<SEC-DOCUMENT>0001171843-14-000027.txt : 20140103
<SEC-HEADER>0001171843-14-000027.hdr.sgml : 20140103
<ACCEPTANCE-DATETIME>20140103113122
ACCESSION NUMBER:		0001171843-14-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20131230
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140103
DATE AS OF CHANGE:		20140103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLACIER BANCORP INC
		CENTRAL INDEX KEY:			0000868671
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				810519541
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18911
		FILM NUMBER:		14504004

	BUSINESS ADDRESS:	
		STREET 1:		49 COMMONS LOOP
		STREET 2:		.
		CITY:			KALISPELL
		STATE:			MT
		ZIP:			59901
		BUSINESS PHONE:		4067564200

	MAIL ADDRESS:	
		STREET 1:		49 COMMONS LOOP
		STREET 2:		.
		CITY:			KALISPELL
		STATE:			MT
		ZIP:			59901
</SEC-HEADER>
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<FILENAME>f8k_010214.htm
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C.&#160;&#160;&#160;20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Form 8-K</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): December 30, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kalispell, Montana 59901</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2 below):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;]&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02.&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e)&#160;&#160;Compensatory Arrangements of Certain Officers</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On December 30, 2013, the board of directors of Glacier Bancorp, Inc. and its subsidiary Glacier Bank (collectively, the &#8220;Company&#8221;) approved new employment agreements for Michael J. Blodnick, the Company&#8217;s President and CEO, Ron J. Copher, the Company&#8217;s Executive Vice President and Chief Financial Officer and Don J. Chery, the Company&#8217;s Executive Vice President and Chief Administrative Officer.&#160;&#160;Mr. Blodnick is also a director of the Company.&#160;&#160;The terms of the agreements are for one year, commencing effective January 1, 2014, and replace substantially similar agreements that expired on December 31, 2013.&#160;&#160;Salaries for each of Messrs. Blodnick, Copher and Chery were increased to the amounts described below.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Michael J. Blodnick</font>.&#160;&#160;Mr. Blodnick&#8217;s agreement provides for an annual salary of $548,245, with any subsequent increases subject to the board of directors&#8217; annual review of Mr. Blodnick&#8217;s compensation and performance.&#160;&#160;Incentive compensation is to be determined by the board of directors, and any bonus will be payable not later than February 28 of the year following the year in which the bonus is earned.&#160;&#160;If Mr. Blodnick&#8217;s employment is terminated by the Company without cause (as defined) or by Mr. Blodnick for good reason (as defined) during the term of the agreement, Mr. Blodnick will receive a payment having a present value equal to the compensation and other benefits to which he would have been entitled for the remainder of the term if his employment had not terminated.&#160;&#160;All such payments must be completed no later than March 15 of the calendar year following the calendar year in which employment was terminated.&#160;&#160;Mr. Blodnick is prohibited from competing with the Company or its subsidiaries during the term of the agreement and for a three-year period following his termination of employment.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If Mr. Blodnick&#8217;s employment is terminated by the Company or its successor without cause either following the announcement of a change in control (as defined) that subsequently occurs, or within three years following a change in control, the agreement provides that Mr. Blodnick will be entitled to receive an amount equal to 2.99 times his then current annual salary, payable in 36 monthly installments, plus continued employment benefits for 2.99 years following the occurrence of the change in control or termination as the case may be.&#160;&#160;This amount (2.99 times annual salary plus continuation of benefits) would also be payable if Mr. Blodnick terminates his employment for good reason within three years of a change in control.&#160;&#160;The agreement provides that payments to be received by Mr. Blodnick will be limited to less than the amount that would cause them to be an &#8220;excess parachute payment&#8221; within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code.&#160;&#160;In addition, the payments and benefits to be received by Mr. Blodnick will be reduced by any compensation that he receives from the Company or its successor following the change in control and/or after his termination of employment.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Ron J. Copher</font>.&#160;&#160;Except as set forth below, the agreement for Mr. Copher is substantially the same as the agreement for Mr. Blodnick.&#160;&#160;Mr. Copher&#8217;s agreement provides for an annual salary of $327,786, with subsequent increases subject to the board of directors&#8217; annual review of Mr. Copher&#8217;s compensation and performance.&#160;&#160;Mr. Copher is prohibited from competing with the Company or any of its subsidiaries during the term of the agreement and for a two-year period following termination of employment.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If Mr. Copher&#8217;s employment is terminated by the Company or its successor without cause either following the announcement of a change in control that subsequently occurs, or within two years following a change in control, Mr. Copher will be entitled to receive an amount equal to two times his then current annual salary, plus continued employment benefits for two years following the occurrence of the change in control or termination as the case may be.&#160;&#160;This amount (two times annual salary plus continuation of benefits) would also be payable if Mr. Copher terminates his employment for good reason within two years of a change in control.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Don J. Chery</font>.&#160;&#160;Except as set forth below, the agreement for Mr. Chery is substantially the same as the agreement for Mr. Copher.&#160;&#160;Mr. Chery&#8217;s agreement provides for an annual salary of $286,653, with subsequent increases subject to the board of directors&#8217; annual review of Mr. Chery&#8217;s compensation and performance.&#160;&#160;The provisions of Mr. Chery&#8217;s agreement regarding incentive compensation, termination by the Company without cause or termination by Mr. Chery for good reason, non-competition, and payments to which Mr. Chery may be entitled in connection with a change in control, are the same as described above with respect to the agreement for Mr. Copher.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Copies of Messrs. Blodnick, Copher and Cherys&#8217; respective agreements are attached as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein in their entirety by reference.</font></div>

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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)&#160;&#160;</font></td>
<td colspan="2" width="95%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Financial Statements:&#160; None</font></td>
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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)&#160;&#160;</font></td>
<td colspan="2" width="95%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Pro Forma Financial Information:&#160; None</font></td>
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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)&#160;&#160;</font></td>
<td colspan="2" width="95%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Shell Company Transactions.&#160; None</font></td>
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<td colspan="2" width="95%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exhibits.</font></td>
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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.1</font></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Employment Agreement between Glacier Bancorp, Inc. and Michael J. Blodnick, effective January 1, 2014.</font></font></div>
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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.2&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Employment Agreement between Glacier Bancorp, Inc. and Ron J. Copher, effective January 1, 2014.</font></font></div>
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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.3</font></td>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">GLACIER BANCORP, INC.</font></font></div>
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<td width="25%" style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/ <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Michael J. Blodnick</font></font></font></td>
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<td colspan="2" width="60%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">President and Chief Executive Officer</font></td>
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<TYPE>EX-10.1
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<div style="TEXT-ALIGN: right">Exhibit 10.1</div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive has served as President <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>Chief Executive Officer of the Company and of its wholly owned Subsidiary Glacier Bank.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company and the Bank desire Executive to continue <font style="DISPLAY: inline; FONT-SIZE: 12pt">his </font>employment at the Company and the Bank under <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>terms <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>conditions of <font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font>Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Employment</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>The Company and the Bank agree to employ Executive and Executive accepts employment by the Company and the Bank on the <font style="DISPLAY: inline; FONT-SIZE: 12pt">terms </font>and conditions set forth in this Agreement. Executive&#8217;s title <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>be President <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>Chief Executive Officer of the Company and the Bank. During the term of this Agreement, Executive will serve as a director of the Company and a director of the Bank.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Duties</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>The Company and the Bank <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>employ Executive as their President <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>Chief Executive Officer. Executive will faithfully <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>diligently perform <font style="DISPLAY: inline; FONT-SIZE: 12pt">his </font>assigned duties, which include but are not limited to the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Development and Preservation of</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Business</font>. Executive will be responsible for the development and preservation of <font style="DISPLAY: inline; FONT-SIZE: 12pt">banking </font>relationships, investor relationships and other business development efforts (including appropriate civic <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>community activities).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">responsibilities to accommodate management succession, as well as any other management objectives of the Company. 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 Sections 3(a) and 3(b) of this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Extent of Services.</font> Executive will devote all of his working time, attention <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>skill to the duties and responsibilities set forth 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, <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>(b) Executive may not, without the Company&#8217;s prior written consent, make or maintain any investment in a business with which the Company or its subsidiaries has an existing competitive or commercial relationship.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Company Board.</font> During <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>term, the Company will use its best efforts to nominate and recommend Executive for election to the Company&#8217;s board of directors and to the Bank&#8217;s board of directors.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Salary.</font> Executive will receive an annual salary of $548,245.00, to be paid in accordance with the Company&#8217;s regular payroll schedule. Subsequent <font style="DISPLAY: inline; FONT-SIZE: 12pt">salary </font>increases <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>subject to the Company&#8217;s annual review of Executive&#8217;s compensation and performance.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Incentive Compensation.</font> During the <font style="DISPLAY: inline; FONT-SIZE: 12pt">Term, </font>the Company&#8217;s board of directors will determine the amount<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>of bonus to be paid by the Company to Executive for that year, if any. In making this determination, the Company&#8217;s board of directors will consider factors such as Executive&#8217;s performance of his duties and the safety, soundness <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>profitability of the Company. Executive&#8217;s bonus, if any, will reflect Executive&#8217;s contribution to the performance of the Company during the year, also taking into account the nature <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>extent of incentive bonuses paid to comparable senior officers at the Company. If a bonus is given, it will be paid to Executive no later than February 28 of the year following the year in which the bonus is earned by Executive.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Deferral.</font> Executive will be eligible to participate in any program available to the Company&#8217;s senior management for income deferral, for the purpose of deferring receipt of any or <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>of the compensation he may become entitled to under this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacation and Holidays</font>. Executive will accrue up to 160 hours of paid vacation each year, which accrual shall be at the rate of 6.16 hours per pay period, in addition to all holidays observed by the Bank Division. Accrual of vacation time shall be in accordance with the Company&#8217;s Employee Manual. Executive may carry over, in the aggregate, up to 160 hours of unused vacation to a subsequent year; provided, however, Executive may not accumulate in excess of 160 hours of </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">paid vacation at any given time (the "Cap").&#160;&#160;Should&#160;&#160;Executive&#8217;s accumulation of paid vacation reach the Cap of 160 hours, Executive will no longer accrue additional paid vacation until Executive uses some of Executive's accumulated vacation time and Executive&#8217;s accumulated paid vacation balance drops below the Cap.&#160;&#160;. Each calendar year, Executive shall take at least five (5) consecutive days of vacation.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Benefits</font>. Executive will be entitled to participate in any group life insurance, disability, medical, dental, health and accident insurance plans, profit sharing <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>pension plans <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>in other employee fringe benefit programs the Company may have in effect from time to time for its similarly situated employees, in accordance with and subject to any policies adopted by the Company&#8217;s board of directors with respect to the plans or programs, including without limitation, any incentive or employee stock option plan, deferred compensation plan, 401(k) plan, and Supplemental Executive Retirement Plan (SERP). The Company through this Agreement does not obligate itself to make any particular benefits available to its employees.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Business Expenses</font>. Subject to any limits under the Company policy or the rules <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>regulations of the Internal Revenue Service, the Company will reimburse Executive for ordinary and necessary expenses which are consistent with past practice at the Company (including, without limitation, travel, entertainment, and similar expenses) and which <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>incurred in performing <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>promoting the Company&#8217;s business. Executive will present from time to time itemized accounts of these expenses.&#160;&#160;Reimbursement will be made as soon as practicable but no later than the last day of the calendar year following the calendar year in which the expenses were incurred.&#160;&#160;The amount of expenses eligible for reimbursement in one calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by the Company for Cause</font>. <font style="DISPLAY: inline; FONT-SIZE: 12pt">If </font>the Company and the Bank terminate Executive&#8217;s employment for Cause (defined below) before this Agreement terminates, the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>pay Executive, within 10 business days following his termination of employment, or on the next regularly scheduled pay date, whichever is earlier, the salary earned <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>expenses reimbursable under this Agreement incurred through <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>date of his termination. Executive will have no right to receive compensation or other benefits for any period after termination under this Section 10(a).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All payments made pursuant to this Section 10(b) shall be completed no later than March 15 of the calendar year following the calendar year in which Executive&#8217;s employment terminates.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Death or Disability</font>. 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 <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>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 Company. If termination occurs under this Section 10(c), the Company shall pay Executive or his estate, within 10 business days following his termination of employment, <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>compensation and benefits earned and expenses reimbursable through the date Executive&#8217;s employment terminated.&#160;&#160;Neither Executive nor his estate will have any right to receive compensation or other benefits for any period after termination under this Section 10(c).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination Related to a Change in Control</font>.&#160;&#160;The following provisions shall survive the expiration of the Term of this Agreement and the termination of Executive&#8217;s employment.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by Company</font>. If the Company, or its successor in interest by merger, or its transferee in the event of a purchase in an assumption transaction terminates Executive&#8217;s employment without Cause, as defined in Section 10(g): (A) within three (3) years following a Change in Control (as defined below); or (B) before a Change in Control but on or after the date that any party<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>either announces or is required by law to announce any prospective Change in Control transaction and a Change in Control occurs within six months after the termination, then Company will provide Executive with the payment <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>benefits described in Section 10(d)(3) below.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by Executive</font>. If Executive terminates Executive&#8217;s employment with Good Reason, as defined in Section 10(h), within three (3) years following a Change in Control, the Company will provide Executive with the payment and benefits described in Section 10(d)(3) below.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Payments</font>. If Section 10(d)(1)(A) or Section 10(d)(2) is triggered in accordance with its terms, the Company will: (i) subject to Sections 10(e) and 10(j) below, beginning within 30 days after Executive&#8217;s separation from service as defined by Treasury Regulation &#167; 1.409A-1(h) (&#8220;Separation from Service&#8221;), pay Executive in 36 substantially equal monthly installments in an overall amount equal to 2.99 times the Executive&#8217;s annual <font style="DISPLAY: inline; FONT-SIZE: 12pt">salary </font>(determined as of the day before the date Executive&#8217;s employment was terminated) <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>(ii) maintain and provide for 2.99 years following Executive&#8217;s termination, at no cost to Executive,</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the benefits described in Section 9(b) to which Executive is entitled (determined as of the day before the date of such termination); but if Executive&#8217;s participation in any such benefit is thereafter barred or not feasible, or discontinued or materially reduced, the Company will arrange to provide Executive with benefits substantially similar to those benefits or reimburse Executive&#8217;s out-of-pocket expenses of obtaining benefits of substantially similar type and value.&#160;&#160;Subject to Sections 10(e) and 10(j) below, if Section 10(d)(1)(B) is triggered in accordance with its terms, beginning within 30 days after a Change in Control, the Company will pay Executive in 36 substantially equal monthly installments in an overall amount equal to 2.99 times the Executive&#8217;s annual salary (determined on the day before the date Executive&#8217;s employment was terminated).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitations on Payments Related to Change in Control</font>. The following apply notwithstanding any other provision of this Agreement:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the total of the payments and benefits described in Section 10(d)(3) will be less than the amount that would cause them to be a &#8220;parachute payment&#8221; within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the payment and benefits described in Section 10(d)(3) will be reduced by any compensation (in the form of cash or other benefits) received by Executive from the Company or its successor after the Change in Control and/or after Executive&#8217;s termination of employment; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive&#8217;s right to receive the payments and benefits described in Section 10(d)(3) terminates (i) immediately if before the Change in Control transaction closes, Executive terminates his employment without Good Reason, or the Company terminates Executive&#8217;s employment for Cause, or (ii) three years after a Change of Control occurs.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Return of Company and Bank Property</font>. If and when Executive ceases, for <font style="DISPLAY: inline; FONT-SIZE: 12pt">any </font>reason, to be employed by the Company, Executive must return to the Company all keys, pass cards, identification cards, cell phones, blackberries or other smart phones, tablets, electronic storage devices, company credit cards&#160;&#160;and any other property of the Company and the Bank. At the same time, Executive also must return to the Company and the Bank all originals<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>and copies (whether in memoranda, designs, devices, electronic storage devices, tapes, manuals, and specifications) which constitute proprietary or confidential information or material of the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt">or </font>its subsidiaries. The obligations in this paragraph include the return of documents <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>other materials which may be in his desk at work, in his car, in place of residence, or in any other location under his control.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cause</font>. &#8220;Cause&#8221; means any one or more of the following:</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Willful misfeasance or gross negligence in the performance of Executive&#8217;s duties;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conviction of a crime in connection with his duties, conviction of a felony or conviction of a crime of fraud or dishonesty;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conduct demonstrably and significantly harmful to the Company, as reasonably determined on the advice of legal counsel of the Company&#8217;s board of directors;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Death or permanent disability, for purposes of this section permanent disability means a physical or mental impairment which renders Executive incapable of substantially performing the duties required under this Agreement, and which is expected to continue rendering Executive so incapable for the reasonably foreseeable future;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any other legitimate business reason as determined by the Company&#8217;s board of directors.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(h)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Good Reason</font>. Executive terminates employment for &#8220;Good Reason&#8221; if all four of the following criteria are satisfied:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any one or more of the following conditions (each a &#8220;Condition&#8221;) arises without Executive&#8217;s consent:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(A)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The material reduction of Executive&#8217;s salary, unless the reduction is generally applicable to substantially all Company employees (or employees of a successor or controlling entity of the Company) formerly benefited;</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(B)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The material diminution in Executive&#8217;s authority or duties as they exist on the date of this Agreement;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(C)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The material breach of this Agreement by the Company; or</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(D)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A material relocation or transfer of Executive&#8217;s principal place of employment to a location outside Flathead County, Montana; and</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive gives notice to the Company of the Condition within 90 days of the initial existence of the Condition;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company fails to reasonably remedy the Condition within 30 days following receipt of the notice described in paragraph (2) above; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive terminates employment within 180 days following the initial existence of the Condition.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Change in Control</font>. &#8220;Change in Control&#8221; means a change &#8220;in the ownership or effective control&#8221; or &#8220;in the ownership of a substantial portion of the assets&#8221; of the Company, within the meaning of Treas Reg. &#167; 1.409A-3(i)(5).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 409A Compliance. </font><font style="DISPLAY: inline">Notwithstanding anything in this Agreement to the contrary, if any amounts that become due under this Agreement on account of the termination of Executive&#8217;s employment constitute &#8220;nonqualified deferred compensation&#8221; within the meaning of Code Section 409A, payment of such amounts shall not commence until Executive incurs a Separation from Service (as defined in Section 10(d)(3)).&#160;&#160;If, at the time of Executive&#8217;s Separation from Service under this Agreement, Executive is a &#8220;specified employee&#8221; (under Internal Revenue Code Section 409A), any amount that constitutes &#8220;nonqualified deferred compensation&#8221; within the meaning of Code Section 409A that becomes payable to Executive on account of Executive&#8217;s Separation from Service (including any amounts payable pursuant to the preceding sentence) will not be paid until after the end of the sixth calendar month beginning after Executive&#8217;s Separation from Service (the &#8220;409A Suspension Period&#8221;). Within 14 calendar days after the end of the 409A Suspension Period, Executive shall be paid a lump sum payment in cash equal to any payments delayed because of the preceding sentence, together with interest on them for the period of delay at a rate not less than the average prime interest rate published in the Wall Street Journal on any day chosen by the Company during that period. Thereafter, Executive shall receive any remaining payments as if there had not been an earlier delay.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Confidentiality.</font> Executive will not, during the Term of this Agreement and for a period of five years after Executive&#8217;s employment with the Bank or<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Company has terminated, use for his own purposes or disclose to any other person or entity any confidential business information concerning the Bank or Company or their business operations, unless (1) the Bank or Company consents to the use or disclosure of confidential information; (2) the use or disclosure is consistent with Executive&#8217;s duties under this Agreement, or (3) disclosure is required by law or court order. For purposes of this Agreement, confidential business information includes, without limitation, trade secrets (as defined under the Montana Uniform Trade Secrets Act, Montana Code &#167;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>30-14-402), various confidential information on investment management practices, marketing plans, pricing structure and technology of either the Bank or Company. Executive will also treat the terms of this Agreement as confidential business information.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Noncompetition.</font> During the Term <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>the terms of any extensions or renewals of <font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font>Agreement <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>for a period of three years after Executive&#8217;s employment with the Bank or Company has terminated, Executive will not, directly or indirectly, as a shareholder, director, officer, employee, proprietor, partner, member, agent, consultant, lessor, creditor or otherwise</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">provide management, supervisory or other similar services to any person or entity conducting a banking or lending business in counties in which the Bank or Company or a subsidiary of Company had a branch or office during the term of this Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">persuade or entice, or attempt to persuade or entice any employee of the Bank, Company or a subsidiary of Company to terminate his/her employment with the Bank, Company or a subsidiary of the Company;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">persuade or entice or attempt to persuade or entice any person or entity with whom Executive had pre-termination communications to change, terminate, cancel, rescind or revoke its banking or contractual relationships with the Bank, Company or a subsidiary of Company.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company, Bank and Executive stipulate that, in light of all of the facts <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>circumstances of the relationship between Executive and the Company and Bank, the agreements referred to in Sections 11 and 12 (including without limitation their scope, duration <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>geographic extent) <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>fair and reasonably necessary for the protection of the Company's and Bank&#8217;s confidential information, goodwill and other protectable interests. If a court of competent jurisdiction should decline to enforce any of those covenants <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>agreements, Executive, the Company and Bank request the court to reform these provisions to restrict Executive&#8217;s use of confidential information and Executive&#8217;s ability to compete with the Company or Bank to the maximum extent, in time, scope of activities and geography, the court finds enforceable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive acknowledges the Bank and Company will suffer immediate <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>irreparable harm that will not be compensable by damages alone if Executive repudiates or breaches any of the provisions of Sections 11 or 12 or threatens or attempts to do so. For this reason, under these circumstances, the Company or 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 <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>permanent injunctions in order to prevent or restrain the breach, and neither the Company nor the Bank will be required to post a bond as a condition for the granting of this relief.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Covenants</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>Executive specifically acknowledges the receipt of adequate consideration for the covenants contained in Sections 11 and 12 and that the Company and the Bank are entitled to require 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 Company&#8217;s enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Jury Waiver.&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">THE PARTIES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND THAT ARTICLE II, SECTION 26 OF THE MONTANA CONSTITUTION PROVIDES THE RIGHT TO A TRIAL BY JURY.&#160;&#160;THE PARTIES FURTHER ACKNOWLEDGE AND UNDERSTAND THAT BY </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WAIVING THEIR RIGHT TO A TRIAL BY JURY ANY LITIGATION SUBJECT TO THIS JURY WAIVER WILL BE DECIDED SOLELY BY THE JUDGE ASSIGNED TO THE CASE.&#160;&#160;BEING FULLY AWARE OF THEIR CONSTITUTIONAL RIGHT TO A TRIAL BY JURY, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS AGREEMENT, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE).</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement</font>. This Agreement constitutes the entire understanding and agreement between the parties concerning its subject matter and supersedes <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>prior agreements, correspondence, representations, or understandings between the parties relating to its subject matter.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding Effect</font>. This Agreement will bind and inure to the benefit of the Company and its subsidiaries and their successors and assigns.&#160;&#160;Subject to the limitation on assignment set forth in Section 16(e), this Agreement will bind and inure to the benefit of Executive and Executive&#8217;s heirs, legal representatives, successors and assigns.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Counterparts</font>. <font style="DISPLAY: inline; FONT-SIZE: 12pt">This </font>Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which taken together will constitute one <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>the same instrument.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Attorney Representation</font>.&#160; Executive is aware that in any contract, including this Agreement, the interests of the parties may conflict and that there may be issues upon which only an attorney is qualified to advise.&#160; Executive acknowledges that Executive was free to and was encouraged to retain an attorney to thoroughly discuss all aspects of this Agreement.&#160;&#160; Executive further acknowledges that Executive had an opportunity to read and review this Agreement and that Executive is knowingly, voluntarily and of Executive&#8217;s own free will entering into this Agreement.</font></div>
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<div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signed this 30<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December, 2013.</font></div>

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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh_102.htm
<DESCRIPTION>EXHIBIT 10.2
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<div style="TEXT-ALIGN: right">Exhibit 10.2</div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">AGREEMENT </font>effective January 1, 2014 between Glacier Bancorp, Inc., (&#8220;Company&#8221;), Glacier Bank (&#8220;Bank&#8221;) <font style="DISPLAY: inline; FONT-SIZE: 12pt">and Ron J. Copher</font> (&#8220;Executive&#8221;).</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive has served as Executive Vice President and Chief Financial Officer of the Company and of its wholly owned Subsidiary Glacier Bank.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company and the Bank desire Executive to continue <font style="DISPLAY: inline; FONT-SIZE: 12pt">his </font>employment at the Company and the Bank under <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>terms <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>conditions of <font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font>Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive desires to continue <font style="DISPLAY: inline; FONT-SIZE: 12pt">his </font>employment at the Company and the Bank under the terms and conditions of this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Employment</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>The Company and the Bank agree to employ Executive and Executive accepts employment by the Company and the Bank on the <font style="DISPLAY: inline; FONT-SIZE: 12pt">terms </font>and conditions set forth in this Agreement. Executive&#8217;s title <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>be Executive Vice President <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>Chief Financial Officer of the Company and the Bank.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Term</font>. The term of this Agreement (&#8220;Term&#8221;) is one year, beginning on January 1, 2014.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief Financial Officer</font>. The Executive shall have such duties and responsibilities as assigned by the Company's President and Chief Executive Officer, which shall be customary for Chief Financial Officers of comparable publicly reporting companies.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">R<font style="DISPLAY: inline; TEXT-DECORATION: underline">eport to Board</font>. Executive <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>report directly to the Company&#8217;s President and Chief Executive Officer. The Company&#8217;s board of directors may, from time to time, <font style="DISPLAY: inline; FONT-SIZE: 12pt">modify </font>Executive&#8217;s title or add, delete, or modify Executive&#8217;s performance responsibilities to accommodate management succession, as well as any other management objectives of the Company. 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 Sections 3(a) and 3(b) of this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Extent of Services.</font> Executive will devote all of his working time, attention <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>skill to the duties and responsibilities set forth 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, <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>(b) Executive may not, without the Company&#8217;s prior written consent, make or maintain any investment in a business with which the Company or its subsidiaries has an existing competitive or commercial relationship.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Salary.</font> Executive will receive an annual salary of $327,786.00, to be paid in accordance with the Company&#8217;s regular payroll schedule. Subsequent <font style="DISPLAY: inline; FONT-SIZE: 12pt">salary </font>increases <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>subject to the Company&#8217;s annual review of Executive&#8217;s compensation and performance.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Incentive Compensation.</font> During the <font style="DISPLAY: inline; FONT-SIZE: 12pt">Term, </font>the Company&#8217;s board of directors will determine the amount<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>of bonus to be paid by the Company to Executive for that year, if any. In making this determination, the Company&#8217;s board of directors will consider factors such as Executive&#8217;s performance of his duties and the safety, soundness <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>profitability of the Company. Executive&#8217;s bonus, if any, will reflect Executive&#8217;s contribution to the performance of the Company during the year, also taking into account the nature <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>extent of incentive bonuses paid to comparable senior officers at the Company. If a bonus is given, it will be paid to Executive no later than February 28 of the year following the year in which the bonus is earned by Executive.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Deferral.</font> Executive will be eligible to participate in any program available to the Company&#8217;s senior management for income deferral, for the purpose of deferring receipt of any or <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>of the compensation he may become entitled to under this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacation and Holidays</font>. Executive will accrue up to 160 hours of paid vacation each year, which accrual shall be at the rate of 6.16 hours per pay period, in addition to all holidays observed by the Bank Division. Accrual of vacation time shall be in accordance with the Company&#8217;s Employee Manual. Executive may carry over, in the aggregate, up to 160 hours of unused vacation to a subsequent year; provided, however, Executive may not accumulate in excess of 160 hours of paid vacation at any given time (the "Cap").&#160;&#160;Should&#160;&#160;Executive&#8217;s accumulation of paid vacation reach the Cap of 160 hours, Executive will no longer accrue additional paid vacation until Executive uses some of Executive's accumulated vacation time and Executive&#8217;s accumulated paid vacation balance drops below the Cap.&#160;&#160;. Each calendar year, Executive shall take at least five (5) consecutive days of vacation.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Benefits</font>. Executive will be entitled to participate in any group life insurance, disability, medical, dental, health and accident insurance plans, profit sharing <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>pension plans <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>in other employee fringe benefit programs the Company may</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">have in effect from time to time for its similarly situated employees, in accordance with and subject to any policies adopted by the Company&#8217;s board of directors with respect to the plans or programs, including without limitation, any incentive or employee stock option plan, deferred compensation plan, 401(k) plan, and Supplemental Executive Retirement Plan (SERP). The Company through this Agreement does not obligate itself to make any particular benefits available to its employees.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Business Expenses</font>. Subject to any limits under the Company policy or the rules <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>regulations of the Internal Revenue Service, the Company will reimburse Executive for ordinary and necessary expenses which are consistent with past practice at the Company (including, without limitation, travel, entertainment, and similar expenses) and which <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>incurred in performing <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>promoting the Company&#8217;s business. Executive will present from time to time itemized accounts of these expenses.&#160;&#160;Reimbursement will be made as soon as practicable but no later than the last day of the calendar year following the calendar year in which the expenses were incurred.&#160;&#160;The amount of expenses eligible for reimbursement in one calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by the Company for Cause</font>. <font style="DISPLAY: inline; FONT-SIZE: 12pt">If </font>the Company and the Bank terminate Executive&#8217;s employment for Cause (defined below) before this Agreement terminates, the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>pay Executive, within 10 business days following his termination of employment, or on the next regularly scheduled pay date, whichever is earlier, the salary earned <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>expenses reimbursable under this Agreement incurred through <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>date of his termination. Executive will have no right to receive compensation or other benefits for any period after termination under this Section 9(a).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Termination by the Company</font>. If the Company and the Bank terminate Executive&#8217;s employment without Cause before this Agreement terminates, or Executive terminates his employment for Good Reason (defined below) before this Agreement terminates, the Company will pay Executive a payment having a present value equal to the compensation and other benefits he would have been entitled to for the remainder of the Term if his employment had not terminated.&#160;&#160;All payments made pursuant to this Section 9(b) shall be completed no later than March 15 of the calendar year following the calendar year in which Executive&#8217;s employment terminates.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Death or Disability</font>. 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 <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>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 </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">on the Company. If termination occurs under this Section 9(c), the Company shall pay Executive or his estate, within 10 business days following his termination of employment, <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>compensation and benefits earned and expenses reimbursable through the date Executive&#8217;s employment terminated.&#160;&#160;Neither Executive nor his estate will have any right to receive compensation or other benefits for any period after termination under this Section 9(c).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination Related to a Change in Control</font>.&#160;&#160;The following provisions shall survive the expiration of the Term of this Agreement and the termination of Executive&#8217;s employment.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by Company</font>. If the Company, or its successor in interest by merger, or its transferee in the event of a purchase in an assumption transaction terminates Executive&#8217;s employment without Cause, as defined in Section 9(g): (A) within two (2) years following a Change in Control (as defined below); or (B) before a Change in Control but on or after the date that any party<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>either announces or is required by law to announce any prospective Change in Control transaction and a Change in Control occurs within six months after the termination, then Company will provide Executive with the payment <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>benefits described in Section 9(d)(3) below.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by Executive</font>. If Executive terminates Executive&#8217;s employment with Good Reason, as defined in Section 9(h), within two (2 years following a Change in Control, the Company will provide Executive with the payment and benefits described in Section 9(d)(3) below.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Payments</font>. If Section 9(d)(1)(A) or Section 9(d)(2) is triggered in accordance with its terms, the Company will: (i) subject to Sections 9(e) and 9(j) below, beginning within 30 days after Executive&#8217;s separation from service as defined by Treasury Regulation &#167; 1.409A-1(h) (&#8220;Separation from Service&#8221;), pay Executive in 24 substantially equal monthly installments in an overall amount equal to two times the Executive&#8217;s annual <font style="DISPLAY: inline; FONT-SIZE: 12pt">salary </font>(determined as of the day before the date Executive&#8217;s employment was terminated) <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>(ii) maintain and provide for two years following Executive&#8217;s termination, at no cost to Executive, the benefits described in Section 8(b) to which Executive is entitled (determined as of the day before the date of such termination); but if Executive&#8217;s participation in any such benefit is thereafter barred or not feasible, or discontinued or materially reduced, the Company will arrange to provide Executive with benefits substantially similar to those benefits or reimburse Executive&#8217;s out-of-pocket expenses of obtaining benefits of substantially similar type and value.&#160;&#160;Subject to Sections 9(e) and 9(j) below, if Section 9(d)(1)(B) is triggered in accordance with its terms, beginning within 30 days after a Change in Control, the Company will pay Executive in 24 substantially equal monthly installments in an overall amount equal to two times the Executive&#8217;s annual salary (determined on the day before the date Executive&#8217;s employment was terminated).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitations on Payments Related to Change in Control</font>. The following apply notwithstanding any other provision of this Agreement:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the total of the payments and benefits described in Section 9(d)(3) will be less than the amount that would cause them to be a &#8220;parachute payment&#8221; within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the payment and benefits described in Section 9(d)(3) will be reduced by any compensation (in the form of cash or other benefits) received by Executive from the Company or its successor after the Change in Control and/or after Executive&#8217;s termination of employment; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive&#8217;s right to receive the payments and benefits described in Section 9(d)(3) terminates (i) immediately if before the Change in Control transaction closes, Executive terminates his employment without Good Reason, or the Company terminates Executive&#8217;s employment for Cause, or (ii) two years after a Change of Control occurs.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Return of Company and Bank Property</font>. If and when Executive ceases, for <font style="DISPLAY: inline; FONT-SIZE: 12pt">any </font>reason, to be employed by the Company, Executive must return to the Company all keys, pass cards, identification cards, cell phones, blackberries or other smart phones, tablets, electronic storage devices, company credit cards&#160;&#160;and any other property of the Company and the Bank. At the same time, Executive also must return to the Company and the Bank all originals<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>and copies (whether in memoranda, designs, devices, electronic storage devices, tapes, manuals, and specifications) which constitute proprietary or confidential information or material of the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt">or </font>its subsidiaries. The obligations in this paragraph include the return of documents <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>other materials which may be in his desk at work, in his car, in place of residence, or in any other location under his control.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cause</font>. &#8220;Cause&#8221; means any one or more of the following:</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Willful misfeasance or gross negligence in the performance of Executive&#8217;s duties;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conviction of a crime in connection with his duties, conviction of a felony or conviction of a crime of fraud or dishonesty;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conduct demonstrably and significantly harmful to the Company, as reasonably determined on the advice of legal counsel of the Company&#8217;s board of directors;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Death or permanent disability, for purposes of this section permanent disability means a physical or mental impairment which renders Executive incapable of substantially performing the duties required under this Agreement, and which is expected to continue rendering Executive so incapable for the reasonably foreseeable future;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any other legitimate business reason as determined by the Company&#8217;s board of directors.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Good Reason</font>. Executive terminates employment for &#8220;Good Reason&#8221; if all four of the following criteria are satisfied:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any one or more of the following conditions (each a &#8220;Condition&#8221;) arises without Executive&#8217;s consent:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(A)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The material reduction of Executive&#8217;s salary, unless the reduction is generally applicable to substantially all Company employees (or employees of a successor or controlling entity of the Company) formerly benefited;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(B)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The material diminution in Executive&#8217;s authority or duties as they exist on the date of this Agreement;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(C)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The material breach of this Agreement by the Company; or</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(D)&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A material relocation or transfer of Executive&#8217;s principal place of employment to a location outside Flathead County, Montana; and</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Change in Control</font>. &#8220;Change in Control&#8221; means a change &#8220;in the ownership or effective control&#8221; or &#8220;in the ownership of a substantial portion of the assets&#8221; of the Company, within the meaning of Treas Reg. &#167; 1.409A-3(i)(5).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 409A Compliance. </font><font style="DISPLAY: inline">Notwithstanding anything in this Agreement to the contrary, if any amounts that become due under this Agreement on account of the termination of Executive&#8217;s employment constitute &#8220;nonqualified deferred compensation&#8221; within the meaning of Code Section 409A, payment of such amounts shall not commence until Executive incurs a Separation from Service (as defined in Section 9(d)(3)).&#160;&#160;If, at the time of Executive&#8217;s Separation from Service</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">under this Agreement, Executive is a &#8220;specified employee&#8221; (under Internal Revenue Code Section 409A), any amount that constitutes &#8220;nonqualified deferred compensation&#8221; within the meaning of Code Section 409A that becomes payable to Executive on account of Executive&#8217;s Separation from Service (including any amounts payable pursuant to the preceding sentence) will not be paid until after the end of the sixth calendar month beginning after Executive&#8217;s Separation from Service (the &#8220;409A Suspension Period&#8221;). Within 14 calendar days after the end of the 409A Suspension Period, Executive shall be paid a lump sum payment in cash equal to any payments delayed because of the preceding sentence, together with interest on them for the period of delay at a rate not less than the average prime interest rate published in the Wall Street Journal on any day chosen by the Company during that period. Thereafter, Executive shall receive any remaining payments as if there had not been an earlier delay.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Confidentiality.</font> Executive will not, during the Term of this Agreement and for a period of two years after Executive&#8217;s employment with the Bank or<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Company has terminated, use for his own purposes or disclose to any other person or entity any confidential business information concerning the Bank or Company or their business operations, unless (1) the Bank or Company consents to the use or disclosure of confidential information; (2) the use or disclosure is consistent with Executive&#8217;s duties under this Agreement, or (3) disclosure is required by law or court order. For purposes of this Agreement, confidential business information includes, without limitation, trade secrets (as defined under the Montana Uniform Trade Secrets Act, Montana Code &#167;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>30-14-402), various confidential information on investment management practices, marketing plans, pricing structure and technology of either the Bank or Company. Executive will also treat the terms of this Agreement as confidential business information.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Noncompetition.</font> During the Term <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>the terms of any extensions or renewals of <font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font>Agreement <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>for a period of two years after Executive&#8217;s employment with the Bank or Company has terminated, Executive will not, directly or indirectly, as a shareholder, director, officer, employee, proprietor, partner, member, agent, consultant, lessor, creditor or otherwise</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">provide management, supervisory or other similar services to any person or entity conducting a banking or lending business in counties in which the Bank or Company or a subsidiary of Company had a branch or office during the term of this Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">persuade or entice, or attempt to persuade or entice any employee of the Bank, Company or a subsidiary of Company to terminate his/her employment with the Bank, Company or a subsidiary of the Company;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">persuade or entice or attempt to persuade or entice any person or entity with whom Executive had pre-termination communications to change, terminate, cancel, rescind or revoke its banking or contractual relationships with the Bank, Company or a subsidiary of Company.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company, Bank and Executive stipulate that, in light of all of the facts <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>circumstances of the relationship between Executive and the Company and Bank, the agreements referred to in Sections 10 and 11 (including without limitation their scope, duration <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>geographic extent) <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>fair and reasonably necessary for the protection of the Company's and Bank&#8217;s confidential information, goodwill and other protectable interests. If a court of competent jurisdiction should decline to enforce any of those covenants <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>agreements, Executive, the Company and Bank request the court to reform these provisions to restrict Executive&#8217;s use of confidential information and Executive&#8217;s ability to compete with the Company or Bank to the maximum extent, in time, scope of activities and geography, the court finds enforceable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive acknowledges the Bank and Company will suffer immediate <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>irreparable harm that will not be compensable by damages alone if Executive repudiates or breaches any of the provisions of Sections 10 or 11 or threatens or attempts to do so. For this reason, under these circumstances, the Company or 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 <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>permanent injunctions in order to prevent or restrain the breach, and neither the Company nor the Bank will be required to post a bond as a condition for the granting of this relief.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Covenants</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>Executive specifically acknowledges the receipt of adequate consideration for the covenants contained in Sections 10 and 11 and that the Company and the Bank are entitled to require 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 Company&#8217;s enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Jury Waiver.&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">THE PARTIES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND THAT ARTICLE II, SECTION 26 OF THE MONTANA CONSTITUTION PROVIDES THE RIGHT TO A TRIAL BY JURY.&#160;&#160;THE PARTIES FURTHER ACKNOWLEDGE AND UNDERSTAND THAT BY WAIVING THEIR RIGHT TO A TRIAL BY JURY ANY LITIGATION SUBJECT TO THIS JURY WAIVER WILL BE DECIDED SOLELY BY THE JUDGE ASSIGNED TO THE CASE.&#160;&#160;BEING FULLY AWARE OF THEIR CONSTITUTIONAL RIGHT TO A TRIAL BY JURY, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS AGREEMENT, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE).</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement</font>. This Agreement constitutes the entire understanding and agreement between the parties concerning its subject matter and supersedes <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>prior agreements, correspondence, representations, or understandings between the parties relating to its subject matter.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Attorney Representation</font>.&#160; Executive is aware that in any contract, including this Agreement, the interests of the parties may conflict and that there may be issues upon which only an attorney is qualified to advise.&#160; Executive acknowledges that Executive was free to and was encouraged to retain an attorney to thoroughly discuss all aspects of this Agreement.&#160;&#160; Executive further acknowledges that Executive had an opportunity to read and review this Agreement and that Executive is knowingly, voluntarily and of Executive&#8217;s own free will entering into this Agreement.</font></div>
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<div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signed this 2nd day of January, 2014.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 221.35pt"></font>GLACIER BANCORP, INC.</font></div>

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<TYPE>EX-10.3
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<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
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<div style="TEXT-ALIGN: right">Exhibit 10.3</div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive has served as Executive Vice President and Chief Administrative Officer of the Company and of its wholly owned Subsidiary Glacier Bank.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company and the Bank desire Executive to continue <font style="DISPLAY: inline; FONT-SIZE: 12pt">his </font>employment at the Company and the Bank under <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>terms <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>conditions of <font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font>Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive desires to continue <font style="DISPLAY: inline; FONT-SIZE: 12pt">his </font>employment at the Company and the Bank under the terms and conditions of this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Employment</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>The Company and the Bank agree to employ Executive and Executive accepts employment by the Company and the Bank on the <font style="DISPLAY: inline; FONT-SIZE: 12pt">terms </font>and conditions set forth in this Agreement. Executive&#8217;s title <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>be Executive Vice President <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>Chief Administrative Officer of the Company and the Bank. During the term of this Agreement, Executive will serve as a director of subsidiary banks.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">R<font style="DISPLAY: inline; TEXT-DECORATION: underline">eport to Board</font>. Executive <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>report directly to the Company&#8217;s President and Chief Executive Officer. The Company&#8217;s board of directors may, from time to time, <font style="DISPLAY: inline; FONT-SIZE: 12pt">modify </font>Executive&#8217;s title or add, delete, or modify Executive&#8217;s performance responsibilities to accommodate management succession, as well as any other management objectives of the Company. 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 Sections 3(a) and 3(b) of this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Extent of Services.</font> Executive will devote all of his working time, attention <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>skill to the duties and responsibilities set forth 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, <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>(b) Executive may not, without the Company&#8217;s prior written consent, make or maintain any investment in a business with which the Company or its subsidiaries has an existing competitive or commercial relationship.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Salary.</font> Executive will receive an annual salary of $286,653.00, to be paid in accordance with the Company&#8217;s regular payroll schedule. Subsequent <font style="DISPLAY: inline; FONT-SIZE: 12pt">salary </font>increases <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>subject to the Company&#8217;s annual review of Executive&#8217;s compensation and performance.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Incentive Compensation.</font> During the <font style="DISPLAY: inline; FONT-SIZE: 12pt">Term, </font>the Company&#8217;s board of directors will determine the amount<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>of bonus to be paid by the Company to Executive for that year, if any. In making this determination, the Company&#8217;s board of directors will consider factors such as Executive&#8217;s performance of his duties and the safety, soundness <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>profitability of the Company. Executive&#8217;s bonus, if any, will reflect Executive&#8217;s contribution to the performance of the Company during the year, also taking into account the nature <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>extent of incentive bonuses paid to comparable senior officers at the Company. If a bonus is given, it will be paid to Executive no later than February 28 of the year following the year in which the bonus is earned by Executive.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Deferral.</font> Executive will be eligible to participate in any program available to the Company&#8217;s senior management for income deferral, for the purpose of deferring receipt of any or <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>of the compensation he may become entitled to under this Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Vacation and Benefits</font>.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacation and Holidays</font>. Executive will accrue up to 160 hours of paid vacation each year, which accrual shall be at the rate of 6.16 hours per pay period, in addition to all holidays observed by the Bank Division. Accrual of vacation time shall be in accordance with the Company&#8217;s Employee Manual. Executive may carry over, in the aggregate, up to 160 hours of unused vacation to a subsequent year; provided, however, Executive may not accumulate in excess of 160 hours of paid vacation at any given time (the "Cap").&#160;&#160;Should&#160;&#160;Executive&#8217;s accumulation of paid vacation reach the Cap of 160 hours, Executive will no longer accrue additional paid vacation until Executive uses some of Executive's accumulated vacation time and Executive&#8217;s accumulated paid vacation balance drops below the Cap.&#160;&#160;. Each calendar year, Executive shall take at least five (5) consecutive days of vacation.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Benefits</font>. Executive will be entitled to participate in any group life insurance, disability, medical, dental, health and accident insurance plans, profit sharing <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>pension plans <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>in other employee fringe benefit programs the Company may have in effect from time to time for its similarly situated employees, in accordance with and subject to any policies adopted by the Company&#8217;s board of directors with respect to the plans or programs, including without limitation, any incentive or employee stock option plan, deferred compensation plan, 401(k) plan, and Supplemental Executive Retirement Plan (SERP). The Company through this Agreement does not obligate itself to make any particular benefits available to its employees.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Business Expenses</font>. Subject to any limits under the Company policy or the rules <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>regulations of the Internal Revenue Service, the Company will reimburse Executive for ordinary and necessary expenses which are consistent with past practice at the Company (including, without limitation, travel, entertainment, and similar expenses) and which <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>incurred in performing <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>promoting the Company&#8217;s business. Executive will present from time to time itemized accounts of these expenses.&#160;&#160;Reimbursement will be made as soon as practicable but no later than the last day of the calendar year following the calendar year in which the expenses were incurred.&#160;&#160;The amount of expenses eligible for reimbursement in one calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Termination of Employment</font>.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by the Company for Cause</font>. <font style="DISPLAY: inline; FONT-SIZE: 12pt">If </font>the Company and the Bank terminate Executive&#8217;s employment for Cause (defined below) before this Agreement terminates, the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt">will </font>pay Executive, within 10 business days following his termination of employment, or on the next regularly scheduled pay date, whichever is earlier, the salary earned <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>expenses reimbursable under this Agreement incurred through <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>date of his termination. Executive will have no right to receive compensation or other benefits for any period after termination under this Section 9(a).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Termination by the Company</font>. If the Company and the Bank terminate Executive&#8217;s employment without Cause before this Agreement terminates, or Executive terminates his employment for Good Reason (defined below) before this Agreement terminates, the Company will pay Executive a payment having a present value equal to the compensation and other benefits he would have been entitled to for the remainder of the Term if his employment had not terminated.&#160;&#160;All payments made pursuant to this Section 9(b) shall be completed no later than March 15 of the calendar year following the calendar year in which Executive&#8217;s employment terminates.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Death or Disability</font>. 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 <font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font>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 </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">on the Company. If termination occurs under this Section 9(c), the Company shall pay Executive or his estate, within 10 business days following his termination of employment, <font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>compensation and benefits earned and expenses reimbursable through the date Executive&#8217;s employment terminated.&#160;&#160;Neither Executive nor his estate will have any right to receive compensation or other benefits for any period after termination under this Section 9(c).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination Related to a Change in Control</font>.&#160;&#160;The following provisions shall survive the expiration of the Term of this Agreement and the termination of Executive&#8217;s employment.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by Company</font>. If the Company, or its successor in interest by merger, or its transferee in the event of a purchase in an assumption transaction terminates Executive&#8217;s employment without Cause, as defined in Section 9(g): (A) within two (2) years following a Change in Control (as defined below); or (B) before a Change in Control but on or after the date that any party<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>either announces or is required by law to announce any prospective Change in Control transaction and a Change in Control occurs within six months after the termination, then Company will provide Executive with the payment <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>benefits described in Section 9(d)(3) below.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination by Executive</font>. If Executive terminates Executive&#8217;s employment with Good Reason, as defined in Section 9(h), within two (2 years following a Change in Control, the Company will provide Executive with the payment and benefits described in Section 9(d)(3) below.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Payments</font>. If Section 9(d)(1)(A) or Section 9(d)(2) is triggered in accordance with its terms, the Company will: (i) subject to Sections 9(e) and 9(j) below, beginning within 30 days after Executive&#8217;s separation from service as defined by Treasury Regulation &#167; 1.409A-1(h) (&#8220;Separation from Service&#8221;), pay Executive in 24 substantially equal monthly installments in an overall amount equal to two times the Executive&#8217;s annual <font style="DISPLAY: inline; FONT-SIZE: 12pt">salary </font>(determined as of the day before the date Executive&#8217;s employment was terminated) <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>(ii) maintain and provide for two years following Executive&#8217;s termination, at no cost to Executive, the benefits described in Section 8(b) to which Executive is entitled (determined as of the day before the date of such termination); but if Executive&#8217;s participation in any such benefit is thereafter barred or not feasible, or discontinued or materially reduced, the Company will arrange to provide Executive with benefits substantially similar to those benefits or reimburse Executive&#8217;s out-of-pocket expenses of obtaining benefits of substantially similar type and value.&#160;&#160;Subject to Sections 9(e) and 9(j) below, if Section 9(d)(1)(B) is triggered in accordance with its terms, beginning within 30 days after a Change in Control, the Company will pay Executive in 24 substantially equal monthly installments in an overall amount equal to two times the Executive&#8217;s annual salary (determined on the day before the date Executive&#8217;s employment was terminated).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitations on Payments Related to Change in Control</font>. The following apply notwithstanding any other provision of this Agreement:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the total of the payments and benefits described in Section 9(d)(3) will be less than the amount that would cause them to be a &#8220;parachute payment&#8221; within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the payment and benefits described in Section 9(d)(3) will be reduced by any compensation (in the form of cash or other benefits) received by Executive from the Company or its successor after the Change in Control and/or after Executive&#8217;s termination of employment; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive&#8217;s right to receive the payments and benefits described in Section 9(d)(3) terminates (i) immediately if before the Change in Control transaction closes, Executive terminates his employment without Good Reason, or the Company terminates Executive&#8217;s employment for Cause, or (ii) two years after a Change of Control occurs.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Return of Company and Bank Property</font>. If and when Executive ceases, for <font style="DISPLAY: inline; FONT-SIZE: 12pt">any </font>reason, to be employed by the Company, Executive must return to the Company all keys, pass cards, identification cards, cell phones, blackberries or other smart phones, tablets, electronic storage devices, company credit cards&#160;&#160;and any other property of the Company and the Bank. At the same time, Executive also must return to the Company and the Bank all originals<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>and copies (whether in memoranda, designs, devices, electronic storage devices, tapes, manuals, and specifications) which constitute proprietary or confidential information or material of the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt">or </font>its subsidiaries. The obligations in this paragraph include the return of documents <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>other materials which may be in his desk at work, in his car, in place of residence, or in any other location under his control.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cause</font>. &#8220;Cause&#8221; means any one or more of the following:</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conviction of a crime in connection with his duties, conviction of a felony or conviction of a crime of fraud or dishonesty;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conduct demonstrably and significantly harmful to the Company, as reasonably determined on the advice of legal counsel of the Company&#8217;s board of directors;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Death or permanent disability, for purposes of this section permanent disability means a physical or mental impairment which renders Executive incapable of substantially performing the duties required under this Agreement, and which is expected to continue rendering Executive so incapable for the reasonably foreseeable future;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any other legitimate business reason as determined by the Company&#8217;s board of directors.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Good Reason</font>. Executive terminates employment for &#8220;Good Reason&#8221; if all four of the following criteria are satisfied:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any one or more of the following conditions (each a &#8220;Condition&#8221;) arises without Executive&#8217;s consent:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(A)&#160;&#160;&#160; The material reduction of Executive&#8217;s salary, unless the reduction is generally applicable to substantially all Company employees (or employees of a successor or controlling entity of the Company) formerly benefited;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(B)&#160;&#160;&#160; The material diminution in Executive&#8217;s authority or duties as they exist on the date of this Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(C)&#160;&#160;&#160; The material breach of this Agreement by the Company; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(D)&#160;&#160;&#160; A material relocation or transfer of Executive&#8217;s principal place of employment to a location outside Flathead County, Montana; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Change in Control</font>. &#8220;Change in Control&#8221; means a change &#8220;in the ownership or effective control&#8221; or &#8220;in the ownership of a substantial portion of the assets&#8221; of the Company, within the meaning of Treas Reg. &#167; 1.409A-3(i)(5).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 409A Compliance. </font><font style="DISPLAY: inline">Notwithstanding anything in this Agreement to the contrary, if any amounts that become due under this Agreement on account of the termination of Executive&#8217;s employment constitute &#8220;nonqualified deferred compensation&#8221; within the meaning of Code Section 409A, payment of such amounts shall not commence until Executive incurs a Separation from Service (as defined in Section 9(d)(3)).&#160;&#160;If, at the time of Executive&#8217;s Separation from Service</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">under this Agreement, Executive is a &#8220;specified employee&#8221; (under Internal Revenue Code Section 409A), any amount that constitutes &#8220;nonqualified deferred compensation&#8221; within the meaning of Code Section 409A that becomes payable to Executive on account of Executive&#8217;s Separation from Service (including any amounts payable pursuant to the preceding sentence) will not be paid until after the end of the sixth calendar month beginning after Executive&#8217;s Separation from Service (the &#8220;409A Suspension Period&#8221;). Within 14 calendar days after the end of the 409A Suspension Period, Executive shall be paid a lump sum payment in cash equal to any payments delayed because of the preceding sentence, together with interest on them for the period of delay at a rate not less than the average prime interest rate published in the Wall Street Journal on any day chosen by the Company during that period. Thereafter, Executive shall receive any remaining payments as if there had not been an earlier delay.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Confidentiality.</font> Executive will not, during the Term of this Agreement and for a period of two years after Executive&#8217;s employment with the Bank or<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Company has terminated, use for his own purposes or disclose to any other person or entity any confidential business information concerning the Bank or Company or their business operations, unless (1) the Bank or Company consents to the use or disclosure of confidential information; (2) the use or disclosure is consistent with Executive&#8217;s duties under this Agreement, or (3) disclosure is required by law or court order. For purposes of this Agreement, confidential business information includes, without limitation, trade secrets (as defined under the Montana Uniform Trade Secrets Act, Montana Code &#167;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>30-14-402), various confidential information on investment management practices, marketing plans, pricing structure and technology of either the Bank or Company. Executive will also treat the terms of this Agreement as confidential business information.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Noncompetition.</font> During the Term <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>the terms of any extensions or renewals of <font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font>Agreement <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>for a period of two years after Executive&#8217;s employment with the Bank or Company has terminated, Executive will not, directly or indirectly, as a shareholder, director, officer, employee, proprietor, partner, member, agent, consultant, lessor, creditor or otherwise</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">provide management, supervisory or other similar services to any person or entity conducting a banking or lending business in counties in which the Bank or Company or a subsidiary of Company had a branch or office during the term of this Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">persuade or entice, or attempt to persuade or entice any employee of the Bank, Company or a subsidiary of Company to terminate his/her employment with the Bank, Company or a subsidiary of the Company;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">persuade or entice or attempt to persuade or entice any person or entity with whom Executive had pre-termination communications to change, terminate, cancel, rescind or revoke its banking or contractual relationships with the Bank, Company or a subsidiary of Company.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company, Bank and Executive stipulate that, in light of all of the facts <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>circumstances of the relationship between Executive and the Company and Bank, the agreements referred to in Sections 10 and 11 (including without limitation their scope, duration <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>geographic extent) <font style="DISPLAY: inline; FONT-SIZE: 12pt">are </font>fair and reasonably necessary for the protection of the Company's and Bank&#8217;s confidential information, goodwill and other protectable interests. If a court of competent jurisdiction should decline to enforce any of those covenants <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>agreements, Executive, the Company and Bank request the court to reform these provisions to restrict Executive&#8217;s use of confidential information and Executive&#8217;s ability to compete with the Company or Bank to the maximum extent, in time, scope of activities and geography, the court finds enforceable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive acknowledges the Bank and Company will suffer immediate <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>irreparable harm that will not be compensable by damages alone if Executive repudiates or breaches any of the provisions of Sections 10 or 11 or threatens or attempts to do so. For this reason, under these circumstances, the Company or 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 <font style="DISPLAY: inline; FONT-SIZE: 12pt">and </font>permanent injunctions in order to prevent or restrain the breach, and neither the Company nor the Bank will be required to post a bond as a condition for the granting of this relief.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Covenants</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. </font>Executive specifically acknowledges the receipt of adequate consideration for the covenants contained in Sections 10 and 11 and that the Company and the Bank are entitled to require 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 Company&#8217;s enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Jury Waiver.&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">THE PARTIES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND THAT ARTICLE II, SECTION 26 OF THE MONTANA CONSTITUTION PROVIDES THE RIGHT TO A TRIAL BY JURY.&#160;&#160;THE PARTIES FURTHER ACKNOWLEDGE AND UNDERSTAND THAT BY WAIVING THEIR RIGHT TO A TRIAL BY JURY ANY LITIGATION SUBJECT TO THIS JURY WAIVER WILL BE DECIDED SOLELY BY THE JUDGE ASSIGNED TO THE CASE.&#160;&#160;BEING FULLY AWARE OF THEIR CONSTITUTIONAL RIGHT TO A TRIAL BY JURY, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS AGREEMENT, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE).</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Attorney Representation</font>.&#160; Executive is aware that in any contract, including this Agreement, the interests of the parties may conflict and that there may be issues upon which only an attorney is qualified to advise.&#160; Executive acknowledges that Executive was free to and was encouraged to retain an attorney to thoroughly discuss all aspects of this Agreement.&#160;&#160; Executive further acknowledges that Executive had an opportunity to read and review this Agreement and that Executive is knowingly, voluntarily and of Executive&#8217;s own free will entering into this Agreement.</font></div>
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<div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signed this 2nd day of January, 2014.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 221.35pt"></font>GLACIER BANCORP, INC.</font></div>

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