COLUMBIA BANKING SYSTEM, INC. (NASDAQ:COLB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Effective June4, 2018, Columbia State Bank (the “Bank”), a wholly owned subsidiary of Columbia Banking System, Inc. (the “Company”), entered into a Change in Control Agreement (the “CIC Agreement”) with Greg Sigrist, the Executive Vice President and Chief Financial Officer of the Company. The CIC Agreement contains substantially similar terms as the change in control agreements entered into between the Bank and the Company’s other executive officers.
The CIC Agreement has a term of five years and provides that if Mr.Sigrist’s employment is terminated without Cause or if he resigns for Good Reason within 365 days following a Change in Control (as each capitalized terms are defined in the CIC Agreement) or sixty days prior to the public announcement of such Change in Control (provided that the Change in Control occurs within 18 months of his termination of employment), he will be entitled to receive a severance benefit equal to two times his then-current annual base salary, all of his options will vest and all restrictions on his restricted stock awards will lapse. During his employment and for a period of two years after the commencement of any severance payments under the CIC Agreement, Mr.Sigrist agrees not to compete with the Bank or the Company.
A copy of the CIC Agreement will be filed as an Exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June30, 2018.
About COLUMBIA BANKING SYSTEM, INC. (NASDAQ:COLB)
Columbia Banking System, Inc. is a bank holding company of Columbia State Bank (the Bank) and West Coast Trust Company, Inc. The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals throughout Washington, Oregon and Idaho. The Bank provides a range of financial services through approximately 150 branch locations in Washington, Oregon and Idaho. The Company’s products and services include personal banking, business banking and wealth management. It offers its personal banking customers a range of account products, including noninterest and interest-bearing checking, savings, money market and certificate of deposit accounts. The Company offers its business banking customers with a range of checking, savings, interest bearing money market and certificate of deposit accounts. It provides individual and business retirement solutions, insurance solutions, wealth management and financial planning.
