Document:

EMPLOYMENT
      AGREEMENT

    

    AGREEMENT
      effective January 1, 2008 between Mountain West Bank, (“Bank”), and Jon W.
      Hippler, (“Executive”), and ratified by Glacier Bancorp, Inc.
      (“Company”),

    

    RECITALS

    

    
      	
              A.

            	
              Mountain
                West Bank, (“Bank”), is a wholly owned subsidiary of Glacier Bancorp,
                Inc., (“Company”).

            

    

    

    
      	
              B.

            	
              Executive
                is the President and Chief Executive Officer of the Bank and a director
                of
                the Bank.

            

    

    

    
      	
              C.

            	
              The
                Bank desires Executive to continue his employment at the Bank under
                the
                terms and conditions of this
                Agreement.

            

    

    

    
      	
              D.

            	
              Executive
                desires to continue his employment at the Bank under the terms and
                conditions of this Agreement.

            

    

     

    AGREEMENT

    

    
      	
              1.

            	
              Employment.
                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 President and Chief Executive Officer
                of the Bank. During the term of this Agreement, Executive will serve
                as a
                director of the Bank.

            

    

    

    
      	
              2.

            	
              Term.
                The term of this Agreement is for one year beginning January 1,
                2008.

            

    

    

    
      	
              3.

            	
              Duties.
                The Bank will employ Executive as its President and Chief
                Executive Officer. Executive will faithfully and diligently perform
                his
                assigned duties, which are as
                follows:

            

    

    

    
      	 	
              (a)

            	
              Bank
                Performance. Executive will be responsible for all aspects of the
                Bank’s performance, including without limitation, directing that daily
                operational and managerial matters are performed in a manner consistent
                with the Bank’s and Company’s
                policies.

            

    

    

    
      	 	
              (b)

            	
              Development
                and Preservation of Business. Executive will be responsible for the
                development and preservation of banking relationships and other
                business development efforts (including appropriate civic and community
                activities) in Kootenai County.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              Report
                to Board. Executive will report directly to the Bank’s board of
                directors and to the Chief Executive Officer of the Company. The
                Bank’s
                board of directors may, from time to time, modify Executive’s title or
                add, delete, or modify Executive’s performance responsibilities to
                accommodate management succession, as well as any other management
                objectives of the Bank or of the Company. Executive will assume any
                additional positions, duties and responsibilities as may reasonably
                be
                requested of him with or without additional compensation, as appropriate
                and consistent with Sections 3(a) and 3(b) of this
                Agreement.

            

    

    

    
      	
              4.

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

            

    

    

    
      	
              5.

            	
              Salary.
                Executive will receive an annual salary of $256,256.00 to be paid in
                accordance with the Bank’s regular payroll
                schedule.

            

    

    

    
      	
              6.

            	
              Incentive
                Compensation. During the Term, the Bank’s board of directors,
                subject to ratification by Company’s board of directors, will determine
                the amount of bonus to be paid by the Bank to Executive for that
                year. In
                making this determination, the Bank’s board of directors will consider
                factors such as Executive’s performance of his duties and the safety,
                soundness and profitability of the Bank. Executive’s bonus will reflect
                Executive’s contribution to the performance of the Bank during the year.
                This bonus will be paid to Executive no later than January 31 of
                the year
                following the year in which the bonus is earned by
                Executive.

            

    

    

    
      	
              7.

            	
              Income
                Deferral. Executive will be eligible to participate in any
                program available to the Bank’s and Company’s senior management for income
                deferral, for the purpose of deferring receipt of any or all of the
                compensation he may become entitled to under this
                Agreement.

            

    

    

    
      	
              8.

            	
              Vacation
                and Benefits.

            

    

    

    
      	 	
              (a)

            	
              Vacation
                and Holidays. Executive will receive four weeks of paid
                vacation each year in addition to all holidays observed by the Bank.
                Executive may carry over, in the aggregate, up to four weeks of unused
                vacation to a subsequent year. Any unused vacation time in excess
                of four
                weeks will not accumulate or carry over from one calendar year to
                the
                next. Each calendar year Executive shall take not less than one (1)
                week
                vacation.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Benefits.
                Executive will be entitled to participate in any group life insurance,
                disability, health and accident insurance plans, profit sharing and
                pension plans and in other employee fringe benefit programs the Bank
                or
                Company may have in effect from time
                to
                time for its similarly situated employees, in accordance with and
                subject
                to any policies adopted by the Bank’s board of directors with respect to
                the plans or programs, including without limitation, any incentive
                or
                employee stock option plan, deferred compensation plan, 401(k) plan,
                and
                Supplemental Executive Retirement Plan (SERP). Neither the Bank nor
                Company, through this Agreement, obligate 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,
                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 the Bank policy or the rules and regulations
                of
                the Internal Revenue Service. Reimbursement will be made as soon
                as
                practicable but no later than the last day of the calendar year following
                the calendar year in which the expenses were incurred. The amount
                of
                expenses eligible for reimbursement in one calendar year will not
                affect
                the amount of expenses eligible for reimbursement in any other calendar
                year.

            

    

    

    
      	
              9.

            	
              Termination of
                Employment.

            

    

    

    
      	 	
              (a)

            	
              Termination
                by the Bank for Cause. If the Bank terminates Executive’s employment
                for Cause (defined below) before this Agreement terminates, the Bank
                will
                pay Executive, within 10 business days following his termination
                of
                employment, 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
                9(a).

            

    

    

    
      	 	
              (b)

            	
              Other
                Termination by the Bank. If the Bank terminates Executive's employment
                without Cause before this Agreement terminates, or Executive terminates
                his employment for Good Reason (defined below) before this Agreement
                terminates, the Bank will pay Executive a payment having a present
                value
                equal to the compensation and other benefits he would have been entitled
                to if his employment had not terminated. All payments made pursuant
                to
                this Section 9(b) shall be completed no later than March 15 of the
                calendar year following the calendar year in which Executive’s employment
                terminates.

            

    

    

    
      	 	
              (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 9(c), the Company shall pay Executive or his estate, within
                10
                business days following his termination of employment, all compensation
                and benefits earned and expenses reimbursable through the date Executive’s
                employment terminated.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
            	(d)	
              Termination
                Related to a Change in Control.

            

    

    

    
      	 	
              (1)

            	
              Termination
                by Bank. If the Bank, or its successor in interest by merger, or its
                transferee in the event of a purchase in an assumption transaction
                (for
                reasons other than Executive’s death, disability, or Cause) (A) terminates
                Executive’s employment within one year following a Change in Control (as
                defined below), or (B) terminates Executive’s employment before the Change
                in Control but on or after the date that any party either announces
                or is
                required by law to announce any prospective Change in Control transaction
                and a Change in Control occurs within six months after the termination,
                the Bank will provide Executive with the payment and benefits described
                in
                Section 9(d)(3) below.

            

    

    

    
      	 	 	
              (2)

            	
              Termination
                by Executive. If Executive terminates Executive’s employment, with or
                without Good Reason, within one year following a Change in Control,
                the
                Bank will provide Executive with the payment and benefits described
                in
                Section 9(d)(3).

            

    

    

    
      	 	 	
              (3)

            	
              Payments.
                If Section 9(d)(1)(A) or Section 9(d)(2) is triggered in accordance
                with
                its terms, the Bank will: (i) subject to Sections 9(e) and 9(j) below,
                beginning within 30 days after Executive’s separation from service as
                defined by Treasury Regulation § 1.409A-1(h) (“Separation from Service”),
                pay Executive in 12 substantially equal monthly installments in an
                overall
                amount equal to the Executive’s annual salary (determined as of the day
                before the date Executive’s employment was terminated) and (ii) maintain
                and provide for one year following Executive’s termination, at no cost to
                Executive, the benefits described in Section 8(b) to which Executive
                is
                entitled (determined as of the day before the date of such termination);
                but if Executive’s participation in any such benefit is thereafter barred
                or not feasible, or discontinued or materially reduced, the Bank
                will
                arrange to provide Executive with benefits substantially similar
                to those
                benefits or reimburse Executive’s out-of-pocket expenses of substantially
                similar type and value. Subject to Sections 9(e) and 9(j) below,
                if
                Section 9(d)(1)(B) is triggered in accordance with its terms, beginning
                within 30 days after a Change in Control, the Company will pay Executive
                in 12 substantially equal monthly installments in an overall amount
                equal
                to the Executive’s annual salary (determined on the day before the date
                Executive’s employment was
                terminated).

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              Limitations
                on Payments Related to Change in Control.
                The following apply notwithstanding any other provision of this
                Agreement:

            

    

    

    
      	 	
              (1)

            	
              the
                total of the payments and benefits described in Section 9(d)(3) will
                be
                less than the amount that would cause them to be a “parachute payment”
                within the meaning of Section 280G(b)(2)(A) of the Internal Revenue
                Code;

            

    

    

    
      	 	 	
              (2)

            	
              the
                payment and benefits described in Section 9(d)(3) will be reduced
                by any
                compensation (in the form of cash or other benefits) received by
                Executive
                from the Bank or its successor after the Change in Control and/or
                after
                Executive’s termination of employment;
                and

            

    

    

    
      	 	
              (3)

            	
              Executive’s
                right to receive the payments and benefits described in Section 9(d)(3)
                terminates (i) immediately if before the Change in Control transaction
                closes, Executive terminates his employment without Good Reason,
                or the
                Bank terminates Executive’s employment for Cause, or (ii) one year after a
                Change of Control occurs.

            

    

    

    
      	 	
              (f)

            	
              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. At
                the
                same time, Executive also must return to the Bank all originals and
                copies
                (whether in memoranda, designs, devices, diskettes, tapes, manuals,
                and
                specifications) which constitute proprietary information or material
                of
                the Bank. The obligations in this paragraph include the return of
                documents and other materials which may be in his desk at work, in
                his
                car, in place of residence, or in any other location under his
                control.

            

    

    

    
      	
            	(g)	
              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;

            

    

    

    
      	 	 	
              (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; or

            

    

    

    
      	 	 	
              (4)

            	
              Permanent
                disability, meaning a physical or mental impairment which renders
                Executive incapable of substantially performing the duties required
                under
                this Agreement, and which is expected to continue rendering Executive
                so
                incapable for the reasonably foreseeable
                future.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
            	(h)	
              Good
                Reason.
                Executive terminates employment for “Good Reason” if all four of the
                following criteria are satisfied: 

            

    

    

    
      	 	
              (1)

            	
              Any
                one or more of the following conditions (each a “Condition”) arises
                without Executive’s consent:

            

    

    

    (A) The
      material reduction of Executive’s salary, unless the reduction or elimination is
      generally applicable to other executive officers within the Company (or
      executive officers of a successor or controlling entity of the Bank) formerly
      benefitted;

     

    (B) The
      material diminution in Executive’s authority or duties as of the date of this
      Agreement;

     

    (C) The
      material breach of this Agreement by the Bank, or

     

    (D) A
      material relocation or transfer of Executive’s principal place of employment to
      a location outside Kootenai County, Idaho.

    

    
      	 	
              (2)

            	
              Executive
                gives notice to the Bank of the Condition within 90 days of the initial
                existence of the Condition.

            

    

    

    
      	 	
              (3)
                

            	
              The
                Bank fails to reasonably remedy the Condition within 30 days following
                receipt of the notice described in paragraph (2)
                above.

            

    

    

    
      	 	
              (4)
                

            	
              Executive
                terminates employment within 180 days following the initial existence
                of
                the Condition.

            

    

    

    
      	 	
              (i)

            	
              Change
                in Control.
                “Change in Control” means a change “in the ownership or effective control”
                or “in the ownership of a substantial portion of the assets” of the
                Company and the Bank, within the meaning of Treas. Reg. §
                1.409A-3(i)(5).

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
            	(j)	
              Section
                409A Compliance. Notwithstanding anything in this Agreement to the
                contrary, if any amounts that become due under this Agreement on
                account
                of the termination of Executive’s employment constitute “nonqualified
                deferred compensation” within the meaning of Code Section 409A, payment of
                such amounts shall not commence until Executive incurs a Separation
                from
                Service (as defined in Section 9(d)(3)). If, at the time of Executive’s
                Separation from Service under this Agreement, Executive is a “specified
                employee” (under Internal Revenue Code Section 409A), any amount that
                constitutes “nonqualified deferred compensation” within the meaning of
                Code Section 409A that becomes payable to Executive on account of
                Executive’s Separation from Service (including any amounts payable
                pursuant to the preceding sentence) will not be paid until after
                the end
                of the sixth calendar month beginning after Executive’s Separation from
                Service (the “409A Suspension Period”). Within 14 calendar days after the
                end of the 409A Suspension Period, Executive shall be paid a lump
                sum
                payment in cash equal to any payments delayed because of the preceding
                sentence, together with interest on them for the period of delay
                at a rate
                not less than the average prime interest rate published in the Wall
                Street
                Journal on any day chosen by the Company during that period. Thereafter,
                Executive shall receive any remaining payments as if there had not
                been an
                earlier delay.

            

    

    

    
      	
              10.

            	
              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
                the Bank or its business operations, unless (1) the Bank consents
                to the
                use or disclosure of confidential information; (2) the use or disclosure
                is consistent with Executive’s duties under this Agreement, or (3)
                disclosure is required by law or court order. For purposes of this
                Agreement, confidential business information includes, without limitation,
                trade secrets (as defined under the Montana Uniform Trade Secrets
                Act,
                Montana Code §30-14-402), various confidential information on investment
                management practices, marketing plans, pricing structure and technology
                of
                either the Bank or Company. Executive will also treat the terms of
                this
                Agreement as confidential business
                information.

            

    

    

    
      	
              11.

            	
              Noncompetition.
                During the Term and the terms of any extensions or renewals of this
                Agreement and for a period equal to one year after Executive’s employment
                with the Bank and Company has terminated, Executive will not, directly
                or
                indirectly, as a shareholder, director, officer, employee, partner,
                agent,
                consultant, lessor, creditor or
                otherwise:

            

    

    

    
      	 	
              (a)

            	
              provide
                management, supervisory or other similar services to any person or
                entity
                engaged in any business in counties in which the Bank or Company
                may have
                a presence which is competitive with the business of the Bank or
                Company
                or a subsidiary 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
                bank.

            

    

    

    
      	 	
              (b)

            	
              persuade
                or entice, or attempt to persuade or entice any employee of the Bank
                or
                Company or a subsidiary to terminate his/her employment with the
                Bank or a
                subsidiary.

            

    

    

    
      	 	
              (c)

            	
              persuade
                or entice or attempt to persuade or entice any person or entity to
                terminate, cancel, rescind or revoke its business or contractual
                relationships with the Bank or
                Company.

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    
      	
              12.

            	
              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 10 and 11 (including without limitation
                their scope, duration and geographic extent) are fair and reasonably
                necessary for the protection of the Bank’s and Company’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 Company to the maximum
                extent, in time, scope of activities and geography, the court finds
                enforceable.

            

    

    

    
      	 	
              (b)

            	
              Executive
                acknowledges the Bank and Company 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 10 or 11 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.

            

    

     

    
      	
              13.

            	
              Covenants.
                Executive specifically acknowledges the receipt of adequate
                consideration for the covenants contained in Sections 10 or 11 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.

            

    

     

    
      	
              14.

            	
              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 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.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

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

            

    

    

    
      	 	
              (c)

            	
              Exception
                to Arbitration. Notwithstanding the above, if Executive violates
                Section 10 or 11, the Bank will have the right to initiate the court
                proceedings described in Section 12(b), in lieu of an arbitration
                proceeding under this Section 14.

            

    

    

    
      	
              15.

            	
              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 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 and ratified by the
                Company.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (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 Idaho 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 Kootenai County,
                Idaho.

            

    

    

    
      	 	
              (i)

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

            

    

    

    Signed
      this 21st
      day of
      December,
      2007.

     

    
      	 	 	
            
	 	MOUNTAIN WEST BANK
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Charles
              R. Nipp, Chairman 

    

     

    

    
      	Attest:
              By:	 	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	
            
	
              
                
Kim
                Jacklin, Secretary

            	 	 	
            

    

     

    
      
        	 	 	
              
	 	EXECUTIVE
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Jon
                W. Hippler

      
        	
                Ratified
                  

                GLACIER
                  BANCORP, INC.

              	 	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	
              
	
                
                  
Michael
                  J. Blodnick

              	 	 	
              
	
                President/CEO

              	 	 	
              

      

      
 

      
        
          
          

        

        
          10Exhibit 10.1

                           STOCK REPURCHASE AGREEMENT

     This Stock Repurchase  Agreement (this "Agreement") is dated as of December
31,  2007  between  Steamboat   Industries  LLC  ("SIL")  and  Standard  Parking
Corporation, a Delaware corporation (the "Company").

                                    RECITALS
                                    --------

     A.  SIL and its  affiliates  (collectively,  "Seller")  have  control  over
certain shares of common stock,  par value $0.001 per share, of the Company (the
"Common Stock").

     B. The Board of Directors of the Company (the "Board") has  authorized  the
repurchase of shares of its Common Stock for a value not to exceed $25.0 million
(the "Repurchase").

     C. The  Repurchase  authorized  by the Board will be  comprised of (i) open
market  repurchases of Common Stock  authorized by the Company from time to time
("Open Market Purchases"), and (ii) repurchases of Common Stock from Seller from
time to time as determined  by Seller,  at the same price paid by the Company in
each corresponding Open Market Purchase (the "SIL Repurchases").

     D.  Seller  desires to sell and the Company  desires to purchase  shares of
common stock of the Company  (the  "Shares")  in  accordance  with the terms and
conditions of this Agreement.

                                    AGREEMENT
                                    ---------

     NOW,  THEREFORE,  in consideration of the mutual covenants set forth in the
Agreement  and other  good and  valuable  consideration,  the  parties  agree as
follows:

     1. Purchase of Shares. From the date of this Agreement through the earliest
to occur of, (a) the date upon which the Board shall  terminate  the  Repurchase
or, (b) the Company  consummates  the repurchase of shares having a value not to
exceed $25 million  (the  "Term"),  Seller  hereby  agrees to sell Shares to the
Company from time to time as determined by Seller, and the Company hereby agrees
to purchase  Shares from time to time as so  determined  by Seller,  at the same
price paid by the Company in each  corresponding  Open Market  Purchase,  as set
forth in Schedule A attached  hereto.  Each SIL Repurchase shall take place on a
date (a  "Closing  Date")  determined  in  accordance  with  Schedule A. On each
Closing Date,  the Company shall pay the purchase price for the Shares to Seller
in  immediately  available  funds  by check or by wire  transfer  to an  account
designated by Seller, and Seller shall deliver stock  certificates  representing
the Shares together with an executed  assignment  separate from the certificates
transferring  the  Shares to the  Company or  otherwise  properly  endorsed  for
transfer.  The  Company's  officers  shall  thereafter  cause  the  Shares to be
cancelled or held by the Company as treasury stock.

                                       5
<PAGE>

     2. Specific Approval. The Company shall obtain the approval in advance (the
"Specific  Approval")  of the Audit  Committee  (which  may be by  facsimile  or
electronic mail) of each specific repurchase transaction in accordance with Rule
16b-3(e) under the Securities  Exchange Act of 1934, as amended, if so requested
by  John  V.  Holten,  directly  or  directly  through  any of  Seller,  the JVH
Descendants'  2001 Trust, the JVH Descendants'  2004 Trust, the JVH Descendants'
2007 Trust,  Vinland Industries LLC ("VIL") or any other trust, company or other
entity for which John V. Holten  serves as trustee,  manager or officer,  as the
case may be, and which may be a direct or indirect beneficial owner of shares of
the Company.

     The Company shall notify the Audit Committee  (which may be by facsimile or
electronic mail) of the date of such repurchase  transaction,  number of shares,
price per share and total  consideration.  The Closing Date for such  repurchase
transaction shall not occur until the Specific  Approval has been obtained.  The
Specific  Approval  shall  apply also with  respect to John V.  Holten,  the JVH
Descendants'  2001 Trust, the JVH Descendants'  2004 Trust, the JVH Descendants'
2007 Trust,  VIL and any other trust,  company or other entity for which John V.
Holten serves as trustee,  manager or officer, as the case may be, and which may
own an interest in Seller or may  otherwise  be a direct or indirect  beneficial
owner of the shares of the Company under Section 16 of the  Securities  Exchange
Act of 1934, as amended.

     3. Representations and Warranties of Seller. Seller represents and warrants
to the Company that:

     (a) Seller is the owner of the Shares to be sold hereunder,  free and clear
of any liens,  encumbrances,  security agreements,  options,  claims, charges or
restrictions  except as set forth in that certain  Registration Rights Agreement
between the Company and SIL dated as of June 2, 2004.

     (b)  Following  each  Closing  Date  under this  Agreement,  Seller and its
affiliates shall maintain voting control over a majority of the Common Stock.

     (c) Seller has full power and  capacity  to  execute,  deliver  and perform
under  this  Agreement,  which has been duly  executed  and  delivered  by,  and
evidences  the valid and binding  obligation  of Seller in  accordance  with its
terms.  Upon its  execution  and delivery,  this  Agreement  will be a valid and
binding obligation of Seller, enforceable in accordance with its terms.

     (d) Seller has entered into this Agreement  based on its own  investigation
and analysis and that of its advisors, including legal counsel.

                                       6
<PAGE>

     (e) Seller has had an  opportunity  to review the federal,  state and local
tax  consequences of the sale of the Shares to the Company and the  transactions
contemplated  by this  Agreement  with its own tax  advisors.  Seller is relying
solely on such  advisors and not on any  statements  or  representations  of the
Company or any of its agents.  Seller  understands that it (and not the Company)
shall be  responsible  for its own tax  liability,  if any  that may  arise as a
result of the transactions contemplated by this Agreement.

     4. Arm's Length Transaction. Each party has conducted its own investigation
and analysis and freely and independently  bargained for this Agreement at arm's
length  without  reliance  on any  other  party  and  each  party  is  receiving
reasonably equivalent value and fair consideration.

     5. Miscellaneous.

          5.1.  Governing  Law. This  Agreement is to be construed in accordance
with and governed by the internal laws of the State of Delaware  without  giving
effect to any choice of law rule that would cause the application of the laws of
any  jurisdiction  other than the internal  laws of the State of Delaware to the
rights and duties of the parties. All disputes and controversies  arising out of
or in connection with this Agreement shall be resolved  exclusively by the state
and federal courts located in City of Chicago, State of Illinois, and each party
hereto agrees to submit to the jurisdiction of said courts and agrees that venue
shall lie exclusively with such courts.

          5.2. Entire Agreement;  Amendment;  Waiver.  This Agreement sets forth
the entire  agreement and  understanding  of the parties relating to the subject
matter herein and supersedes  any prior  understandings  and agreements  between
them. No modification  of or amendment to this Agreement,  nor any waiver of any
rights under this Agreement,  shall be effective unless in writing signed by the
parties to this Agreement.  No failure on the part of a party to exercise and no
delay in  exercising,  any right,  remedy,  power or privilege  hereunder  shall
operate as a waiver  thereof,  nor shall any single or partial  exercise  of any
such right,  remedy,  power or privilege  preclude any other or further exercise
thereof or the exercise of any other rights, remedy, power or privilege.

          5.3.  Severability.  If  any  provision  of  this  Agreement,  or  the
application of such provision to any person or circumstance,  is held invalid or
unenforceable,  the  remainder of this  Agreement,  or the  application  of such
provisions to persons or  circumstances  other than those as to which it is held
invalid or unenforceable, shall not be affected thereby.

          5.4. Successors and Assigns.  This Agreement shall be binding upon the
heirs, executors, administrators, successors and assigns of the parties hereto.

          5.5.  Counterparts.  This  Agreement  may be  executed  in two or more
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall constitute one instrument.

                                       7
<PAGE>

          IN  WITNESS   WHEREOF,   the  undersigned  have  executed  this  Stock
Repurchase Agreement as of the date first referred above.

STANDARD PARKING CORPORATION                        STEAMBOAT INDUSTRIES LLC

By: /s/ James A. Wilhelm                            By: /s/ John V. Holten
   -------------------------------------                ------------------------
   James A. Wilhelm                                     John V. Holten
   President and Chief Executive Officer                Manager

                                       8

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