entitled to receive under the terms of employee benefit programs maintained by Sterling or its subsidiaries for its employees. 

(ii) Without Cause Termination. In the event the Executive’s employment hereunder terminates due to a Without Cause Termination
Sterling shall, as severance pay, continue, subject to the provisions of Section 5 below, the Executive’s Base Salary, at the highest annual rate during the last three years of employment, for a two-year period beginning on the date of
Termination of Employment (the “Severance Period). 
 (c) Payments for Termination Upon a Change in Control. Within twenty
days of the Executive’s Termination Upon a Change in Control, Sterling shall pay to the Executive in a single payment in cash and/or provide to the Executive, as applicable, the following: 

(i) the Executive’s earned but unpaid Base Salary as of the date of Termination of Employment; 

(ii) the benefits, if any, to which the Executive is entitled as a former employee under the employee benefit programs and compensation
plans and programs maintained for the benefit of Sterling’s officers and employees; 
 (iii) an amount equal to two times
Executive’s Annual Compensation; and 
 (iv) Options and Other Incentive Awards. All stock options and other incentive
awards held by the Executive shall become fully vested and exercisable. 
 (d) Adjustment for Taxes. In the event that either
Sterling’s independent public accountants or the Internal Revenue Service determines that any payment, coverage, benefit or benefit acceleration provided to Executive, whether specifically provided for in this Agreement or otherwise, is subject
to the excise tax imposed by Section 4999 (or any successor provision) (“Section 4999”) of the Internal Revenue Code of 1986, as amended (the “Code”), Sterling, within 30 days thereafter, shall pay to Executive, in addition
to any other payment or benefit due and owing hereunder, an amount determined by multiplying the rate of excise tax then imposed by Section 4999 by the amount of the “excess parachute payment” (as defined in Section 280G of the
Code) received by Executive (determined without regard to any payments made to the Executive pursuant to this paragraph) and dividing the product so obtained by the amount obtained by subtracting the aggregate local, state and Federal income tax
rate applicable to the receipt by Executive of the “excess parachute payment” (taking into account the deductibility for Federal income tax purposes of the 

  
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payment of state and local income taxes thereon) from the amount obtained by subtracting from 1.00 the rate of excise tax then imposed by Section 4999 of the Code, it being Sterling’s
intention that the Executive’s net after tax position be identical to that which would have obtained had Sections 280G and 4999 not been part of the Code. 
 (e) If the actual excise tax imposed by Section 4999 of the Code is less than the amount that was taken into account in determining the adjustment for taxes under Section 4(d), Executive shall
repay at the time that the amount of the reduced excise tax is finally determined the portion of the adjustment for taxes under Section 4(d) attributable to that reduction (plus the portion attributable to the excise tax, FICA tax and federal,
state and local income tax imposed on the portion of the adjustment being repaid by Executive, to the extent the repayment results in a reduction in or refund of excise tax, FICA tax or federal, state or local income tax), plus interest on the
amount of the repayment at the rate provided in Section 1274(b)(2)(B) of the Code. If the actual excise tax imposed is more than the amount that was taken into account in determining the amount of the adjustment under Section 4(d),
Sterling shall make an additional payment in respect of such excess (plus interest at the rate provided in Section 1274(b)(2)(B) of the Code) at the time that the amount of the excess is finally determined. 

(f) In the event that, on or after the occurrence of a Change in Control, Sterling fails to make any payment or provide any benefit to
Executive arising out of or relating in any way to this Agreement or to the Executive’s employment by Sterling (collectively, “Employment Rights”), then Sterling shall pay to the Executive and reimburse the Executive for the
Executive’s full costs (including, without limitation, the fees and expenses of the Executive’s attorneys and court and related costs) of enforcing the Executive’s Employment Rights. In addition, if the enforceability of this
Agreement or the payment of any benefit to the Executive hereunder is disputed by Sterling on or after the occurrence of a Change in Control, then the Term of this Agreement shall be extended for the period of the dispute in the event of a final
judicial determination that the Executive is entitled to at least fifty percent (in dollar amount) of the benefits that Executive claimed from, and that were disputed by, Sterling. 

  
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 (g) Definitions. For purposes of this Agreement, the following terms have the following
meanings: 
 (i) Executive’s “Annual Compensation” shall include (A) the greater of: (1) the total of
Executive’s annual Base Salary, at the highest annual rate during the last three years of employment, and any target bonus for the calendar year in which the termination occurs (if established before the termination), or
(2) Executive’s annual Base Salary, at the highest annual rate during the last three years of employment, and any actual bonus for the prior calendar year (annualized if Executive was not employed by Sterling for the entire previous
calendar year) or (3) Executive’s annual Base Salary, at the highest annual rate during the last three years of employment, and any actual bonus for the calendar year prior to the Change in Control (annualized if Executive was not employed
by Sterling for the entire previous calendar year); and (B) the amount of the contributions made or anticipated to have been made by Sterling on Executive’s behalf to Sterling’s benefit plans for the calendar year in which the
termination occurs, including without limitation contributions to pension and welfare plans maintained by Sterling for its employees. Annual Compensation shall not include the value of any stock options or restricted stock granted to Executive.

 (ii) A “Change in Control” shall be deemed to have occurred at such time as the occurrence of a “change in
ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of a corporation, as determined in accordance with this Section 4(g)(ii). 

(A) A “change in ownership” of Sterling shall occur on the date on which any one person, or more than one person acting as a
group, acquires ownership of stock of Sterling that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of Sterling, as determined in accordance with Treas.
Reg. §1.409A-3(i)(5)(v). If a person or group is considered either to own more than 50% of the total fair market value or total voting power of the stock of Sterling, or to have effective control of such corporation within the meaning of part
(B) of this Section, and such person or group acquires additional stock of such corporation, the acquisition of additional stock by such person or group shall not be considered to cause a “change in the ownership” of Sterling.

  
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 (B) A “change in effective control” of Sterling shall occur only on either of the
following dates: 
 (1) The date on which any one person, or more than one person acting as a group, acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of Sterling possessing 30% or more of the total voting power of the stock of Sterling, as determined in accordance with Treas.
Reg. §1.409A-3(i)(5)(vi). If a person or group is considered to possess 30% or more of the total voting power of the stock of Sterling, and such person or group acquires additional stock of Sterling, the acquisition of additional stock by such
person or group shall not be considered to cause a “change in effective control” of Sterling, or 
 (2) The date on
which a majority of the members of Sterling’s Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election, as
determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi). 
 (3) A “change in the ownership of a substantial
portion of the assets” of Sterling shall occur on the date on which any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person
or persons) assets from Sterling that have a total gross fair market value equal to more than 40% of the total gross fair market value of all for the assets of Sterling immediately before such acquisition or acquisitions, as determined in accordance
with Treas. Reg. §1.409A-3(i)(5)(vii). A transfer of assets shall not be treated as a “change in the ownership of a substantial portion of the assets” when such transfer is made to an entity that is controlled by the shareholders of
the transferor corporation, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii)(B). 
 (iii) The term
“Constructive Discharge” means a termination of the Executive’s employment by the Executive following the occurrence of any of the following events: 
 (A) Inferior Duties. The assignment of duties by Sterling to Executive, without his or her express written consent, that (i) are inferior to Executive’s duties on the Effective Date in
any material respect or (ii) result in Executive having inconsequential authority or responsibility compared to the authority or responsibility he or she had on the Effective Date. 

  
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 (B) Base Compensation Reduction. A material reduction by Sterling of
Executive’s Base Salary. 
 (C) Relocation. Executive, without his or her written consent, is required by him or
her employment to perform a substantial part of his or her duties at one or more locations more than fifty miles distant from Spokane, Washington. 
 (D) Breach. A material breach by Sterling of any provision of this Agreement. 
 If an event constituting Constructive Discharge has occurred without the Executive’s consent, the Executive’s termination for Constructive Discharge must occur within two years of the first
occurrence of such event. The Executive shall give notice to Sterling, in accordance with Section 8, of the existence of an event constituting Constructive Discharge within 90 days of the initial occurrence of such event, and Sterling will have
60 days to cure or otherwise obtain Executive’s express written consent to the occurrence or continuance of such event. If Executive’s employment is terminated for Constructive Discharge, it will be treated as an involuntary separation
from service under §409A. 
 (iv) The term “Termination for Cause” means: 

(A) the continued failure of Executive to substantially perform the Executive’s duties with Sterling or one of its subsidiaries
(other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the Board, which specifically identifies the manner in which the Board
believes that the Executive has not substantially performed the Executive’s duties, or 
 (B) the willful engaging by the
Executive in illegal conduct that is materially and demonstrably injurious to Sterling or any of its subsidiaries, or 
 (C)
conviction of a felony involving fraud, dishonesty or moral turpitude, or a guilty or nolo contendere plea by Executive with respect thereto, or 
 (D) violation of the provisions of Section 5 herein. 
 For purposes of this
provision, no act or failure to act on the part of Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith and without reasonable belief that the Executive’s action or omission
was in the best interest of Sterling or its subsidiaries. Any act or failure to act, based upon authority given pursuant to a 

  
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resolution duly adopted by the Board or the Board of Directors of the Bank or based upon the advice of counsel for Sterling shall be conclusively presumed to be done, or omitted to be done, by
the Executive in good faith and in the best interests of Sterling and its subsidiaries. The cessation of employment of the Executive shall not be deemed to be a Termination for Cause unless and until there shall have been delivered to the Executive
a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Executive and the
Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph (A), (B) or (D) above, and
specifying the particulars thereof in detail. 
 (v) “Termination of Employment” shall mean the termination of the
Executive’s actual employment with Sterling, which constitutes a separation from service as defined under §409A. 

(vi) “Termination Upon a Change in Control” shall mean a Termination of Employment upon or within twenty-four months after a
Change in Control by Sterling, or its successors, without Cause, or by Executive due to a Constructive Discharge, as described under Section 4(g)(iii) hereof. 
 (vii) “Without Cause Termination” shall mean a termination of the Executive’s employment by Sterling, for a reason other than disability, retirement, or Termination for Cause. 

5. Other Duties of Executive During and After Term. 
 (a) Confidential Information. The Executive recognizes and acknowledges that all information pertaining to the affairs, business, clients, or customers of Sterling or any of its subsidiaries (any or all
of such entities being hereinafter referred to as the “Business”), as such information may exist from time to time, other than information that Sterling has previously made publicly available or which is in the public domain, is
confidential information and is a unique and valuable asset of the Business, access to and knowledge of which are essential to the performance of the Executive’s duties under this Agreement. The Executive shall not, except to the extent
reasonably necessary in the performance of his or her duties under this Agreement, divulge to any person, firm, association, corporation, or governmental agency, any information concerning the

  
 8 

 
affairs, business, clients, or customers of the Business (except such information as is required by law to be divulged to a government agency or pursuant to lawful process), or make use of any
such information for his or her own purposes or for the benefit of any person, firm, association or corporation (except the Business) and shall use his or her reasonable best efforts to prevent the disclosure of any such information by others. All
records, memoranda, letters, books, papers, reports, accountings, experience or other data, and other records and documents relating to the Business, whether made by the Executive or otherwise coming into his or her possession, are confidential
information and are, shall be, and shall remain the property of the Business. No copies thereof shall be made which are not retained by the Business, and the Executive agrees, on termination of his or her employment or on demand of Sterling, to
deliver the same to Sterling. 
 (b) Non-Compete. For a period of one year following Executive’s Termination of Employment
(the “Non-Compete Period”), the Executive shall not, without express prior written approval of Sterling’s Board, directly or indirectly own or hold any proprietary interest in, or be employed by or receive remuneration from, any
corporation, partnership, sole proprietorship or other entity engaged in competition with Sterling or any of its subsidiaries (a “Competitor”), other than severance-type or retirement-type benefits from entities constituting prior
employers of the Executive. For purposes of this Section 5(b) and Section 5(c), (i) the term “proprietary interest” means legal or equitable ownership, whether through stockholdings or otherwise, of greater than a 20% equity
interest in a business, firm or entity, and (ii) an entity shall be considered to be “engaged in competition” if such entity is, or is a holding company for, a bank, savings and loan association or other financial services business
engaged in a business that competes with Sterling in the States of Washington, Oregon, Idaho, Montana, or California. Executive acknowledges the receipt and sufficiency of specific consideration for the agreements in this Section 5. 

(c) Non-Solicitation. For a period of two years following Executive’s Termination of Employment (the “Non-Solicitation
Period”), the Executive will not solicit any customer or client of Sterling or its subsidiaries for the account of any Competitor. The Executive also agrees not to act on behalf of any Competitor to solicit employees of Sterling or its
subsidiaries for new employment or otherwise interfere with the relationship between Sterling or its subsidiaries and their employees during the Non-Solicitation Period. In addition, if the Executive obtains non-competitive employment during the
Non-Solicitation Period, for such period the Executive 

  
 9 

 
agrees not to solicit employees of Sterling or its subsidiaries for new employment without the prior written consent of Sterling. 

(d) Remedies. Sterling’s obligation to make payments, deliver shares of stock or provide for any benefits under this Agreement
(except to the extent vested or exercisable prior to Executive’s Termination of Employment) shall cease upon a violation of the preceding provisions of this section. Executive acknowledges that there would be no adequate remedy at law or in
damages to compensate Sterling for any violation of this Section 5, and agrees that Sterling shall be entitled to injunctive relief requiring specific performance by Executive of this Section 5 without the necessity of proving actual
damages or the posting of a bond, and Executive consents to the entry thereof. 
 (e) Survival. The provisions of this
Section 5 shall: (a) survive the termination of this Agreement, and continue throughout the duration of the Executive’s employment with Sterling, except as amended or modified by written agreement of the parties; and (b) survive
the Executive’s Termination of Employment with Sterling. The running of the Non-Compete Period provided under Section 5(b) and the Non-Solicitation Period under Section 5(c) shall be tolled between the time any controversy with
respect to this Section 5 is filed with a court or arbitrator and the decision of the judge, jury or arbitrator on said controversy. 
 (f) Modification of Terms. If any restriction in this Section 5 is finally adjudicated by a court of competent jurisdiction to exceed the time, geographic, service or other limitations permitted by
applicable law in any jurisdiction, such restriction may be modified and narrowed by a court to the maximum time, geographic, service or other limitations permitted by applicable law so as to preserve and protect Sterling’s legitimate business
interest, without negating or impairing any other restrictions or undertaking set forth in the Agreement. 
 (g) Application.
The provisions of Sections 5(b) and 5(c) shall be inapplicable if the Executive’s Termination of Employment is due to: disability; a Without Cause Termination; a Constructive Discharge; or a Termination Upon a Change in Control. 

6. Withholding Taxes. Sterling may directly or indirectly withhold from any payments made under this Agreement all Federal, state,
city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 
 7. Consolidation,
Merger, or Sale of Assets. Nothing in this Agreement shall preclude Sterling from consolidating or merging into or with, or transferring all or substantially all of its assets 

  
 10 

 
to, another corporation that assumes this Agreement and all obligations and undertakings of Sterling hereunder. Upon such a consolidation, merger or transfer of assets, the term
“Sterling” as used herein shall mean such other corporation and this Agreement shall continue in full force and effect. 
 8. Notices. All notices, requests, demands and other communications required or permitted hereunder shall be given in writing and shall be deemed to have been duly given if delivered or mailed,
postage prepaid, by same day or overnight mail as follows: 
  

	 	(a)	To Sterling: 

 111 North Wall
Street 
 Spokane, WA 99201 
 Attention: Chief Executive Officer 
 With a copy to: 

Witherspoon, Kelley, Davenport & Toole, P.S. 
 422 West Riverside, Suite 1100 
 Spokane, WA 99201-0390 

Attention: Andrew J. Schultheis, Esq. 
  

	 	(b)	To the Executive: 

 At his or
her regular office and to his or her primary residence 
 or to such other address as either party shall from time-to-time specify in writing to
the other. 
 9. No Attachment. Except as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation, or to execution, attachment, levy or similar process, or assignment by operation of law, and any attempt, voluntary or involuntary, to
effect any such action shall be null, void and of no effect; provided, however, that nothing in this Section 9 shall preclude the assumption of such rights by executors, administrators or other legal representatives of the Executive or his or
her estate and their assigning any rights hereunder to the person or persons entitled thereto. 
 10. No Mitigation. The
Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Agreement be reduced by any
compensation earned by other employment or otherwise, except as provided herein. 

  
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 11. Source of Payment. All payments provided for under this Agreement shall be paid
in cash from the general funds of Sterling or the Bank. To the extent that any person acquires a right to receive payments from Sterling hereunder, such right, without prejudice to rights that employees may have, shall be no greater than the right
of an unsecured creditor of Sterling. 
 12. Further Action. Sterling and Executive shall perform all acts and execute
all documents as may be reasonably necessary to effect performance of this Agreement by Sterling. In the event Sterling’s Deferred Compensation Plan, the 1992 Stock Option Plan, the 1998 Long-Term Incentive Plan, the 2001 Long-Term Incentive
Plan, the 2003 Long-Term Incentive Plan, the 2007 Long-Term Incentive Plan, the Sterling Savings Bank Deferred Compensation Plan, and the Supplemental Executive Retirement Plan, or plans which are substantially similar to such plans are not
maintained, Sterling shall provide the Executive with compensation which is substantially similar in financial effect to the compensation which would otherwise have been provided through such plans. References herein to deferred compensation, stock
option or incentive plan(s) and any other benefit plans shall be deemed to include all successor plans. Nothing in this Agreement shall be deemed to be a modification of Sterling’s stock option or incentive plans. 

13. Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is finally
adjudicated by a court of competent jurisdiction to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application and shall not invalidate or render unenforceable such
provision or application in any other jurisdiction. 
 14. Contents of Agreement. This Agreement supersedes all prior
agreements and sets forth the entire understanding among the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written amendment approved by the parties hereto. 

15. Acknowledgement of Consent. For purposes of Constructive Discharge, the execution of this Agreement shall constitute
Executive’s express written consent, in accordance with Section 5(d)(ii) of the Prior Agreement, to the changes in duties, reduction in base compensation and modifications to the other terms and conditions of employment provided herein.

 16. Governing Law. The validity, interpretation, performance, and enforcement of this Agreement shall be governed by
the laws of the State of Washington without giving effect to that 

  
 12 

 
body of laws pertaining to conflict of laws and the Executive consents to the jurisdiction of the state and federal courts of Washington in any dispute arising under this Agreement. 

17. Representations. The Executive hereby represents and warrants that he or she has the legal capacity to execute and perform
this Agreement, that it is a valid and binding agreement against him or her according to its terms, and that its execution and performance by him or her does not and will not violate the terms of any existing agreement or understanding to which the
Executive is a party. In addition, the Executive represents and warrants that he or she knows of no reason why he or she is not physically capable of performing his or her obligations under this Agreement in accordance with its terms. 

18. Miscellaneous. All section headings are for convenience only. This Agreement may be executed in any number of counterparts,
each of which when executed shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account
for any of the other counterparts. 
 19. Compliance with §409A. This Agreement is intended to constitute an
enforceable contract for the payment of compensation, severance and certain other benefits. The Agreement is not intended to constitute a “nonqualified deferred compensation plan” within the meaning of §409A. Notwithstanding the
foregoing, in the event this Agreement and/or any benefit paid to the Executive hereunder is deemed to be subject to §409A, this Agreement shall be interpreted and, as reasonably necessary in the discretion of the Board, may be amended
to bring this Agreement and/or any such benefit into compliance with §409A, without reducing the amounts of any benefits due to the Executive hereunder. 
 20. Compliance with TARP. 
 (a) Notwithstanding anything to the contrary
contained in this Agreement, to the extent necessary to be in compliance with the Capital Purchase Program (the “CPP”) provided under the Troubled Asset Relief Program (“TARP”) and for so long as the United States Department of
the Treasury (the “Treasury”) is deemed to hold any equity or debt securities of Sterling (such period, the “TARP Period”), Sterling and Executive agree to be bound by the executive compensation and corporate governance
requirements of Section 111 of the Emergency Economic Stabilization Act of 2008, as amended, and any regulations, guidance or interpretations that may from time to time be 

  
 13 

 
promulgated thereunder (“EESA”); and to the extent that Executive is subject to Section 111 of EESA, then any payment of any kind provided for by, or accrued with respect to, the
Executive must comply with EESA, and this Agreement shall be interpreted or reformed to so comply. If the making of any payment pursuant to, or accrued with respect to, this Agreement would violate EESA or other applicable state or federal laws, or
if the making of such payment, or accrual, may in the judgment of Sterling limit or adversely impact the ability of Sterling to participate in, or the terms of Sterling’s participation in, the TARP, the CPP, or to qualify for any other relief
under EESA, the Executive shall be deemed to have waived his rights to such payments or accruals. If applicable, the Executive will grant to the Treasury (or other body of the U.S. government) and to Sterling a waiver in a form acceptable to the
Treasury (or other applicable body of the U.S. government) and Sterling releasing the Treasury (or such other body) and Sterling from any claims that Executive may otherwise have as a result of the issuance of any regulations, guidance or
interpretations that adversely modify the terms of this Agreement that would not otherwise comply with the executive compensation and corporate governance requirements of EESA, other applicable state or federal laws, or any securities purchase
agreement or other agreement entered into between the Sterling and the Treasury (or other body) pursuant to EESA. Specifically, and without limiting the foregoing, Executive and Sterling hereby agree that, during the TARP Period: 

(i) For so long as Executive is subject to the prohibition on golden parachute payments under Section 111 of EESA, to the extent
any payment or acceleration of vesting described herein constitutes a “golden parachute payment” under Section 111 of EESA, Executive shall not be entitled to such payment or acceleration of vesting. 

(ii) Sterling shall be entitled to the return of, and Executive agrees to return, any bonus or incentive compensation paid to the
Executive that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate. 

(iii) None of the incentives under this Agreement provide the Executive with any incentives to take unnecessary and excessive risks that
threaten the value of Sterling. 
 (b) Offset. Unless otherwise paid back to Sterling by Executive, Sterling shall have
the right to offset any payments that must be returned to Sterling under Section 20(a)(ii) against any current amounts due to the Executive, including, but not limited to, salary, incentive compensation, equity incentive awards, severance,
deferred compensation or any other funds due to 

  
 14 

 
the Executive from Sterling, and by executing this Agreement, Executive expressly acknowledges and agrees to such offset. 
 [Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, and intending to be legally bound, Sterling has caused this Agreement to
be executed by its duly authorized representatives and the Executive has signed this Agreement, all as of the first date above written. 

ATTEST: 
  

			
	STERLING FINANCIAL CORPORATION
		
	BY:	 	 /s/ J. Gregory Seibly

		 	J. GREGORY SEIBLY
		 	Chief Executive Officer

  

	
	EXECUTIVE
	
	 /s/ Daniel G. Byrne

	 DANIEL G. BYRNE

 [Signature Page to Employment Agreement] 

  
 16

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