Common use of PURPOSE AND DURATION OF AGREEMENT Clause in Contracts

PURPOSE AND DURATION OF AGREEMENT. The purpose of this Agreement is to set forth the terms of Officer’s employment with Umpqua and to provide Officer with certain benefits in circumstances where Officer’s employment is terminated. Except as set forth in Section 19.3, this Agreement shall expire on the second anniversary of the Effective Date. No less than 30 days prior to the expiration of this Agreement, subject to Officer’s continued employment with Umpqua or its affiliates, Officer shall be offered an opportunity to enter into an employment agreement with Umpqua on terms (including, without limitation, with respect to annual bonus opportunity and change in control protection and at an annual base salary no less than the Base Salary) no less favorable than the employment agreements Umpqua offers to, or has in place for, its similarly situated executives.