AMENDMENT NO. 2 TO EXECUTIVE SALARY CONTINUATIONAGREEMENT FOR ROGER L. CHRISTENSEN
AMENDMENT
NO. 2 TO EXECUTIVE SALARY CONTINUATIONAGREEMENT FOR
XXXXX X. XXXXXXXXXXX
XXXXX X. XXXXXXXXXXX
This
Amendment No. 2 to Executive Salary Continuation Agreement (“Amendment No. 2”)
is effective as of this 1st
day
of
May, 2008 by and between Columbia River Bank, a state chartered commercial
bank
located in The Dalles, Oregon (the “Bank”) and Xxxxx X. Xxxxxxxxxxx (the
“Executive”).
RECITALS
Whereas,
Executive is an employee of the Bank,
Whereas,
Executive and Bank are parties to an Executive Salary Continuation Agreement
effective on and as of December 1, 2006 (“Agreement”), as amended,
Whereas,
Executive and the Bank wish to specify in writing the terms and conditions
of an
additional amendment to the Agreement,
Now,
therefore, in
consideration of the foregoing premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Executive and the Bank agree:
1.
Amendment.
The
following new Section 2.4.1 is hereby added to and shall become part of the
Agreement:
“2.4.1
Severance Payment. If
Executive’s employment is terminated by Executive with cause, or by Bank, or by
Columbia Bancorp, without cause, Executive shall be entitled to receive the
same
benefit as Executive would receive upon a Change of Control Termination under
the terms of this Agreement, including without limitation Section 2.6 and
Schedule (A) (Change of Control Column). As used herein, “cause” shall include
Bank’s failure or refusal to comply with the terms of this Agreement.”
2 Additional
Terms. Except
as
modified by this Amendment No. 2, each and every term of the Agreement, as
amended prior to the date hereof, is unchanged and remains in full force and
effect. The effective date of this Amendment No. 2 is May 1, 2008. All
capitalized terms used herein shall have the same meanings as in the Agreement.
IN
WITNESS OF THE ABOVE, the Bank and the Executive have signed this Amendment
No.
2 on this ______ day of _____________, 2008.
Executive:
Columbia River Bank
Xxxxx
X.
Xxxxxxxxxxx Title _________________________________
Page
1
AMENDMENT NO. 2 TO EXECUTIVE SALARY CONTINUATION AGREEMENT FOR XXXXX X.
XXXXXXXXXXX (2008)