Letter Amendment Extending Employment Agreement of Kim S. Brace with Pacific Northwest Bank
This letter from Pacific Northwest Bank, dated June 8, 2001, notifies Kim S. Brace, Executive Vice President and Chief Administrative Officer, that the Compensation Committee has approved a two-year extension of her employment contract through June 15, 2003. The option for a lump sum payment remains available to her during this period, and all other terms of the original agreement continue to apply. The letter serves as immediate confirmation of the extension until a formal agreement is drafted and executed.
Exhibit 10.18
LETTER OF AMENDMENT TO THE EMPLOYMENT AGREEMENT OF
KIM S. BRACE
June 8, 2001
Kim S. Brace
Executive Vice President and
Chief Administrative Officer
Pacific Northwest Bank
RE: Employment Contract
Dear Kim:
This is to certify that on May 7, 2001 the Compensation Committee of the Board of Directors, Pacific Northwest Bank approved an additional two year extension of your Employment Contract to June 15, 2003.
The “window” for lump sum payment remains executable at your option throughout this period, and all other terms and conditions remain in effect. Corporate Counsel is drafting the formal extension but you may consider it to be in full force and effect. The formal agreement, when completed, will supercede this letter.
The board and I greatly appreciate your willingness to continue on this great adventure.
Sincerely,
| /s/ PATRICK M. FAHEY |
| Patrick M. Fahey |
| President & CEO |
PMF/cm
Bcc: Glen Garrison, Keller-Rohrback
Eric Jensen, Finance
Chandler Dalbey, Human Resources
