Document:

EX-10.29

Exhibit 10.29

2009 RESTRICTED STOCK AGREEMENT

This Restricted Stock Agreement is dated as of the 29th day of April, 2009, between FBL
Financial Group, Inc., an Iowa corporation (the “Company”), and James E. Hohmann (“Employee”).

     1. Award.

(a) Shares. Pursuant to the FBL Financial Group, Inc. 2006 Class A Common Stock
Compensation Plan (the “Plan”), 181,160 shares (the “Restricted Shares”) of the Company’s
common stock, without par value (“Stock”), shall be issued as hereinafter provided in
Employee’s name subject to certain restrictions thereon.

(b) Issuance of Restricted Shares. The Restricted Shares shall be issued upon
acceptance hereof by Employee, subject to satisfaction of the conditions of this Agreement.

(c) Plan Incorporated. Employee acknowledges receipt of a copy of the Plan, and
agrees that this award of Restricted Shares shall be subject to all of the terms and
conditions set forth in the Plan, including future amendments thereto, if any, pursuant to
the terms thereof, which Plan is incorporated herein by reference as a part of this
Agreement.

(d) Policy Incorporated. Employee acknowledges receipt of a copy of Exhibit A, the
Impact of Restatement of Financial Statements Upon Awards Policy (“Clawback Policy”) adopted
by the Management Development and Compensation Committee of the Board of Directors and
agrees that this award of Restricted Shares shall be subject to all of the terms and
conditions set forth in the Clawback Policy, including future amendments thereto, if any,
which Clawback Policy is incorporated herein by reference as part of this Agreement.

(e) Additional Definitions.

(i) Employment Agreement. ”Employment Agreement” shall mean the employment
agreement entered into between the Employee and Company effective April 29, 2009.

(ii) Good Reason.  “Good Reason” means one or more of the following conditions
arising without the consent of the Employee:

(1) A reduction in the Employee’s Base Salary under the Employment Agreement, or
vested Restricted shares to which the Forfeiture Restrictions have lapsed under this
Agreement.

(2) The failure of the Company to obtain the assumption in writing of its obligations
under this Agreement by any successor to all or substantially all of the Company’s
assets within 15 days following a merger, consolidation sale, or similar transaction;
or

(3) Any other action or inaction that constitutes a material breach by the Company
under the Employment Agreement.

(iii) Cause. ”Cause” means:

 

 

(1) The Employee’s willful and continued failure to substantially perform the
Employee’s duties with the Company or its Affiliates (other than any such failure
resulting from the Employee’s incapacity due to physical or mental illness), after a
written demand for substantial performance is delivered to the Employee by the
Company which specifically identifies the manner in which the Company believes that
the Employee has not substantially performed his or her duties;

(2) The final conviction of the Employee of, or an entering of a guilty plea or a
plea of no contest by the Employee to, a felony; or

(3) The willful engaging by the Employee in illegal conduct or gross misconduct which
is materially and demonstrably injurious to the Company.

For purposes of this definition, no act or failure to act on the part of the Employee
shall be considered “willful” unless it is done, or omitted to be done, by the
Employee in bad faith or without a reasonable belief that the action or omission was
in the best interests of the Company or its Affiliates. Any act, or failure to act,
based on authority given pursuant to a resolution duly adopted by the Board, the
instructions of a more senior officer of the Company or the advice of counsel to the
Company or its Affiliates will be conclusively presumed to be done, or omitted to be
done, by the Employee in good faith and in the best interests of the Company and its
Affiliates.

(iv) Committee. “Committee” shall mean the Management Development and
Compensation Committee of the Board of Directors.

(v) Term of Employment. “Term of Employment” shall mean the term specified in the
Employment Agreement.

2. Restricted Shares. Employee hereby accepts the Restricted Shares when issued and agrees
with respect thereto as follows:

(a) Forfeiture Restrictions. The Restricted Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the
extent then subject to the Forfeiture Restrictions (as hereinafter defined), and in the
event of termination of Employee’s employment with the Company or employing subsidiary for
any reason other than (i) completing the Term of Employment as defined in the Employment
Agreement, (ii) death or (iii) disability as determined by the Company, or except as
otherwise provided in the last sentence of subparagraph (b)(iii)(C) of this Paragraph 2,
Employee shall, for no consideration, forfeit to the Company all Restricted Shares to the
extent then subject to the Forfeiture Restrictions. The prohibition against transfer and
the obligation to forfeit and surrender Restricted Shares to the Company upon termination of
employment are herein referred to as “Forfeiture Restrictions.” The Forfeiture Restrictions
shall be binding upon and enforceable against any transferee of Restricted Shares.

(b) Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to
the Restricted Shares in accordance with the following schedule:

(i) Noncontingent Lapse Dates: The Forfeiture Restrictions shall lapse as to the following
numbers of Restricted Shares during the Employee’s Term of Employment as follows:

2

 

	 	 	 	 	 
	Lapse Date	 	Number of Shares
	5-1-2009
	 	 	9,058	 
	6-1-2009
	 	 	9,058	 
	7-1-2009
	 	 	9,058	 
	8-1-2009
	 	 	9,058	 
	9-1-2009
	 	 	9,058	 
	10-1-2009
	 	 	9,058	 
	11-1-2009
	 	 	9,058	 
	12-1-2009
	 	 	9,058	 

(ii) Contingent Lapse Date: The Forfeiture Restrictions shall lapse as to the Restricted
Shares not vested under subparagraph (b)(i) above based upon the attainment of goals reached
with respect to the performance of the Company during Employee’s Term of Employment. The
specific goals to be obtained, and the weight to be given each goal , shall be determined by
the Lead Director and the Chairman of the Management Development and Compensation Committee
within sixty (60) days of the date this Agreement is fully executed. The exact number of
Restricted Shares as to which the Forfeiture Restrictions may lapse under this subparagraph
will be determined jointly by the Lead Director and the Chairman of the Management
Development and Compensation Committee, with such determination based upon the attainment of
the goals established , and shall be made after December 31, 2009, but prior to March 1,
2010 (hereinafter “Contingent Lapse Date”). Any Restricted Shares under this subparagraph
as to which the Forfeiture Restrictions are not removed by the Contingent Lapse Date shall
be forfeited and surrendered.

(iii) Effect of Termination of Employment: Notwithstanding the foregoing:

(A) If Employee’s employment with the Company is terminated for Cause, during the
Term of Employment, Employee shall surrender and forfeit all Restricted Shares,
except those shares as to which the Forfeiture Restrictions had lapsed under
subparagraph (b)(i) above as of the termination date.

(B) If Employee’s employment with the Company is terminated prior to the Term of
Employment without Cause, or by the Employee for Good Reason, or due to death or
disability of the Employee, no surrender or forfeiture shall occur as to those
Restricted Shares on which the Forfeiture Restrictions had lapsed pursuant to
subparagraph (b)(i) above as of the termination date; however, all Restricted Shares
as to which the Forfeiture Restrictions had not lapsed under subparagraph (b)(ii)
above shall be surrendered and forfeited as of the Contingent Lapse Date, unless a
determination has been made prior to the Contingent Lapse Date to remove all, or a
portion of the Forfeiture Restrictions in accordance with subparagraph (b)(ii) above,
or subparagraph (C) below.

(C) In the event Employee’s employment is terminated for any other reason, the
Committee or its delegate, as appropriate, may, in the Committee’s or such delegate’s
sole discretion, approve the lapse of Forfeiture Restrictions as to any or all
Restricted Shares still subject to such restrictions, such lapse to be effective on
the Contingent Lapse Date.

(c) Dividend Restriction. Payment of any dividends on the Restricted Shares is
contingent upon meeting the performance and service requirements referenced in this
Agreement, and

3

 

such dividends shall be retained by the Company and not paid to Employee until the
applicable Lapse Date, and then only in respect to shares which have not been forfeited.

(d) Certificates. A certificate evidencing the Restricted Shares shall be issued by
the Company in Employee’s name, or at the option of the Company, in the name of a nominee of
the Company, pursuant to which Employee shall have voting rights and such rights to
dividends as are described in paragraph 2(c), above. As required by the Plan, the
certificate shall bear a legend reading as follows: “The sale or other transfer of the
Shares of Stock represented by this certificate, whether voluntary, involuntary, or by
operation of law, is subject to certain restrictions on transfer as set forth in the FBL
Financial Group, Inc. 2006 Class A Common Stock Compensation Plan and in a Restricted Stock
Agreement dated April 29, 2009. A copy of the Plan and such Restricted Stock Agreement may
be obtained from the Secretary of FBL Financial Group, Inc.” The Company may cause the
certificate to be delivered upon issuance to the Secretary of the Company or to such other
depository as may be designated by the Company as a depository for safekeeping until the
forfeiture occurs or the Forfeiture Restrictions lapse pursuant to the terms of the Plan and
this award. Alternatively, the Company may maintain the shares in an uncertificated record
at the offices of its stock transfer agent. Upon request of the Committee or its delegate,
Employee shall deliver to the Company a stock power, endorsed in blank, relating to the
Restricted Shares then subject to the Forfeiture Restrictions. Upon the lapse of the
Forfeiture Restrictions without forfeiture, the Company shall cause a new certificate or
certificates to be issued without legend in the name of Employee for the shares upon which
Forfeiture Restrictions lapsed, or at the election of Employee, cause uncertificated shares
to be transferred to an account for the benefit of Employee at such bank or brokerage firm
as Employee directs. Notwithstanding any other provisions of this Agreement, the issuance
or delivery of any shares of Stock (whether subject to restrictions or unrestricted) may be
postponed for such period as may be required to comply with applicable requirements of any
national securities exchange or any requirements under any law or regulation applicable to
the issuance or delivery of such shares. The Company shall not be obligated to issue or
deliver any shares of Stock if the issuance or delivery thereof shall constitute a violation
of any provision of any law or of any regulation of any governmental authority or any
national securities exchange.

3. Withholding of Tax. To the extent that the receipt of the Restricted Shares, dividends
paid upon the Restricted Shares or the lapse of any Forfeiture Restrictions results in compensation
income to Employee for federal or state income tax purposes, Employee shall deliver to the Company
at the time of such receipt or lapse, as the case may be, such amount of money or shares of
unrestricted Stock as the Company may require to meet its withholding obligation under applicable
tax laws or regulations, and, if Employee fails to do so, the Company is authorized to withhold
from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be
withheld by reason of such resulting compensation income.

4. Status of Stock. Employee agrees that the Restricted Shares will not be sold or
otherwise disposed of in any manner which would constitute a violation of any applicable federal or
state securities laws. Employee also agrees (i) that the certificates representing the Restricted
Shares may bear such legend or legends as the Company deems appropriate in order to assure
compliance with applicable securities laws, (ii) that the Company may refuse to register the
transfer of the Restricted Shares on the stock transfer records of the Company if such proposed
transfer would be in the opinion of counsel satisfactory to the Company constitute a violation of
any applicable securities law and (iii) that the Company may give related instructions to its
transfer agent, if any, to stop registration of the transfer of the Restricted Shares.

4

 

5. Employment Relationship. For purposes of this Agreement, Employee shall be considered
to be in the employment of the Company as long as Employee remains an employee of either the
Company, any successor corporation or a parent or subsidiary corporation (as defined in section 424
of the Code) of the Company or any successor corporation. Any question as to whether and when
there has been a termination of such employment, and the cause of such termination, other than a
completion of Employee’s Term of Employment, shall be determined by the Committee, or its delegate,
as appropriate, and its determination shall be final.

6. Committee’s Powers. No provision contained in this Agreement shall in any way
terminate, modify or alter, or be construed or interpreted as terminating, modifying or altering
any of the powers, rights or authority vested in the Committee or, to the extent delegated, in its
delegate pursuant to the terms of the Plan or resolutions adopted in furtherance of the Plan,
including, without limitation, the right to make certain determinations and elections with respect
to the Restricted Shares. By execution of this Agreement, Company affirms that the Committee has
waived the provisions of Section 9(i) of the Plan which would otherwise require automatic
forfeiture of all shares of Restricted Stock still subject to restrictions upon termination of
Employee’s employment, and has substituted therefore the provisions stated in Paragraphs 2(a) and
2(b), above.

7. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any
successors to the Company and all persons lawfully claiming under Employee.

8. Governing Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Iowa

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and Employee has executed this Agreement, with an effective date of
April 29, 2009.

	 	 	 	 	 
	 	FBL FINANCIAL GROUP, INC.

 	 
	 	By /s/ CRAIG A. LANG
 	 
	 	Craig A. Lang 	 
	 	Chairman of the Board

(name and title) 	 
	 
	 	 	 
	 	     /s/   JAMES E. HOHMANN
 	 
	 	James E. Hohmann 
Employee 	 
	 	 	 

5

 

	 	 	 	 	 

Please Initial Appropriate Item (One of the lines must be initialed):

	 	 	 
	___

	 	I do not desire the
alternative tax
treatment provided
for in the Internal
Revenue Code
Section 83(b).
	 
	___

	 	I do desire the
alternative tax
treatment provided
for in Internal
Revenue Code
Section 83(b) and
desire that forms
for such purpose be
forwarded to me. *

	 	•	 	I acknowledge that the Company has suggested that before this line is initialed that I
check with a tax consultant of my choice.

6

 

Exhibit A

Policy: Impact of Restatement of Financial Statements Upon Awards. (Adopted by Management
Development and Compensation Committee December 2006.)

If any of the Company’s financial statements are restated because of errors, omissions or fraud,
the Committee may (in its sole discretion, but acting in good faith) direct that the Company
recover all or a portion of awards of bonuses, and grants of options and restricted stock options
(together, “awards”) with respect to any fiscal year of the Company the financial results of which
are negatively affected by such restatement. Recoveries may be made from all officers in the
Section 16 reporting group regardless of fault, and from any other persons whom the Committee
believes were involved in misconduct causing the required restatement (together, “Participants”).
Misconduct involves more than mere negligent job performance. The amount to be recovered from the
Participant shall be the amount by which awards exceeded the amount that would have been payable to
the Participant had the financial statements been initially filed as restated, or any greater or
lesser amount (including, but not limited to, the entire award) that the Committee shall determine.
The Committee shall determine whether the Company shall effect any such recovery (i) by seeking
repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and
conditions of the applicable plan, program or arrangement) the amount that would otherwise be
payable to the Participant under any compensatory plan, program or arrangement maintained by the
Company or any of its affiliates, (iii) by withholding payment of future increases in compensation
(including the payment of any discretionary bonus amount) or grants of compensatory awards that
would otherwise have been made in accordance with the Company’s otherwise applicable compensation
practices, or (iv) by any combination of the foregoing. Provisions reflecting this policy shall be
placed in all award grant instruments delivered to Participants.

7exv10w15

EXHIBIT 10.15

First Interstate BancSystem, Inc. 2006 Equity Compensation Plan

Restricted Stock Grant Agreement

PARTICIPANT: Lyle R. Knight

DATE OF GRANT: March 2, 2009

This Restricted Stock Grant Agreement (“Agreement”) is made and entered into as of the date
specified above between First Interstate BancSystem, Inc., a Montana corporation (the “Company”),
and the above named Participant, an employee of the Company.

The Company and Participant agree as follows:

	1.	 	Precedence of Plan. This Agreement is subject to and shall be construed in
accordance with the terms and conditions of the First Interstate BancSystem, Inc. 2006 Equity
Compensation Plan (the “Plan”), as now or hereinafter in effect. Any capitalized terms that
are used in this Agreement without being defined and that are defined in the Plan shall have
the meaning specified in the Plan.
	 
	2.	 	Grant of Restricted Stock Benefit. Participant is hereby granted a Restricted Stock
Benefit of 3,557 shares of Common Stock (the “Shares”).
	 
	3.	 	Vesting.

	 	a.	 	Performance Vesting. The Restricted Stock Benefit shall vest on December 31,
2010 (the “Vesting Date”) based on the ratio of the Company’s average two-year return
on assets (“ROA”) as compared to the SNL Index of Commercial Banks valued between $4B
and $12B (the “SNL Index”), rounded to the nearest whole percentage:

	 	i.	 	If the ratio of the Company’s ROA to the SNL Index is less than
61%, 0% of the Restricted Stock Benefit will vest on the Vesting Date. As of
the Vesting Date, the Shares shall be forfeited to the Company.
	 
	 	ii.	 	If the ratio of the Company’s ROA to the SNL Index is greater
than or equal to 61% and less than 71%, 75% of the Restricted Stock Benefit
will vest on the Vesting Date.
	 
	 	iii.	 	If the ratio of the Company’s ROA to the SNL Index is greater
than or equal to 71% and less than 81%, 100% of the Restricted Stock Benefit
will vest on the Vesting Date.
	 
	 	iv.	 	If the ratio of the Company’s ROA to the SNL Index is greater
than or equal to 81% and less than 91%, 100% of the Restricted Stock Benefit
will vest on the Vesting Date. In addition, Participant shall be issued
533 additional shares of Common Stock (15% of the original amount of
this Restricted Stock Award) as of the Vesting Date.

			
	 	 	 
	Restricted Stock Grant Agreement
	 	1

 

 

	 	v.	 	If the ratio of the Company’s ROA to the SNL Index is 91% or
greater, 100% of the Restricted Stock Benefit will vest on the Vesting Date.
In addition, Participant shall be issued 889 additional shares of
Common Stock (25% of the original amount of this Restricted Stock Award) as of
the Vesting Date.

	 	b.	 	Death of Participant. Upon the death of the Participant, 100% of the
Restricted Stock Benefit shall vest and become exercisable (unless previously
forfeited).
	 
	 	c.	 	Dissolution or Change in Control. As provided in the Plan, if FIBS is
Dissolved or if FIBS is a party to a merger, reorganization, or consolidation in which
FIBS is not the surviving corporation (a “Change in Control”), 100% of the Restricted
Stock Benefit shall vest and become exercisable (unless previously forfeited).

	4.	 	Unvested Shares Subject to Forfeiture. In the event that Participant terminates
service with the Company for any reason prior to the Vesting Date, including disability,
voluntary or involuntary termination of employment, any unvested portion of the Shares shall
be forfeited to the Company as of the date of termination of service.
	 
	5.	 	Stock Register and Certificates. The Shares shall be recorded in the stock register
of the Company in the name of Participant. A stock certificate or certificates representing
the Shares shall be registered in the name of Participant, but such certificates shall remain
in the custody of the Company. Participant shall deposit with the Company a Stock Assignment
Separate from Certificate in the form attached below as Exhibit A, endorsed in blank,
so as to permit retransfer to the Company of all or a portion of the Shares that shall be
forfeited or otherwise not become vested in accordance with the Plan and this Agreement.
	 
	6.	 	Rights with Respect to Shares. Participant shall have the right to vote the Shares
(to the extent of the voting rights of said Shares, if any), to receive and retain all regular
cash dividends and such other distributions as the Board of Directors of the Company may, in
its discretion, designate, pay or distribute on such Shares, and to exercise all other rights,
powers and privileges of a holder of Common Stock with respect to such Shares, except as set
forth in this Agreement and the Plan.
	 
	 	 	Notwithstanding the foregoing, Participant shall not have the right to vote any additional
shares of Common Stock that may be awardable under paragraph 3(a)(iv) or (v) (“Additional
Shares”), unless and until such Additional Shares are awarded on the Vesting Date. In
addition, Participant shall not, with respect to Additional Shares, have the right to
exercise any other rights, powers and privileges of a holder of Common Stock with respect to
the Additional Shares, except as specifically set forth in this Agreement and the Plan.
	 
	 	 	With respect to the Additional Shares, any regular cash dividends and such other
distributions as the Board of Directors of the Company may, in its discretion, designate,
pay or distribute on such Additional Shares from the Date of Grant until the Vesting Date
shall be paid to Participant as deferred compensation on the Vesting Date, but only to the
extent Participant is actually issued Additional Shares on the Vesting Date.

			
	 	 	 
	Restricted Stock Grant Agreement
	 	2

 

 

	7.	 	Responsibility for Taxes. Participant may complete and file with the Internal
Revenue Service an election in substantially the form attached hereto as Exhibit B
pursuant to Section 83(b) of the Internal Revenue Code (“Code”) to be taxed currently on the
fair market value of the Shares, without regard to the vesting restrictions set forth in this
Agreement. Participant shall be responsible for all taxes associated with the acceptance of
the Restricted Stock Benefit, including any tax liability associated with the representation
of fair market value if the election is made pursuant to Code Section 83(b).
	 
	8.	 	Shareholders’ Agreement. Coincident with the vesting of the Shares and as a
condition precedent to the Company’s obligation to deliver the Shares to Participant,
Participant shall execute and deliver to the Company Participant’s agreement to be bound by
the terms of the current form of applicable Shareholder’s Agreement utilized by the Company.
	 
	9.	 	General Provisions.

	 	a.	 	Withholding. Participant shall reimburse the Company, in cash, by certified or
bank cashier’s check, or any other form of legal payment permitted by the Company for
any federal, state or local taxes required by law to be withheld with respect to the
vesting of the Shares. The Company shall have the right to deduct from any salary or
other payments to be made to Participant any federal, state or local taxes required by
law to be so withheld. The Company’s obligation to deliver a certificate to
Participant representing the Shares upon vesting of the Shares is subject to the
payment by Participant of any applicable federal, state and local withholding tax.
	 
	 	b.	 	Receipt of Plan. By entering into this Agreement, Participant acknowledges (i)
that he or she has received and read a copy of the Plan and (ii) that this Agreement is
subject to and shall be construed in accordance with the terms and conditions of the
Plan, as now or hereinafter in effect.
	 
	 	c.	 	Legends. Certificates representing the Shares prior to vesting shall contain
the following legend or a legend similar thereto:

	 	 	 	THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO
THE PROVISIONS OF THE COMPANY’S 2006 EQUITY COMPENSATION PLAN AND AN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER WHEREBY THE TRANSFER
IN ANY MANNER OF SUCH SHARES OF STOCK OR ANY INTEREST THEREIN IS RESTRICTED
AND THE SHARES OF STOCK ARE SUBJECT TO FORFEITURE. A COPY OF SAID PLAN AND
SAID AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE COMPANY.

	 	 	 	Certificates may also contain such other legends and transfer restrictions as the
Company shall deem reasonably necessary or desirable, including, without limitation,
legends restricting transfer of the Common Stock until there has been compliance
with federal and state securities laws.

			
	 	 	 
	Restricted Stock Grant Agreement
	 	3

 

 

	 	d.	 	Not an Employment Contract. This Agreement is not an employment contract and
nothing in this Agreement shall be deemed to create in any way whatsoever any
obligation on the part of Participant to remain in the Service of the Company, or of
the Company to continue Participant in the Service of the Company.
	 
	 	e.	 	Specific Enforcement. Because of the unique value of the Shares, in addition
to any other remedies that the Company may have upon the breach of the agreements
contained herein, the obligations of Participant shall be specifically enforceable.
	 
	 	f.	 	Costs of Enforcement. In any action at law or in equity to enforce any of the
provisions or rights under this Agreement, the unsuccessful party of such litigation,
as determined by any court of competent jurisdiction in a final judgment or decree,
shall pay the successful party or parties all costs, expenses and reasonable attorneys’
fees incurred therein by such party or parties (including without limitation such
costs, expenses and fees on any appeals), and if such successful party shall recover
judgment in any action or proceeding, such costs, expenses and attorneys’ fees shall be
included as part of the judgment.
	 
	 	g.	 	Further Action. The parties agree to execute such further instruments and to
take such further action as reasonably may be necessary to carry out the intent of this
Agreement.
	 
	 	h.	 	Interpretation. The interpretations and constructions of any provision of and
determinations on any question arising under the Plan or this Agreement shall be made
by the Company, and all such interpretations, constructions and determinations shall be
final and conclusive as to all parties. This Agreement, as issued pursuant to the
Plan, constitutes the entire agreement between the parties pertaining to the subject
matter hereof and supersedes all prior and contemporaneous agreements, representations
and understandings. The invalidity or unenforceability of any provision hereof shall
in no way affect the validity or enforceability of any other provision hereof. This
Agreement may be executed in counterparts, all of which shall be deemed to be one and
the same instrument, and it shall be sufficient for each party to have executed at
least one, but not necessarily the same, counterpart. The headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement in any way.
	 
	 	i.	 	Assignment. This Agreement shall be binding upon the parties and their
respective legal representatives, beneficiaries, successors and assigns.
	 
	 	j.	 	Notices. All notices or other communications that are required to be given or
may be given to either party pursuant to the terms of this Agreement shall be in
writing and shall be delivered personally or by registered or certified mail, postage
prepaid, to the address of the parties as set forth following the signature of such
party. Notice shall be deemed given on the date of delivery in the case of
personal delivery or on the delivery or refusal date as specified on the return
receipt in the case of registered or certified mail. Either party may change its

			
	 	 	 
	Restricted Stock Grant Agreement
	 	4

 

 

	 	 	 	address for such communications by giving notice thereof to the other party in conformity
with this section.
	 
	 	k.	 	Governing Law; Venue. This Agreement and the rights and obligations of the
parties hereto shall be governed by and construed in accordance with the laws of the
State of Montana. The parties agree that any action brought by either party to
interpret or enforce any provision of the Plan or this Agreement shall be brought in,
and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the
appropriate state or federal court for the district of Montana.

IN WITNESS WHEREOF, the Company, by a duly authorized officer of the Company, and Participant have
executed this Agreement on March 2, 2009, effective as of the date of grant.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	FIRST INTERSTATE BANCSYSTEM, INC.	 	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ JAMES HAUGH	 	 	 	/s/ LYLE R. KNIGHT	 	 
	 	 	 	 	 	 	 	 	 
	 	 	James Haugh

Title: Chairman, Compensation Committee	 	 	 	Signature

	 	 
	 	 	 	 	 	 	Lyle R. Knight
	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Print Name	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	401 No. 31st St.

Billings, MT 59101	 	 	 	Address: 2555 Blue Creek Road

                 Billings, MT 59101	 	 

			
	 	 	 
	Restricted Stock Grant Agreement
	 	5

 

 

Exhibit A

Stock Assignment Separate From Certificate

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto First Interstate
BancSystem, Inc., a Montana corporation (the “Company”)                                          (                    )
shares of Common Stock of the Company, standing in the undersigned’s name on the books of said
corporation represented by Certificate No.                     , and does hereby irrevocably
constitute and appoint the Secretary of the Company as attorney to transfer the said stock on the
books of the said corporation with full power of substitution in the premises.

	 	 	 	 	 	 	 
	Dated:

	 	 
	 	 	 	 
	 

	 	 	 	Signature	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Print Name	 	 

Stock Assignment Separate from Certificate

 

 

Exhibit B

Election to Include Value of Restricted Property in Gross Income

Pursuant to Section 83(b) of the Internal Revenue Code

This election form is to be filed with the IRS Service Center with which the Participant files his
or her return. It should be mailed “Certified Mail” and postmarked by the post office to establish
proof of timely filing. Timely filing requires such mailing to occur within thirty (30) days
following the date of the grant. One copy must be provided to the Company and one copy must be
filed with the Participant’s tax return for the taxable year of exercise. Participant may also
wish to determine the relevant state tax procedure for the state in which Participant resides.

Pursuant to the Restricted Stock Grant Agreement entered into by and between the undersigned
Participant and First Interstate BancSystem, Inc., a Montana corporation (the “Company”), as of                     ,
20___(the “Award Agreement”), Participant has acquired                                 shares of Common Stock of the Company (the
“Shares”) which are subject to a substantial risk of forfeiture under the Award Agreement.
Participant desires to make an election to have the Shares taxed under the provisions of Section
83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) at the time Participant
acquired the Shares.

Therefore, pursuant to Code Section 83(b) and Treasury Regulation Section 1.83-2, Participant
hereby makes an election to report as taxable income in                      [YEAR] the Shares’ fair market value on
                     [DATE], the date on which Participant acquired the Shares (or any subsequent date that may be
determined to be the date of transfer for purposes of the Code).

The following information is supplied in accordance with Treasury Regulation Section 1.83-2(e):

	1.	 	The name, address and social security number of Participant:
	 
	2.	 	A description of the property with respect to which the election is being made:
	 
	 	 	Shares of Common Stock of First Interstate BancSystem, Inc., a Montana corporation.
	 
	3.	 	The date on which the property was transferred:                      .
	 
	 	 	The taxable year for which such election is made: Calendar Year                      .
	 
	4.	 	The restrictions to which the property is subject:
	 
	 	 	The Shares are subject to forfeiture to the Company for no consideration should
Participant’s employment with the Company terminate or should other specified events occur.
Shares vest only upon the passage of time. Upon any transfer by Participant, the Shares
will be subject to the same restrictions.

Section 83(b) Election

 

 

	5.	 	The fair market value on                     , 20 ___, of the property with respect to which the election is being
made, determined without regard to any lapse restrictions: $                     .
	 
	6.	 	The amount paid for such property: $                                         .
	 
	7.	 	A copy of this election has been furnished to the Secretary of the Company pursuant to Treasury
Regulations Section 1.83-2(e)(7).

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature 	 
	 	Print Name:
 	 	 
	 
	 	Date 	 
	 

Section 83(b) Election

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