Document:

Arkanova Energy Corporation.: Exhibit 10.2 - Filed by newsfilecorp.com

EXECUTIVE EMPLOYMENT
AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the "Agreement") is
effective October 1, 2014 (the “Effective Date”), by and between
ARKANOVA ENERGY CORPORATION, a Nevada
corporation (the “Company”), and REGINALD DENNY, an individual and
resident of 16709 French Harbour Court, Austin, Texas 78734 (the
"Executive").

WHEREAS, the Company is in the business of locating,
acquiring and exploring oil and gas properties; 

WHEREAS, the Executive has experience in the control and
senior management functions of companies in the oil & gas industry in
particular; and 

WHEREAS, the Executive is currently employed by the
Company and the Executive and the Company seek to enter into this Agreement, to
be effective upon the Effective Date. 

NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the parties agree as follows: 

1.      Employment. On the
Effective Date, the Executive is hereby employed and engaged to serve the
Company as the Chief Financial Officer of the Company, and such additional
titles as the board of directors of the Company (the “Board”) may specify
from time to time, and the Executive does hereby accept and agree to such
engagement and employment. 

2.      Employment Term. This
Agreement has a term of one (1) year, beginning on the Effective Date (the
“Employment Term”). Upon expiration of the initial Employment Term, this
Agreement will automatically renew for another one (1) year unless terminated in
writing by either party no less than sixty (60) days prior to the expiration or
by either party pursuant to Section 16 of this Agreement. 

3.      Directorship. Provided
the Executive is not in breach of any terms of this Agreement, and during the
Employment Term, the Company agrees to nominate the Executive for election as a
director of the Company at all meetings of stockholders held for the purpose of
electing directors. 

4.      Duties. The Executive’s
duties will be such duties and responsibilities as the Board may specify, assign
and reassign, in its sole and absolute discretion from time to time, and will
entail those duties customarily performed by the Chief Financial Officer of a
company with the revenue and number of employees commensurate with those of the
Company. Without limiting the generality of the foregoing, the Executive’s
duties will include the following: 

	 	(a) 	
      management of the complete accounting function to include
      payables, receivables, payroll, general ledger, asset control, purchasing,
      inventory, depletion and depreciation, etc.;

	 	 	 
	 	(b) 	
      production of financial statements in accordance with
      United States GAAP, and management reports, on a monthly basis and on an
      as needed basis;

	 	 	 
	 	(c) 	
      preparation of budgets and forecasts with expenditure
      analysis and variance reporting to include capital, operational and
      financial;

	 	(d) 	management of cash balances for timely
      commitment of funds and float control; 
	 	  	  
	 	(e) 	responsible for all tax matters as to
      production and timely filing; 
	 	  	  
		(f) 	
      prepare and file necessary disclosure documents with the
      SEC, including quarterly reports on Form 10-Q, annual reports on Form
      10-K, and current reports on Form 8-K, and applicable documents with the
      FERC, and any and all documents necessary to be filed with the State of
      Arkansas and other governmental agencies; 

	 	  	  
		(g) 	ensure compliance with contracts and
      agreements, their recording and classification, enforceability and
      legality (with legal counsel); 
	 	  	  
		(h) 	maintain the corporate records, minutes and
      bylaws for compliance with management, shareholders and the IRS and
      government agencies; 
	 	  	  
		(i) 	maintain adequate insurance for all coverages
      and conduct periodic reviews for rates, coverages and any changes to
      operating conditions; 
	 	  	  
		(j) 	implement a software package to facilitate the
      recording of operations, update as necessary and maintain the security of
      the system; and 
	 	  	  
	 	(k) 	liaison with audit firms for the annual audit
      and SEC filings. 
	 	  	  
	 	(collectively the “Duties”).

5.      Reporting. The
Executive will report to the President and Chief Executive Officer of the
Company (the “CEO”). 

6.      Best Efforts of the
Executive. During his employment hereunder, the Executive must 

	 	(a) 	
      devote his business time, best efforts, business
      judgment, skill, and knowledge to the advancement of the Company's
      interests and to the discharge of his duties and responsibilities
      hereunder;

	 	 	 
	 	(b) 	
      diligently and faithfully execute and perform the Duties
      and responsibilities, subject to the general supervision and control of
      the CEO; and

	 	 	 
	 	(c) 	
      conduct and maintain a professional relationship with all
      parties interacting with the Company with the utmost regard for honesty
      and integrity.

7.      Business Opportunities.
During the Employment Term, the Executive agrees to bring to the attention of
the Board all written business proposals that come to the Executive’s attention
and all business or investment opportunities of an oil and gas nature that are
created or devised by the Executive and that relate to areas in which the
Company conducts business and might reasonably be expected to be of benefit or
interest to the Company or any of its subsidiaries. The Executive may not
participate in or compete within a 25 mile radius of existing projects. 

2 

8.      Other Business, etc.
The Company recognizes that the Executive is actively engaged in other
business, investments, and personal pursuits. Nothing in this Agreement
precludes the Executive from devoting reasonable periods required for: 

	 	(a) 	
      serving as a director or member of a committee of any
      organization or corporation involving no conflict of interest with the
      interests of the Company;

	 	 	 
	 	(b) 	
      serving as a consultant in his area of expertise (in
      areas other than in connection with the business of the Company), to
      government, industrial, and academic panels where it does not conflict
      with the interests of the Company; and

	 	 	 
	 	(c) 	
      managing his personal investments or engaging in any
      other business; provided that such activities do not interfere with the
      regular performance of his duties and responsibilities under this
      Agreement as determined by the Company.

9.      Compensation of the
Executive. 

	 	(a) 	
      As compensation for the services provided by the
      Executive under this Agreement, the Company will pay the Executive an
      annual salary of $175,000.00, to be paid in accordance with the Company's
      usual payroll procedures (the “Salary”).

	 	 	 
	 	(b) 	
      In addition to the Salary, the Executive may be eligible
      to receive an annual bonus determined by the Board based on the
      performance of the Company.

10.      Stock Option Grant.
The Company may, in its discretion, grant to the Executive incentive stock
options to acquire shares of the Company’s common stock on such terms as to be
determined by the Board and in accordance with applicable securities laws. 

11.      Benefits. The
Executive will also be entitled to participate in any and all Company benefit
plans, from time to time, in effect for employees of the Company. Such
participation will be subject to the terms of the applicable plan documents and
generally applicable Company policies. 

12.      Vacation, Sick Leave and
Holidays. During the Employment Term, the Executive is entitled to four (4)
weeks of paid vacation in accordance with Company policies established and in
effect from time to time, with such vacation to be scheduled and taken in
accordance with the Company's standard vacation policies. In addition, the
Executive is entitled to such sick leave and holidays at full pay in accordance
with the Company's policies established and in effect from time to time. 

13.      Business Expenses and
Indemnity. 

	 	(a) 	
      The Company must promptly reimburse the Executive for all
      reasonable out-of- pocket business expenses incurred in performing the
      Executive’s duties and responsibilities hereunder in accordance with the
      Company's policies, provided the Executive promptly furnishes to the
      Company adequate records of such expenses.

3 

	 	(b) 	
      The Company agrees to indemnify and hold the Executive
      harmless from any liability, damage, or claim, including reasonable
      attorneys’ fees incurred by the Executive related to the Company or its
      activities, provided that the Company will not be liable for any action
      for the Executive’s gross negligence or willful
neglect.

14.      Location of the
Executive's Activities. The Executive’s principal place of business in the
performance of his duties and obligations under this Agreement will be in either
the Houston or Austin metropolitan areas, as determined by the Company in its
discretion. Notwithstanding the preceding sentence, the Executive will engage in
such travel and spend such time in other places as may be necessary or
appropriate in furtherance of his duties hereunder. 

15.      Confidentiality. The
Executive recognizes that the Company has and will have business affairs,
products, future plans, trade secrets, customer lists, and other vital
information (collectively "Confidential Information") that are valuable assets
of the Company. The Executive agrees that he will not at any time or in any
manner, either directly or indirectly, divulge, disclose, or communicate in any
manner any Confidential Information to any third party without the prior written
consent of the Board. The Executive must protect the Confidential Information
and treat it as strictly confidential. 

16.      Termination. Except as
provided in Section 2 of this Agreement, the Executive’s employment hereunder
will terminate under the following circumstances: 

	 	(a) 	
      Voluntary Termination by the Executive. The
      Executive has the right to voluntarily terminate this Agreement and his
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 	 
	 	(b) 	
      Voluntary Termination by the Company. The Company
      has the right to voluntarily terminate this Agreement and the Executive’s
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 	 
	 	(c) 	
      Termination for Cause. The Company has the right
      to terminate this Agreement and the Executive’s employment hereunder at
      any time for cause. As used in this Agreement, "cause" means any of
      the following:

	 	 	 	 
	 		(i) 	
      Refusal by the Executive to implement or adhere to lawful
      policies or directives of the Board or the CEO;

	 	 	 	 
	 		(ii) 	
      Breach of this Agreement by the Executive;

	 	 	 	 
	 		(iii) 	
      The Executive’s conviction of a felony;

	 	 	 	 
	 		(iv) 	
      The Executive’s conviction of a misdemeanor involving
      fraud, theft, deceit, misrepresentation, conspiracy, breach of trust or
      breach of fiduciary duty;

	 	 	 	 
	 		(v) 	
      The Executive receiving a reprimand, suspension, fine or
      other administrative penalty from the United States Securities and
      Exchange Commission or state regulator in a matter that involves fraud,
      theft, deceit, misrepresentation, conspiracy, breach of trust, breach of
      fiduciary duty or insider trading made after the signed date of this
      contract; or

4 

	 		(vi) 	
      Breach of fiduciary duty or the misappropriation by the
      Executive of funds from or resources of the Company.

	 	 	 	 
	 		
      “Cause” will not be deemed to exist unless the
      Company has first given the Executive a written notice thereof specifying
      in reasonable detail the facts and circumstances alleged to constitute
      "cause" and, thirty (30) days after such notice has been given, such
      conduct has, or such circumstances have, as the case may be, not entirely
      ceased and not been entirely remedied.

	 	 	 	 
	 	(d) 	
      Termination Upon Death or for Disability. This
      Agreement and the Executive’s employment hereunder, will automatically
      terminate upon:

	 	 	 	 
	 		(i) 	
      the Executive’s death; or

	 	 	 	 
	 		(ii) 	
      upon written notice to the Executive and certification of
      the Executive’s disability by a qualified physician or a panel of
      qualified physicians if the Executive becomes disabled beyond a period of
      twelve (12) months and is unable to perform the duties contain in this
      Agreement.

	 	(e) 	
      Termination on “Change of Control”.

	 	 	 	 	 
	 		(i) 	
      “Change of Control Event” means the occurrence of
      any one of the events set out in Subsections A. to C. below:

	 	 	 	 	 
	 			A. 	
      The acquisition, other than from the Company, by any
      individual, entity or group (within the meaning of Section 13(d)(3) or
      14(d)(2) of the Securities Exchange Act of 1934, as amended) of
      beneficial ownership of 50% or more of either the then outstanding shares
      of common stock of the Company or the combined voting power of the then
      outstanding voting securities of the Company entitled to vote generally in
      the election of directors,

	 	 	 	 	 
	 			B. 	
      The approval by the stockholders of the Company of a
      reorganization, merger or consolidation of the Company in which the
      individuals and entities who were the respective beneficial owners of the
      common stock and voting securities of the Company immediately prior to
      such reorganization, merger or consolidation do not, following such
      reorganization, merger or consolidation, beneficially own, directly or
      indirectly, more than 50% of, respectively, the then outstanding shares of
      common stock and the combined voting power of the then outstanding voting
      securities entitled to vote generally in the election of directors, as the
      case may be, of the corporation resulting from such reorganization, merger
      or consolidation; or

	 	 	 	 	 
	 			C. 	
      A liquidation or dissolution of the Company or the sale
      or disposition of all or substantially all of the assets of the Company,
      which, for greater certainty, is deemed to occur in the event the Company
      sells or disposes of all or substantially all of the assets of a
      subsidiary of the Company.

5 

	 		
      In the case of the occurrence of any of the events set
      forth in this Section 16(e), a Change of Control Event will be deemed to
      occur immediately prior to the occurrence of any such events. The
      following will not constitute a Change of Control Event:

	 	 	 	 
	 		D. 	
      If the sole purpose of the event is to change the
      jurisdiction of the Company’s organization or to create a holding Company,
      partnership or trust that will be owned in substantially the same
      proportions by the persons who held the Company’s securities immediately
      before such event; or

	 	 	 	 
	 		E. 	
      If the Executive is part of a purchasing group that
      consummates the Change of Control Event.

	 	 	 	 
	 	(ii) 	
      If a Change of Control Event occurs with respect to the
      Company, the Executive’s Employment will automatically terminate and the
      Company will pay the Executive an amount equal to the total of:

	 	 	 	 
	 		A. 	
      the Salary for a period of 18 months; and

	 	 	 	 
	 		B. 	
      the Executive’s cost for a period of 18 months to obtain
      family and/or spousal health insurance that is similar in coverage to that
      provided to the Executive as of the date of the Change of
  Control,

	 	 	 	 
	 		
      which amount is payable within 30 days of the Change of
      Control Event.

	 	(f) 	
      Effect of Termination.

	 	 	 	 
	 		(i) 	
      In the event that this Agreement and the Executive’s
      employment is terminated for cause pursuant to Section 16(c), all
      obligations of the Company and all duties, responsibilities and
      obligations of the Executive under this Agreement will cease upon the
      effective date of such termination. Upon such termination, the Executive
      will be entitled to receive only the compensation, benefits, and
      reimbursement earned by or accrued to the Executive under the terms of
      this Agreement prior to the date of termination, but will not be entitled
      to any further compensation, benefits, or reimbursement after such
      date.

	 	 	 	 
	 		(ii) 	
      In the event the Executive or the Company voluntarily
      terminates this Agreement pursuant to Sections 16(a) or 16(b), or in the
      event of the termination of this Agreement upon death or disability of the
      Executive pursuant to Section 16(d), the Executive will be entitled to all
      compensation pursuant to Section 9 of this Agreement for the period
      through the effective termination date, provided that, in the case of
      death or disability, payment may be made to the Executive’s appointed
      trustee.

	 	 	 	 
	 		(iii) 	
      Other than as set forth above, the Executive will not be
      entitled to any further compensation, benefits, or reimbursement after the
      date of his termination.

6 

	 	(g) 	
      Resignation as Director. In the event that the
      Executive’s employment is terminated by the Company for cause, the
      Executive agrees to immediately resign as a director of the Company and
      any related entities. For the purposes of this Section 16, the term “the
      Company” will be deemed to include subsidiaries, parents, and affiliates
      of the Company.

17.      Governing Law,
Jurisdiction and Venue. This Agreement will be governed by and construed in
accordance with the laws of the State of Texas without giving effect to any
applicable conflicts of law provisions. 

18.      The Executive’s
Representations and Warranties. The Executive hereby represents and warrants
that he is not under any contractual obligation to any other company, entity or
individual that would prohibit or impede the Executive from performing his
duties and responsibilities under this Agreement and that he is free to enter
into and perform the duties and responsibilities required by this Agreement. The
Executive hereby agrees to indemnify and hold the Company and its officers,
directors, employees, shareholders and agents harmless in connection with the
representations and warranties made by the Executive in this Section 18. 19.
Notices. All demands, notices, and other communications to be given
hereunder, if any, must be in writing and will be sufficient for all purposes if
personally delivered, sent by facsimile or sent by United States mail to the
address below or such other address or addresses as such party may hereafter
designate in writing to the other party as herein provided. 

	 	The Company: 	The Executive: 
	 	Arkanova Energy Corporation 	Reginald Denny 
	 	305 Camp Craft Road, Suite 525, 	16709 French Harbour Court 
	 	Austin, TX 78746 	Austin, Texas 78734 

20.      Entire Agreement. This
Agreement contains the entire agreement of the parties and there are no other
promises or conditions in any other agreement, whether oral or written. This
Agreement supersedes any prior written or oral agreements between the parties.
This Agreement may be modified or amended, if the amendment is made in writing
and is signed by both parties. 

21.      No Assignment of
Agreement. This Agreement is for the unique personal services of the
Executive and is not assignable or delegable, in whole or in part, by the
Executive or the Company. 

22.      Currency. All dollar
amounts referred to in this Agreement are in lawful money of the United
States. 

23.      Headings. The headings
contained in this Agreement are for reference only and do not in any way affect
the meaning or interpretation of this Agreement. 

24.      Severability. If any
provision of this Agreement is held to be invalid or unenforceable for any
reason, the remaining provisions will continue to be valid and enforceable. 

25.      No Waiver. The failure
of either party to enforce any provision of this Agreement is not be construed
as a waiver or limitation of that party's right to subsequently enforce and
compel strict compliance with every provision of this Agreement. 

7 

26.      Independent Legal
Advice. The Executive acknowledges that he has read and understands this
Agreement, and acknowledges that: 

	 	(a) 	
      he has read and understands this Agreement;

	 	 	 
	 	(b) 	
      Clark Wilson LLP acts solely for the Company with respect
      to the preparation of this Agreement and cannot provide the Executive with
      any advice regarding same; and

	 	 	 
	 	(c) 	
      he has had the opportunity to obtain independent legal
      advice to respect to this Agreement.

27.      Execution in
Counterparts. This Agreement may be executed in two or more counterparts,
each of which will be deemed an original, but all of which together will
constitute one and the same instrument and, in pleading or proving any provision
of this Agreement, it will not be necessary to produce more than one of such
counterparts. 

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

ARKANOVA ENERGY CORPORATION 

	By: /s/ Erich Hofer 	/s/ Reginald Denny 
	       Erich Hofer, Independent
      Director 	REGINALD DENNY 

810.2 Tani Girton

EXHIBIT 10.2

AGREEMENT

This Agreement is made and is effective as of November 10, 2014 by and between Bank of Marin (“Company”) and Tani Girton (“Executive”).

WHEREAS, Executive is currently employed by the Company, a California corporation in the capacity of Executive Vice President, Chief Financial Officer, and Executive’s background, expertise and efforts have contributed to the success and financial strength of the Company; and

WHEREAS, the Company wishes to assure itself of the continued opportunity to benefit from Executive’s services and Executive wishes to serve in the employ of the Company for such purposes;

WHEREAS, the Board of Directors of the Company (“Board”) has determined that the best interests of the Company would be served by setting forth the benefits which the Company will provide to Executive if the Executive remains employed by the Company up to and including the consummation of a Change in Control of the Company; and 

WHEREAS, the Company wishes to provide a specific incentive to Executive to remain in the employ of the Company through and including the consummation of any Change in Control of the Company, as defined herein.

NOW, THEREFORE, in order to effect the foregoing, the parties hereto wish to enter into an Agreement on the terms and conditions set forth below.  This Agreement (“Agreement”) therefore sets forth those benefits which the Company will provide to Executive in the event of a “Change in Control of the Company” (as defined in paragraph 2) under the circumstances described below or in contemplation of a Change in Control as discussed in Paragraph 1 below.  Accordingly, in consideration of the premises and the respective covenants and Agreements of or in contemplation of a Change in Control as discussed in Paragraph 1 below herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

1.  TERM.  The term of this Agreement shall be one year from the date hereof, subject to annual automatic renewal, but the Agreement may be terminated by the Company following 90 days written notification without liability to the Executive prior to the occurrence of a Change of Control. If such termination occurs, Executive shall not be entitled to any of the benefits provided hereunder; provided, however, a termination of this Agreement, in contemplation of but prior to a Change in Control shall be presumed to be a termination following a Change in Control if such termination is reasonably proximate in time to the public announcement of said Change in Control. If a Change in Control of the Company should occur while Executive is still an employee of the Company, then this Agreement shall continue in effect from the date of such Change in Control of the Company for so long as Executive remains an employee of the Company, but in no event for more than one year following the consummation of a Change in Control of the Company; provided, however, that the expiration of the term of this Agreement shall not adversely affect Executive’s rights under this Agreement which have accrued prior to such expiration. If no Change in Control of the Company occurs before Executive’s status as an employee of the Company is terminated, this Agreement shall expire on such date.  

2.  CHANGE IN CONTROL. For purposes of this Agreement, a “Change in Control of the Company” shall be deemed to have occurred upon the consummation of (A) any change in the ownership of the Company (as defined in Treasury Regulation §1.409A-3(i)(5)(v)), (B) a change in effective control of the Company (as defined in Treasury Regulation §1.409A-3(i)(5)(vi)), or (C) a change in the ownership of a substantial 

portion of the assets of the Company (as defined in Treasury Regulation §1.409A-3(i)(5)(vii)).  Such treasury regulations presently provide as follows: (A) A change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation §1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation.  (B) A change in effective control of the corporation occurs only on either of the following dates: (1) The date any one person, or more than one person acting as a group (as determined under Treasury Regulation §1.409A-3(i)(5)(v)(B)), 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 the corporation possessing 30 percent or more of the total voting power of the stock of such corporation, or (2) The date a majority of members of the corporation’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the corporation’s board of directors before the date of the appointment or election, provided that for purposes of this paragraph the term corporation refers solely to the relevant corporation identified in Treasury Regulation §1.409A-3(i)(5)(ii) for which no other corporation is a majority shareholder for purposes of that paragraph.  (C) A change in the ownership of a substantial portion of a corporation’s assets occurs on the date that any one person, or more than one person acting as a group (as determined in Treasury Regulation §1.409A-3(i)(5)(v)(B)), 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 the corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all the assets of the corporation immediately before such acquisition or acquisitions (or such higher amount specified by the plan no later than the date by which the time and form of payment must be established under §1.409A-2).  For this purpose, gross fair market value means the value of the assets of the corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

3.  TERMINATION FOLLOWING CHANGE IN CONTROL.  If a Change in Control of the Company shall have occurred while Executive is still an employee of the Company, Executive shall be entitled to the payments and benefits provided in paragraph 4 hereof upon the subsequent termination of Executive’s employment, within one year following the consummation of a Change in Control of the Company, by Executive or by the Company unless such termination is (a) because of  death, “Disability” or “Retirement” (as defined below), (b) by the Company for “Cause” (as defined below), or (c) by Executive other than for “Good Reason” (as defined below), in any of which events Executive shall not be entitled to receive benefits under this Agreement.

(i) Disability.  If, as a result of Executive’s incapacity due to physical or mental illness,  Executive shall have been absent from his duties with the Company on a full-time basis for 90 days, the Company may terminate this Agreement for “Disability.”

(ii) Retirement.  Retirement shall mean the voluntary termination by Executive of her employment for other than “Good Reason” (as defined below) which termination qualifies as retirement in accordance with any pension plan adopted by the Company, pursuant to the Company’s normal retirement policies, or in accordance with any retirement arrangement established with Executive’s consent with respect to Executive; provided, however, that no mandatory retirement, whether under any pension plan or in accordance with any such other retirement arrangement, shall constitute Retirement for purposes of this Agreement, unless Executive has previously consented thereto in writing.

(iii)  Cause.   Executive’s employment shall cease following a Change in Control upon a good faith finding of Cause by the Board.  “Cause” hereunder means the following:

(A) Executive’s personal dishonesty, incompetence or willful misconduct, including but not limited to a breach of the Company’s or Bancorp’s code of ethics or code of conduct;

(B) Executive’s breach of fiduciary duty involving personal profit;

(C) Executive’s intentional failure to perform Executive’s duties for the Company after a written demand for performance is given to Executive by the Board which demand specifically identifies the manner in which the Board believes that Executive has not performed her duties; 

(D)  Executive’s willful violation of any law, rule, regulation or final cease and desist order (other than traffic violations or similar minor offenses) to the extent detrimental to the Company’s business or reputation; or 

(E) the willful engaging by Executive in gross misconduct materially and demonstrably injurious to the Company.

Notwithstanding any of the foregoing, Executive remains an “at will” employee of the Company and the Company can without cause terminate Executive’s employment prior to any Change in Control in the discretion of the Board of Directors of the Company.

(iv)  Resignation for Good Reason.  Following a Change in Control during the Term hereof, Executive may, under the following circumstances, regard Executive's employment as being constructively terminated by the Company (and in such case Executive's employment shall terminate) and may, therefore, Resign for Good Reason within one year of Executive's discovery of the occurrence of one or more of the following events, any of which shall constitute "Good Reason" for such Resignation for Good Reason:

(A)    Without Executive's express written consent, an adverse change in Executive’s position or title, the assignment to the Executive of any duties or responsibilities inconsistent with the Executive’s position or removal of the Executive from or any failure to re-elect the Executive to any such positions;

(B)    A reduction of the Executive’s base salary;

(C)    A 20%, or greater, reduction in non-salary benefits;

(D)    Failure of the Company to obtain the assumption of this Agreement by any successor; or;

(E)    Requirement by the Company that the Executive be based anywhere other than within 40 miles of the Company’s current headquarters in Novato, California

(v)  Notice of Termination.  Any termination by the Company pursuant to subparagraphs (i), (ii) or (iii) above or by Executive pursuant to subparagraph (iv) above shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.

(vi)  Date of Termination.  “Date of Termination” shall mean

(A)  if this Agreement is terminated for Disability, thirty days after Notice of Termination is given,

(B)  if Executive’s employment is terminated pursuant to subparagraph (iv) above, the date specified in the Notice of Termination,

(C)  if Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given (or, if a Notice of Termination is not given, the date of such termination), and

(D)  if Executive is entitled to compensation pursuant to paragraph 4, the date determined pursuant to such paragraph.

4.  COMPENSATION DURING DISABILITY OR UPON TERMINATION.  

(i) If, after a Change in Control of the Company, Executive shall fail to perform her duties because of a Disability, Executive shall continue to receive her full base salary monthly at the rate then in effect until her employment is terminated pursuant to paragraph 3(i) hereof.

(ii)  If, after a Change in Control of the Company, Executive’s employment shall be terminated for Cause, the Company shall pay Executive her full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and the Company shall have no further obligations to Executive under this Agreement.

(iii)  If, after a Change in Control of the Company, the Company shall terminate Executive’s employment (other than pursuant to paragraph 3(i) or 3(iii) hereof or by reason of death or Retirement as provided in Paragraph 3(ii)) or Executive shall terminate her employment for Good Reason, Executive shall be entitled to payments pursuant to this paragraph 4:

The Company shall pay to Executive as severance pay (and without regard to the provisions of any benefit plan) in a lump sum on the fifth day following the Date of Termination, the following amounts:

(x) The average salary of the Executive for the last three full years of service multiplied by Executive’s Seniority Factor; and

(y)  The Executive’s annual bonus for the previous year; and

(z)  Executive’s health premiums under COBRA for 18 months and Dental/Vision premiums under COBRA for 12 months.

Based on Executive’s position as Executive Vice President, Chief Financial Officer, the Seniority Factor shall be 1.5. 
    
(iv)  Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in this paragraph 4 be reduced by any compensation earned by Executive as the result of employment by another employer after the Date of Termination, or otherwise.

(v)  The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment Agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the Date of Termination.

5.  SUCCESSOR’S BINDING AGREEMENT 
 
(i)  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by Agreement in form and substance satisfactory to Executive expressly to 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. 

(ii)  This Agreement shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributes, devises and legatees. If Executive should die while any amounts would still be payable to Executive hereunder if Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or other designee or, if there be no such designee, to Executive’s estate.

6.  NO EMPLOYMENT AGREEMENT.  In consideration of the foregoing obligations of the Company, Executive agrees to be bound by the terms and conditions of this Agreement and to remain in the employ of the Company during any period following any public announcement by any person of any proposed transaction or transactions which, if effected, would result in a Change in Control of the Company until a Change in Control of the Company has taken place or, in the opinion of the Board, such person has abandoned or terminated its efforts to effect a Change in Control of the Company.  Subject to the foregoing including but not limited to the provisions contained in Paragraph 1 that a termination in contemplation of a Change in Control entitles Executive to the amounts provided in Section 4, nothing contained in this Agreement shall impair or interfere in any way with Executive’s right to terminate her employment or the right of the Company to terminate Executive’s employment with or without cause prior to a Change in Control of the Company.  Nothing contained in this Agreement shall be construed as a contract of employment between the Company and Executive or as a right for Executive to continue in the employ of the Company, or as a limitation of the right of the Company to discharge Executive with or without cause prior to a Change in Control of the Company.

7.  NOTICE.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the last page of this Agreement, provided that all notices to the Company should be directed to the attention of the Chairman of the Company’s Compensation Committee, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

8.  FURTHER ASSURANCES.  Each party hereto agrees to furnish and execute such additional forms and documents, and to take such further action, as shall be reasonable and customarily required in connection with the performance of this Agreement or the payment of benefits hereunder.

9.  MISCELLANEOUS.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Executive and such officer as may 

be specifically designated by the Board of Directors of the Company.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No Agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.  This Agreement contains the entire Agreement among the parties and supersedes and replaces any prior Agreement between the parties concerning the subject matter hereof.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California.

10.  VALIDITY.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

11.  COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

12.  ARBITRATION.  Any dispute or controversy arising or in connection with this Agreement shall, upon written request of one party to the other, be submitted to and settled exclusively by arbitration pursuant to the rules of the American Arbitration Association.  Judgment may be entered on the arbitrator's award in any court of competent jurisdiction.  The cost of such arbitration, including reasonable attorney’s fees, shall be borne by the losing party or in such proportions as the arbitrator(s) shall decide.  Arbitration shall be the exclusive remedy of Executive and the Company and the award of the arbitrator(s) shall be final and binding upon the parties.  All reasonable costs, including reasonable attorney’s fees, incurred in enforcing an arbitration award in court, or of seeking a court order to compel arbitration, shall be borne by the losing party in such proceedings.

13.   ADVICE OF COUNSEL.  Executive acknowledges that he has been encouraged to consult with legal counsel of her choosing concerning the terms of this Agreement prior to executing this Agreement.  Any failure by Executive to consult with competent counsel prior to executing this Agreement shall not be a basis for rescinding or otherwise avoiding the binding effect of this Agreement.  The parties acknowledge that they are entering into this Agreement freely and voluntarily, with full understanding of the terms of this Agreement.  Interpretation of the terms and provisions of this Agreement shall not be construed for or against either party on the basis of the identity of the party who drafted the terms or provisions in question.

14.  REDUCTION OF PAYMENT.  Notwithstanding anything in the foregoing to the contrary, if the severance payment or any of the other payments provided for in this Agreement, together with any other payments which Executive has the right to receive from the Company would constitute a "parachute payment" (as defined in Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended, or such similar set of laws (the “Code”)), the payments pursuant to this Agreement shall be reduced to the largest amount as will result in no portion of such payments being subject to the excise tax imposed by Section 4999 of the Code, provided, however, that the determination as to whether any reduction in the payments under this Agreement pursuant to this proviso is necessary shall be made in good faith by Perry-Smith LLP or if such firm is no longer providing tax services to Company to such other advisor as shall be mutually acceptable to Company and Executive, and such determination shall be conclusive and binding on the Company and Executive with respect to the treatment of the payment for tax reporting purposes.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

	
			
	ATTEST:
	 
	BANK OF MARIN

	 
	 
	Pell Plaza

	 
	 
	504 Redwood Boulevard, Suite 100

	 
	 
	Novato, CA 94947

	 
	 
	 

	 
	 
	 

	Witness
	 
	President  & CEO

	 
	 
	Russell A. Colombo

	 
	 
	 

	 
	 
	 

	 
	 
	THE EXECUTIVE

	 
	 
	Pell Plaza

	 
	 
	504 Redwood Boulevard, Suite 100

	 
	 
	Novato, CA 94947

	 
	 
	 

	 
	 
	 

	Witness
	 
	EVP, CFO

	 
	 
	Tani Girton

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