<SEC-DOCUMENT>0000936528-12-000057.txt : 20121127
<SEC-HEADER>0000936528-12-000057.hdr.sgml : 20121127
<ACCEPTANCE-DATETIME>20121127134527
ACCESSION NUMBER:		0000936528-12-000057
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20121127
DATE AS OF CHANGE:		20121127
EFFECTIVENESS DATE:		20121127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WASHINGTON FEDERAL INC
		CENTRAL INDEX KEY:			0000936528
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				911661606
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-185154
		FILM NUMBER:		121226200

	BUSINESS ADDRESS:	
		STREET 1:		425 PIKE STREET
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
		BUSINESS PHONE:		2066247930

	MAIL ADDRESS:	
		STREET 1:		425 PIKE ST
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>november2012s8.htm
<DESCRIPTION>S-8
<TEXT>
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		<title>November 2012 S8</title>
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<a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Registration No. 333-_________ </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As filed with the Securities and Exchange Commission on November 27, 2012 </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">UNITED STATES </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SECURITIES AND EXCHANGE COMMISSION </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C. 20549 </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">___________________ </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">FORM S-8 </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">REGISTRATION STATEMENT </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">UNDER </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THE SECURITIES ACT OF 1933 </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:22pt;"><font style="font-family:inherit;font-size:22pt;font-weight:bold;">Washington Federal, Inc. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Exact Name of Registrant as Specified in its Charter) </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:73.046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="47%"></td><td width="5%"></td><td width="48%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91-1661606</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(State or Other Jurisdiction of </font></div><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Incorporation or Organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">425 Pike Street, Seattle, WA, 98101</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Address of Principal Executive Offices) </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Washington Federal, Inc, 2011 Incentive Plan</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Full Title of the Plan) </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Copies to: </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:73.046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="47%"></td><td width="5%"></td><td width="48%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Roy M. Whitehead</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Copy to:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chairman, President and</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Leo Clarke</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Executive Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior Vice President and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington Federal, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General Counsel</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">425 Pike Street</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington Federal, Inc.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Seattle, WA 98101</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">425 Pike Street</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206-624-7930</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Seattle, WA 98101</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Name, Address and Telephone</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206-624-7930</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Agent for Service)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. (Check one): </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:89.453125%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="29%"></td><td width="19%"></td><td width="22%"></td><td width="30%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8pt;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Large accelerated filer [X]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accelerated filer [ ]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Non-accelerated filer [ ]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8pt;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Smaller reporting company [ ]</font></div></td></tr><tr><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Do not check if a smaller reporting company)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><br><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CALCULATION OF REGISTRATION FEE </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.6796875%;border-collapse:collapse;text-align:left;"><tr><td colspan="9"></td></tr><tr><td width="38%"></td><td width="16%"></td><td width="17%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title of Securities to be Registered</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount to be Registered(1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Proposed Maximum Offering Price Per Share(2)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Proposed Maximum Aggregate Offering Price(2)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Registration Fee</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common stock, par value $1.00 per share</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,000,000(2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$16.31(2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,550,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,124</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">_________________________ </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.09375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="8%"></td><td width="92%"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Together with an indeterminate number of additional shares which may be necessary to adjust the number of shares reserved for issuance pursuant to 2011 Washington Federal Incentive Plan (the &#8220;Plan&#8221;) as a result of a stock split, stock dividend or similar adjustment of the outstanding Common Stock of Washington Federal, Inc. (the &#8220;Company&#8221; or the &#8220;Registrant&#8221;). </font></div><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Calculated in accordance with Rule 457(h) under the Securities Act based on the average of the reported high and low trading price of the Registrant's common stock on November 26, 2012. </font></div><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">_________________________ </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Registration Statement shall become effective upon filing in accordance with Section 8(a) of the Securities Act of 1933 and 17 C.F.R. &#167; 230.462. </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PART I</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.  Plan Information.</font><font style="font-family:inherit;font-size:10pt;">*</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 2. Registrant Information and Employee Plan Annual Information.</font><font style="font-family:inherit;font-size:10pt;">*</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">*The documents containing the information specified in &#8220;Item 1. Plan Information&#8221; and &#8220;Item 2. Registrant Information and Employee Plan Annual Information&#8221; of Form S-8 will be sent or given to the respective participants of the Washington Federal, Inc., 2011 Incentive Plan as specified by Rule&#160;428(b)(1) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section&#160;10(a) of the Securities Act.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PART II</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 3.  Incorporation of Documents by Reference.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following documents filed by the Registrant with the Commission are incorporated by reference in this Registration Statement:</font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The Registrant's Annual Report on Form 10-K filed with the Commission on November 21, 2012 (File No. 001-34654). </font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The description of the Registrant's common stock contained in its Registration Statement on Form 8-B (File No. 001-34654), filed by the Registrant with the Commission on January 26, 1995, including any amendments or reports filed for the purpose of updating this description.</font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The Registrant's Current Reports on Form 8-K filed with the Commission on October 23, 2012, October 25, 2012 and November 1, 2012.</font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that </font></div><br><hr style="page-break-after:always"><a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 4.  Description of Securities.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not Applicable.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 5.  Interests of Named Experts and Counsel.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;">Not Applicable.&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 6.  Indemnification of Directors and Officers.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sections 23B.08.500 through 23B.08.600 of the Washington Business Corporation Act, or the WBCA, authorize a court to award, or a corporation's board of directors to grant, indemnification to directors and officers on terms sufficiently broad to permit indemnification under certain circumstances for liabilities arising under the Securities Act of 1933. Article 10 of our Amended and Restated Bylaws provides for indemnification of the Registrant's directors, officers, employees and agents to the maximum extent permitted by Washington law. The directors and officers of the Company also may be indemnified against liability they may incur for serving in such capacity pursuant to a liability insurance policy we maintain for such purpose.</font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Section 23B.08.320 of the WBCA authorizes a corporation to limit a director's liability to the corporation or its shareholders for monetary damages for acts or omissions as a director, except in certain circumstances involving intentional misconduct, knowing violations of law or illegal corporate losses or distributions, or any transaction from which the director personally receives a benefit in money, property or services to which the director is not legally entitled. Article 7 of our Amended and Restated Articles of Incorporation contains provisions implementing, to the fullest extent permitted by Washington law, such limitations on a director's liability to the Company and its shareholders.</font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the indemnification provided by our bylaws, prior to the closing of this offering, we will have entered into agreements to indemnify our directors and executive officers. These agreements, among other things, will require us to indemnify these directors and officers for certain expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by any such person in any action or proceeding, including any action by or in our right, arising out of that person's services as a director or officer of us or any of our subsidiaries or any other company or enterprise to which the person provides services at our request.</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:10pt;">These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities, including reimbursement of expenses incurred, arising under the Securities Act. We also intend to maintain director and officer liability insurance, if available on reasonable terms, that could apply even in the event we are not required to indemnify the insured person.</font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The above discussion of the WBCA and the Registrant's Amended and Restated Bylaws and Amended and Restated Articles of Incorporation is not intended to be exhaustive and is qualified in its entirety by reference to the WBCA, the Amended and Restated Bylaws and the Amended and Restated Articles of Incorporation.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 7.  Exemption from Registration Claimed.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:17px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not Applicable.</font></div><br><hr style="page-break-after:always"><a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 8.  Exhibits.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="12%"></td><td width="77%"></td><td width="11%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">No.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Page/</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Footnote</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common Stock Certificate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">*</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.1</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="vertical-align:middle;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;vertical-align:middle;">Opinion of Washington Federal General Counsel regarding the legality Of the Common Stock being registered</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">E5.1</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23.1</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consent of Deloitte &amp; Touche</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">E23.1</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23.2</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="vertical-align:middle;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;vertical-align:middle;">Consent of Washington Federal General Counsel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">***</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Power of attorney for any subsequent amendments (located in the signature pages of this Registration Statement)</font></div></td><td 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style="font-family:inherit;font-size:12pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the State of Washington on  November 26, 2012. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="44%"></td><td width="4%"></td><td width="52%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WASHINGTON FEDERAL, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/</font><font style="font-family:inherit;font-size:8pt;">S</font><font style="font-family:inherit;font-size:10pt;">/&#160;&#160;&#160;&#160;R</font><font style="font-family:inherit;font-size:8pt;">OY</font><font style="font-family:inherit;font-size:10pt;">&#160;M. W</font><font style="font-family:inherit;font-size:8pt;">HITEHEAD&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Roy M. Whitehead, Chairman,</font></div><div style="padding-bottom:1px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">President and Chief Executive Officer</font></div></td></tr></table></div></div><br><hr style="page-break-after:always"><a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated. Each person whose signature appears below hereby makes, constitutes and appoints Roy M. Whitehead his or her true and lawful attorney, with full power to sign for such person and in such person's name and capacity indicated below, and with full power of substitution any and all amendments to this Registration Statement, hereby ratifying and confirming such person's signature as it may be signed by said attorney to any and all amendments.</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:528px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="405px"></td><td width="122px"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Roy M. Whitehead</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Roy M. Whitehead, Director, Chairman,<br>President and Chief Executive Officer<br>(Principal Executive Officer)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Brent J. Beardall</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Brent J. Beardall, CPA<br>Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Derek L. Chinn</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derek L. Chinn, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ John F. Clearman</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">John F. Clearman, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ David K. Grant</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">David K. Grant, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Anna C. Johnson</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Anna C. Johnson, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Thomas J. Kelley</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thomas J. Kelley, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Liane J. Pelletier</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liane J. Pelletier, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Charles R. Richmond</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Charles R. Richmond, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Barbara L. Smith</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Barbara L. Smith, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Mark N. Tabbutt</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mark N. Tabbutt, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:528px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="405px"></td><td width="122px"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;/s/ Randy H. Talbot</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Randy H. Talbot, Director</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s8712d9cf9dfa4b4e992ffb988b5de045"></a><br><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br>	</body>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>wafdex231dtconsent.htm
<DESCRIPTION>EXHIBIT 23.1 DT CONSENT
<TEXT>
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<a name="s2D61053C68A92DF10CA108953A1118B6"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 23.1</font></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated November 19, 2012 relating to the financial statements of Washington Federal, Inc. (which report expresses an unqualified opinion and includes an explanatory paragraph relating to the presentation of a new statement of comprehensive income for each of the three years in the period ended September 30, 2012, due to the adoption of Accounting Standards Update 2011-05, Comprehensive Income (Topic 220) - </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation of Comprehensive Income</font><font style="font-family:inherit;font-size:10pt;">), and our report dated November 19, 2012 relating to the effectiveness of Washington Federal, Inc.'s internal control over financial reporting, incorporated by reference in the Annual Report on Form 10-K of Washington Federal, Inc. for the year ended September 30, 2012. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Deloitte &amp; Touche LLP</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Seattle, Washington</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 26, 2012</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>wafdex51legalopinionandcon.htm
<DESCRIPTION>EXHIBIT 5.1 LEGAL OPINION AND CONSENT
<TEXT>
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<a name="s2DC42A0F97C7165F08AC1BBCF2C0E512"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 5.1</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">November 26, 2012</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington Federal, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">425 Pike Street</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Seattle, Washington 98101</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Re: Registration Statement on Form S-8</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Ladies and Gentlemen:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I am providing this opinion letter in connection with the preparation and filing with the Securities and Exchange Commission (the "Commission") of a Registration Statement on Form S-8 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement relates to an estimated 10,000,000 shares of the Company's common stock, $1.00 par value, (the "Shares") to be issued pursuant to the 2011 Washington Federal Incentive Plan (the "Plan").</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In connection with this opinion, I have examined and relied upon copies of: (i) the Plan, (ii) the Registration Statement, (iii) the Company's Restated Articles of Incorporation, (iv) the Company's Bylaws, and (iv) the minute books and other records of corporate proceedings of the Company. I have also reviewed such matters of law as I deem necessary or appropriate.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In rendering this opinion, I assume the authenticity of all documents submitted to me as originals, the conformity of all documents submitted to me as copies to the original documents, and the authenticity of all such original documents. I also assume the legal capacity of all natural persons, the genuineness of all signatures, the authority of such persons signing on behalf of the parties thereto other than the Company, and the due authorization, execution and delivery of all documents by the parties thereto other than the Company. As to certain factual matters material to the opinion expressed herein, I am relying to the extent I deem proper upon representations, warranties, and statements of officers and other representatives of the Company. I express no opinion as to any law of any jurisdiction other than the corporation laws of the State of Washington and the federal laws of the United States of America. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Based upon and subject to the foregoing qualifications, assumptions and limitations and the further limitations set forth below, it is my opinion that the Shares to be issued by the Company pursuant to the Plan have been duly authorized and reserved for issuance and, when certificates for the Shares have been duly executed by the Company, countersigned by a transfer agent, duly registered by a registrar for the Shares and issued and paid for in accordance with the terms of the Plan, the Shares will be validly issued, fully paid and non-assessable.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. I assume no obligation to revise or supplement this opinion should the present corporation laws of the State of Washington or the federal laws of the United States of America change by legislative action, judicial decision or otherwise.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I hereby consent to the filing of this letter as an exhibit to the Registration Statement. In giving such consent, I do not admit that I am a person whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This opinion is furnished to you in connection with the filing of the Registration Statement and is not to be used, circulated, quoted or otherwise relied upon for any other purpose.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">/s/ </font><font style="font-family:inherit;font-size:12pt;">Leo L. Clarke</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Senior Vice President and General Counsel</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>wafdex9912011plan.htm
<DESCRIPTION>EXHIBIT 99.1  2011 LONG TERM INCENTIVE PLAN
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<a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:12px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 99.1</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WASHINGTON FEDERAL, INC. </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2011 INCENTIVE PLAN </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">APPROVED BY SHAREHOLDER VOTE ON </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">JANUARY 19, 2011 </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE I </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ESTABLISHMENT OF THE PLAN </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington Federal, Inc. (the &#8220;Corporation&#8221;) hereby establishes this 2011 Incentive Plan (the &#8220;Plan&#8221;) upon the terms and conditions hereinafter stated. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE II PURPOSE OF THE PLAN </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The purpose of the Plan is to improve the growth and profitability of the Corporation and its Affiliates by attracting and retaining qualified Eligible Persons, providing them with the opportunity to acquire a proprietary interest in the Corporation as an incentive to contribute to the success of the Corporation and its Affiliates, and rewarding them for outstanding performance and the attainment of targeted goals. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE III </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DEFINITIONS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.01 &#8220;Affiliate&#8221; means a corporation, partnership, business trust, limited liability company, or other form of business organization at least a majority of the total combined voting power of all classes of stock or other equity interests of which is owned by the Corporation, either directly or indirectly, and any other entity, designated by the Committee, in which the Corporation has a significant interest. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.02 &#8220;Award&#8221; means a grant of an Option, a Stock Appreciation Right, Restricted Shares, Restricted Stock Units, a Performance Award, or an Other Stock-Based Award granted pursuant to the terms of this Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.03 &#8220;Award Agreement&#8221; means the agreement or other document (including Board or Committee resolutions) evidencing the grant of an Award hereunder that shall be in such form as the Committee may specify. The Committee in its discretion may, but need not, require a Participant to sign an Award Agreement. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.04 &#8220;Board&#8221; means the Board of Directors of the Corporation. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.05 &#8220;Cause&#8221; has the meaning set forth in Section&#160;4.03 of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.06 &#8220;Change in Control&#8221; has the meaning set forth in Section&#160;8.03 of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.07 &#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended from time to time or any successor statute thereto, together with any rules and regulations promulgated thereunder or with respect thereto. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.08 &#8220;Committee&#8221; means a committee of two or more directors appointed by the Board pursuant to Article IV hereof, none of whom shall be an Employee of the Corporation or an Affiliate, and each of whom shall be a &#8220;non-employee director&#8221; within the meaning of Rule 16b-3 under the Exchange Act and an &#8220;outside director&#8221; within the meaning of Section&#160;162(m) of the Code. Notwithstanding the foregoing, &#8220;Committee&#8221; means the Board for purposes of granting Awards to members of the Board who are not Employees and administering the Plan with respect to those Awards, unless the Board determines otherwise. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.09 &#8220;Common Stock&#8221; means shares of the common stock, $1.00 par value per share, of the Corporation. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.10 &#8220;Disability&#8221; means, except to the extent otherwise provided in an Award Agreement, any physical or mental impairment which qualifies a Participant for disability benefits under the applicable long-term disability plan maintained by the Corporation or an Affiliate, or, if no such plan applies, which would qualify such Participant for disability benefits under the long-term disability plan maintained by the Corporation if such Participant were covered by that plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.11 &#8220;Effective Date&#8221; means the date of stockholder approval of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.12 &#8220;Eligible Person&#8221; means any person who is (a)&#160;an Employee, (b)&#160;a member of the Board or the board of directors of an Affiliate, or (c)&#160;a consultant, or independent contractor to the Corporation or an Affiliate. </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">1</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.13 &#8220;Employee&#8221; means any person who is employed by the Corporation or an Affiliate (as determined by the Committee in its discretion). </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.14 &#8220;Exchange Act&#8221; means the Securities Exchange Act of 1934, as in effect and as amended from time to time, or any successor statute thereto, together with any rules and regulations promulgated thereunder or with respect thereto. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.15 &#8220;Fair Market Value&#8221; shall be equal to the fair market value per share of the Corporation's Common Stock on the date an Award is granted (or other applicable date). For purposes hereof, the Fair Market Value of a share of Common Stock shall be the closing sale price on the date in question of a share of Common Stock on the principal United States securities exchange registered under the Exchange Act on which such stock is listed, or, if such stock is not listed on any such exchange, but is traded on an automated dealer quotation system, the closing sale price with respect to a share of such stock on the date in question on the automated dealer quotation system. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.16 &#8220;Incentive Stock Option&#8221; means any Option granted under this Plan which the Board intends (at the time it is granted) to be (and specifically designates as) an incentive stock option within the meaning of Section&#160;422 of the Code. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.17 &#8220;Nonqualified Option&#8221; means any Option granted under this Plan which is not an Incentive Stock Option. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.18 &#8220;Option&#8221; means a right granted under Article VIII of the Plan to purchase Common Stock. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.19 &#8220;Other Stock-Based Award&#8221; means an Award granted pursuant to Section&#160;10.03 of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.20 &#8220;Participant&#8221; means any Eligible Person who is selected from time-to-time to receive an Award under the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.21 &#8220;Performance Award&#8221; means a performance award granted pursuant to Section&#160;10.02 of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.22 &#8220;Performance Goals&#8221; means performance goals that the Committee establishes, which may be based on satisfactory internal or external audits, achievement of balance sheet or income statement objectives, cash flow, customer satisfaction metrics, dividend payments, earnings (including before or after taxes, interest, depreciation, and amortization), earnings growth, earnings per share; economic value added, expenses, improvement of financial ratings, internal rate of return, market share, net asset value, net income, net operating gross margin, net operating profit after taxes, net sales growth, operating income, operating margin, pro forma income, regulatory compliance, return measures (including return on assets, designated assets, capital, capital employed, equity, or stockholder equity, and return versus the Corporation's cost of capital), revenues, sales, stock price (including growth measures and total stockholder return), comparison to stock market indices, implementation or completion of one or more projects or transactions (including mergers, acquisitions, dispositions, and restructurings), working capital, or any other objective goals that the Committee establishes. Performance Goals may be absolute in their terms or measured against or in relationship to other companies comparably, similarly or otherwise situated. Performance Goals may be particular to an Eligible Person or the department, branch, Affiliate, or division in which the Eligible Person works, or may be based on the performance of the Corporation, one or more Affiliates, or the Corporation and one or more Affiliates, and may cover such period as the Committee may specify. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.23 &#8220;Restricted Shares&#8221; means restricted shares of Common Stock granted pursuant to Article IX of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.24 &#8220;Restricted Stock Units&#8221; means an Award providing for the contingent grant of Shares (or the cash equivalent thereof) granted pursuant to Section&#160;10.01 of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.25 &#8220;Retirement&#8221; means, except as otherwise provided in an Award Agreement, a termination of employment which constitutes a &#8220;retirement&#8221; under any applicable qualified pension benefit plan maintained by the Corporation or an Affiliate, or, if no such plan is applicable, which would constitute &#8220;retirement&#8221; under the Corporation's Employee Retirement Plan, if such individual were a participant in that Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.26 &#8220;Section 422 Employee&#8221; means an Employee who is employed by the Corporation or a &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; (each as defined in Sections 424(e) and (f)&#160;of the Code) with respect to the Corporation, including a &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; that becomes such after adoption of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.27 &#8220;Service&#8221; means, if the Participant is (a)&#160;an Employee (as determined by the Committee in its discretion), the Participant's service as an Employee of the Corporation and/or any of its Affiliates, (b)&#160;a member of the Board or the board of directors of an Affiliate but not an Employee (as determined by the Committee in its discretion), the Participant's service as a member of such Board or board of directors, or (c)&#160;a consultant or independent contractor to the Corporation or any of its Affiliates (as determined by the Committee in its discretion) and is not described in the preceding clause (b), the Participant's service as a consultant or independent contractor to the Corporation and/or any of its Affiliates. Except as otherwise provided in an Award Agreement, a Participant's Service shall not be treated as having terminated if the capacity in which the Participant </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">2</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">provides Service, as described in the preceding sentence, changes, provided that the Participant's Service is continuous notwithstanding such change. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.28 &#8220;Share&#8221; means a share of Common Stock. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.29 &#8220;Stock Appreciation Right&#8221; means a right to surrender an Option in consideration for a payment by the Corporation in cash and/or Common Stock, as provided in the discretion of the Committee in accordance with Article VIII. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.30 &#8220;Ten-Percent Stockholder&#8221; means a Section&#160;422 Employee who (applying the rules of Section&#160;424(d) of the Code) owns stock possessing more than ten percent (10%)&#160;of the total combined voting power of all classes of stock of the Corporation or a &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; (each as defined in Sections 424(e) and (f)&#160;of the Code) with respect to the Corporation. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE IV </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ADMINISTRATION OF THE PLAN </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Duties of the Committee. </font><font style="font-family:inherit;font-size:10pt;">The Plan and Awards shall be administered and interpreted by the Committee as appointed from time to time by the Board pursuant to Section&#160;4.02 of the Plan. The Committee shall have all of the powers allocated to it in this and other Sections of the Plan. The interpretation and construction by the Committee of any provisions of the Plan or of any Award granted under it shall be final and binding. The Committee shall act by vote or written consent of its members. Subject to the express provisions and limitations of the Plan, the Committee may adopt such rules, regulations and procedures as it deems appropriate for the conduct of its affairs. It may appoint one of its members to be chairman and any person, whether or not a member, to be its secretary or agent. The Committee shall report its actions and decisions to the Board at appropriate times but in no event less than one time per Plan Year. The Committee may designate persons other than members of the Committee to carry out the day-to-day ministerial administration of the Plan under such conditions and limitations as it may prescribe, except that the Committee may not delegate its authority with regard to the selection for participation in the Plan and/or the granting of any Awards to Eligible Persons. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.02 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Role of the Board. </font><font style="font-family:inherit;font-size:10pt;">The members of the Committee shall be appointed by, and will serve at the pleasure of, the Board. The Board from time to time may remove members from, or add members to, the Committee. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.03 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revocation for Misconduct. </font><font style="font-family:inherit;font-size:10pt;">The Board may by resolution immediately revoke, rescind and terminate any Award or portion thereof, to the extent not yet vested, previously granted or awarded under this Plan to a Participant if the Corporation or an Affiliate terminates the Participant's Service for Cause, which, for purposes hereof, shall mean termination because of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, or willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.04 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Limitation on Liability. </font><font style="font-family:inherit;font-size:10pt;">No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Awards granted under it. If a member of the Board or the Committee is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of anything done or not done by him in such capacity under or with respect to the Plan, the Corporation shall indemnify such member against all liabilities and expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the member in connection with such action, suit or proceeding if the member acted in good faith and in a manner the member reasonably believed to be in the best interests of the Corporation and its Affiliates and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. Nothing herein is intended to limit the rights of indemnification the Board or Committee members may have pursuant to the Corporation's by-laws or Articles of Incorporation. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.05 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compliance with Law and Regulations. </font><font style="font-family:inherit;font-size:10pt;">The Awards granted hereunder shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Corporation shall not be required to issue or deliver any certificates for Shares prior to the completion of any registration or qualification of or obtaining of consents or approvals with respect to such shares under any federal or state law or any rule or regulation of any government body, which the Corporation shall, in its sole discretion, determine to be necessary or advisable. Moreover, no Option or Stock Appreciation Right may be exercised and no Shares shall be issued pursuant to the terms of an Award if the exercise or issuance of such Shares would be contrary to applicable laws and regulations. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.06 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restriction on Transfer. </font><font style="font-family:inherit;font-size:10pt;">The Corporation may place a legend upon any certificate representing Shares purchased or received pursuant to an Award granted hereunder noting that the transfer of such Shares may be restricted by applicable laws and regulations. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">3</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.07 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Minimum Vesting Period for Certain Awards</font><font style="font-family:inherit;font-size:10pt;">. Restricted Stock Awards, Restricted Stock Unit Awards, (to the extent payable in Shares), Performance Awards (to the extent payable in Shares), and Other Stock-Based Awards granted to Employees shall have a vesting period of not less than (a)&#160;three (3)&#160;years from date of grant (provided that pro rata vesting over such period shall be permitted) if vesting is subject only to continued service with the Company or a Subsidiary and (b)&#160;one (1)&#160;year from date of grant if vesting is subject to the achievement of one or more performance objectives, subject in each case to accelerated vesting in the event of the death, Disability or Retirement of the Participant or a Change in Control to the extent provided in the terms of the Award or the Plan. The restrictions set forth in the preceding sentence shall not apply to Restricted Stock Awards, Restricted Stock Unit Awards (to the extent payable in Shares), Performance Awards (to the extent payable in Shares), and Other Stock-Based Awards granted to Employees covering up to 10% of the number of Shares available for the grant of Awards under Article VI of the Plan on the Effective Date. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE V </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ELIGIBILITY </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Awards may be granted only to Eligible Persons. The designation of a person as an Eligible Person shall be left to the discretion of the Committee. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE VI </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">COMMON STOCK COVERED BY THE PLAN </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Option Shares. </font><font style="font-family:inherit;font-size:10pt;">The aggregate number of Shares for which Awards may be granted under the Plan, subject to adjustment as provided in Article XI shall be 5,000,000. None of such Shares shall be the subject of more than one Award at any time. If any Awards expire unexercised or are forfeited, surrendered, canceled, terminated or settled in cash or other consideration in lieu of Common Stock, the Shares which were theretofore subject (or potentially subject) to such Awards shall again be available for Awards under the Plan to the extent of such expiration, forfeiture, surrender, cancellation, termination or settlement of such Awards. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.02 Subject to adjustment as provided in Article XI, the maximum number of Shares with respect to which an Employee may be granted Awards under the Plan (whether settled in Shares or the cash equivalent thereof) during any calendar year is 250,000. The maximum number of Shares with respect to which an Employee has been granted Awards shall be determined in accordance with Section&#160;162(m) of the Code. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.03 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Source of Shares. </font><font style="font-family:inherit;font-size:10pt;">The Shares issued under the Plan may be authorized but unissued shares, treasury shares or shares purchased by the Corporation from shareholders in public or private transactions for use under the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE VII </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DETERMINATION OF AWARDS, NUMBER OF SHARES, ETC. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Committee shall, in its discretion, but subject to the terms of the Plan, determine from time to time which Eligible Persons will be granted Awards under the Plan and the terms (which need not be identical) of all Awards, including without limitation, time or time at which Awards are granted, the number of Shares subject to each Award, whether each Option will be an Incentive Stock Option or a Nonqualified Option, the exercise price of such Option, any Performance Goals applicable to Awards, any provisions relating to vesting, and the periods during which Options may be exercised and Restricted Shares shall be subject to restrictions. In making all such determinations there shall be taken into account the duties, responsibilities and performance of each respective Eligible Person, his or her present and potential contributions to the growth and success of the Corporation, his or her salary or other compensation, and such other factors as the Committee shall deem relevant to accomplishing the purposes of the Plan. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE VIII </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OPTIONS AND STOCK APPRECIATION RIGHTS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Option Award Agreement. </font><font style="font-family:inherit;font-size:10pt;">Each Option shall be evidenced by an Award Agreement which shall set forth the total number of Shares to which the Option pertains, the exercise price, whether it is a Nonqualified Option or an Incentive Stock Option, and such other terms, conditions, restrictions and privileges as the Committee in each instance shall deem appropriate, provided they are not inconsistent with the terms, conditions and provisions of the Plan. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.02 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Option Exercise Price.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">4</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Incentive Stock Options.</font><font style="font-family:inherit;font-size:10pt;">&#32;The per share price at which the subject Common Stock may be purchased upon exercise of an Incentive Stock Option shall be no less than one hundred percent (100%)&#160;of the Fair Market Value of a share of Common Stock at the time such Incentive Stock Option is granted, except as provided in Section&#160;8.09(a) below. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Nonqualified Options.</font><font style="font-family:inherit;font-size:10pt;">&#32;The per share price at which the subject Common Stock may be purchased upon exercise of a Nonqualified Option shall be no less than one hundred percent (100%)&#160;of the Fair Market Value of a share of Common Stock at the time such Nonqualified Option is granted. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.03 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Vesting and Exercise of Options.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">General Rules.</font><font style="font-family:inherit;font-size:10pt;">&#32;Incentive Stock Options and Nonqualified Options shall become vested and exercisable at the rate and to the extent specified in the Award Agreement. Notwithstanding the foregoing, no vesting shall occur on or after a Participant's Service is terminated for any reason other than the Participant's death or Disability, except to the extent provided in Section&#160;8.03(b) or the applicable Award Agreement. In determining the number of Shares with respect to which Options are vested and/or exercisable, fractional Shares will be rounded down to the nearest whole number. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accelerated Vesting Upon Death or Disability.</font><font style="font-family:inherit;font-size:10pt;">&#32;Unless specifically stated otherwise in an Award Agreement, all Options held by a Participant shall become vested and exercisable in full on the date the Participant's Service terminates because of his or her death or Disability. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accelerated Vesting for Changes in Control.</font><font style="font-family:inherit;font-size:10pt;">&#32;Notwithstanding the general rule described in Section&#160;8.03(a), upon the occurrence of a Change in Control all then outstanding Options held by Participants who have not previously incurred a termination of Service shall become immediately vested and exercisable. A &#8220;Change in Control&#8221; shall mean a change in control of a nature that would be required to be reported in response to Item&#160;6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act, whether or not the Corporation in fact is required to comply with Regulation 14A thereunder; provided that, without limitation, such a change in control shall be deemed to have occurred if: (i)&#160;any &#8220;person&#8221; (within the meaning of Section&#160;3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)(3) and 14(d) thereof), other than the Corporation and employee benefit plans of the Corporation and its Affiliates, is or becomes the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of securities of the Corporation representing 25% or more of the combined voting power of the Corporation's then outstanding securities (&#8220;Voting Power&#8221;), (ii)&#160;the Corporation consummates a merger, consolidation, share exchange, division or other reorganization or transaction of the Corporation (a &#8220;Fundamental Transaction&#8221;) with any other corporation, other than a Fundamental Transaction that results in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least sixty percent (60%)&#160;of the combined Voting Power immediately after such Fundamental Transaction of (A)&#160;the Corporation's outstanding securities, (B)&#160;the surviving entity's outstanding securities, or (C)&#160;in the case of a division, the outstanding securities of each entity resulting from the division; or (iii)&#160;during any period of twenty-four consecutive months during the term of the applicable Award, individuals who at the beginning of such period constituted the Board (including for this purpose any new director whose election or nomination for election by the Corporation's shareholders was approved by a vote of at least two-thirds (2/3)&#160;of the directors then still in office who were directors at the beginning of such period or whose appointment, election or nomination was previously so approved or recommended) cease for any reason to constitute at least a majority of the Board. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.04 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Duration of Options.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">General Rule.</font><font style="font-family:inherit;font-size:10pt;">&#32;Except as provided in Sections 8.04(b) and 8.09, each Option or portion thereof shall be exercisable at any time on or after it vests and becomes exercisable until the earlier of (i)&#160;ten (10)&#160;years after its date of grant (or such shorter period as may be specified in the Award Agreement), or (ii)&#160;three (3)&#160;months after termination of the Participant's Service, unless the Committee in its discretion decides to extend such period of exercise upon termination of Service from three (3)&#160;months to a period not exceeding five (5)&#160;years. In no event, however, shall any Option be exercisable more than the lesser of ten (10)&#160;years from the date it was granted or the original term of the Option. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Exceptions for Terminations Due to Death, Disability or Retirement. </font><font style="font-family:inherit;font-size:10pt;">If a Participant's Service is terminated as a result of the Participant's death, Disability, or Retirement and the Participant has not fully exercised his or her Options, the Participant or the executors, administrators, legatees or distributees of the Participant's estate shall have the right, during the twelve-month period (or such other period as may be specified in the applicable Award Agreement) following the earlier of the Participant's death, Disability , or Retirement, to exercise such Options to the extent vested on the date of such death, Disability, or Retirement. In no event, however, shall any Option be exercisable after the expiration of its term. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.05 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Nonassignability. </font><font style="font-family:inherit;font-size:10pt;">Options shall not be transferable by a Participant except by will or the laws of descent or distribution, and during a Participant's lifetime shall be exercisable only by such Participant. </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">5</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.06 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Manner of Exercise. </font><font style="font-family:inherit;font-size:10pt;">Options may be exercised in part or in whole and at one time or from time to time. The procedures for exercise shall be set forth in the written Award Agreement provided for in Section&#160;8.01 above. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.07 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Payment for Shares. </font><font style="font-family:inherit;font-size:10pt;">Payment in full of the purchase price for Shares purchased pursuant to the exercise of any Option shall be made to the Corporation upon exercise of the Option. All Shares sold under the Plan shall be fully paid and nonassessable. Payment for Shares upon exercise of an Option may be made by the Participant in cash or, at the discretion of the Committee, by delivering Shares or other property equal in Fair Market Value to the purchase price of the Shares to be acquired pursuant to the Option, by withholding some of the Shares which are being purchased upon exercise of an Option, by any combination of the foregoing, or by any other form of payment acceptable to the Committee. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.08 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Voting and Dividend Rights. </font><font style="font-family:inherit;font-size:10pt;">No Participant shall have any voting or dividend rights or other rights of a stockholder in respect of any Shares covered by an Option prior to the time that the Participant's name is recorded on the Corporation's stockholder ledger as the holder of record of such shares acquired pursuant to an exercise of an Option. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.09 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Additional Terms Applicable to Incentive Stock Options. </font><font style="font-family:inherit;font-size:10pt;">All Options issued under the Plan as Incentive Stock Options will be subject, in addition to the terms detailed in Sections 8.01-8.08 above, to those contained in this Section&#160;8.09. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Limitation of Ten Percent Stockholders.</font><font style="font-family:inherit;font-size:10pt;">&#32;The price at which Shares may be purchased upon exercise of an Incentive Stock Option granted to an individual who, at the time such Incentive Stock Option is granted is a Ten-Percent Stockholder shall be no less than one hundred and ten percent (110%)&#160;of the Fair Market Value of a share of the Common Stock of the Corporation at the time of grant, and such Incentive Stock Option shall by its terms not be exercisable after the earlier of the date determined under Section&#160;8.03 or the expiration of five (5)&#160;years from the date such Incentive Stock Option is granted. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Notice of Disposition.</font><font style="font-family:inherit;font-size:10pt;">&#32;A Participant shall immediately notify the Corporation in writing of any sale, transfer, assignment or other disposition (or action constituting a disqualifying disposition within the meaning of Section&#160;421 of the Code) of any Shares acquired through exercise of an Incentive Stock Option, within two (2)&#160;years after the grant of such Incentive Stock Option or within one (1)&#160;year after the acquisition of such shares, setting forth the date and manner of disposition, the number of shares disposed of and the price at which such shares were disposed of. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.10 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stock Appreciation Rights.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">General Terms and Conditions. </font><font style="font-family:inherit;font-size:10pt;">The Committee may, but shall not be obligated to, authorize the Corporation, on such terms and conditions as it deems appropriate in each case, to grant rights to Participants to surrender an exercisable Option, or any portion thereof, in consideration for the payment by the Corporation of an amount equal to the excess of the Fair Market Value of the Shares subject to the Option, or portion thereof, surrendered over the exercise price of the Option with respect to such shares (any such authorized surrender and payment being hereinafter referred to as a &#8220;Stock Appreciation Right&#8221;). Such payment, at the discretion of the Committee, may be made in Shares valued at the then Fair Market Value thereof, or in cash, or partly in cash and partly in shares of Common Stock. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The terms and conditions set with respect to a Stock Appreciation Right may include (without limitation), subject to the other provisions of this Section&#160;8.10 and the Plan: the period during which, date by which or event upon which the Stock Appreciation Right may be exercised; the method for valuing Shares for purposes of this Section&#160;8.10; a ceiling on the amount of consideration which the Corporation may pay in connection with exercise and cancellation of the Stock Appreciation Right; and arrangements for income tax withholding. The Committee shall have the complete discretion to determine whether, when and to whom Stock Appreciation Rights may be granted. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If a holder of a Stock Appreciation Right terminates Service, the Stock Appreciation Right may be exercised only within the period, if any, within which the Option to which it relates may be exercised. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Effects of Exercise of Stock Appreciation Rights or Options.</font><font style="font-family:inherit;font-size:10pt;">&#32;Upon the exercise of a Stock Appreciation Right, the number of Shares available under the Option to which it relates shall decrease by a number equal to the number of shares for which the Stock Appreciation Right was exercised. Upon the exercise of an Option, any related Stock Appreciation Right shall terminate as to any number of Shares subject to the Stock Appreciation Right that exceeds the total number of shares for which the Option remains unexercised. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Time of Grant.</font><font style="font-family:inherit;font-size:10pt;">&#32;A Stock Appreciation Right may be granted concurrently with the Option to which it relates or at any time thereafter prior to the exercise or expiration of such Option. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Non-Transferable.</font><font style="font-family:inherit;font-size:10pt;">&#32;The holder of a Stock Appreciation Right may not transfer or assign the Stock Appreciation Right otherwise than by will or in accordance with the laws of descent and distribution, and during a holder's lifetime a Stock Appreciation Right may be exercisable only by the holder. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(e) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Tandem Incentive Stock Option - Stock Appreciation Right.</font><font style="font-family:inherit;font-size:10pt;">&#32;Whenever an Incentive Stock Option and a Stock Appreciation Right authorized hereunder are granted together and the exercise of one affects the right to exercise the other, the following requirements apply: </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">6</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:64px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1) The Stock Appreciation Right shall expire no later than the expiration of the underlying Incentive Stock Option; </font></div><div style="line-height:120%;text-align:left;padding-left:64px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2) The payment available under the Stock Appreciation Right may not exceed the difference between the exercise price of the underlying Option and the Fair Market Value of the Common Stock subject to the underlying Option at the time the Stock Appreciation Right is exercised; </font></div><div style="line-height:120%;text-align:left;padding-left:64px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3) The Stock Appreciation Right is transferable only when the underlying Incentive Stock Option is transferable, and under the same conditions; </font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:64px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4) The Stock Appreciation Right may be exercised only when the underlying Incentive Stock Option is eligible to be exercised; and </font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:64px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5) The Stock Appreciation Right may be exercised only when the Fair Market Value of the Common Stock subject to the Option exceeds the exercise price of the Common Stock subject to the Option. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE IX </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RESTRICTED SHARES </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Shares.</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Terms and Conditions. </font><font style="font-family:inherit;font-size:10pt;">Grants of Restricted Shares shall be subject to the terms and conditions set forth in this Section&#160;9.01 and any additional terms and conditions, not inconsistent with the express terms and provisions of the Plan, as the Committee shall set forth in the relevant Award Agreement, including terms that condition the vesting of Restricted Shares on the achievement of one or more Performance Goals. Restricted Shares may be granted alone or in addition to any other Awards under the Plan. Subject to the terms of the Plan, the Committee shall determine the number of Restricted Shares to be granted to a Participant and the Committee may provide or impose different terms and conditions on any particular Restricted Share grant made to any Participant. With respect to each Participant receiving an Award of Restricted Shares, there shall be issued a stock certificate (or certificates) in respect of such Restricted Shares. Such stock certificate(s) shall be registered in the name of such Participant, shall be accompanied by a stock power duly executed by such Participant, and shall bear, among other required legends, the following legend: </font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including, without limitation, forfeiture events) contained in the Washington Federal, Inc. 2011 Incentive Plan and an Award Agreement entered into between the registered owner hereof and Washington Federal, Inc. Copies of such Plan and Award Agreement are on file in the office of the Secretary of Washington Federal, Inc., 425 Pike Street, Seattle, Washington 98101. Washington Federal, Inc. will furnish to the recordholder of the certificate without charge and upon written request at its principal place of business, a copy of such Plan and Award Agreement. Washington Federal, Inc. reserves the right to refuse to record the transfer of this certificate until all such restrictions are satisfied, all such terms are complied with and all such conditions are satisfied.&#8221; </font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Such stock certificate evidencing such shares shall, in the sole discretion of the Committee, be deposited with and held in custody by the Corporation until the restrictions thereon shall have lapsed and all of the terms and conditions applicable to such grant shall have been satisfied. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(b) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Share Grants</font><font style="font-family:inherit;font-size:10pt;">. A grant of Restricted Shares is an Award of shares of Common Stock granted to a Participant, subject to such restrictions, terms and conditions as the Committee deems appropriate, including, without limitation, (1)&#160;restrictions on the sale, assignment, transfer, hypothecation or other disposition of such shares, (2)&#160;the requirement that the Participant deposit such shares with the Corporation while such shares are subject to such restrictions, and (3)&#160;the requirement that such shares be forfeited upon termination of Service for specified reasons within a specified period of time or for other reasons (including, without limitation, the failure to achieve designated Performance Goals). Each Award of Restricted Shares under the Plan shall be evidenced by an Award Agreement in a form specified by the Committee and setting forth the restrictions, terms, and conditions of the Award. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(c) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restriction Period.</font><font style="font-family:inherit;font-size:10pt;">&#32;In accordance with Sections 9.01(a) and 9.01(b) of the Plan and unless otherwise determined by the Committee (in its sole discretion) at any time and from time to time, Restricted Shares shall only become unrestricted and vested in the Participant in accordance with such vesting schedule relating to such Restricted Shares, if any, as the Committee may establish in the relevant Award Agreement (the &#8220;Restriction Period&#8221;). During the Restriction Period, such stock shall be and remain unvested and a Participant may not sell, assign, transfer, pledge, encumber or otherwise dispose of or hypothecate such Award. Upon satisfaction of the vesting schedule and any other applicable restrictions, terms and conditions, the Participant shall be entitled to receive payment of the Restricted Shares or a portion thereof; as the case may be, as provided in Section&#160;9.01(d) of the Plan. </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">7</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Payment of Restricted Share Grants.</font><font style="font-family:inherit;font-size:10pt;">&#32;After the satisfaction and/or lapse of the restrictions, terms and conditions established by the Committee in respect of a grant of Restricted Shares, a new certificate, without the legend set forth in Section&#160;9.01(a) of the Plan, for the number of shares of Common Stock which are no longer subject to such restrictions, terms and conditions shall, as soon as practicable thereafter, be delivered to the Participant. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(e) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Shareholder Rights.</font><font style="font-family:inherit;font-size:10pt;">&#32;A Participant shall have, with respect to the shares of Common Stock underlying a grant of Restricted Shares, all of the rights of a shareholder of such stock (except as such rights are limited or restricted under the Plan or in the relevant Award Agreement). Any stock dividends paid in respect of unvested Restricted Shares shall be treated as additional Restricted Shares and shall be subject to the same restrictions and other terms and conditions that apply to the unvested Restricted Shares in respect of which such stock dividends are issued. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(f) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accelerated Vesting for Change in Control. </font><font style="font-family:inherit;font-size:10pt;">Unless otherwise provided in the applicable Award Agreement, all restrictions, terms and conditions applicable to all Restricted Shares then outstanding shall be deemed lapsed and satisfied as of the date of a Change in Control. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:64px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE X </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OTHER AWARDS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Stock Unit Awards</font><font style="font-family:inherit;font-size:10pt;">. Each grant of Restricted Stock Units under the Plan shall be evidenced by an Award Agreement that (a)&#160;provides for the issuance of Shares (or the cash equivalent thereof) to a Participant at such time(s) as the Committee may specify and (b)&#160;contains such other terms and conditions as the Committee may specify, including, terms that condition the issuance or vesting of Restricted Stock Unit Awards upon the achievement of one or more specified Performance Goals. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.02 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Performance Awards</font><font style="font-family:inherit;font-size:10pt;">. Each Performance Award granted under the Plan shall be evidenced by an Award Agreement that (a)&#160;provides for the payment of cash or issuance of Shares to a Participant contingent upon the attainment of one or more specified Performance Goals over such period as the Committee may specify, and (b)&#160;contains such other terms and conditions as the Committee may specify. If the terms of a Performance Award provide for payment in the form of Shares, for purposes of Section&#160;6.02, the Performance Award shall be deemed to cover a number of Shares equal to the maximum number of Shares that may be issued upon payment of the Award. The maximum cash amount payable to any Employee pursuant to all Performance Awards granted to an Employee during a calendar year shall not exceed $2,000,000. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.03 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Stock-Based Awards</font><font style="font-family:inherit;font-size:10pt;">. The Committee may in its discretion grant stock-based awards (including awards based on dividends) of a type other than those otherwise provided for in the Plan, including the offer for sale or issuance of unrestricted Shares. Other Stock-Based Awards shall cover such number of Shares and have such terms and conditions as the Committee shall determine, including terms that condition the payment or vesting the Other Stock-Based Award upon the achievement of one or more Performance Goals. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.04 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Dividends and Dividend Equivalents</font><font style="font-family:inherit;font-size:10pt;">. The terms of an Award, other than an Option or Stock Appreciation Right, may provide a Participant with the right, subject to such terms and conditions as the Committee may specify, to receive dividend payments or dividend equivalent payments with respect to Shares covered by such Award, which payments (a)&#160;may be either made currently or credited to an account established for the Participant, (b)&#160;may be made contingent upon the achievement of one or more Performance Goals, and (c)&#160;may be settled in cash or Shares, as determined by the Committee; provided, however, that in no event shall any dividends or dividend equivalents be paid out with respect to any unvested performance Awards. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE XI </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CHANGES IN CAPITALIZATION AND OTHER MATTERS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">No Corporate Action Restriction. </font><font style="font-family:inherit;font-size:10pt;">The existence of the Plan, any Award Agreement and/or the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Corporation to make or authorize (a)&#160;any adjustment, recapitalization, reorganization or other changes in the Corporation's or any Affiliate's capital structure or its business, (b)&#160;any merger, consolidation or change in the ownership of the Corporation or any Affiliate, (c)&#160;any issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the Corporation's or any Affiliate's capital stock or the rights thereof, (d)&#160;any dissolution or liquidation of the Corporation or any Affiliate, (e)&#160;any sale or transfer of all or any part of the Corporation's or any Affiliate's assets or business, or (f)&#160;any other corporate act or proceeding by the Corporation or any Affiliate. No Participant, beneficiary or any other person shall have any claim against any member of the Board or the Committee, the Corporation or any Affiliate, or any Employees, officers, shareholders or agents of the Corporation or any Affiliate, as a result of any such action. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">8</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11.02 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recapitalization Adjustments. </font><font style="font-family:inherit;font-size:10pt;">In the event that the Board determines that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, Change in Control or exchange of Common Stock or other securities of the Corporation, or other corporate transaction or event affects the Common Stock such that an adjustment is determined by the Board to be necessary in order to prevent dilution or enlargement of benefits or potential benefits intended to be made available under the Plan, the Board shall make an equitable adjustment to any or all of (i)&#160;the number of Shares or other securities of the Corporation (or number and kind of other securities or property) with respect to which Awards may be granted, (ii)&#160;the number of Shares or other securities of the Corporation (or number and kind of other securities or property) subject to outstanding Awards, and (iii)&#160;the exercise price with respect to any Stock Option, or make provision for an immediate cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11.03 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Mergers. </font><font style="font-family:inherit;font-size:10pt;">If the Corporation enters into or is involved in any merger, reorganization, Change in Control or other business combination with any person or entity (a &#8220;Merger Event&#8221;), the Board may, prior to such Merger Event and effective upon such Merger Event, take such action as it deems appropriate, including, but not limited to, replacing an Award with a substitute award in respect of the shares, other securities or other property of the surviving corporation or any affiliate of the surviving corporation on such terms and conditions, as to the number of shares, pricing and otherwise, which shall substantially preserve the value, rights and benefits of any Award as of the date of the consummation of the Merger Event. Upon receipt by an affected Participant of any such substitute award (or payment) as a result of any such Merger Event, such Participant's affected Awards for which such substitute awards were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant. Notwithstanding anything to the contrary in the Plan, if any Merger Event or Change in Control occurs, the Corporation shall have the right, but not the obligation, to cancel all or a portion of each Participant's Awards and to pay to each affected Participant in connection with the cancellation of each such Award, an amount equal to the fair value of the Award. The fair value of an Option shall be deemed to be the excess, if any, of the Fair Market Value of the Shares covered by the Option over the aggregate exercise price of the Option (it being understood that, in such event, if an Option has a per share exercise price that is equal to, or in excess of, the Fair Market Value of a Share, the Option will be cancelled and terminated without payment or consideration therefor). The cancellation of an Option shall result in the cancellation of any related Stock Appreciation Right to the same extent. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11.04 No fractional shares or securities shall be issued pursuant to any adjustment made pursuant to this Article XI, and any fractional shares or securities resulting from any such adjustment shall be eliminated by rounding downward to the nearest whole share or security. All determinations required to be made under this Article XI shall be made by the Committee in its discretion and shall be final and binding. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE XII </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AMENDMENT AND TERMINATION OF THE PLAN </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Board may, by resolution, at any time terminate, amend or revise the Plan with respect to any Shares as to which Awards have not been granted, subject to any required stockholder approval or any stockholder approval which the Board may deem to be advisable for any reason, such as for the purpose of obtaining or retaining any statutory or regulatory benefits under tax, securities or other laws or satisfying any applicable stock exchange listing requirements. Subject to the terms and conditions of the Plan, the Committee may modify the terms of any outstanding Awards; provided, however, that (a)&#160;no modification of an Award shall, without the consent of the Participant, alter or impair any of the Participant's rights or obligations under such Award, and (b)&#160;subject to Article XI, in no event may an Option be (i)&#160;modified to reduce the exercise price of the Option (or any Stock Appreciation Right) or (ii)&#160;cancelled or surrendered in consideration for cash, other Awards, or the grant of a new Option (or Stock Appreciation Right) with a lower exercise price. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE XIII </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SERVICE </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Neither the Plan nor the grant of any Awards hereunder nor any action taken by the Committee or the Board in connection with the Plan shall give any Eligible Person any right to be retained in the Service of the Corporation or any Affiliate. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE XIV </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WITHHOLDING </font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">9</font></div></div><hr style="page-break-after:always"><a name="s1052865E9797CC2781A31BB6A1CAD9D4"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Corporation shall have the right to deduct from any payment or settlement under the Plan, including, without limitation, the exercise of any Stock Option or Stock Appreciation Right, or the delivery, transfer or vesting of any Common Stock or Restricted Shares, any federal, state, local or other taxes of any kind which the Committee, in its sole discretion, deems necessary to be withheld to comply with the Code and/or any other applicable law, rule or regulation. Shares of Common Stock may be used to satisfy any such tax withholding. Such Common Stock shall be valued based on the Fair Market Value of such stock as of the date the tax withholding is required to be made, such date to be determined by the Committee. In addition, the Corporation shall have the right to require payment from a Participant to cover any applicable withholding or other employment taxes due upon any payment or settlement under the Plan. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE XV </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EFFECTIVE DATE OF THE PLAN; TERM </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Effective Date of the Plan. </font><font style="font-family:inherit;font-size:10pt;">This Plan shall become effective on the Effective Date, and Awards may be granted hereunder on or after the Effective Date and prior to the termination of the Plan. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15.02 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Term of Plan. </font><font style="font-family:inherit;font-size:10pt;">Unless sooner terminated, the Plan shall remain in effect for a period of ten (10)&#160;years ending on the tenth anniversary of the Effective Date. Termination of the Plan shall not affect any Awards previously granted and such Awards shall remain valid and in effect until they have been fully exercised or earned, are surrendered or by their terms expire or are forfeited. </font></div><div style="line-height:120%;padding-top:17px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE XVI </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MISCELLANEOUS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16.01 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Governing Law. </font><font style="font-family:inherit;font-size:10pt;">To the extent not governed by federal law, this Plan shall be construed under the laws of the State of Washington. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16.02 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Pronouns. </font><font style="font-family:inherit;font-size:10pt;">Whenever appropriate, the masculine pronoun shall include the feminine pronoun, and the singular shall include the plural. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16.03 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Certificates. </font><font style="font-family:inherit;font-size:10pt;">Notwithstanding anything to the contrary herein, to the extent that the Plan provides for issuance of stock certificates to reflect the issuance of Shares, the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange or automated dealer quotation system on which the Shares are traded. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;">10</font></div></div>	</body>
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