SEVERANCE AGREEMENT AND GENERAL RELEASESeverance Agreement • November 7th, 2008 • Washington Banking Co • State commercial banks • Washington
THIS SEVERANCE AGREEMENT AND GENERAL RELEASE (“Agreement”) is entered into between Michal Cann (subsequently referred to as “Mr. Cann”) and Washington Banking Company, Inc., Whidbey Island Bank and all of its subsidiaries or affiliates (collectively, “WBC” or “Employer”). Both parties to this Agreement wish to clearly set forth the terms and conditions of Mr. Cann’s separation from employment with WBC and resolve all issues related to the employment agreement between Mr. Cann and WBC dated May 6, 2005 (“Employment Agreement”).
