SEC Contract Filing

Filing Date: 2019-02-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.5A
<SEQUENCE>4
<FILENAME>umpq-2018123110kxex105a.htm
<DESCRIPTION>THIRD AMENDMENT TO EMPLOYMENT AGREEMENT WITH DAVID SHOTWELL
<TEXT>
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<div><a name="s6B07E63DAAD60D7EE0E1E8AA8AC9120F"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIRD AMENDMENT TO</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Third Amendment to Employment Agreement (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Amendment</font><font style="font-family:inherit;font-size:11pt;">&#8221;) is dated effective January 1, 2019 and amends the Employment Agreement by and between Umpqua Holdings Corporation (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Umpqua</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and David Shotwell (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Officer</font><font style="font-family:inherit;font-size:11pt;">&#8221;) dated as of January 2, 2009 (as previously amended, the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Employment Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">PURPOSE OF AMENDMENT AND DURATION OF AGREEMENT</font><font style="font-family:inherit;font-size:11pt;">. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1.1&#160;&#160;&#160;&#160;The purpose of this Amendment is to extend the term of the Employment Agreement, which is set to expire December 31, 2018, and to amend certain provisions of the Employment Agreement as set forth below.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1.2&#160;&#160;&#160;&#160;The duration of the Employment Agreement is hereby amended and extended to December 31, 2019, unless sooner terminated as set forth in the Employment Agreement.</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:-96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">SEVERANCE</font><font style="font-family:inherit;font-size:11pt;">. The first sentence of Section 9 of the Employment Agreement is amended to change the Severance Benefit and is replaced with the following: &#8220;In the event of Termination Without Cause or Termination for Good Reason, in addition to receiving Earned Compensation, Officer will receive a severance benefit equal to twelve months Base Salary (the &#8216;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Severance Benefit</font><font style="font-family:inherit;font-size:11pt;">&#8217;).&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">3.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">CHANGE IN CONTROL</font><font style="font-family:inherit;font-size:11pt;">. The second sentence of Section 10 of the Employment Agreement is amended to change the period over which the Change in Control Benefit is paid and is replaced with the following: &#8220;Subject to Section 12.3 below, the Change in Control Benefit shall be paid in equal installments over eighteen months, starting on the next regular payday following termination.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">4.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">TRADE SECRETS</font><font style="font-family:inherit;font-size:11pt;">. The following provision is added to Section 17 of the Agreement:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></