EXHIBIT 10.23
EXECUTION COPY
DIRECTOR RESIGNATION AGREEMENT
(XXXXXXX XXXXXX)
This Director Resignation Agreement ("RESIGNATION AGREEMENT"), dated as of
July 23, 2004, is among Intermountain Community Bancorp, an Idaho corporation
("INTERMOUNTAIN"), Snake River Bancorp, Inc., an Idaho corporation ("SNAKE
RIVER"), and Xxxxxxx Xxxxxx, a director (the "DIRECTOR") of Snake River.
RECITAL
In connection with the Plan and Agreement of Merger (the "MERGER
AGREEMENT") dated as of the date hereof, whereby, among other things, Snake
River will merge with and into Intermountain (the "TRANSACTION"), the Director
hereby agrees as follows:
AGREEMENT
1. RESIGNATION. The Director hereby tenders his resignation from the Boards
of Directors of Snake River and Magic Valley Bank, Snake River's wholly
owned subsidiary, effective only upon the closing of the Transaction.
2. MISCELLANEOUS.
a. Counterparts. This Resignation Agreement may be executed in one or
more counterparts, including facsimile counterparts, each of which
will be deemed an original, but all of which taken together will
constitute one and the same document.
b. Governing Law. This Resignation Agreement will be deemed a contract
made under, and for all purposes will be construed in accordance
with, the laws of the State of Idaho.
Signed effective as of July 23, 2004.
INTERMOUNTAIN COMMUNITY BANCORP SNAKE RIVER BANCORP, INC.
By /s/ Xxxx Xxxxxx By /s/ Xxxxxxx Xxxxxxx
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Xxxx Xxxxxx Xxxxxxx Xxxxxxx
President & Chief Executive Officer President & Chief Executive Officer
DIRECTOR:
/s/ Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx
