SEC Contract Filing

Filing Date: 2021-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.67
<SEQUENCE>13
<FILENAME>colb2020ex1067scamooredevi.htm
<DESCRIPTION>MOORE DEVINE - SUPPLEMENTAL COMPENSATION AGREEMENT - 2019
<TEXT>
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<title>Document</title></head><body><div id="iea2d8d90ac024edbb4a6032aefaaaf1b_1"></div><div style="min-height:108pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">EXHIBIT 10.67</font></div></div><div style="margin-top:0.55pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:117%">EXECUTIVE SUPPLEMENTAL COMPENSATION AGREEMENT</font></div><div style="margin-top:39.75pt;padding-right:7.2pt;text-align:justify;text-indent:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:123%">THIS Executive Supplemental Compensation Agreement (hereafter &#34;Agreement&#34;) is made and entered into effective as of March 11, 2019 by and between </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:123%">COLUMBIA STATE BANK </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:123%">(hereinafter the &#34;Bank&#34; or &#34;Employer&#34;), a bank organized and existing under the laws of the state of Washington, and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:123%">David Moore Devine, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:123%">an individual residing in the State of Washington (hereinafter &#34;Executive&#34;).</font></div><div style="margin-top:13.85pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">RECITALS</font></div><div style="margin-top:13.25pt;padding-right:7.2pt;text-align:justify;text-indent:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:122%">WHEREAS, Executive's experience, knowledge of the affairs of the Bank, reputation, and contacts in the industry are extremely valuable and that the assurance of Executive's continued employment is desired for aiding in the future growth and profits of the Bank, and whereas it is in the best interests of the Bank to arrange terms of continued employment for Executive so as to reasonably ensure that Executive remains in the Bank's employment during Executive's lifetime or until the age of retirement&#59;</font></div><div style="margin-top:13pt;padding-right:7.2pt;text-align:justify;text-indent:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:122%">WHEREAS, Executive is willing to be employed by the Bank provided the Bank agrees to pay certain benefits in accordance with the terms and conditions hereinafter set forth&#59;</font></div><div style="margin-top:13.1pt;padding-right:7.2pt;text-align:justify;text-indent:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:123%">WHEREAS, Executive and the Bank wish to specify in writing the terms and conditions upon which this additional compensatory incentive will be provided to Executive&#59;</font></div><div style="margin-top:11pt;padding-right:7.2pt;text-align:justify;text-indent:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:122%">WHEREAS, it is the intent of the parties hereto that this agreement be considered an unfunded arrangement maintained primarily to provide deferred compensation for a select group of management or highly compensated employees under Sections 201, 301 and 401 of the Employee Retirement Income Security Act of 1974 (&#34;ERISA&#34;)&#59;</font></div><div style="margin-top:14.05pt;padding-left:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">WHEREAS, Executive is fully advised of the Bank's financial status&#59;</font></div><div style="margin-top:13.25pt;padding-right:7.2pt;text-align:justify;text-indent:32.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:123%">NOW, THEREFORE, in consideration of the services to be performed by Executive in the future, as well as the mutual promises and covenants contained herein, Executive and the Bank agree as follows&#58;</font></div><div style="margin-top:14.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">AGREEMENT</font></div><div style="margin-top:14.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:118%">1.0&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:118%;text-decoration:underline">Terms and Definitions.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:118%"> For the purposes of this Agreement, the following terms shall have the meanings indicated below, unless the context clearly indicates otherwise. In the event any provision of this Agreement is ambiguous, then it shall be interpreted in a manner that is consistent with the Internal Revenue Code and any related notices or guidance, including but not</font></div><div style="margin-top:45.8pt;text-align:center"><font><br></font></div><d