SEVERANCE AND RELEASE AGREEMENT
THIS SEVERANCE AND RELEASE AGREEMENT (“Agreement”) is between Roger L.
Christensen (“Employee”) and each of Columbia Bancorp (“Company”) and its wholly owned
subsidiary, Columbia River Bank (the “Bank,” and collectively with the Company, “Employer”), and
is effective eight days after Employee executes this Agreement (“Effective Date”).
The parties to this Agreement wish to set forth clearly the terms and conditions of Employee’s
departure from his employment, acknowledging certain limitations on benefits that might otherwise
accrue to Executive under pre-existing contractual arrangements, the effect of which is limited by
certain federal and state banking laws, regulations and pending regulatory proceedings applicable
to Employer and its compensation arrangements.
In consideration of the mutual covenants set forth herein and for other valuable consideration, the
receipt and sufficiency of which are acknowledged, the patties agree as follows:
1. Employee resigned his position as Employer’s Chief Executive Officer effective October 6, 2008
(the “Resignation Date”). Employee will be paid his base salary (as defined in Section 4.1 of
Employee’s 2008 Employment Agreement, “Base Salary”) through the Resignation Date less all
lawful or required deductions. Employee’s payment pursuant to this Paragraph 1 shall include pay
for any earned but unused vacation.
2. Employer will pay Employee his Base Salary ($260,000) through December 11, 2008 as
severance pay and in consideration of the other terms of this Agreement. This amount shall be
paid, less all lawful or required deductions, ratably on the Employer’s regular pay dates in the form
of direct deposit previously on file with Employer. Subject to the approval of the Company’s and the
Bank’s banking regulators, on or about January 2, 2009, Employer will pay Employee the balance
outstanding under Employee’s Executive Bonus Deferral Agreement effective January 1, 2005,
less all lawful or required ded