Document:

d1081340_ex4-13.htm

    

 

    Exhibit
4.13

     

    

    G L O B A L
 S H I P P I N
G                                                 

     

    TELEFAX

     

    An/To Telefax Nr.  Via e-mail

     

    Anzahl Seiten / Total number of
Pages 3

    
 

    
      
        
          
            
              
                	
                        An
      / To: 

                         

                        Star
      Bulk Carriers Corp

                         

                        Attention:

                        Mr.
      Akis Tsirigakis

                        Mr.
      George Syllantavos

                         

                      	
                         
      Von / From: 

                         
      

                         
      Commerzbank AG

                         
      Global Shipping

                         
      Claas Ringleben & Carlo Glaeser

                         
      Ness 7 – 9

                         
      20457 Hamburg

                         
      e-mail:  claas.ringleben@commerzbank.com

                      

              

            

          

        

      

    

    

    
      	
              Telefax
      No.

            	
              Tel:

            	
              Date:

            
	
              +49
      40 3683 4068

            	
              +49
      40 3683 4060

            	
              11 December
      2009

            
	 If
      you receive this fax in error, illegible or not all pages, please call:
      +49-40-3683 - 4066 or - 4067

    

    

    

    Amendment
of the existing USD 120 million Credit Facility dated 27th December 2007

    Waiver
Letter for the period from 1 Feb 2010 – 31 Jan
2011

    

    Dear
Akis,

    dear
George,

     

    we refer
to our recent discussions about (a) the release of m/v Star Alpha on or around
15 December 2009, with the proceeds from the sale to be free and clear to Star
Bulk, and (b) the extension of the waiver terms. We are pleased to inform you
that we have obtained the necessary board approvals for both of your requests,
on the basis of the following terms and conditions:

    

    Part 1: Release of m/v Star
Alpha

    

    (a)           Release of m/v Star Alpha

    m/v Star
Alpha to be released upon your request for the purpose of delivering the vessel
to her buyers, together with the release of the corresponding security package.
We have noted that the delivery of the vessel is scheduled for or around the
15th of December 2009.

    

    (b)           Sale Proceeds

    The
proceeds from the sale amounting to USD 19.85 million shall be free and clear to
Star Bulk Carriers Corp.

    

    Part 2: Term and Conditions
of the extended Waiver Period

    

    (a)           Waiver Period:

    From the
01st of February 2010 to and including 31St of January 2011

    

    (b)           Repayments

    The
repayment of USD 6.25 million shall commence on the 29th of January 2010, and
shall continue in 3 months intervals, with the next instalments accordingly to
be due end of April 2010, end of July 2010, end of October 2010, and so
forth.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           Required Security Amount

    During
the Waiver Period, the Loan to Value ratio shall at all times be below 90% until
30th of June 2010, and below 85% thereafter until the end of the Waiver Period.
The calculation of the Loan to value ratio shall include, inter alia, the
Pledged Deposit.

    

    (d)           Pledged Deposit

    The
Pledged Deposit to be increased by USD 1.25 million to USD 7.25 million, to be
held with and pledged to the Agent for the duration of the Waiver Period. The
Pledged Deposit to be released after the expiry of the Waiver Period subject to
the Loan to Value ratio to be equal to or below 74% after the Pledged
Deposit.

    

    (e)           Covenants:

    
      	
              -

            	
              Payment
      of dividends in excess of 5 ct per share and quarter, share repurchasing,
      and investments subject to no Event of Default, and the Agent's prior
      written consent, such consent not to be unreasonably withheld, and based
      on a case-by-case approach considering the then prevailing market
      circumstances and cash flow
prognosis

            

    

     

    
      	
              -

            	
              Minimum
      Liquidity to be held in the company to be temporarily reduced to USD
      650,000 per fleet vessel. The Minimum Liquidity to be increased back to
      the levels originally agreed upon being USD 1 million per fleet vessel, or
      USD 10 million, after the release in full of the Pledged
      Deposit

            

    

     

    
      	
              -

            	
              Equal/
      non-preferential treatment of banks, i.e. Star Bulk not to agree waiver
      terms with other lenders that are materially more favourable than those
      contained herein

            

    

     

    (f)
Pricing

    Libor +
Cost of Funds + Margin of 2.00% for the duration of the Waiver
Period.

    

    (g) Waiver
Fee:

    0.15 %
flat on USD 120 million, non-refundable, and payable in full on the earlier of
(a) the expiration date of the current Waiver Period being 29th of January 2010
and (b) any prepayment date.

    

    (h)
Documentation

    to be in
form and substance to be satisfactory to the Agent and its legal
advisors.

    

    We hope
that the terms and conditions set out herein are acceptable for you, in which
case we ask you to kindly confirm your acceptance of the terms and conditions by
duly signing, dating and returning to us the executed version until the 15th of
December 2009.

    

    Please do
not hesitate to contact us in case of any questions or clarification needs, we
will be at your disposal.

    

    Yours
sincerely

    

    COMMERZBANK

    Aktiengesellschaft

    

    
      	 
      	 
      	 
      
	
              /s/
      Claas Ringleben

            	 
      	
              /s/
      Anne Randewig

            
	
              (Claas
      Ringleben)

            	 
      	
              (Anne
      Randewig)

            
	 
      	 
      	 
      
	 
      	 
      	 
      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Accepted
on behalf of the Borrower and the Corporate Guarantors.

    

    
      	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Authorised
      Signatory

            	 
      	
              Place,
      Dateexv10w9

Exhibit 10.9

First Interstate BancSystem, Inc.

Deferred Compensation Plan

Restated Effective December 1, 2006

Any statements regarding tax matters made herein, including any attachments, cannot be relied
upon by any person to avoid tax penalties and are not intended to be used or referred to in any
marketing or promotional materials. To the extent this communication contains a tax statement or
tax advice, Holland & Hart LLP does not and will not impose any limitation on
disclosure of the tax treatment or tax structure of any transactions to which such tax statement or
tax advice relates.

SUITE 3200

555 SEVENTEENTH STREET

DENVER, COLORADO 80202-3979

(303) 295-8000

ASPEN • BILLINGS • BOISE • BOULDER • CASPER • CHEYENNE • COLORADO SPRINGS • DENVER

DENVER TECH CENTER • JACKSON HOLE • LAS VEGAS • SALT LAKE CITY • SANTA FE • WASHINGTON, D.C.

 

 

First Interstate BancSystem, Inc.

Deferred Compensation Plan

Table of Contents

	 	 	 	 	 
	ARTICLE 1. DEFINITIONS
	 	 	2	 
	1.1 Account
	 	 	2	 
	1.2 Administrator
	 	 	2	 
	1.3 Beneficiary
	 	 	2	 
	1.4 Board
	 	 	2	 
	1.5 Code
	 	 	2	 
	1.6 Compensation
	 	 	2	 
	1.7 Deferral Contributions
	 	 	2	 
	1.8 Deferral Election
	 	 	2	 
	1.9 Director Deferral Contributions
	 	 	2	 
	1.10 Director Deferral Election
	 	 	2	 
	1.11 Disability
	 	 	2	 
	1.12 Discretionary Contribution
	 	 	2	 
	1.13 Effective Date
	 	 	2	 
	1.14 Eligible Individual
	 	 	2	 
	1.15 Employer
	 	 	3	 
	1.16 Enrollment Period
	 	 	3	 
	1.17 Investment Fund or Funds
	 	 	3	 
	1.18 Participant
	 	 	3	 
	1.19 Plan
	 	 	4	 
	1.20 Plan Year
	 	 	4	 
	1.21 Qualified Plan
	 	 	4	 
	1.22 Retirement
	 	 	4	 
	1.23 Trust
	 	 	4	 
	1.24 Trustee
	 	 	4	 
	1.25 Year of Distribution
	 	 	4	 
	1.26 Years of Service
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 2. CONTRIBUTIONS
	 	 	5	 
	2.1 Deferral Contributions
	 	 	5	 
	2.2 Discretionary Contributions
	 	 	5	 
	2.3 Director Deferral Contributions
	 	 	6	 
	2.4 Time of Contributions
	 	 	6	 
	2.5 Form of Contributions
	 	 	6	 
	 
	 	 	 	 
	ARTICLE 3. VESTING
	 	 	7	 
	3.1 Vesting of Deferral and Director Deferral Contributions
	 	 	7	 
	3.2 Vesting of Discretionary Contributions
	 	 	7	 
	3.3 Vesting in Event of Change of Control
	 	 	7	 
	3.4 Amounts Not Vested
	 	 	8	 
	3.5 Forfeitures
	 	 	8	 

			
	 	 	 
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	ARTICLE 4. ACCOUNTS
	 	 	9	 
	4.1 Accounts
	 	 	9	 
	4.2 Limitations on Accounts
	 	 	9	 
	4.3 Investments, Gains and Losses
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 5. DISTRIBUTIONS
	 	 	11	 
	5.1 Distribution Election
	 	 	11	 
	5.2 Default and Optional Forms of Distribution
	 	 	11	 
	5.3 Regular Commencement of Distribution of Accounts
	 	 	11	 
	5.4 Special Commencement of Distribution of Accounts
	 	 	11	 
	5.5 Change in Time and Form of Distribution
	 	 	12	 
	5.6 Minimum Distribution
	 	 	13	 
	5.7 Distribution to Specified Employees
	 	 	13	 
	5.8 Hardship Distribution
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 6. BENEFICIARIES
	 	 	14	 
	6.1 Beneficiaries
	 	 	14	 
	6.2 Lost Beneficiary
	 	 	14	 
	 
	 	 	 	 
	ARTICLE 7. FUNDING
	 	 	15	 
	7.1 Prohibition Against Funding
	 	 	15	 
	7.2 Deposits in Trust
	 	 	15	 
	7.3 Indemnification of Trustee
	 	 	15	 
	7.4 Withholding of Employee Contributions
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 8. CLAIMS ADMINISTRATION
	 	 	16	 
	8.1 General
	 	 	16	 
	8.2
Exhaustion of Remedies - Limitation of Actions
	 	 	16	 
	8.3 Initial Claim
	 	 	16	 
	8.4 Administrator Review of Claim Denial
	 	 	16	 
	8.5 Disability Claims
	 	 	17	 
	8.6 Designation
	 	 	18	 
	8.7 Arbitration
	 	 	18	 
	 
	 	 	 	 
	ARTICLE 9. GENERAL PROVISIONS
	 	 	19	 
	9.1 Administrator
	 	 	19	 
	9.2 No Assignment
	 	 	19	 
	9.3 No Employment Rights
	 	 	19	 
	9.4 Incompetence
	 	 	19	 
	9.5 Identity
	 	 	20	 
	9.6 Other Benefits
	 	 	20	 
	9.7 No Liability
	 	 	20	 
	9.8 Expenses
	 	 	20	 
	9.9 Insolvency
	 	 	20	 
	9.10 Amendment and Termination
	 	 	20	 
	9.11 Employer Determinations
	 	 	21	 
	9.12 Construction
	 	 	21	 

			
	 	 	 
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	9.13 Governing Law
	 	 	21	 
	9.14 Severability
	 	 	21	 
	9.15 Headings
	 	 	21	 
	9.16 Terms
	 	 	21	 

			
	 	 	 
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First Interstate BancSystem, Inc.

Deferred Compensation Plan

     First Interstate BancSystem, Inc., a Montana corporation (the “Employer”), hereby
restates the First Interstate BancSystem, Inc., Deferred Compensation Plan (the “Plan”) for the
benefit of a select group of management or highly compensated employees. This Plan is an unfunded
arrangement and is intended to be exempt from the reporting and disclosure, participation, vesting,
funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security
Act of 1974, as amended.

     This Plan was originally effective April 1, 2001, and was amended on August 12, 2002. This
restatement is effective December 1, 2006, and is made for the following purposes:

	 	a)	 	To amend the Plan to comply with Code Section 409A and related guidance issued
before the adoption of this restatement (specifically, Notice 2005-1).
	 
	 	b)	 	To merge another nonqualified deferred compensation plan, called the Executive
Non-Qualified Deferred Compensation Plan (the “Executive Plan”) into the Plan. The
Executive Plan was first adopted effective November 20,
1998. To the extent provisions of the Executive Plan are not replicated in this
restatement, they shall be deemed terminated and no longer applicable. All amounts
deferred under the Executive Plan prior to the Effective Date shall be subject to
the terms of this document.
	 
	 	c)	 	To make other administrative or clarification changes to the Plan.

			
	 	 	 
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ARTICLE 1.

DEFINITIONS

	1.1	 	Account. Each of the bookkeeping accounts established for each Participant as provided in
Section 4.1 hereof.
	 
	1.2	 	Administrator. The Benefits Committee appointed by the Board of Directors of First Interstate
BancSystem, Inc. by resolution dated July 26, 2006.
	 
	1.3	 	Beneficiary. The person, persons, trust or other entity designated by a Participant to receive
payments in event of his or her death, as provided on the written revocable designation form that
is provided by and filed with the Administrator. The most recently filed designation of beneficiary
form that is signed and dated by the Participant replaces any prior designations.
	 
	1.4	 	Board. The Board of Directors of First Interstate BancSystem, Inc.
	 
	1.5	 	Code. The Internal Revenue Code of 1986, as amended.
	 
	1.6	 	Compensation. The Participant’s earned income, including salary, bonus and other remuneration
from the Employer.
	 
	1.7	 	Deferral Contributions. The portion of Compensation that a Participant elects to defer in
accordance with Section 2.1.
	 
	1.8	 	Deferral Election. The separate written agreement, submitted to the Administrator, by which an
Eligible Individual agrees to participate in the Plan and make Deferral Contributions thereto.
	 
	1.9	 	Director Deferral Contributions. The amount that an Eligible Individual elects to defer in
accordance with Section 2.3.
	 
	1.10	 	Director Deferral Election. The separate written agreement, submitted to the Administrator,
by which an Eligible Individual agrees to participate in the Plan and make Director Deferral
Contributions thereto.
	 
	1.11	 	Disability. Any medically determinable physical or mental disorder that renders a Participant
incapable of continuing in the employment of the Employer in his or her regular duties of
employment, as determined by the Administrator in its sole discretion.
	 
	1.12	 	Discretionary Contribution. The amount, if any, contributed to an Eligible Individual’s
Account as provided in Section 2.2.
	 
	1.13	 	Effective Date. The effective date of this restatement, which is December 1, 2006.
	 
	1.14	 	Eligible Individual. Eligible Individuals shall be those persons designated by the Employer
as eligible to participate in this Plan. As of the Effective Date and unless and until otherwise
directed by the Employer, the Administrator shall consider the following persons to be Eligible
Individuals:

			
	 	 	 
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	 	o	 	With respect to Deferral Contributions and Discretionary Contributions, each employee
of the Employer who is in a Band 5 job title or above, as well as each Employee not in a Band
5 job title or above but who is a Participant as of the Effective Date.
	 
	 	o	 	With respect to Director Deferral Contributions, any active member of the board of
directors of an Employer. Directors emeritus, advisory directors, and persons excluded from
participation by action of the Compensation Committee on July 27, 2005 shall not be eligible
to make Director Deferral Contributions.

	 	 	Any individual’s status as an Eligible Individual may be revoked at any time upon written
notice of the Employer to such individual.
	 
	1.15	 	Employer. First Interstate BancSystem, Inc., a Montana corporation, its successors and any
affiliated or subsidiary entities designated by the Board. Rights and obligations assigned to the
Employer in this document may be exercised by the First Interstate BancSystem, Inc. Compensation
Committee, or by any other person or entity designated by the Employer to hold all or any part of
such rights and obligations.
	 
	1.16	 	Enrollment Period.

	 	(a)	 	For individuals who are Eligible Individuals prior to the commencement of a given Plan
Year, Enrollment Period means the period set by the Administrator, which ends prior to the
first day of a Plan Year.
	 
	 	(b)	 	With respect to a person who becomes an Eligible Individual effective as of any day
after the first day of a Plan Year, Enrollment Period means the 30 day period beginning
with the date such person first becomes an Eligible Individual.

	1.17	 	Investment Fund or Funds. Each investment(s), which serves as a means to measure value,
increases or decreases with respect to a Participant’s Accounts.
	 
	1.18	 	Participant. An individual who has an Account balance under the terms of this
Plan.

	 	(a)	 	A Participant who is no longer an Eligible Individual shall not be permitted to submit
a Deferral Election and all Deferral Contributions for such Participant shall cease as of
the end of the Plan Year in which such Participant is determined to no longer be an
Eligible Individual.
	 
	 	(b)	 	Amounts credited to the Account of a Participant described in subsection (a) shall
continue to be held pursuant to the terms of the Plan and shall be distributed as provided
in Article 5.
	 
	 	(c)	 	A Participant who is no longer an Eligible Individual shall continue to receive
statements reflecting the amounts in his or her Accounts, and shall

			
	 	 	 
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	 	 	 	retain the right to make changes in investment selection according to
Section 4.2.

	1.19	 	Plan. First Interstate BancSystem, Inc., Deferred Compensation Plan.
	 
	1.20	 	Plan Year. January 1 through December 31.
	 
	1.21	 	Qualified Plan. The Savings and Profit Sharing Plan for Employees of First Interstate
BancSystem, Inc.
	 
	1.22	 	Retirement. Retirement means the termination of the Participant’s employment with the Employer
(i) at or after age 65, or (ii) if the Participant has at least fifteen (15) Years of Service with
the Employer, at any time after attaining age 55. With respect to a Participant who makes Director
Deferral Contributions, Retirement shall mean the date the Participant is no longer an active
member of the board of directors of an Employer. For this purpose, status as a director emeritus or
advisory director shall not be considered active board membership.
	 
	1.23	 	Trust. The agreement between the Employer or the Administrator and the Trustee under which the
assets of the Plan are held, administered and managed, which shall conform to the terms of Rev.
Proc. 92-64.
	 
	1.24	 	Trustee. The Trustee or Trustees under the Trust.
	 
	1.25	 	Year of Distribution. The year in which distributions of an Account are scheduled to begin.
	 
	1.26	 	Years of Service. A Participant’s “Years of Service” shall be measured by the total number of
full twelve (12) month periods that an individual has been an employee of the Employer.

* * * * End of Article 1 * * * *

			
	 	 	 
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ARTICLE 2.

CONTRIBUTIONS

	2.1	 	Deferral Contributions.

	 	(a)	 	On an annual basis, each Eligible Individual may choose to make Deferral Contributions
by authorizing the Employer to reduce his/her future Compensation by filing a Deferral
Election with the Administrator during the applicable Enrollment Period.
	 
	 	(b)	 	The Deferral Election shall designate the specific amount or percentage of Compensation
deferred, the Account to which such Deferral Contributions shall be allocated in accordance
with Article 4, the beneficiary, and such other items as the Administrator may prescribe.
Such Deferral Elections shall remain effective for the Plan Year. At the Plan
Administrator’s discretion, Eligible Individuals may make separate deferrals with respect
to bonus, commission, or other specified elements of Compensation.
	 
	 	(c)	 	The minimum amount of Compensation that may be deferred each Plan Year is one thousand
dollars ($1,000).
	 
	 	(d)	 	The maximum amount of Compensation that may be deferred each Plan Year is ninety-five
percent (95%) of the Eligible Individual’s Compensation.

	2.2	 	Discretionary Contributions.

	 	(a)	 	At its sole and absolute discretion, the Employer may elect to make a Discretionary
Contribution to the Account of some or all of the Eligible Individuals.
	 
	 	(b)	 	During the Enrollment Period, each Eligible Individual must file an election with the
Administrator designating the Account to which Discretionary Contributions for the
applicable Plan Year, if any, shall be allocated in accordance with Article 4, the
beneficiary, and such other items as the Administrator may prescribe.
	 
	 	(c)	 	Nothing in this Plan or any other agreement or document shall obligate the Employer to
make Discretionary Contributions for the benefit of Eligible Individuals in any Plan Year,
nor to make identical Discretionary Contributions for the benefit of Eligible Individuals
in any Plan Year. The
Employer expressly reserves the right to make Discretionary Contributions to such
Eligible Individuals in such amount or such proportions as it deems warranted or
appropriate; provided, however, the Employer shall not discriminate against any
Eligible Individual in making Contributions under this provision on the basis of
such Participant’s race, nationality, religion, gender, marital status or
disability.

	 	 	 	 	 
	 
	 	 	 	 
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	2.3	 	Director Deferral Contributions.

	 	(a)	 	An Eligible Individual may defer any portion of his or her directors’ fees for any Plan
Year by filing a Director Deferral Election with the Administrator during the applicable
Enrollment Period for such Plan year.
	 
	 	(b)	 	The Director Deferral Election shall designate the specific amount or percentage of
director’s fees deferred, the Account to which such Deferral Contributions shall be
allocated in accordance with Article 4, the beneficiary, and such other items as the
Administrator may prescribe. Such Deferral
Elections shall remain effective for the Plan Year.

	2.4	 	Time of Contributions.

	 	(a)	 	Deferral Contributions shall be transferred to the Trust as soon as
administratively feasible following the end of each payroll period.
	 
	 	(b)	 	Discretionary Contributions, if any, shall be transferred to the Trust as directed by
and at the discretion of the Employer.
	 
	 	(c)	 	Director Deferral Contributions shall be transferred to the Trust as of the date the
applicable director’s fees would otherwise have been payable to the Eligible Individual.
	 
	 	(d)	 	At the time that the Administrator transfers any contribution to the Trust, the
Administrator shall also transmit any necessary instructions regarding the allocation of
such amounts among the Participants’ Accounts.

	2.5	 	Form of Contributions. All contributions to the Trust
shall be made in the form of cash or cash equivalents of US currency.

* * * * End of Article 2 * * * *

	 	 	 	 	 
	 
	 	 	 	 
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ARTICLE 3.

VESTING

	3.1	 	Vesting of Deferral and Director Deferral Contributions. A Participant
shall have a vested right to the portion of his or her Accounts attributable to Deferral
Contributions and Director Deferral Contributions and any earnings on the investment of
such amounts.
	 
	3.2	 	Vesting of Discretionary Contributions.
Discretionary Contributions shall vest based on the date the contribution is made to the
Participant’s Account(s). The vesting schedule shall be determined at the discretion of the
Employer, and shall be set forth in the resolution or other document authorizing the Discretionary
Contribution.
	 
	3.3	 	Vesting in Event of Change of Control.
Notwithstanding any provision contained herein to the contrary, in the event that, prior to the
time that the entire amount of the Discretionary Contributions becomes vested a Change of Control
occurs, then that portion of the Discretionary Contributions which has not yet become vested shall
immediately become vested to such Participant or such Participant’s Beneficiary or estate, as the
case may be, as of the date of such Change of Control. For purposes of this Agreement Change Of
Control means:

	 	(a)	 	a sale of all or substantially all of the assets of the Company or a Significant Stock
Acquisition of the Company (as hereinafter defined) which is followed, within an eighteen
month period, by the Company (or the acquiring or surviving entity) (A) terminating the
Participant’s employment with the Company (or the acquiring or surviving entity); (B)
changing the Participant’s position with the Company (or the acquiring or surviving entity)
so that the nature and scope of the Participant’s duties or his/her responsibilities with
the Company (or the acquiring or surviving entity) are reduced to a level below that which
he/she enjoyed immediately prior to such change; or (C) reducing the Participant’s base
salary; or
	 
	 	(b)	 	a sale of all or substantially all of the assets of the Company or a Significant Stock
Acquisition of the Company (as hereinafter defined) which is preceded within a six month
period by the Company terminating Participant’s employment with the Company without cause.
	 
	 	(c)	 	A Significant Stock Acquisition of the Company shall have occurred if more than fifty
percent (50%) of the votes attributed to the Company’s outstanding equity securities shall
be acquired, either directly or indirectly (including but not limited to, a merger) by any
corporation, person or persons who act in concert as described in Section 14(d)(2) of the
Securities Exchange Act of 1934, as amended.
	 
	 	(d)	 	For purposes of this Section 3.3, “Company” shall mean only First Interstate
BancSystem, Inc., and not any of its subsidiary or related organizations.

	 	 	 	 	 
	 
	 	 	 	 
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	 	3.4	 	Amounts Not Vested. Any amounts
credited to a Participant’s Accounts that are not vested at the time of his or her termination of
employment with the Employer shall be forfeited.
	 
	 	3.5	 	Forfeitures.
Any forfeitures from a Participant’s Accounts shall continue to be held in the
Trust, and shall be used to reduce the Employer’s future Discretionary Contributions under the
Plan. If no such further contributions will be made, then such forfeitures shall be returned to the
Employer.

* * * * End of Article 3 * * * *

	 	 	 	 	 
	 
	 	 	 	 
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ARTICLE 4.

ACCOUNTS

	4.1	 	Accounts. The Administrator shall establish and maintain one or more
bookkeeping accounts in the name of each Participant, as provided below and as elected by the
Participant pursuant to Article 2.

	 	(a)	 	The Administrator may establish one or more Retirement Accounts for each Participant.
	 
	 	(b)	 	The Administrator may establish one or more Personal Goals Accounts for each
Participant. The Participant must designate the Year of Distribution for each Personal
Goals Account during the Enrollment Period that the Personal Goals Account is created.
	 
	 	(c)	 	As of the Effective Date, College Education Accounts are no longer permitted. Unless
otherwise elected by the Participant in accordance with
Section 5.5(a), each College Education Account created before the Effective Date
will be converted to a Personal Goals Account, with the Year of Distribution equal
to the year the Participant had previously designated as the year that
distributions of the College Education Account would commence, and the form of
distribution to be four annual installments.
	 
	 	(d)	 	As of the Effective Date, unless otherwise elected by the Participant in accordance
with Section 5.5(a), a Participant’s account balance in the Executive Plan shall be
converted to a Retirement Account.

	4.2	 	Limitations on Accounts.

	 	(a)	 	The maximum number of Accounts that a Participant may have open at one time will be ten
(10).
	 
	 	(b)	 	Except in connection with an election made pursuant to
Section 5.5(a), amounts in one
Account cannot be transferred to another Account.

	4.3	 	Investments, Gains and Losses. 

	 	(a)	 	The Accounts shall be invested by the Trustee in accordance with written
directions from the Administrator. Such directions shall provide Trustee with the
investment discretion to invest the Accounts within broad guidelines established by Trustee
and Administrator as set forth therein.
	 
	 	(b)	 	The Administrator shall adjust the amounts credited to each Account to reflect
contributions made, distributions and any other appropriate adjustments including tax or
other withholdings. Such adjustments shall be made as frequently as is administratively
feasible.
	 
	 	(c)	 	A Participant may direct that any or all of his or her Accounts may be valued as if
they were invested in one or more Investment Funds in multiples of one

	 	 	 	 	 
	 
	 	 	 	 
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percent (1%) of the balance in an Account. A Participant may change his or her
selection of Investment Funds no more than six (6) times each Plan Year. An election
shall be effective as soon as administratively feasible following the date of the change
as indicated in writing by the Participant. Such investment elections shall be subject to
the terms of the Trust.

* * * * End of Article 4 * * * *

	 	 	 	 	 
	 
	 	 	 	 
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ARTICLE 5.

DISTRIBUTIONS

	5.1	 	Distribution
Election. During the applicable Enrollment Period when an
Account is initially established, the Participant must designate (on a form or in such
manner as directed by the Administrator) the method by which such Account will be
distributed, according to the options provided in Section 5.2. A Participant may not
modify, alter, amend or revoke such designation for a Plan Year after such Plan Year
begins, except as provided in Section 5.5.
	 
	5.2	 	Default and Optional Forms of Distribution.

	 	(a)	 	Each Retirement Account shall be paid in a lump sum, unless the Participant elects in
accordance with Section 5.1 that the Retirement Account be paid in substantially equal
annual installments over a period not to exceed ten (10) years.
	 
	 	(b)	 	Each Personal Goals Account shall be paid in a lump sum, unless the Participant elects
in accordance with Section 5.1 that the Personal Goals Account be paid in substantially
equal annual installments over a period not to exceed five (5) years.
	 
	 	(c)	 	The amount of the substantially equal payments described above shall be determined by
multiplying the Account by a fraction, the denominator of which in the first year of
payment equals the number years over which benefits are to be paid, and the numerator of
which is one (1). The amounts of the payments for each succeeding year shall be determined
by multiplying the Account balance as of each anniversary of the first installment by a
fraction, the denominator of which equals the number of remaining years over which benefits
are to be paid, and the numerator of which is one (1).

	5.3	 	Regular Commencement of Distribution of Accounts.

	 	(a)	 	Retirement Accounts shall be paid as soon as administratively feasible following the
Participant’s Retirement.
	 
	 	(b)	 	Personal Goals Accounts shall be paid on the January 1st of the Year of Distribution
selected by the Participant according to Section 4.1(b).

	5.4	 	Special Commencement of Distribution of Accounts.

	 	(a)	 	Death. Upon the death of a Participant, all amounts credited to his or her
Accounts shall be paid, as soon as administratively feasible, to his or her
Beneficiary in a lump sum.
	 
	 	(b)	 	Disability Termination of Service. Upon the termination of the Participant’s
employment or service with the Employer on account of Disability, all amounts credited to
his or her Accounts shall be paid to the Participant, as soon as administratively feasible,
in the form in which such Accounts would

			
	 	 	 
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	 	 	 	have been distributed to the Participant had he or she remained employed or in
service until the time of distribution according to Section 5.3.
	 
	 	(c)	 	Early Termination of Service.

	 	(1)	 	If a Participant who is not a director terminates employment with the Employer
prior to Retirement (except for death or Disability), all vested amounts credited to
his or her Retirement Accounts shall be paid to the Participant in a lump-sum
payment, as soon as administratively feasible.
	 
	 	(2)	 	If a Participant terminates employment or service (except for death or
Disability) with the Employer prior to the Year of Distribution for a Personal Goals
Account, all vested amounts credited to such Personal Goals Account shall be paid to
the Participant in the Year of Distribution and in the form previously selected.
	 
	 	(3)	 	If a Participant terminates employment or service with the Employer after
distribution from a Personal Goals Account has begun, distribution will continue to
be made in accordance with the form of distribution in progress.
	 
	 	(4)	 	Solely for purposes of this Section 5.4, a Participant’s employment by a
corporation which is a member of a “controlled group of corporations” as defined in
Internal Revenue Code Section 414(b) and which includes First Interstate BancSystem,
Inc., as a member shall be treated as employment by Employer if the employment by
such other corporation begins prior to the date the Participant’s benefit (or initial
payment, in the case of an installment distribution) would otherwise be payable
hereunder.

	5.5	 	Change in Time and Form of Distribution.

	 	(a)	 	Special One Time Election. On or before December 31, 2006, the
Administrator may permit Participants to change the time and/or form for the
distribution of their existing Accounts. The Administrator may impose such other
conditions on Participants making elections as the Administrator deems necessary for
compliance with Code Section 409A or otherwise appropriate.

	 	(1)	 	For any Retirement Account, Participants may select among the forms of
distribution permitted by Section 5.2(a), or may designate the Account as a Personal
Goals Account with any of the forms of distribution permitted by Section 5.2(b).
	 
	 	(2)	 	For any Personal Goals Account, Participants may select a different Year of
Distribution, and/or may select among the forms of distribution permitted by Section
5.2(b), or may designate the Account as a Retirement Account with any of the forms of
distribution permitted by Section 5.2(a).

			
	 	 	 
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	 	(b)	 	Second Deferral Elections. On and after January 1, 2005, a Participant may only
change the time and/or form of any scheduled distribution in accordance with procedures
established by the Administrator and in accordance with the following conditions:

	 	(1)	 	the subsequent election to delay a payment must be made no later than 12 months
prior to the date the first scheduled distribution payment would have been made;
and
	 
	 	(2)	 	the first payment must be deferred for a period of at least five years from the
date the first scheduled distribution payment would have been made.

	5.6	 	Minimum Distribution. Notwithstanding any provision to
the contrary, if the vested balance of a Participant’s Account at the time benefit payments are
scheduled to begin is less than $10,000, then the balance in such Account shall be paid to the
Participant as a single lump sum as soon as administratively feasible following the date benefit
payments are scheduled to begin.

	5.7	 	Distribution to Specified Employees.
Notwithstanding provision to the contrary, distributions to “specified employees” within the
meaning of Code Section 409A(2)(B)(i) shall not be made before the date specified by law.

	5.8	 	Hardship Distribution. As of the Effective Date,
hardship distributions are no longer available under the Plan.

* * * * End of Article 5 * * * *

			
	 	 	 
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ARTICLE 6.

BENEFICIARIES

	6.1	 	Beneficiaries. Each Participant may from time to time designate one or more
persons (who may be any one or more members of such person’s family or other persons,
administrators, trusts, foundations or other entities) as his or her Beneficiary under the Plan.
Such designation shall be made on a form prescribed by the Administrator. Each Participant may at
any time and from time to time, change any previous Beneficiary designation, without notice to or
consent of any previously designated Beneficiary, by amending his or her previous designation on a
form prescribed by the Administrator. If no person shall be designated by the Participant as a
Beneficiary, or if the designated Beneficiary shall not survive the Participant, or if for any
reason the Participant’s designation shall be legally ineffective, payment of his/her interest
shall be made to the Participant’s spouse; or if none, to his children; or if none, to his parents;
or if none, to his estate. If any such
Beneficiary shall die prior to receiving the distribution that would have been made to such
Beneficiary had such Beneficiary’s death not occurred, then, for the purposes of the Plan,
the distribution that would have been received by such Beneficiary shall be made to such
Beneficiary’s estate. If more than one person is the beneficiary of a deceased Participant,
each such person shall receive a pro rata share of any death benefit payable unless
otherwise designated on the applicable form.
	 
	6.2	 	Lost Beneficiary.

	 	(a)	 	All Participants and Beneficiaries shall have the obligation to keep the Administrator
informed of their current address until such time as all benefits due have been paid.
	 
	 	(b)	 	If a Participant or Beneficiary cannot be located by the Administrator exercising due
diligence, then, in its sole discretion, the Administrator may presume that the Participant
or beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due
diligence expenses) owed to the Participant or beneficiary shall be paid accordingly or, if
a Beneficiary cannot be so located, then such amounts may be forfeited. Any such
presumption of death shall be final, conclusive and binding on all
parties. Notwithstanding
the foregoing, if any such Beneficiary is located within five years from the date of any
such forfeiture, such Beneficiary shall be entitled to receive the amount previously
forfeited.

* * * * End of Article 6 * * * *

			
	 	 	 
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ARTICLE 7.

FUNDING

	7.1	 	Prohibition Against Funding. Should any investment be
acquired in connection with the liabilities assumed under this Plan, it is expressly understood and
agreed that the Participants and Beneficiaries shall not have any right with respect to, or claim
against, such assets nor shall any such purchase be construed to create a trust of any kind or a
fiduciary relationship between the Employer and the Participants, their Beneficiaries or any other
person. Any such assets shall be and remain a part of the general, unpledged, unrestricted assets
of the Employer, subject to the claims of its general creditors. It is the express intention of the
parties hereto that this arrangement shall be unfunded for tax purposes and for purposes of Title I
of the Employee Retirement Income Security Act of 1974, as amended. Each Participant and
beneficiary shall be required to look to the provisions of this Plan and to the Employer itself for
enforcement of any and all benefits due under this Plan, and to the extent any such person acquires
a right to receive payment under this Plan, such right shall be no greater than the right of any
unsecured general creditor of the Employer. The Employer or the Trust shall be designated the owner
and beneficiary of any investment acquired in connection with its obligation under this Plan.
	 
	7.2	 	Deposits in Trust. Notwithstanding Section 7.1, or any
other provision of this Plan to the contrary, the Employer may deposit into the Trust any amounts it deems
appropriate to pay the benefits under this Plan.
	 
	7.3	 	Indemnification of Trustee.

	 	(a)	 	The Trustee shall not be liable for the making, retention, or sale of any investment or
reinvestment made by it, as herein provided, nor for any loss to, or diminution of, the
Trust assets, unless due to its own negligence, willful misconduct or lack of good faith.
	 
	 	(b)	 	Such Trustee shall be indemnified and saved harmless by the Employer from and against
all personal liability to which it may be subject by reason of any act done or omitted to
be done in its official capacity as Trustee in good faith in the administration of the Plan
and Trust, including all expenses reasonably incurred in its defense in the event the
Employer fails to provide such defense upon the request of the Trustee. The Trustee is
relieved of all responsibility in connection with its duties hereunder to the fullest
extent permitted by law, short of breach of duty to the beneficiaries.

	7.4	 	Withholding of Employee Contributions. The
Administrator is authorized to make any and all necessary arrangements with the Employer in order
to withhold the Participant’s Deferral Contributions under Section 2.1 hereof from his or
her Compensation. The Administrator shall determine the amount and timing of such withholding.

* * * * End of Article 7 * * * *

			
	 	 	 
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ARTICLE 8.

CLAIMS ADMINISTRATION

	8.1	 	General. If a Participant, beneficiary, or any other person claiming rights
through or on behalf of a Participant (a “Claimant”) wishes to assert any claim or cause of action
against the Plan, the Employer, the Administrator, any administrator, record keeper, trustee, or
other party arising out of or relating to the Plan, its interpretation, or breach of any duty (a
“Claim”), then the Claimant must, as his or her sole remedy, follow the claims procedure, appeal,
and arbitration provisions of this Article 8. By way of illustration and not limitation,
the provisions of this Article 8 will govern any Claim regarding eligibility, participation,
deferral of Compensation, amounts credited to an Account as deferred Compensation or earnings,
withdrawal or distribution of benefits from an Account, record keeping, beneficiary designation, or
breach of any administrative or contractual duty.
	 
	8.2	 	Exhaustion of Remedies — Limitation of Actions. In the event of any dispute
over benefits under this Plan, all remedies available to the disputing individual under
this Article 8 must be exhausted before legal recourse of any type is sought. No legal
action at law or in equity may be filed against the Plan, the Employer, the Administrator
or its delegate relating to any dispute over benefits under this Plan more than one (1)
year after the Administrator or its delegate has made a final decision under the claims
review process as established pursuant to this Article 8.
	 
	8.3	 	Initial Claim.

	 	(a)	 	Each Claimant must submit his or her Claim in writing to the Administrator.
The initial review of each Claim will be made by a claims official designated by
the Administrator. The Claim will be evaluated within 90 days following receipt
unless special circumstances require an extension of time to process the Claim. If
an extension is required, the claims official will provide written notice to the
Claimant within the initial 90-day period. The notice will identify the special
circumstances requiring an extension and the date when a final decision will be
made which will not be more than 180 days after the date on which the Claim was
filed.
	 
	 	(b)	 	The claims official will notify the Claimant in writing whether the Claim is granted or
denied, in whole or in part. If the Claim is granted, the claims official will notify the
Administrator, which will authorize the Plan to pay the benefits or grant other appropriate
relief. If a Claim is denied, in whole or in part, the notice will (i) identify the
specific reasons for the denial, (ii) cite pertinent Plan provisions upon which the denial
is based, (iii) identify any additional material or information necessary to complete the
Claim and explain why such material or information is necessary, and (iv) describe the
Claimant’s right to review of the denial.

	8.4	 	Administrator Review of Claim Denial.

	 	(a)	 	If his or her Claim is denied by the claims official, in whole or in part, a Claimant
will have the right to a full and fair review by the Administrator.

			
	 	 	 
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	 	 	 	The Claimant must file a written request for review with the Administrator
within 60 days after the date on which the Claimant received written notice of the
denial or, if written notice is not given, within 60 days after the notice was due.
	 
	 	(b)	 	In connection with the request for Administrator review, the Claimant must provide any
additional material or information identified by the claims official as necessary to
complete the Claim. The Claimant or his or her authorized representative may review
pertinent documents and submit issues and comments in writing. The Claimant may only
present evidence and theories during the review which the Claimant presented as part of his
or her initial Claim or which responds to the reasons given by the claims official as the
basis for denial. Any Claim, which the Claimant does not in good faith pursue through the
Administrator review stage, will be irrevocably waived.
	 
	 	(c)	 	The Administrator will review and make a decision on the Claim within 60 days after a
request for review is received unless special circumstances require an extension of time to
process the review. If an extension is required, written notice will be given to the
Claimant within the initial 60-day period. The notice will specify the reasons for the
extension and the date when the review will be completed which will not be more than 120
days after the date on which the request for review was received.
	 
	 	(d)	 	The Claimant will be notified in writing of the Administrator’s decision on review. If
the Claim is granted, the Administrator will authorize the Plan to pay the benefits or
grant other appropriate relief. If the Claim is denied, in whole or in part, the notice
will (i) identify the specific reasons for the denial, (ii) cite pertinent Plan provisions
upon which the denial is based, and (iii) describe the Claimant’s right to appeal the
denial to an arbitrator.

	8.5	 	Disability Claims. The procedures for the processing of
disability claims and appeals shall vary from those set forth above as follows:

	 	(a)	 	Review of Disability Claims. To the extent the Administrator is determining a Claim for
benefits under the Plan on account of disability, the following procedures shall apply:

	 	(1)	 	Sufficient Information. If sufficient information has been provided, and
special circumstances do not apply, disability Claims are reviewed within a
reasonable period of time, such that notice of approval or denial may be provided
no later than 45 days after receipt of the Claim by the Administrator. The notice
of Claim approval or denial is provided to the Claimant no later than 45 days after
receipt of the claim by the Administrator.
	 
	 	(2)	 	Insufficient Information. If the Claimant failed to submit the information
necessary to decide the Claim, within the initial 

45-day period, the Administrator
shall notify the Claimant that an extension is necessary. The notice shall describe
the circumstances requiring

			
	 	 	 
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	 	 	 	the extension and the date by which the Plan expects to render a
benefit determination, specifically describe the required information, and
inform the Claimant that he or she has at least 45 days from receipt of
the notice within which to provide the specified information.
	 
	 	(3)	 	Notify of Extension. If the Administrator determines that an extension is
necessary due to matters beyond the control of the Plan, the Administrator shall
notify the Claimant prior to the expiration of the initial claims review period
that additional time, but no more than 30 days, is required.

	 	(b)	 	Review of Disability Claim Appeals. The Administrator shall provide the notice of
appeal approval or denial to the Claimant no later than 45 days after receipt of the
request for review, unless the Administrator determines that special circumstances require
an extension of time for processing the claim.

	8.6	 	Designation. The Administrator may designate any other person of its
choosing to make any determination otherwise required under this Article.
	 
	8.7	 	Arbitration. A claimant whose appeal has been denied under Section 8.4 or
Section 8.5(b) shall have the right to submit said claim to final and binding
arbitration in the State of Montana pursuant to the rules of the American Arbitration
Association. Any such requests for arbitration must be filed by written demand to the
American Arbitration Association within sixty (60) days after receipt of the decision
regarding the appeal. The costs and expenses of arbitration, including the fees of the
arbitrators, shall be borne by the losing party. The prevailing party shall recover as
expenses all reasonable attorney’s fees incurred by it in connection with the arbitration
proceeding or any appeals therefrom.

* * * * End of Article 8 * * * *

			
	 	 	 
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ARTICLE 9.

GENERAL PROVISIONS

	9.1	 	Administrator.

	 	(a)	 	The Administrator is expressly empowered to limit the amount of compensation that may be
deferred; to deposit amounts into trust in accordance with Section 7.2 hereof to interpret
the Plan, and to determine all questions arising in the administration, interpretation and
application of the Plan; to employ actuaries, accountants, counsel, and other persons it
deems necessary in connection with the administration of the Plan; to request any
information from the Employer it deems necessary to determine whether the Employer would be
considered insolvent or subject to a proceeding in bankruptcy; and to take all other
necessary and proper actions to fulfill its duties as Administrator.
	 
	 	(b)	 	The Administrator shall not be liable for any actions by it hereunder, unless due to its
own negligence, willful misconduct or lack of good faith.
	 
	 	(c)	 	The Administrator shall be indemnified and saved harmless by the Employer from and
against all personal liability to which it may be subject by reason of any act done or
omitted to be done in its official capacity as Administrator in good faith in the
administration of the Plan and Trust, including all expenses reasonably incurred in its
defense in the event the Employer fails to provide such defense upon the request of the
Administrator. The Administrator is relieved of all responsibility in connection with its
duties hereunder to the fullest extent permitted by law, short of breach of duty to the
beneficiaries.

	9.2	 	No Assignment. No benefit under the Plan shall be subject in any manner
to anticipation, alienation, sale, transfer, assignment, pledge encumbrance or charge, and any such
action shall be void for all purposes of the Plan. No benefit shall in any manner be subject to the
debts, contracts, liabilities, engagements or torts of any person, nor shall it be subject to
attachments or other legal process for or against any person, except to such extent as may be
required by law.

	9.3	 	No Employment Rights. Participation in this Plan shall not be
construed to confer upon any Participant the legal right to be retained in the employ of the
Employer, or give a Participant or beneficiary, or any other person, any right to any payment
whatsoever, except to the extent of the benefits provided for hereunder.
Each Participant shall remain subject to discharge to the same extent as if this Plan had
never been adopted.
	 
	9.4	 	Incompetence. If the Administrator determines that any person to whom a benefit is
payable under this Plan is incompetent by reason of physical or mental disability, the
Administrator shall have the power to cause the payments becoming due to such person to be made to
another individual for the Participant’s benefit without responsibility of the Administrator or the
Employer to see to the application of such payments. Any payment made pursuant to such power shall,
as to such payment, operate as a complete discharge of the Employer, the Administrator and the
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	9.5	 	Identity. If, at any time, any doubt exists as to the identity of any person
entitled to any payment hereunder or the amount or time of such payment, the Administrator shall be
entitled to hold such sum until such identity or amount or time is determined or until an order of
a court of competent jurisdiction is obtained. The
Administrator shall also be entitled to pay such sum into court in accordance with the
appropriate rules of law. Any expenses incurred by the Employer,
Administrator, and Trust incident to such proceeding or litigation shall be charged against
the Account of the affected Participant.

	9.6	 	Other Benefits. The benefits of each Participant or beneficiary hereunder
shall be in addition to any benefits paid or payable to or on account of the Participant or
beneficiary under any other pension, disability, annuity or retirement plan or policy whatsoever.
	 
	9.7	 	No Liability. No liability shall attach to or be incurred by any manager
of the
Employer, Trustee or any Administrator under or by reason of the terms, conditions and
provisions contained in this Plan, or for the acts or decisions taken or made thereunder or
in connection therewith; and as a condition precedent to the establishment of this Plan or
the receipt of benefits thereunder, or both, such liability, if any, is expressly waived and
released by each Participant and by any and all persons claiming under or through any
Participant or any other person. Such waiver and release shall be conclusively evidenced by
any act or participation in or the acceptance of benefits or the making of any election
under this Plan.
	 
	9.8	 	Expenses. All expenses incurred in the administration of the Plan, whether
incurred by the Employer or the Plan, shall be paid by the Employer.
	 
	9.9	 	Insolvency. Should the Employer be considered insolvent (as defined by the
Trust), the Employer, through its Board and chief executive officer, shall give immediate
written notice of such to the Administrator of the Plan and the Trustee. Upon receipt of
such notice, the Administrator or Trustee shall cease to make any payments to Participants
who were Employees of the Employer or their beneficiaries and shall hold any and all assets
attributable to the Employer for the benefit of the general creditors of the Employer.
	 
	9.10	 	Amendment and Termination.

	 	(a)	 	Except as otherwise provided in this section, the Employer shall have the sole authority
to modify, amend or terminate this Plan; provided, however, that any modification or
termination of this Plan shall not reduce, without the consent of a Participant, a
Participant’s right to any amounts already credited to his or her Account, or lengthen the
time period for a payout from an established Account, on the day before the effective date
of such modification or termination. Following such termination, payment of such credited
amounts may be made in a single sum payment if the Employer so designates and if permitted
by Code Section 409A and other applicable guidance. Any such decision to pay in a single sum
shall apply to all
Participants.

			
	 	 	 
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	 	(b)	 	A Participant shall have a vested right to his or her Account in the event of the
termination of the Plan pursuant to section (a), above.
	 
	 	(c)	 	Any funds remaining in the Trust after termination of the Plan and satisfaction of all
liabilities to Participants and others, shall be returned to the Employer.

	9.11	 	Employer Determinations. Any determinations, actions or decisions of the
Employer (including but not limited to, Plan amendments and Plan termination) shall be made
by the Board in accordance with its established procedures or by such other individuals,
groups or organizations that have been properly delegated by the Board to make such
determination or decision.

	9.12	 	Construction. All questions of interpretation, construction or application arising
under or concerning the terms of this Plan shall be decided by the Administrator, in its sole and
final discretion, whose decision shall be final, binding and conclusive upon all persons.
	 
	9.13	 	Governing Law. This Plan shall be governed by, construed and
administered in accordance with the applicable laws of the State of Montana.

	9.14	 	Severability. Should any provision of the Plan or any regulations adopted
thereunder be deemed or held to be unlawful or invalid for any reason, such fact shall not
adversely affect the other provisions or regulations unless such invalidity shall render impossible
or impractical the functioning of the Plan and, in such case, the appropriate parties shall
immediately adopt a new provision or regulation to take the place of the one held illegal or
invalid.
	 
	9.15	 	Headings. The Article headings contained herein are inserted only as a matter of
convenience and for reference and in no way define, limit, enlarge or describe the scope or intent
of this Plan nor in any way shall they affect this Plan or the construction of any provision
thereof.
	 
	9.16	 	Terms. Capitalized terms shall have meanings as defined herein. Singular nouns
shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as
appropriate.

* * * * End of Article 9 * * * *

SIGNATURE PAGE TO IMMEDIATELY FOLLOW

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

			
	 	 	 
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     IN WITNESS WHEREOF, FIRST INTERSTATE BANCSYSTEM, INC., by its Benefits Committee as
authorized by action of the Board of Directors on July 26, 2006, has caused this instrument to be
executed effective as of the Effective Date.

	 	 	 	 	 	 	 
	 	 	 	 	FIRST INTERSTATE BANCSYSTEM, INC.
	 	 	 	 	by its Benefits Committee
	 
	 	 	 	 	 	 
	 
	 	 	 	/s/ Robert A. Jones
	 	 	 	 	 
	 	 	 	 	By: Robert A. Jones
	 	 	 	 	Title: Chair
	 
	 	 	 	 	 	 
	ATTEST:	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Ramona Doll	 	 	 	 
	 	 	 	 	 
	By:
	 	Ramona Doll	 	 	 	 
	Title:
	 	VP, HAMG	 	 	 	 
	 	 	 	 	 

			
	 	 	 
	First Interstate BancSystem Inc. Deferred Compensation Plan
	 	22
	Prepared by Holland & Hart LLP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]