Document:

EX-10.2

 EXHIBIT 10.2 

DIRECTOR NON-COMPETITION AGREEMENT 

This DIRECTOR NON-COMPETITION AGREEMENT, dated as of April 20, 2016 (“Non-Competition Agreement”), is made by and among
Glacier Bancorp, Inc. (“GBCI”), Glacier Bank, a wholly owned subsidiary of GBCI (“Glacier Bank”), Treasure State Bank (“TSB”), and the undersigned, each of whom is a director of the Bank and/or TSB
(each, a “Director”). 
 RECITALS 
  

	A.	TSB, GBCI, and Glacier Bank have entered into an Agreement and Plan of Merger dated on or about April 20, 2016 (the “Merger Agreement”), pursuant to which TSB will merge with and into Glacier Bank
(the “Merger”) and the Bank’s branch will operate under the name and as part of a division of Glacier Bank known as First Security Bank (the “Division”). 

 

	B.	The parties to this Non-Competition Agreement believe that the future success and profitability of GBCI and the Division, following the Merger, require that the Directors not be affiliated in any substantial way with a
Competing Business (as defined herein) for a reasonable period of time after closing of the Merger. 

  

	C.	This Non-Competition Agreement takes effect on the effective date of the proposed Merger (the “Effective Date”). 

AGREEMENT 
 In
consideration of the parties’ performance under the Merger Agreement, the undersigned each agree as follows: 
  

	1.	Definitions. Capitalized terms not defined in this Non-Competition Agreement have the meaning assigned to those terms in the Merger Agreement. The following definitions also apply to this Non-Competition
Agreement: 

  

	 	a.	Competing Business. “Competing Business” means any FDIC insured financial institution, credit union, or trust company (including, without limitation, any start-up providing competitive financial
services or other financial institution or trust company in formation) or holding company therefore that competes or will compete within the Covered Area with GBCI or any of its subsidiaries, divisions, or affiliates. 

 

	 	b.	Covered Area. “Covered Area” means Missoula County, Ravalli County and Lake County in the state of Montana. 

  

	 	c.	Term. “Term” means the period of time beginning on the Effective Date and ending two (2) years after the Effective Date. 

  
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	2.	Participation in Competing Business. Except as provided in Section 5 or 6, during the Term, no Director may become involved with or serve, directly or indirectly, a Competing Business in any manner,
including without limitation, (a) as a shareholder, member, partner, director, officer, manager, investor, organizer, founder, employee, consultant, agent, or representative, or (b) during the organization and pre-opening phases in the
formation of a Competing Business. 

  

	3.	No Solicitation. During the Term, no Director may, directly or indirectly, solicit or attempt to solicit (a) any employees or independent contractors of GBCI’s subsidiaries, divisions or
affiliates to participate, as an employee or otherwise, in any manner in a Competing Business, or (b) any customers of GBCI’s subsidiaries, divisions or affiliates to transfer any part of their business to a Competing Business.
Solicitation prohibited under this section includes solicitation by any means, including, without limitation, oral communications, meetings, letters or other direct mailings, electronic communications of any kind, and internet or social media
communications. 

  

	4.	Confidential Information. During and after the Term, each Director will not disclose any confidential information of TSB, GBCI or GBCI’s subsidiaries, divisions or affiliates obtained by such Director
and shall abide by all confidentiality provisions as set forth in the Merger Agreement. 

  

	5.	Outside Covered Area. Nothing in this Non-Competition Agreement prevents a Director from becoming involved with, as a shareholder, member, partner, director, officer, manager, investor, organizer, founder,
employee, consultant, agent, representative, or otherwise, a financial institution that has no operations in the Covered Area. 

  

	6.	Passive Interest. Notwithstanding anything to the contrary contained herein, nothing in this Non-Competition Agreement will prevent a Director from owning 2% or less of any class of security of a Competing
Business. 

  

	7.	Remedies. Any breach of this Non-Competition Agreement by a Director will entitle GBCI, Glacier Bank, and the Division, together with their successors and assigns, to injunctive relief and/or specific
performance, as well as to any other legal or equitable remedies they may be entitled to, it being agreed that money damages alone would be inadequate to compensate the non-breaching party for such breach. The rights and remedies of the parties to
this Non-Competition Agreement are cumulative and not alternative. 

  

	8.	Governing Law; Venue; Jurisdiction. This Voting Agreement will be deemed a contract made under, and for all purposes will be construed in accordance with, the laws of the State of Montana. Venue of any
legal action or proceeding between the parties related to this Voting Agreement shall be in Flathead County, Montana, and the parties consent to the personal jurisdiction of the courts of the State of Montana and the federal courts located in
Montana. Each of the parties hereto agrees not to claim that Flathead County, Montana, is an inconvenient place for trial. 

  
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	9.	Reformation. If any court determines that the restrictions set forth in this Non-Competition Agreement are unenforceable, then the parties request such court to reform those provisions to the maximum
restrictions, term, scope or geographic area that such court finds enforceable. 

  

	10.	Severability. Whenever possible, each provision or portion of any provision of this Non-Competition Agreement, including Sections 2 and 3, will be interpreted in such manner as to be effective and valid
under applicable law but if any provision or portion of any provision of this Non-Competition Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Non-Competition Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision or portion of any provision had never been contained herein. 

  

	11.	Individual Obligations. The obligations of each of the signatories to this Non-Competition Agreement are independent of one another and are not intended to be joint obligations of the undersigned. This
Non-Compete Agreement is intended to be enforceable by GBCI or Glacier Bank against each Director individually. 

  

	12.	Counterparts. The parties may execute this Non-Competition Agreement in one or more counterparts, including facsimile counterparts. All the counterparts will be construed together and will constitute one
Agreement. 

 [Signatures appear on following page.] 

  
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 This Director Non-Competition Agreement is executed as of April 20, 2016. 

 

									
	GLACIER BANCORP, INC.	 		 	TREASURE STATE BANK
					
	By	 	  
	 		 	By	 	  

		 	 Michael J. Blodnick
 President and Chief
Executive Officer
	 		 		 	 James A. Salisbury
 Chairman and
CEO

				
	GLACIER BANK	 		 		 	
					
	By	 	  
	 		 		 	
		 	 Michael J. Blodnick
 Chief Executive
Officer
	 		 		 	
				
	DIRECTORS:	 		 		 	
			
	  
	 		 	  

	James A. Salisbury, Chairman	 		 	J. Richard Orizotti
			
	  
	 		 	  

	Mark Burnham, Vice Chairman	 		 	Ronald Premuroso, Ph.D.
			
	  
	 		 	  

	Fred G. Carl, III	 		 	Ray Round
				
	  
	 		 		 	
	Stan Jenne, Ph.D.	 		 		 	

 [Signature Page to Non-Competition Agreement]EX-10.7

 Exhibit 10.7 

SPONSOR AGREEMENT 

THIS SPONSOR AGREEMENT (the “Agreement”), dated as of
            , 2016, is made by and between WGC USA Asset Management Company, LLC, a Delaware limited liability company (“Sponsor”), and the Global Currency Gold Trust, a
statutory trust organized under the laws of Delaware (the “Trust”), both for itself and on behalf of each of its currently operating series set forth on Schedule A to this Agreement (each, a “Fund” and collectively, the
“Funds”), as such Schedule may be amended from time to time. 
 1. The Trust and the Funds. Each of the Funds may be
deemed commodity pools for purposes of the Commodity Exchange Act of 1936, as amended (the “Commodity Exchange Act”) and the applicable regulations of the Commodity Futures Trading Commission. Each of the Funds is sponsored by the Sponsor,
a commodity pool operator registered under the Commodity Exchange Act. Neither the Trust nor any Fund is an investment company under the Investment Company Act of 1940 (the “Investment Company Act”) and neither is required to register
thereunder. The Sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940 and is not required to register thereunder. 

2. Appointment. Pursuant to the terms of the Trust’s Amended and Restated Agreement and Declaration of Trust (the
“Declaration of Trust”), Sponsor was appointed to serve as sponsor for the Funds, with full powers and rights to effectuate and carry out the purposes, activities and objectives of the Trust and the Funds. Sponsor has accepted such
appointment and hereby agrees to render such services to the Trust and the Funds on the terms and conditions set forth in this Agreement and the Declaration of Trust. 

3. Duties. Sponsor will perform such duties for the Funds as set forth in Article IV of the Declaration of Trust in accordance
with Sponsor’s best judgment and as outlined in each Fund’s then-current prospectus included as part of a registration statement filed with the U.S. Securities and Exchange Commission (“SEC”).  

4. Execution of Trust Documents. Pursuant to the terms of the Declaration of Trust, the Sponsor is authorized to execute
documents for and on behalf of the Trust. For the avoidance of doubt, when a specified officer of the Trust is required to execute a document, including but not limited to filings required to be made with regulatory authorities such as the
Securities and Exchange Commission and the Commodity Futures Trading Commission, the following officers of the Sponsor (or persons performing similar functions) shall be authorized to execute the document in the capacities indicated below:

  

			
	 Specified Trust Officer
	  	
Sponsor Officer Authorized to Execute Trust Document
in the Capacity of the Specified Trust
Officer

	Principal Executive Officer	  	Chief Executive Officer / President
	Principal Financial Officer	  	Chief Financial Officer / Treasurer
	Principal Accounting Officer	  	Chief Financial Officer / Treasurer
	Comptroller	  	Chief Financial Officer / Treasurer

  
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 5. Reporting; Record Keeping. Sponsor will be available at reasonable times to
discuss the activities of the Funds with the trustee of the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing the activities of the Funds are intended solely for the benefit of the Trust and the Funds, and the
Trust agrees that it will not disseminate such reports to any other party (other than the Funds’ service providers) without the prior consent of Sponsor, except as may be required by applicable law. Sponsor shall make or cause to be made, and
shall maintain or cause to be maintained, all records as are required to be made or maintained by it in its capacity as Sponsor and commodity pool operator of the Funds. 

6. Other Accounts. The Trust understands and acknowledges that Sponsor may act as sponsor or commodity pool operator for various
persons other than the Funds. The Trust, on behalf of the Funds, acknowledges that Sponsor may give advice and take action concerning other persons that may be the same as, similar to or different from the advice given, or the timing and nature of
action taken, concerning the Funds. Except to the extent necessary to perform Sponsor’s obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of
Sponsor to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual
or association. 
 7. Sponsor’s Compensation. Each Fund shall pay to Sponsor a fee as described in Schedule A that
is attached hereto and made a part hereof. Such fee shall be computed daily and paid not less than monthly in arrears by such Fund. No other compensation is paid to the Sponsor by the Funds. Sponsor’s compensation is paid in consideration of
Sponsor’s (i) services under this Agreement and the Declaration of Trust and (ii) the payment by Sponsor of the Fund expenses described in paragraph 8 below. 

8. Ordinary Fees and Expenses. Sponsor shall be responsible for the payment of the ordinary fees and expenses of the Funds,
including but not limited to the following: fees charged by the Funds’ administrator, custodian, gold delivery provider and index provider, NYSE Arca listing fees, typical maintenance and transaction fees of The Depository Trust Company, SEC
registration fees, printing and mailing costs, audit fees and expenses, legal fees not in excess of $100,000 per annum and expenses and applicable license fees. Sponsor shall not be required to pay any extraordinary expenses not incurred in the
ordinary course of the Funds’ business. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.
Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Funds. In addition, Sponsor shall not be required to pay any charges, fees, transaction or other costs in connection with any gold
delivery agreement or ISDA agreement in connection with the delivery of gold to or from a Fund. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. 

9. Liability and Indemnification. Sponsor will be liable for losses to the Funds, and Sponsor shall be indemnified, to the
extent provided in Section 4.05 of the Declaration of Trust. 

  
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 10. Tax Filings. Except as described in any applicable filings with the SEC,
Sponsor will not be responsible for making any tax credit or similar claim or any legal filing on the Trust’s or Funds’ behalf. 

11. Governing Law/Disputes. This Agreement is entered into in accordance with and shall be governed by the laws of the State of
Delaware; provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the
remaining laws of the State of Delaware shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives
any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial. 
 12.
Termination. This Agreement may be terminated (i) by Sponsor at any time upon 30 days’ prior written notice; or (ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing
its duties hereunder. Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be affected by termination of this Agreement. 

13. Notices. All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties
at their respective addresses. 
 Sponsor shall comply with, and be entitled to act on, any instructions reasonably believed to be
from an authorized representative of the Trust. Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority
of the persons providing such instructions. 
 14. Severability. In the event any provision of this Agreement is adjudicated
to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law,
unless a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement. 

15. Integration; Amendment. This Agreement together with any other written agreements between the parties entered into
concurrently with this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all previous oral or written negotiations, commitments and understandings related thereto. This
Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one party of any obligation of the other hereunder shall be considered a waiver of any other
obligation of such party. 

  
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 16. Further Assurances. Each party hereto shall execute and deliver such other
documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby. 

17. Headings. The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of
this Agreement. 
 18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original and all of which taken together shall be deemed to be one and the same instrument. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. 
  

			
	The Global Currency Gold Trust
		
	By:	 	  

	Title:	 	  

	Name:	 	  

	
	WGC USA Asset Management Company, LLC
		
	By:	 	  

	Title:	 	  

	Name:	 	  

  
 Signature Page –
Sponsor Agreement 

 SCHEDULE A 

to the 
 SPONSOR AGREEMENT

 Dated             , 2016 between 

THE GLOBAL CURRENCY GOLD TRUST 

and 
 WGC USA ASSET
MANAGEMENT COMPANY, LLC 
 The Trust will pay to the Sponsor as compensation for the Sponsor’s services rendered to each Fund, a fee, computed
daily at an annual rate based on the average daily net assets of each Fund in accordance with the following fee schedule: 
  

					
	 Fund
	  	Rate	 
	 Global Currency Gold Fund
	  	 	0.33	% 

  
 A-1

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