Document:

EX-10.1

EXHIBIT 10.1

TO REGISTRANT’S FORM 8-K DATED 2/8/2006

CHANGE OF CONTROL/SEVERANCE AGREEMENT

THIS CHANGE OF CONTROL/SEVERANCE AGREEMENT (the “Agreement”) is entered into by and between
EvergreenBank (the “Bank”), a Washington state-chartered bank, and      (the
“Executive”), effective as of February 2, 2006 (the “Commencement Date”).

WHEREAS, the Executive is currently employed by the Bank in the capacity of      ;
and

WHEREAS, the Bank wishes to ensure that the Executive will be available to assist the Board of
Directors of the Bank in responding to and, if deemed appropriate by the Board, completing any
proposed change of control (as defined herein) of the Bank or of its holding company,
EvergreenBancorp, Inc. (the “Holding Company”);

NOW, THEREFORE, the Bank and the Executive agree as follows:

1. Certain Definitions.

(a) The term “Change of Control,” for purposes of this Agreement, means: (i) any “person,” as
such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than the Holding Company
or any Consolidated Subsidiaries (as hereinafter defined), is or becomes the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) directly or indirectly of securities of the Bank or
the Holding Company representing 50% or more of the combined voting power of the Bank’s or Holding
Company’s outstanding securities; (ii) individuals who are members of the Board of Directors of the
Holding Company (the “Board”) on the Commencement Date (the “Incumbent Board”) cease for any reason
to constitute at least a majority thereof, provided that any person becoming a director subsequent
to the Commencement Date whose election was approved by a vote of at least one-half (1/2) of the
directors comprising the Incumbent Board or whose nomination for election by the Holding Company’s
stockholders was approved by the nominating committee serving under an incumbent Board or who was
appointed as a result of a change at the direction of the Federal Reserve Board or the Federal
Deposit Insurance Corporation (“FDIC”), shall be considered a member of the Incumbent Board; (iii)
the stockholders of the Holding Company approve a merger, consolidation or acquisition of the
Holding Company or the Bank, with or by any other corporation or entity, other than (1) a merger,
consolidation or acquisition which would result in the voting securities of the Holding Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the Holding Company or such surviving entity outstanding
immediately after such merger or consolidation or (2) a merger or consolidation effected to
implement a recapitalization of the Holding Company or the Bank (or similar transaction) in which
no person (as hereinabove defined) acquires more than 50% of the combined voting power of the
Holding Company’s then outstanding securities; or (iv) the stockholders of the Holding Company
approve a plan of complete liquidation of the Holding Company or the Bank or an agreement for the
sale or disposition by the Holding Company of all or substantially all of the Holding Company’s or
the Bank’s assets (or any transaction having a similar effect); provided that the term “Change of
Control” shall not include an acquisition of securities by an employee benefit plan of the Bank or
the Holding Company or a change in the composition of the Board at the direction of the Federal
Reserve Board or the FDIC. Upon a Change of Control, the provisions hereof shall become immediately
operative.

(b) The term “Consolidated Subsidiaries” means any subsidiary or subsidiaries of the Holding
Company that are part of the affiliated group (as defined in Section 1504 of the Internal Revenue
Code of 1986, as amended (the “Code”), without regard to subsection (b) thereof) that includes the
Bank.

(c) The term “Good Reason” means only any one or more of the following:

	 	(i)	 	material reduction, without Executive’s consent, of Executive’s salary or
material elimination of any compensation or benefit plan benefiting Executive, unless
the reduction or elimination is generally applicable to substantially all Bank
employees (or employees of a successor or controlling entity of the Bank), or, if
applicable, to similarly situated executives of other companies within the same
multiple-employer benefit plan, formerly benefited;

	 	(ii)	 	the assignment to Executive without his consent of any authority or duties
materially lesser than Executive’s responsibilities as of the date of this Agreement;

(d) The term “Termination for Cause” means termination of the employment of the Executive
because of the Executive’s dishonesty, incompetence, willful misconduct, breach of a fiduciary duty
involving personal profit, intentional failure to perform duties or gross negligence in such
performance, insubordination, willful violation of any law, rule, or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, or material breach of any
provision of this Agreement or any other agreement between Executive and the Bank or the Holding
Company.

2. Other Compensation and Terms of Employment. This Agreement is not an employment agreement
and shall not be construed as such or as providing the Executive any right to be retained in the
employ of the Holding Company or the Bank or any affiliate thereof. Accordingly, except with
respect to the Change of Control severance benefits, this Agreement shall have no effect on the
determination of any compensation payable by the Bank to Executive, or upon any of the terms of
Executive’s employment with the Bank. Nothing in this Agreement shall be deemed to prohibit the
Bank at any time from terminating the Executive’s employment during the term of this Agreement with
or without notice for any reason. The specific arrangements referred to herein are not intended to
exclude any other benefits which may be available to Executive upon a termination of employment
with the Bank pursuant to employee benefit plans of the Bank or otherwise.

3. Termination of the Agreement.

(a) This Agreement may be terminated unilaterally by the Bank, but only as of a prospective
effective date which follows by at least 15 months the date that written notice is given to
Executive that the Bank, by a vote of at least a majority of its directors, has determined to
terminate the Agreement, subject to earlier termination, as provided herein.

(b) This Agreement shall automatically terminate and the Executive shall not be entitled to
any payment or benefit hereunder in the event a termination occurs by reason of a voluntary
retirement, voluntary termination other than for reasons specified in Section 1(c) hereof,
disability, death, or Termination for Cause.

4. Severance Benefits.

(a) In the event the Bank or the Holding Company receives any proposal or offer which could
result in a Change of Control, the Executive will, at the Board’s request, assist the Board in
evaluating such proposal or offer, and the Executive agrees that he will not resign his position
with the Bank during any period from the receipt of such a Change of Control proposal up to the
closing of the transaction contemplated by the proposal, if the contemplated transaction is not
terminated before closing. If after a Change of Control, the Bank terminates the Executive’s
employment other than for Termination for Cause or the Executive terminates employment with the
Bank for Good Reason, and such termination occurs within twelve (12) months following a Change of
Control, the Bank shall: (i) pay the Executive (or in the event of Executive’s subsequent death,
executive’s beneficiary or estate, as the case may be), as severance pay, a sum equal to one (1)
times Executive’s annual compensation. For purposes of this Agreement, “annual compensation” shall
mean Executive’s W-2 income (before salary deferral) received from the Bank for the calendar year
ending before, or simultaneously with, the effective date of the Change of Control. Such amount
shall be paid to Executive in a lump sum no later than sixty (60) days after the date of
Executive’s termination; and (ii) cause to be continued for twelve (12) months after the effective
date of termination, life, medical, dental, and disability coverage substantially identical to the
coverage maintained by the Bank or the Holding Company for the Executive immediately prior to the
effective date of termination, except to the extent such coverage may be changed in its application
to all Bank or Holding Company employees on a nondiscriminatory basis.

(b) The Executive shall not be required to mitigate the amount of any payment or benefit
provided for in Section 4(a) of this Agreement by seeking other employment or otherwise, nor shall
the amount of any payment or benefit provided for in Section 4(a) of this Agreement be reduced by
any compensation earned or benefit received by the Executive as the result of employment by another
employer.

5. Assignment.

(a) This Agreement is personal to each of the parties hereto, and neither party may assign or
delegate any of its rights or obligations hereunder without first obtaining the written consent of
the other party; provided, however, that the Bank shall require any successor or assignee (whether
direct or indirect, by purchase, merger, consolidation, operation of law or otherwise) to all or
substantially all of the business and/or assets of the Bank, to expressly assume and agree to
perform the Bank’s obligations under this Agreement.

(b) This Agreement shall be binding upon and inure to the benefit of the Executive and the
Bank, and their respective successors and assigns.

6. Limitations on Payments Related to Severance Benefits. The following apply,
notwithstanding any other provision of this Agreement:

(a) If the severance benefits payable hereunder, together with any other payments made or to
be made to or for the benefit of the Executive, would be a “parachute payment,” then the payment
hereunder shall be reduced so that the total amount of all such payments equals $1 less than the
maximum amount which does not constitute a “parachute payment”. The term “parachute payment” shall
have the meaning defined in Section 280G of the Code; and

(b) The Bank shall not be obligated to make, and the Executive shall not be entitled to
receive, any payment under this Agreement if such payment would constitute a “golden parachute”
payment prohibited by 12 U.S.C. 1828(k) or 12 CFR §359.0 et seq. The Bank shall have no liability
to the Executive under or in relation to this Agreement for any payment that would be a prohibited
“golden parachute” payment.

7. Confidentiality and Noncompetition.

(a) Confidentiality. From the date of this Agreement the Executive will not, directly or
indirectly, disclose to any third party not affiliated with the Bank, Confidential Information of
the Bank, its Holding Company or subsidiaries and affiliates, except as to any of the Confidential
Information which shall be or become in the public domain or shall be required to be disclosed by
applicable laws or regulations, any judicial or administrative authority or stock exchange rule or
regulation. For the purposes of this Paragraph 7(a), “Confidential Information” shall mean: (i)
internal policies and procedures, (ii) financial information, (iii) marketing strategies, (iv)
customer information, and (v) other non-public information relating to the business or financial
condition of the Bank, its Holding Company or subsidiaries and affiliates.

(b) Noncompetition. During the one (1) year period following a Change of Control or a
termination of Executive’s employment resulting in Executive’s actual receipt of severance benefits
hereunder (“Restricted Period”), the Executive shall not engage in Competition with the Bank, its
Holding Company or subsidiaries and affiliates. For purposes of this Paragraph 7(b), “Competition”
shall mean the Executive engaging in or otherwise being a director, officer, employee, principal,
agent, stockholder, member, owner or partner of, or permitting his name to be used in connection
with the activities in Washington state of any business or organization in the financial services
industry in direct competition with the Bank, its Holding Company or subsidiaries and affiliates,
but shall not preclude the Executive becoming the registered or beneficial owner of up to two
percent (2%) of any class of capital stock of any such corporation which is registered under the
Securities Exchange Act of 1934, as amended, provided the Executive does not actively participate
in the business of such corporation until expiration of the Restricted Period.

8. Delivery of Notices. For the purposes of this Agreement, all notices and other
communications to any party hereto shall be in writing and shall be deemed to have been duly given
when delivered or sent by certified mail, return receipt requested, postage prepaid, to the party’s
address identified herein.

9. Entire Agreement. This Agreement constitutes the entire understanding and agreement
between the parties concerning its subject matter and supersedes all prior agreements,
correspondence, representations, or understandings between the parties relating to its subject
matter.

10. Amendments. No amendments or additions to this Agreement shall be binding unless in
writing and signed by both parties, except as herein otherwise provided.

11. Headings. The headings used in this Agreement are included solely for convenience and
shall not affect, or be used in connection with, the interpretation of this Agreement.

12. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity of the other
provisions hereof.

13. Governing Law and Venue. To the extent not preempted by federal law, the provisions of
this Agreement shall be construed and enforced in accordance with the laws of the state of
Washington. The parties must bring any legal proceeding arising out of this Agreement in King
County, Washington.

14. Withholding. All payments required to be made by the Bank hereunder to Executive shall be
subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as
the Bank may reasonably determine should be withheld pursuant to any applicable law or regulation.

15. 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
Agreement.

 16. Arbitration. At either party’s request, the parties must submit any
dispute, controversy or claim arising out of or in connection with, or relating to, this Agreement
or any breach or alleged breach of this Agreement, to arbitration under the American Arbitration
Association’s Commercial Arbitration Rules then in effect (or under any other form of arbitration
mutually acceptable to the parties). A single arbitrator agreed on by the parties will conduct the
arbitration. If the parties cannot agree on a single arbitrator, each party must select one person
to choose an arbitrator and those two persons will select a third person to serve as arbitrator and
hear the dispute. The arbitrator’s decision is final (except as otherwise specifically provided by
law) and binds the parties, and either party may request any court having jurisdiction to enter a
judgment and to enforce the arbitrator’s decision. The arbitrator will provide the parties with a
written decision naming the substantially prevailing party in the action. This prevailing party is
entitled to reimbursement from the other party for its costs and expenses, including reasonable
attorneys’ fees. All proceedings will be held at a place designated by the arbitrator in King
County, Washington. The arbitrator, in rendering a decision as to any state law claims, will apply
Washington law.

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

	 
	 

	EVERGREENBANK

	By:

	_____________________________________

	Address: 301 Eastlake Avenue East

	Seattle, Washington 98109

	EXECUTIVE

	_____________________________________

	Address: ______________________________EX-10.2

EXHIBIT 10.2

TO REGISTRANT’S FORM 8-K DATED 2/8/2006

February 3, 2006

Ms. Susan L Gates

2403 60th Ave SE

Mercer Island, WA 98040

Re: Separation Agreement

Dear Susan:

After several discussions concerning your outside family responsibilities, EvergreenBank offers you
the separation benefits described in this Separation Agreement (“Agreement”), which is entered
into between Susan L Gates and EvergreenBank (the “Company”). For reference purposes, this
Agreement is dated February 3, 2006, which is the date the Company presented it to you for
consideration. This Agreement describes the terms and conditions of your separation of employment
with the Company.

In exchange for the Separation Benefits outlined in this Agreement, you and the Company agree as
follows:

	1.	 	Termination/Final Pay: Your last day of active work is February 10, 2006. You will receive
your final paycheck on February 17, 2006. All required and agreed upon withholding will be
deducted from this paycheck. You will remain on the payroll through February 10, 2006, for
benefits purposes. Your formal termination date is February 10, 2006. You acknowledge that you
are owed no additional compensation of any kind from the Company except as described in this
Agreement.

	2.	 	Earned Time: The Company will pay you all of your accrued and unused earned time on February
17, 2006. All required and agreed upon withholding will be deducted from this payment. Earned
time is subject to 401(k) contributions and company match, if you participate in that plan.

	3.	 	Separation Pay: In exchange for this signed Separation Agreement, the Company will pay you 2
months of regular base pay as separation pay in a lump sum less required deductions.
Separation pay is not eligible for 401(k) contributions.

	4.	 	Medical/Vision and/or Dental Benefits: Beginning in March 2006, you and any enrolled
dependents covered as of your last day of active work, under the medical/vision and/or dental
benefits can elect to continue group medical/vision and/or dental coverage through the Company
as specified in your COBRA Notice. The Company will pay you the equivalent of four months of
your and your enrolled dependents’ COBRA medical/vision and dental premiums, based on the
coverages you have as of your last day of active work, along with your separation pay
regardless of whether you elect COBRA coverage. This amount is taxable income to you. You must
elect, enroll in and pay for COBRA coverage per the terms of COBRA in order to receive COBRA
coverage.

	5.	 	Reference Checks: The Company will verify dates of employment, positions held, and pay rate.

	6.	 	401(k) Plan/Contributions: If you participate in the Company’s 401(k) Plan, you will make
your final employee contribution to this plan from your February 17, 2006, paycheck for
regular and overtime hours (if applicable), and from your cashout of accrued and unused earned
time (if applicable) paid on February 17, 2006. The Company will make its final matching
contributions to this plan according to the terms of the plan. After February 17, 2006, you
may elect to receive whatever accrued and vested benefits you are entitled to according to the
terms of the plan. No contributions may be made by you or the Company to this plan from the
separation pay which is paid to you under this Agreement.

	7.	 	Group Term Life Insurance: If you are eligible for coverage under the Company’s group term
life insurance plan, you may convert your group term life insurance coverage to an individual
policy and self-pay for the converted coverage under the timelines, terms and conditions of
the Company’s plan. Coverage under the Company’s plan ends on your last day of active work
with the Company.

	8.	 	Group Long Term Disability Insurance: If you are eligible for coverage under the Company’s
group long term disability plan, coverage ends on your last day of active work with the
Company.

	9.	 	Company and PEMCO Financial Services (PFS) Property: You will return to the Company by
February 10, 2006, all Company-owned and PFS-owned property in your possession, including all
keys and card key badges to the Company and PFS buildings or property, all Company- and
PFS-owned equipment, all Company and PFS documents and papers, including but not limited to
trade secrets and other confidential and proprietary information.

	10.	 	Employee Nondisclosure Agreement: You will continue to abide by the terms of the Employee
Nondisclosure Agreement you signed on June 10, 2002, a copy of which has been provided to you
along with a copy of this Agreement.

	11.	 	Confidentiality: You will keep the facts and the terms of this Separation Agreement
confidential, although you may disclose them to your immediate family, or your attorney,
accountant or similar advisor, all of whom also are bound by this Confidentiality clause. You
also may disclose them, if needed, in response to government requests, subpoenas or other
legal processes.

	12.	 	General Release: In exchange for the separation pay and the other benefits contained in this
Agreement, most of which are benefits you were not otherwise entitled to receive, you and your
successors and assigns forever release and discharge the Company, any of the Company’s
parents, subsidiaries, affiliates, or related entities, any Company-sponsored employee benefit
plans in which you participate, and all of their respective officers, directors, shareholders,
trustees, agents, employees, employees’ spouses and all of their successors and assigns
(collectively “Released Parties”) from any and all claims, actions, causes of action, rights,
or damages, including costs and attorneys’ fees (collectively “Claims”) which you may have,
known, unknown, or later discovered which arose prior to the date you signed this Agreement.

This General Release includes, but is not limited to, any Claims under any local, state, or
federal laws prohibiting discrimination in employment, including without limitation, the Civil
Rights Acts, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the
Older Workers Benefit Protection Act, or the Washington State Law Against Discrimination, or
Claims under the Employee Retirement Income Security Act, or Claims under any federal, state or
local leave laws, including without limitation the Family Medical Leave Act, or Claims for
unpaid salary, wages, commissions, bonuses or other compensation under any federal, state or
local wage and hour laws or wage claim statutes, or Claims alleging any legal restriction on the
Company’s right to terminate its employees, or any personal injury Claims, including, without
limitation, wrongful discharge, defamation, tortious interference with business expectancy or
emotional distress, or any Claims alleging breach of express or implied employment contract.
This release, however, will not prevent you from bringing a Claim for COBRA benefits,
unemployment benefits, vested 401(k) or other retirement benefits.

You represent that you have not filed any Claim that was released in this Agreement against the
Company or its Released Parties with any court or government agency, and that you will not, to
the extent allowed by applicable law, file such a Claim at any time in the future; provided,
however, that this will not limit you from filing a Claim to enforce the terms of this
Agreement. Additionally, if any government agency brings any Claim or conducts any investigation
against the Company, nothing in this Agreement forbids you from cooperating in such proceedings,
but by signing this Agreement, you waive and agree to relinquish any damages or other individual
relief that may be awarded as a result of any such proceedings.

	13.	 	Voluntary Agreement: You understand and acknowledge the significance and consequences of this
Agreement. You acknowledge that it is voluntary and that you have not signed it as a result of
any coercion.

	14.	 	Review by Attorney and Review and Revocation Periods: The Company hereby advises you in
writing to consult with an attorney prior to signing this Agreement. You have the right to
consider this Agreement for a period of up to 45 days prior to signing it, although you may
sign this Agreement in less than 45 days at your option. By signing this Agreement, you will
be affirming that you freely, voluntarily, and without coercion, entered into it and agreed to
be bound by its terms. You also have the right to revoke this agreement for a period of up to
7 days after signing it by giving written notice of revocation to Cindy Gok at PFS Human
Resources, 325 Eastlake Avenue East, Seattle, WA 98109. If you revoke this Agreement, it will
not be effective and enforceable, and you will not receive the separation pay described above.
This Agreement will not be effective or enforceable until the 7-day revocation period has
expired.

	15.	 	Separation Benefits Offer Expiration Date: You acknowledge that you were advised of your
right to sign this Agreement and return it to Human Resources on or before 5:00 p.m. on
Monday, March 21, 2006.

	16.	 	Entire Agreement: This Agreement, along with the Employee Nondisclosure Agreement referenced
above, constitutes the entire understanding and agreement between the Company and you
regarding the termination of your employment and future obligations toward each other. This
Agreement supersedes all prior agreements, correspondence, representations, or understandings
between the parties relating to its subject matter. This Agreement is made and shall be
construed and performed under Washington State law without regard to its choice of law
principles. This Agreement may not be modified except through another written agreement signed
by you and by the Company. If any provisions of this Agreement are held to be invalid or
unenforceable, the remaining provisions will nevertheless continue to be valid and
enforceable. This Agreement shall not be considered as evidence of any violation of any
statute or law, or any wrongdoing or liability on the part of the Company, or its agents or
employees.

If you want to receive the separation benefits offered, please sign the original copy of this
letter and return it to me. I also recommend that you sign the extra copy provided and keep this
copy with your personal records.

Sincerely,

/s/ Gerald O. Hatler

Gerald O. Hatler

President and CEO EvergreenBank

Accepted and agreed this 3 day of February, 2006

/s/ Susan L. Gates

Susan L Gates

For Human Resources Use Only:

Received by:      Date:

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