Exhibit 10.5
JULY 2003
EMPLOYMENT AGREEMENT
EXTENSION
This Agreement is made this 23rd of July 2003, and extends the Employment
Agreement dated March 26, 2002 (hereafter "the Employment Agreement"), by and
between CASCADE BANK, a State Chartered Banking Institution (hereafter
"Cascade" or "Employer") and XXXXX XXXXXX XXXXXX (hereafter called "Employee")
Employer and Employee are sometimes collectively referred to herein as the
"Parties."
W I T N E S S E T H:
WHEREAS, Employer's Board of Directors desire to extend the employment
agreement wherein Employee serves as President and Chief Executive Officer
pursuant to the terms and conditions of the Employment Agreement; and
WHEREAS, Employee desires to remain employed by Employer pursuant to the
terms and conditions of the Employment Agreement and this extension thereto;
NOW, THEREFORE, for and in consideration of the mutual promises hereafter
set forth, the sufficiency of which is acknowledged, the Parties agree as
follows:
1. One-Year Extension to Employment Agreement.
The Employment Agreement dated March 26, 2002 shall be extended through
December 31, 2005.
2. Compensation and Bonuses During Extension Period.
Employer shall pay Employee an annual base salary and bonus as set forth
the Employment Agreement through December 31, 2004 in accordance with that
agreement. For the term of this extension (January 1, 2005 through January 31,
2005) Employee will be compensated as follows:
(a) An annual base salary in an amount established by the Compensation
Committee of the Board of Directors (who will review and establish a
base salary for Employee on an annual basis during the term of the
Employment Agreement and this Extension) and which base salary shall
not be less than Two Hundred Ten Thousand Dollars ($210,000.00),
payable in equal installments, not less than monthly during the year;
(b) A bonus equal one and one-half percent (1 1/2%) of Cascade Bank's Net
Profit Before Taxes (exclusive of all extraordinary gains and losses
and calculated after deducting bonuses of all employees) for the
period of January 1, 2005 through December 31, 2005. Employer shall
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advance to Employee a portion of said bonus in the sum of Twenty-Five
Thousand Dollars ($25,000.00) per quarter for each of the first three
quarters of 2005, and the balance paid immediately following the
public release of yearend earning results. Provided, if Employee has
received advance payments that exceed the total bonus earned
hereunder, Employee shall immediately repay to Employer the amount of
the excess.
3. Balance of Employment Agreement to Remain in Force During Term of
Extension.
All other terms, provisions, and agreements contained in the Employment
Agreement shall continue in full force and effect through the term of this
extension.
IN WITNESS WHEREOF, Employer has caused this Agreement to be executed by
its duly authorized Board Representative and Employee has signed this
Agreement.
EMPLOYER EMPLOYEE
CASCADE BANK
By: /s/ Xxxxx X. XxXxxx /s/ Xxxxx Xxxxxx Xxxxxx
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Xxxxx X. XxXxxx Xxxxx Xxxxxx Xxxxxx
Chairman of the Board of Directors
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