ContractSeverance Agreement • August 12th, 2002 • Centennial Bancorp • State commercial banks • Oregon
SEVERANCE AGREEMENT This SEVERANCE AGREEMENT is entered into this 15th day of May, 2002, by and between Centennial Bancorp, an Oregon corporation (the “Corporation”), and Steven D. Rice, Executive Vice President (the “Executive”) of Centennial Bank, an Oregon state-chartered bank and wholly owned subsidiary of the Corporation. WHEREAS, the Executive is an executive of Centennial Bank, and in that capacity the Executive has made and is expected to continue to make major contributions to the profitability, growth and financial strength of the Corporation; WHEREAS, the Corporation recognizes that, as is the case for most companies, the possibility of a Change in Control (as defined in Section 1(c)) exists; WHEREAS, the Corporation desires to assure itself of the current and future continuity of management and desires to establish minimum severance benefits for officers and other key employees, including the Executive, if a Change in Control occurs; WHEREAS, the Corporation wishes to ensur
FIRST ADDENDUM TO SEVERANCE AGREEMENTSeverance Agreement • August 12th, 2002 • Centennial Bancorp • State commercial banks
RECITALS A. The Corporation and the Executive are parties to a Severance Agreement dated May 15, 2001 (the “Agreement”). B. By resolution adopted May 14, 2002, the Corporation has determined that the Executive’s performance has met the requirements and standards of the Corporation’s Board of Directors and that the term of the Agreement should be extended for an additional year. In addition, the Corporation, by that resolution, agreed to increase the lump sum payment provided for in the Agreement. C. The Parties desire to amend the Agreement upon the terms and conditions stated below. AGREEMENT In consideration of the foregoing Recitals, which are incorporated by this reference herein, and the terms and conditions stated below, the Parties agree as follows: 1. Lump Sum Payment. The first sentence of subsection 2 (a) (1) of the Agreement is hereby deleted and the following sentence substituted therefor:
