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                                                                    Exhibit 10.4

                          FIRST NATIONAL BANK OF MORGAN
                              EMPLOYMENT AGREEMENT
                               DAVID R. ALEXANDER

     THIS EMPLOYMENT AGREEMENT (this "Agreement"), signed as of May 31, 2006,
between FIRST NATIONAL BANK OF MORGAN (the "Bank") and David R. Alexander
("Executive") and ratified by GLACIER BANCORP, INC. ("GBCI"), takes effect on
the effective date of the pending Merger (the "Effective Date") referenced
below.

                                    RECITALS

A.   The Bank has entered into a Plan and Agreement Merger (the "Merger
     Agreement") with GBCI, acting on its own behalf and on behalf of a national
     banking association to be formed by GBCI (the "New Bank"). Pursuant to the
     terms of the Merger Agreement, the Bank will merge with and into the New
     Bank, and the combined bank will become a wholly owned subsidiary of GBCI
     (the "Merger").

B.   Throughout this Agreement, for periods after the Effective Date, references
     to "the Bank" mean the combined bank formed pursuant to the Merger
     Agreement.

C.   Executive presently serves as Executive Vice President of the Bank and will
     continue to do so until the Effective Date.

D.   GBCI and the Bank desire Executive to be employed by the Bank from and
     after the Effective Date, under the terms and conditions of this Agreement.

E.   Executive desires to be employed by the Bank from and after the Effective
     Date, under the terms and conditions of this Agreement.

F.   This Agreement supercedes any and all other employment or similar
     agreements that may currently be in effect for Executive.

                                    AGREEMENT

     In consideration of the promises set forth in this Agreement, the parties
     agree as follows.

1.   EMPLOYMENT. The Bank agrees to employ Executive, and Executive accepts
     employment by the Bank on the terms and conditions set forth in this
     Agreement. Executive's title will be Executive Vice President of the Bank.

2.   EFFECTIVE DATE AND TERM.

     a.   Term. The term of this Agreement ("Term") is three years, beginning on
          the Effective Date.


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     b.   Abandonment or Termination of the Merger. This Agreement is void if
          the Merger Agreement is terminated for any reason.

3.   DUTIES. The Bank will employ Executive as its Executive Vice President.
     Executive will faithfully and diligently perform the duties assigned to
     him, which duties will be consistent with his title and position. Executive
     will report directly to the Bank's President and Chief Executive Officer.
     The Bank's or GBCI's board of directors may, from time to time, modify
     Executive's performance responsibilities to accommodate management
     objectives of the Bank or of GBCI. Executive will assume any additional
     positions, duties, and responsibilities as may reasonably be requested of
     him with or without additional compensation, as appropriate and consistent
     with his title and position.

4.   EXTENT OF SERVICES. Executive will devote all of his working time,
     attention and skill to the duties and responsibilities referenced in
     Section 3. To the extent that such activities do not interfere with his
     duties under Section 3, Executive may participate in other businesses as a
     passive investor, but (a) Executive may not actively participate in the
     operation or management of those businesses, and (b) Executive may not,
     without the Bank's prior written consent, make or maintain any investment
     in a business with which the Bank and/or GBCI has an existing competitive
     or commercial relationship.

5.   SALARY. For the period beginning on the Effective Date and ending December
     31, 2006, Executive will continue to receive the annual salary that he is
     receiving from the Bank on the Effective Date. For the period beginning
     January 1, 2007 and ending December 31, 2007, Executive will receive an
     annual salary of $72,500. Executive's salary will be paid in accordance
     with the Bank's regular payroll schedule. Subsequent salary increases are
     subject to the Bank's annual review of Executive's compensation and
     performance.

6.   INCENTIVE COMPENSATION. On January 31, 2007, Executive will receive a bonus
     of $17,000, unless prior to such date Executive's employment has been
     terminated pursuant to Section 8(a) of this Agreement. Each year thereafter
     during the Term, the Bank's board of directors will determine the amount of
     bonus to be paid by the Bank to Executive for that year. In making this
     determination, the Bank's board of directors will consider factors such as
     Executive's performance of his duties and the safety, soundness and
     profitability of the Bank. Executive's bonus will reflect Executive's
     contribution to the performance of the Bank during the year. This bonus
     will be paid to Executive no later than January 31 of the year following
     the year in which the bonus is earned by Executive.

7.   VACATION AND BENEFITS.

     a.   Vacation and Holidays. Executive will receive four weeks of paid
          vacation each year. Executive's ability to carry over or accumulate
          vacation will be governed by the Bank's and/or GBCI's applicable
          policies.

     b.   Benefits. Executive will be entitled to participate in any group life
          insurance, disability, health and accident insurance plans, profit
          sharing plan and in other employee fringe benefit programs the Bank or
          GBCI may have in effect from time


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          to time for its similarly situated employees, in accordance with and
          subject to any policies adopted by the Bank's or GBCI's board of
          directors with respect to the plans or programs, including without
          limitation, any incentive or employee stock option plan, deferred
          compensation plan and 401(k) plan. Neither the Bank nor GBCI through
          this Agreement obligates itself to make any particular benefits
          available to its employees.

     c.   Business Expenses. The Bank will reimburse Executive for ordinary and
          necessary expenses which are consistent with past practice at the Bank
          (including, without limitation, travel, entertainment, and similar
          expenses) and which are incurred in performing and promoting the
          Bank's business. Executive will present from time to time itemized
          accounts of these expenses, subject to any limits of Bank policy or
          the rules and regulations of the Internal Revenue Service.

8.   TERMINATION OF EMPLOYMENT.

     a.   Termination By Bank for Cause. If the Bank terminates Executive's
          employment for Cause (defined below) or Executive terminates his
          employment without Good Reason (defined below) before this Agreement
          terminates, the Bank will pay Executive the salary earned and expenses
          reimbursable under this Agreement incurred through the date of his
          termination. Executive will have no right to receive compensation or
          other benefits for any period after termination under this Section
          8(a).

     b.   Other Termination By Bank. If the Bank terminates Executive's
          employment without Cause before this Agreement terminates, or
          Executive terminates his employment for Good Reason, the Bank will pay
          Executive a lump sum payment equal to one times Executive's annual
          base salary at the time of termination.

     c.   Death or Disability. This Agreement terminates (1) if Executive dies
          or (2) if Executive is unable to perform his duties and obligations
          under this Agreement for a period of 90 consecutive days as a result
          of a physical or mental disability arising at any time during the term
          of this Agreement, unless with reasonable accommodation Executive
          could continue to perform his duties under this Agreement and making
          these accommodations would not pose an undue hardship on the Bank. If
          termination occurs under this Section 8(c), Executive or his estate
          will be entitled to receive all compensation and benefits earned and
          expenses reimbursable through the date Executive's employment
          terminated.

     d.   Return of Bank Property. If and when Executive ceases, for any reason,
          to be employed by the Bank, Executive must return to the Bank all
          keys, pass cards, identification cards and any other property of the
          Bank or GBCI. At the same time, Executive also must return to the Bank
          all originals and copies (whether in hard copy, electronic or other
          form) of any documents, drawings, notes, memoranda, designs, devices,
          diskettes, tapes, manuals, and specifications which constitute
          proprietary information or material of the Bank or GBCI. The


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          obligations in this paragraph include the return of documents and
          other materials that may be in his desk at work, in his car, in place
          of residence, or in any other location under his control.

     e.   Cause. "Cause" means any one or more of the following:

          (1)  Willful misfeasance or gross negligence in the performance of
               Executive's duties;

          (2)  Conviction of a crime in connection with his duties; or

          (3)  Conduct demonstrably and significantly harmful to the Bank, as
               reasonably determined on the advice of legal counsel by the
               Bank's board of directors.

     f.   Good Reason. "Good Reason" means only any one or more of the
          following:

          (1)  Reduction of Executive's salary or reduction or elimination of
               any compensation or benefit plan benefiting Executive, unless the
               reduction or elimination is generally applicable to substantially
               all Bank employees (or employees of a successor or controlling
               entity of the Bank) formerly benefited;

          (2)  The assignment to Executive without his consent of any authority
               or duties materially inconsistent with Executive's position as of
               the date of this Agreement;

          (3)  A relocation or transfer of Executive's principal place of
               employment that would require Executive to commute on a regular
               basis more than sixty (60) miles each way from the Bank's present
               main office location.

9.   CONFIDENTIALITY. Executive will not, after the date this Agreement was
     signed, including during and after its Term, use for his own purposes or
     disclose to any other person or entity any confidential business
     information concerning the Bank or GBCI or their business operations,
     unless (1) the Bank or GBCI consents to the use or disclosure of their
     respective confidential information; (2) the use or disclosure is
     consistent with Executive's duties under this Agreement; (3) disclosure is
     required by law or court order; or (4) the information is made or otherwise
     becomes public. For purposes of this Agreement, confidential business
     information includes, without limitation, trade secrets (as defined under
     the Utah Trade Secrets Act, Section 13-24-2 of the Utah Statutes), various
     confidential information concerning all aspects of current and future
     operations, nonpublic information on investment management practices,
     marketing plans, pricing structure and technology of either the Bank or
     GBCI. Executive will also treat the terms of this Agreement as confidential
     business information.


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10.  RESTRICTIVE COVENANTS.

     a.   Competitive Activities. During the period of his employment and, if
          Executive's employment with the Bank terminates pursuant to Section
          8(a) or 8(b) of this Agreement, then for one year after Executive's
          employment with the Bank has ended, Executive will not, directly or
          indirectly, as a shareholder, director, officer, employee, partner,
          agent, consultant, lessor, creditor or otherwise, provide management,
          supervisory or other similar services to any person or entity engaged
          in any business in Morgan, Weber and/or or Summit Counties, Utah,
          which is competitive with the business of the Bank or GBCI as
          conducted during the term of this Agreement or as conducted as of the
          date of termination of employment, including any preliminary steps
          associated with the formation of a new bank.

     b.   Non-Interference. During the period of his employment and, if
          Executive's employment with the Bank terminates pursuant to Section
          8(a) or 8(b) of this Agreement, then for one year after Executive's
          employment with the Bank has ended, Executive will not, directly or
          indirectly, persuade or entice, or attempt to persuade or entice, (i)
          any employee of the Bank or GBCI to terminate his/her employment with
          the Bank or GBCI, or (ii) any person or entity to terminate, cancel,
          rescind or revoke its business or contractual relationships with the
          Bank or GBCI.

11.  ENFORCEMENT.

     a.   The Bank and Executive stipulate that, in light of all of the facts
          and circumstances of the relationship between Executive and the Bank,
          the agreements referred to in Sections 9 and 10 (including without
          limitation their scope, duration and geographic extent) are fair and
          reasonably necessary for the protection of the Bank's and GBCI's
          confidential information, goodwill and other protectable interests. If
          a court of competent jurisdiction should decline to enforce any of
          those covenants and agreements, Executive and the Bank request the
          court to reform these provisions to restrict Executive's use of
          confidential information and Executive's ability to compete with the
          Bank and GBCI to the maximum extent, in time, scope of activities, and
          geography, the court finds enforceable.

     b.   Executive acknowledges the Bank and GBCI will suffer immediate and
          irreparable harm that will not be compensable by damages alone if
          Executive repudiates or breaches any of the provisions of Sections 9
          or 10 or threatens or attempts to do so. For this reason, under these
          circumstances, the Bank, in addition to and without limitation of any
          other rights, remedies or damages available to it at law or in equity,
          will be entitled to obtain temporary, preliminary and permanent
          injunctions in order to prevent or restrain the breach, and the Bank
          will not be required to post a bond as a condition for the granting of
          this relief.

12.  COVENANTS. Executive specifically acknowledges the receipt of adequate
     consideration for the covenants contained in Sections 9 and 10 and that the
     Bank is entitled to require


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     him to comply with these Sections. These Sections will survive termination
     of this Agreement. Executive represents that if his employment is
     terminated, whether voluntarily or involuntarily, Executive has experience
     and capabilities sufficient to enable Executive to obtain employment in
     areas which do not violate this Agreement and that the Bank's enforcement
     of a remedy by way of injunction will not prevent Executive from earning a
     livelihood.

13.  ARBITRATION.

     a.   Arbitration. At either party's request, the parties must submit any
          dispute, controversy or claim arising out of or in connection with, or
          relating to, this Agreement or any breach or alleged breach of this
          Agreement, to arbitration under the American Arbitration Association's
          rules then in effect (or under any other form of arbitration mutually
          acceptable to the parties). A single arbitrator agreed on by the
          parties will conduct the arbitration. If the parties cannot agree on a
          single arbitrator, each party must select one arbitrator and those two
          arbitrators will select a third arbitrator. This third arbitrator will
          hear the dispute. The arbitrator's decision is final (except as
          otherwise specifically provided by law) and binds the parties, and
          either party may request any court having jurisdiction to enter a
          judgment and to enforce the arbitrator's decision. The arbitrator will
          provide the parties with a written decision naming the substantially
          prevailing party in the action. This prevailing party is entitled to
          reimbursement from the other party for its costs and expenses,
          including reasonable attorneys' fees.

     b.   Governing Law. All proceedings will be held at a place designated by
          the arbitrator in Salt Lake County, Utah. The arbitrator, in rendering
          a decision as to any state law claims, will apply Utah law.

     c.   Exception to Arbitration. Notwithstanding the above, if Executive
          violates Section 9 or 10, the Bank will have the right to initiate the
          court proceedings described in Section 11(b), in lieu of an
          arbitration proceeding under this Section 13.

14.  MISCELLANEOUS PROVISIONS.

     a.   Entire Agreement. This Agreement constitutes the entire understanding
          and agreement between the parties concerning its subject matter and
          supersedes all prior agreements, correspondence, representations, or
          understandings between the parties relating to its subject matter.

     b.   Binding Effect. This Agreement will bind and inure to the benefit of
          the Bank's, GBCI's and Executive's heirs, legal representatives,
          successors and assigns.

     c.   Litigation Expenses. If either party successfully seeks to enforce any
          provision of this Agreement or to collect any amount claimed to be due
          under it, this party will be entitled to reimbursement from the other
          party for any and all of its out-of-


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          pocket expenses and costs including, without limitation, reasonable
          attorneys' fees and costs incurred in connection with the enforcement
          or collection.

     d.   Waiver. Any waiver by a party of its rights under this Agreement must
          be written and signed by the party waiving its rights. A party's
          waiver of the other party's breach of any provision of this Agreement
          will not operate as a waiver of any other breach by the breaching
          party.

     e.   Assignment. The services to be rendered by Executive under this
          Agreement are unique and personal. Accordingly, Executive may not
          assign any of his rights or duties under this Agreement.

     f.   Amendment. This Agreement may be modified only through a written
          instrument signed by both parties.

     g.   Severability. The provisions of this Agreement are severable. The
          invalidity of any provision will not affect the validity of other
          provisions of this Agreement.

     h.   Governing Law and Venue. This Agreement will be governed by and
          construed in accordance with Utah law, except to the extent that
          certain regulatory matters may be governed by federal law. The parties
          must bring any legal proceeding arising out of this Agreement in
          Morgan County, Utah.

     i.   Counterparts. This Agreement may be executed in one or more
          counterparts, each of which will be deemed an original, but all of
          which taken together will constitute one and the same document.

     j.   Counsel Review. Executive acknowledges that he has had the opportunity
          to consult with independent counsel with respect to the negotiation,
          preparation, and execution of this Agreement.

     k.   IRC Section 409A. The provisions of this Agreement are intended to
          comply with Section 409A of the U.S. Internal Code of 1986, as
          amended, U.S. Treasury regulations issued thereunder, and related U.S.
          Internal Revenue Service guidance ("409A Rules"). Such provisions will
          be interpreted and applied in a manner consistent with the 409A Rules
          so that payments and benefits provided to Executive hereunder will
          not, to the greatest extent possible, be subject to taxation under
          such Section 409A. Notwithstanding any contrary provisions hereof,
          this Agreement may be amended if and to the extent GBCI and/or the
          Bank determines that such amendment is necessary to comply with the
          409A Rules.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]


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This Employment Agreement is executed as of May 31, 2006.

                                        FIRST NATIONAL BANK OF MORGAN:


                                        By /s/ Stanton R. Nielsen
                                           -------------------------------------
                                           Stanton R. Nielsen
                                        Its: President & Chief Executive Officer


                                        EXECUTIVE:


                                        /s/ David R. Alexander
                                        ----------------------------------------
                                        David R. Alexander


Ratified as of May 31, 2006:

                                        GLACIER BANCORP, INC.


                                        By /s/ Michael J. Blodnick
                                           -------------------------------------
                                           Michael J. Blodnick
                                        Its: President & Chief Executive Officer


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