SEC Contract Filing

Filing Date: 2020-09-22

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>banner8k92220exh101.htm
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
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 <div style="text-align: center; margin-left: 3.6pt; line-height: 11.55pt; margin-top: 0.6pt; font-weight: bold;">FORM OF CONSULTANT AGREEMENT</div>
 <div style="text-indent: 32.4pt; margin-right: 14.4pt; margin-left: 3.6pt; line-height: 11.4pt; margin-top: 34.2pt;">This Consultant Agreement (the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;), is made and entered into effective September 22,
 2020, by and between Banner Bank, a Washington state chartered commercial bank (the &#8220;<font style="font-weight: bold;">Bank</font>&#8221;), and Richard B. Barton (&#8220;<font style="font-weight: bold;">Consultant</font>&#8221;).</div>
 <div style="text-indent: 32.4pt; margin-right: 25.2pt; margin-left: 3.6pt; line-height: 11.15pt; margin-top: 11.55pt;">WHEREAS, Consultant has been employed as a senior officer of the Bank (together with its affiliates, &#8220;<font style="font-weight: bold;">Banner Bank</font>&#8221;) but will retire from Banner Bank at the close of business on October 31, 2020; and</div>
 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 12.05pt;">WHEREAS, Consultant&#8217;s experience, knowledge, and contacts in the banking business are valuable to Banner Bank and Banner Bank desires
 to engage Consultant&#8217;s services as a consultant for the term hereof, and Consultant is willing to provide such services.</div>
 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 11.6pt;">NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows: <br>
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 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 11.6pt;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-weight: bold;">Consultant Services. </font>Banner Bank hereby
 engages Consultant to provide services as a consultant to Banner Bank, and Consultant hereby agrees to provide such services, in accordance with the terms and conditions of this Agreement.</div>
 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 11.6pt;"> <font style="font-weight: bold;">2.&#160;&#160;</font> &#160;&#160; &#160;&#160;&#160; <font style="font-weight: bold;">Term. </font>The term of this Agreement
 commences on November 1, 2020 and will continue until the close of business on January 31, 2021 (the &#8220;<font style="font-weight: bold;">End Date</font>&#8221;), unless earlier terminated by either party by giving thirty (30) days&#8217; written notice to the
 other party or the parties agree to extend the term beyond the End Date on a month-to-month basis.</div>
 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 11.6pt;"><font style="font-weight: bold;">3.&#160;</font>&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-weight: bold;">Duties. </font>During the term hereof, Consultant
 shall render to Banner Bank such services of an advisory or consultative nature as Banner Bank may reasonably request, and Consultant shall be available for advice and counsel to the officers and directors of Banner Bank at reasonable times so that
 Banner Bank may have the benefit of Consultant&#8217;s experience, knowledge, contacts or reputation in the banking business. The parties agree that the services provided by Consultant under this Agreement are not expected to exceed ten (10) hours per week
 on average, such that, after October 31, 2020, the level of the Consultant&#8217;s services to Banner Bank is expected to permanently decrease to no more than 20% of his past service to Banner Bank.</div>
 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 11.6pt;"><font style="font-weight: bold;">4.&#160; &#160;&#160; </font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Independent Consultant. </font>It is expressly
 understood that Consultant is an independent contractor under this Agreement and, as such, he shall have no authority, executive or otherwise, to bind Banner Bank.<font style="font-weight: bold;">&#160;</font>Consultant is solely responsible for all
 federal, state, and local tax obligations arising out of the payments and benefits provided to Consultant under this Agreement. Consultant acknowledges that he has been advised by Banner Bank to consult with his own tax, financial, and legal advisers
 regarding this Agreement and the tax consequences of any payments hereunder.</div>
 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 3.6pt; line-height: 11.3pt; margin-top: 11.6pt;"><font style="font-weight: bold;">5.&#160;&#160;&#160;&#160; &#160;&#160; &#160; Compensation</font><br>
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 <div style="text-indent: 32.4pt; margin-right: 7.2pt; margin-left: 39.6pt; line-height: 11.3pt; margin-top: 11.6pt;"><font style="font-weight: bold;">&#160;&#160; a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As compensation for the services provided by Consultant under this Agreement,
 Banner Bank will pay Consultant (i) a fixed fee of $6,000.00 per month (the &#8220;<font style="font-weight: bold;">Fees</font>&#8221;), payable monthly during the term of this Agreement, plus (ii) a lump-sum amount equal to $70,000.00, payable as of the first