SEC Contract Filing

Filing Date: 2019-10-03

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>colb092719-ex101ceoemp.htm
<DESCRIPTION>EX-10.1
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<div><a name="s4CAB40C765B11D060A7C8DC23D63C4F9"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.1</font></div></div><div><br></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This EMPLOYMENT AGREEMENT (this &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is entered into this 30</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;day of September 2019, by and between Columbia State Bank, a Washington banking corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Columbia Bank</font><font style="font-family:inherit;font-size:12pt;">&#8221;), together with Columbia Banking System, Inc., a Washington corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">CBSI</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and, as applicable, its subsidiaries and affiliates (Columbia Bank, CBSI and their subsidiaries, collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Clint E. Stein (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:138%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">RECITALS</font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Executive currently serves as the Executive Vice President and Chief Operating Officer of Columbia Bank and CBSI;</font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, each of Columbia Bank and CBSI desires to employ the Executive as President and Chief Executive Officer for the period provided in this Agreement, and the Executive desires to accept such employment, subject to the terms and conditions set forth herein;</font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW THEREFORE, in consideration of the mutual promises made in this Agreement, the parties agree as follows:</font></div><div style="line-height:138%;padding-left:0px;padding-bottom:13px;text-align:left;text-indent:48px;"><font style="padding-bottom:13px;text-align:left;font-family:inherit;font-size:12pt;color:#010000;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term</font><font style="font-family:inherit;font-size:12pt;">. The term (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of this Agreement is three years beginning on January 1, 2020 or such earlier date on which the Company&#8217;s current President and Chief Executive Officer ceases to serve in that role (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), unless terminated earlier in accordance with </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Section 3</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#010000;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Terms of Employment</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#010000;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Position and Duties</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#010000;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Executive shall serve as President and Chief Executive Officer of Columbia Bank and CBSI, with the duties and responsibilities that are customarily assigned to such positions. The Executive shall report to the Board of Directors of Columbia Bank and the Board