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                                                                    EXHIBIT 10.4

                             BANK OF THE SAN JUANS
                              EMPLOYMENT AGREEMENT
                                  JOHN STOLFA

     THIS EMPLOYMENT AGREEMENT (this "Agreement"), signed as of August 19, 2008,
between BANK OF THE SAN JUANS BANCORPORATION ("SJ Bancorp"), BANK OF THE SAN
JUANS (the "Bank") and John Stolfa. ("Executive") and ratified by GLACIER
BANCORP, INC. ("GBCI"), takes effect on the effective date of the pending Merger
(the "Effective Date") referenced below.

                                    RECITALS

A.   SJ Bancorp has entered into a Plan and Agreement Merger (the "Merger
     Agreement") with GBCI, pursuant to which SJ Bancorp will merge with and
     into GBCI, and the Bank will become a wholly owned subsidiary of GBCI (the
     "Merger").

B.   Executive presently serves as Chief Operating Officer and Chief Financial
     Officer of SJ Bancorp and the Bank and will continue to do so until the
     Effective Date.

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

                                    AGREEMENT

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

1.   EMPLOYMENT; TITLE. The Bank agrees to employ Executive, and Executive
     accepts employment by the Bank on the terms and conditions set forth in
     this Agreement. Executive's title will be Chief Operating Officer and Chief
     Financial Officer of the Bank.

2.   EFFECTIVE DATE AND TERM.

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

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

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

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

5.   SALARY. Executive will receive an annualized salary of $113,300.
     Executive's salary will be paid in accordance with the Bank's regular
     payroll schedule. Subsequent salary increases are subject to the Bank's
     annual review of Executive's compensation and performance.

6.   INCENTIVE COMPENSATION. Executive will be eligible to receive bonuses as
     determined by the Bank's board of directors. In making bonus
     determinations, factors such as Executive's performance of his duties and
     the safety, soundness and profitability of Employer will be considered.
     Executive's bonus will reflect Executive's contribution to the performance
     of the Bank during the year.

7.   VACATION AND BENEFITS.

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

     b.   Benefits. Executive will be entitled to participate in any group life
          insurance, disability, health and accident insurance plans, profit
          sharing plan and in other employee fringe benefit programs the Bank or
          GBCI may have in effect from time to time for its similarly situated
          employees, in accordance with and subject to any policies adopted by
          the Bank's or GBCI's board of directors with respect to the plans or
          programs, including without limitation, any incentive or employee
          stock option plan, deferred compensation plan and 401(k) plan. Neither
          the Bank nor GBCI through this Agreement obligates itself to make any
          particular benefits available to its employees.

     c.   Business Expenses. The Bank will reimburse Executive for ordinary and
          necessary expenses which are consistent with past practice at the Bank
          (including,

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          without limitation, travel, entertainment, and similar expenses) and
          which are incurred in performing and promoting the Bank's business.
          Executive will present from time to time itemized accounts of these
          expenses, subject to any limits of Bank policy or the rules and
          regulations of the Internal Revenue Service.

8.   TERMINATION OF EMPLOYMENT.

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

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

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

     d.   Return of Bank Property. If and when Executive ceases, for any reason,
          to be employed by the Bank, Executive must return to the Bank all
          keys, pass cards, identification cards and any other property of the
          Bank or GBCI. At the same time, Executive also must return to the Bank
          all originals and copies (whether in hard copy, electronic or other
          form) of any documents, drawings, notes, memoranda, designs, devices,
          diskettes, tapes, manuals, and specifications which constitute
          proprietary information or material of the Bank or GBCI. The
          obligations in this paragraph include the return of documents and
          other materials that may be in his desk at work, in his car, in place
          of residence, or in any other location under his control.

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

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

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

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

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

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

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

          (3)  A relocation or transfer of Executive's principal place of
               employment that would require Executive to commute on a regular
               basis more than thirty (30) miles each way from the Bank's
               present main office location.

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

10.  RESTRICTIVE COVENANTS.

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

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

11.  ENFORCEMENT.

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

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

12.  COVENANTS. Executive specifically acknowledges the receipt of adequate
     consideration for the covenants contained in Sections 9 and 10 and that the
     Bank is entitled to require him to comply with these Sections. These
     Sections will survive termination of this Agreement. Executive represents
     that if his employment is terminated, whether voluntarily or involuntarily,
     Executive has experience and capabilities sufficient to enable Executive to
     obtain employment in areas which do not violate this Agreement and that the
     Bank's enforcement of a remedy by way of injunction will not prevent
     Executive from earning a livelihood.

13.  ARBITRATION.

     a.   Arbitration. At either party's request, the parties must submit any
          dispute, controversy or claim arising out of or in connection with, or
          relating to, this Agreement or any breach or alleged breach of this
          Agreement, to arbitration under the American Arbitration Association's
          rules then in effect (or under any other

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

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

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

14.  MISCELLANEOUS PROVISIONS.

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

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

     c.   Litigation Expenses. If either party successfully seeks to enforce any
          provision of this Agreement or to collect any amount claimed to be due
          under it, this party will be entitled to reimbursement from the other
          party for any and all of its out-of-pocket expenses and costs
          including, without limitation, reasonable attorneys' fees and costs
          incurred in connection with the enforcement or collection.

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

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

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

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

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

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

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

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

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

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     This Employment Agreement is executed as of August 19, 2008.

                                        BANK OF THE SAN JUANS
                                        BANCORPORATION:

                                        By  /s/ Arthur C. Chase, Jr.
                                            ------------------------------------
                                        Its:

                                        BANK OF THE SAN JUANS:

                                        By  /s/ Arthur C. Chase, Jr.
                                            ------------------------------------
                                        Its:

                                        EXECUTIVE:

                                        /s/ John Stolfa
                                        ----------------------------------------
                                        John Stolfa

         Ratified as of August 19, 2008:

                                        GLACIER BANCORP, INC.

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

                                       8exv4w1

Exhibit 4.1

CERTIFICATE OF INCORPORATION

OF

NEW GULFMARK INTERNATIONAL, INC.

     I, the undersigned, for the purpose of incorporating and organizing a corporation under the
General Corporation Law of the State of Delaware, do hereby certify as follows:

     FIRST. The name of the Corporation (the “Corporation”) is New GulfMark International, Inc.

     SECOND. The registered office of the Corporation in the State of Delaware is located at 1209
Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801. The name of the
Corporation’s registered agent at such address is The Corporation Trust Company.

     THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law of the State of Delaware.

     FOURTH. The total number of shares of stock which the Corporation shall have authority to
issue is 17,000,000, consisting of 2,000,000 shares of Preferred Stock, without par value
(hereinafter called “Preferred Stock”), and 15,000,000 shares of Common Stock, of the par value of
$0.01 per share (hereinafter called “Common Stock”).

     The Preferred Stock may be issued from time to time in one or more series. The Board of
Directors is hereby authorized to provide for the issuance of shares of Preferred Stock in series,
and by filing a certificate pursuant to the applicable law of the State of Delaware (hereinafter
called a “Preferred Stock Designation”), to establish from time to time the number of shares to be
included in each such series, and to fix the designation, powers, preferences and rights of the
shares of each such series and the qualifications, limitations and restrictions thereof. The
authority of the Board of Directors with respect to each series shall include, but not be limited
to, determination of the following:

          (a) The designation of the series, which may be by distinguishing number, letter and title.

          (b) The number of shares of the series, which number the Board of Directors may thereafter
(except where otherwise provided in the creation of the series) increase or decrease (but not below
the number of shares thereof then outstanding).

          (c) Whether dividends, if any, shall be cumulative or noncumulative and the dividend rate of
the series.

          (d) The dates at which dividends, if any, shall be payable.

          (e) The redemption rights and price or prices, if any, for shares of the series.

 

 

          (f) The terms and amount of any sinking fund provided for the purchase or redemption of shares
of the series.

          (g) The amounts payable on shares of the series in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation.

          (h) Whether the shares of the series shall be convertible into shares of any other class or
series of shares, or any other security, of the Corporation or any other corporation, and, if so,
the specification of such other class or series or such other security, the conversion price or
prices or rate or rates, any adjustments thereof, the date or dates as of which such shares shall
be convertible and all other terms and conditions upon which such conversion may be made.

          (i) Restrictions on the issuance of shares of the same series or of any other class or
series.

          (j) The voting rights, if any, of the holders of such series.

     The Common Stock shall be subject to the express terms of the Preferred Stock and any series
thereof. Each share of Common Stock shall be equal to each other share of Common Stock. The holders
of Common Stock shall be entitled to one vote for each such share upon all questions presented to
the stockholders.

     No holder of any shares of any class shall as such holder have any preemptive or preferential
right to subscribe for or purchase any other shares or securities of any class, whether now or
hereafter authorized, which at any time may be offered for sale or sold by the Corporation.

     Except as may be provided in this Certificate of Incorporation or by the Board of Directors in
a Preferred Stock Designation, the Common Stock shall have the exclusive right to vote for the
election of Directors and for all other purposes, and holders of Preferred Stock shall not be
entitled to receive notice of any meeting of stockholders at which they are not entitled to vote.

     The Corporation shall be entitled to treat the person in whose name any share of its stock is
registered as the owner thereof for all purposes and shall not be bound to recognize any equitable
or other claim to, or interest in, such share on the part of any other person, whether or not the
Corporation shall have notice thereof, except as expressly provided by applicable laws.

     FIFTH. In furtherance of, and not in limitation of, the powers conferred by statute, the Board
of Directors is expressly authorized and empowered:

     (a) to adopt, amend or repeal the Bylaws of the Corporation; and

     (b) from time to time to determine whether and to what extent, and at what times and places,
and under what conditions and regulations, the accounts and books of the Corporation, or any of
them, shall be open to inspection of stockholders; and no stockholder shall have any right to
inspect any account, book or document of the Corporation except as conferred by applicable law and
subject to the rights, if any, of the holders of any series of Preferred Stock.

     The Corporation may in its Bylaws confer powers upon the Board of Directors in addition to the
foregoing and in addition to the powers and authorities expressly conferred upon the Board of
Directors by applicable law.

     SIXTH. Subject to the rights of the holders of any class or series of stock having a
preference over the Common Stock as to dividends or upon liquidation to elect additional Directors
under specified circumstances, the number of

 

 

Directors of the Corporation shall be fixed by the Bylaws of the Corporation and may be increased
or decreased from time to time in such a manner as may be prescribed by the Bylaws, but in no case
shall the number be less than 3 nor more than 5.

     SEVENTH. The names and mailing addresses of the persons who are to serve as Directors of the
Corporation until the first annual meeting of stockholders or until their successors are elected
and qualified are as follows:

	 	 	 
	Name	 	Mailing Address
	David J. Butters

	 	5 Post Oak Park, Suite 1170
Houston, TX 77027
	Norman G. Cohen

	 	5 Post Oak Park, Suite 1170
Houston, TX 77027
	Marshall A. Crowe

	 	5 Post Oak Park, Suite 1170
Houston, TX 77027
	Louis S. Gimbel, 3rd

	 	5 Post Oak Park, Suite 1170
Houston, TX 77027
	Robert B. Millard

	 	5 Post Oak Park, Suite 1170
Houston, TX 77027

     EIGHTH. Each person who is or was or had agreed to become a Director or officer of the
Corporation, or each such person who is or was serving or who had agreed to serve at the request of
the Board of Directors or an officer of the Corporation as an employee or agent of the Corporation
or as a Director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise (including the heirs, executors, administrators or estate of such
person), shall be indemnified by the Corporation to the full extent permitted from time to time by
the General Corporation Law of the State of Delaware or any other applicable laws as presently or
hereafter in effect. Without limiting the generality or the effect of the foregoing, the
Corporation may enter into one or more agreements with any person which provide for indemnification
greater or different than that provided in this Article Eighth. Any amendment or repeal of this
Article Eighth shall not adversely affect any right or protection existing hereunder immediately
prior to such amendment or repeal.

     NINTH. To the full extent permitted by the General Corporation Law of the State of Delaware or
any other applicable laws presently or hereafter in effect, no Director of the Corporation shall be
personally liable to the Corporation or its stockholders for or with respect to any acts or
omissions in the performance of his or her duties as a Director of the Corporation. Any amendment
or repeal of this Article Ninth shall not adversely affect any right or protection of a Director of
the Corporation existing immediately prior to such amendment or repeal.

     TENTH. The Corporation reserves the right to amend or repeal any provision contained in this
Certificate of Incorporation, including a Preferred Stock Designation, in the manner now or
hereafter prescribed by statute, and this Certificate of Incorporation, including any applicable
Preferred Stock Designation, and all rights conferred upon stockholders herein are created subject
to this reservation.

     ELEVENTH. The name and mailing address of the incorporator is W. Garney Griggs, 1301 McKinney,
Suite 3200, Houston, Texas 77010-3033.

 

 

     IN WITNESS WHEREOF, I, the undersigned, being the incorporator hereinabove named, do hereby
execute this Certificate of Incorporation this 4th day of December, 1996.

	 	 	 	 	 
	 

	 	/s/ W. GARNEY GRIGGS
 

W. Garney Griggs

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