Document:

exv4wxcyx17y

 

Exhibit 4(c)(17)

	 	 	 
	Private & Confidential

	 	1st January, 2007

Shane Cooke

Chief Financial Officer

Treasury Building

Canal Street, Dublin 2

Dear Shane:

I refer to our recent discussions, in regard to extension of your employment and contract renewal.
The term of this new contract will begin as of 1st January 2007 (the “effective date”) and will
continue until terminated by either party. It supersedes the contract dated 10th May
2005, with the exception of the bonus provision in respect of performance during 2006. For
purposes of service, your employment will be deemed continuous from 1st January 2005.

For the avoidance of doubt, the Deed of Indemnity executed by you and the Company on 11 March 2002
continues to be fully enforceable.

DUTIES & RESPONSIBILITIES

Your main duties and responsibilities will be to fulfil the duties of CFO of Elan Corporation plc,
reporting to the CEO. You will be employed by Elan Management Limited. You are required to be
flexible in this position and will be expected to undertake such duties and exercise such powers as
the Company and Board of Directors shall assign to, or vest in you. Such duties may include the
undertaking of duties for subsidiary and associated companies of Elan.

SALARY

Your salary will be €211,416 gross p.a., and is subject to relevant payroll deductions. Payment
will be made by credit transfer, monthly in arrears, and will be payable on the last Friday of each
month. The salary will be subject to review on an annual basis, in line with Company practice.

Elan Corporation, plc

 

 

MONKSLAND INVESTMENT COMPANY

It is anticipated that you will receive an annualised dividend payment of €211,416 from Monksland
Investment Company. Dividend payments from Monksland Investment Company are not pensionable.
Dividend payments are made at the discretion of the Company, and are subject to review by the
Company on an ongoing basis.

COMPANY PERFORMANCE-RELATED BONUS & EQUITY PROGRAMS

Elan embraces a pay-for-performance philosophy, as reflected in our Total Compensation program.
Under the terms of both the Company’s equity and bonus plans, you will be eligible to participate
on an annual basis, in accordance with your performance and the Company’s performance.

Bonus

From January 1st 2007, you will be eligible for an annual cash bonus, which is determined by the
degree to which Company, individual, and/or team goals, or other factors, as outlined in Élan’s
compensation plan, are met. Thereafter, it is expected that you will receive a bonus as determined
by the CEO and approved by the Board of Directors.

Employees’ annual target bonus amounts are linked in part to their band in the Total Compensation
programme, and band targets help determine the overall annual cash bonus pool. The target bonus
for your position under this contract is up to 100%. A condition to earning any award is that you
remain employed through the bonus payout date, no later than 31st March. The bonus plan is
operated at the sole discretion of Elan, is subject to Company performance, may change from time to
time and is subject to review on a regular basis.

In this regard it is anticipated that 50% of this will be by way of a dividend payment from
Monksland Investment Company.

BENEFITS

Car Allowance

The Company will provide you cash-car allowance (paid monthly and in accordance with previous

method) to the value of €17,100 gross per annum. This provision is governed by the terms of the

Company’s Car Allowance Policy.

Elan Corporation, plc

 

 

Pension

You have confirmed that you have your own private pension plan arrangement, and that you would
prefer to continue with that. As such, the Company will make contributions to your private plan in
line with the level of the Company Pension Plan for Executives. This is currently at the level of
23.55% of basic payroll salary. In this regard, the Company will require you to sign a release
confirming that you have voluntarily elected not to participate in the Company’s pension plan. The
Company will ensure that you are covered under its plans for death-in-service and disability
benefits in line with those provided for generally at the Executive Vice President level.

Executive Medical Benefit

As EVP, you will be required to attend for an annual Executive Medical check-up at the Beacon
Clinic in Dublin. This should be arranged through Human Resources.

Health Insurance Allowance

In addition, Elan will pay an annual Health Insurance Allowance based on receipted expenses. The
Health Insurance Allowance will equal the cost of VHI Plan B for the individual employee and will
be reviewed on an annual basis. To avail of this allowance, please apply directly to the Human
Resources Department.

ANNUAL LEAVE & PUBLIC HOLIDAYS

You are entitled to 21 working days annual leave per annum (increasing with service and exclusive
of public holidays).

HOURS OF WORK:

You will be expected to work such hours as will be required to discharge your duties as CFO of the
Company having due regard to Statutory requirements.

EXPENSES

Subject to the production of satisfactory receipts and compliance with the Company’s expense
policy, you will be reimbursed for all reasonable and genuine out of pocket expenses incurred by
you in the execution of your duties.

TERMINATION OF EMPLOYMENT & NOTICE:

Your employment may be terminated by the Company by giving 3 months notice in writing

Elan Corporation, plc

 

 

or such longer notice as may from time to time be required by law. The Company reserves the right
to make payment in lieu of notice. The Company may terminate this Agreement without notice in line
with the provisions of the Disciplinary policy.

Should you wish to resign from the Company other than for Good Reason (as defined below), you must
give 3 months notice in writing. Should you wish to resign from the Company for Good Reason, you
must give 30 days notice in writing.

If you are terminated by the Company other than for Disciplinary reasons or you resign from the
Company for Good Reason, the value of any equity under the Company’s 2004 Restricted Stock Unit
Plan that has not yet become vested, as determined on the day of termination, will be paid to you
within 30 days as severance pay and any equity granted under the 2006 Long Term Incentive Plan as
well as the option grant made to you on February 1, 2006 that has not yet vested will vest.

If you resign other than for Good Reason, any equity under the Company’s equity plan that has not
yet become vested will be forfeited.

In the event of notice by the Company or by you other than for Good Reason, the Company may request
you to take “garden leave” and not to attend for work or perform duties during the notice period.
However during that time you will continue to be employed by the Company and owe duties of fidelity
and good faith to the Company and will remain bound by the terms of this Agreement and all other
agreements and policies that you will sign in connection with your employment at Elan (such as the
Confidentiality Agreement) and shall not be entitled to enter into any other employment.

In the event of termination of employment due to death or disability, benefits will be provided
under the Company’s relevant death-in-service and disability plans, as noted under ‘Pension’.

For purposes of this contract, Good Reason means either (a) a material adverse change in your
duties, authority or responsibilities as CFO of the Company, which causes your position with the
Company to become of materially less responsibility or authority than your position immediately
following the effective date of this contract, or (b) a change in the principal location at which
you provide services to the Company to a location that is outside of Ireland.

CHANGE OF CONTROL

In the event of a change of control of the Company resulting in a material change affecting your
position as CFO, you will be governed by the terms of the Company’s change in control policy in
place at that time, but subject to the offset noted in the next paragraph.

Elan Corporation, plc

 

 

SEVERANCE PAYMENTS

As you had already received a severance payment related to job elimination as at
31st December 2004, and given that the severance at that time was in respect of service
from your original date of hire to 31st December 2004, any future severance payment for
change of control reasons would be subject to deduction of the €845,666 paid to you in December
2004. Any other severance payment, for whatever reason, would apply only to service from
1ST January 2005. In accordance with standard Company practice, you would be required to
sign a release of all claims against the Company as a condition to receiving a Company severance
payment.

RESPECT IN THE WORKPLACE & CODE OF CONDUCT

Elan is committed to creating and promoting a culture of respect and open communication for all
employees. Elan must conduct its business in compliance with all applicable laws, rules, and
regulations. In this regard, enclosed is a copy of Élan’s Respect in the Workplace and Code of
Conduct Policy which you must read and sign. Please return the signed pages with your signed
contract, which you will find at the back of the document.

HEALTH & SAFETY:

The Company takes seriously its obligations under the Safety, Health & Welfare at Work Act, 2005,
and your attention is drawn to the Company’s Safety Statement which is available on the Company
premises. Please contact the Safety Department if a copy is required.

You are required to comply with health and safety practices and procedures, and use protective
equipment and clothing where necessary. Please report any issues or incidents, which may affect the
safety, health or welfare of staff or members of the public to the Safety Manager.

Due to the nature of the Company’s operations, the Company reserves the right to have all employees
medically examined at any time during their employment in order to assess their continued fitness
for work.

Elan Corporation, plc

 

 

EMPLOYEE HANDBOOK

A copy of the Employee Handbook is enclosed, it contains terms and conditions of employment which
are common to all employees. Please familiarise yourself with the contents of the handbook and do
not hesitate to contact me with any queries which you may have in relation to same.

LOYALTY & CONFIDENTIALITY

You will understand that the Company’s business is of such a nature as to require discretion and
confidence in relation to your work and in relation to matters which you may become aware of during
the course of your work. It is particularly important that you do not discuss or otherwise reveal
outside of your employment any information whatsoever concerning the affairs of the Company or any
associated company, its clients/customers, distributors, agents or suppliers. Confidential
information includes but is not limited to trade secrets, marketing and business strategies,
customer lists, information which has been supplied in confidence or any other information known to
you which is identified as being of a confidential nature or is obviously so confidential. This
duty of confidentiality continues indefinitely post your employment. Prior to commencement of
employment, you will be required to sign a confidentiality agreement, which incorporates terms,
which are designed to protect the Company’s vital interests.

DATA PROTECTION

All personal information which the Company holds about you is protected by data protection laws.
The Company take its responsibilities under these laws seriously and holds some or all of the
following personal data about you:

Address, date of birth, marital status, educational or previous employment background, history and
details of current position, CVs, applications and interview records, references, performance
ratings or reviews, salary, bonuses, records of internet or email usage, CCTV images, records of
disciplinary investigations/meetings or grievances, stock option, pension and other insurance
documentation, payroll details and other related data.

This information is required for the management and administration of your employment and to
protect your rights under various employment laws. For these purposes it may from time to time be
necessary to disclose your personal information to third parties, including payroll processors,
pension brokers/trustees, or insurers, internal Company departments in other countries (e.g. USA).
It may also be necessary to disclose information in order to comply with any legal obligations.
The Company takes all reasonable steps as required by law to

Elan Corporation, plc

 

 

ensure the safety, privacy and integrity of the personal information. The Company may need to share
personal data including sensitive personal data with other related entities which are based abroad.
This may involve a transfer of data, including your personal sensitive data to a country which may
not have the same data protection laws as Ireland. By signing this Agreement, you consent to the
Company holding, processing, transferring or disclosing such personal data.

RESTRICTIVE COVENANTS

During your employment, you shall not without the consent in writing of the Company at any
time either solely or jointly with, or as executive, consultant, independent contractor, partner,
manager, agent, employee or otherwise directly or indirectly carry on or be engaged or be concerned
or interested in any business, trade or calling other than in the course of your duties hereunder.

You shall not within the period of 12 months of termination of your employment hereunder either
solely or jointly with, or as executive, consultant, independent contractor, partner, manager,
agent, employee or otherwise without the consent in writing of the Company directly or indirectly:

Knowingly approach, solicit for or accept custom (in relation to any products or services similar
to those of the Companies) from any person that was during the 6 month period prior to the date of
termination of your employment hereunder a customer of any of the Companies, and with whom you had
dealings;

be concerned or interested directly or indirectly within the Republic of Ireland in any business
which is wholly or in part in competition with any business carried on by the Companies at the date
of termination of this Agreement, with which you had dealings;

canvass or solicit or cause to be canvassed or solicited, in respect of any products or services
similar to those of any of the Companies, any customer of any of the Companies that was during the
6 month period prior to the date of termination of your employment hereunder a customer of any of
the Companies with whom you had dealings, to discontinue or transfer business from any of the
Companies, or approach any such customer, with a view to doing any of the foregoing things;

solicit, entice or hire, or cause to be solicited, enticed or hired away from the Company any
person employed by the Companies in any executive, technical or other capacity;

Elan Corporation, plc

 

 

interfere or seek to interfere with the continuance of any of the terms of the supply of goods or
services to any of the Companies.

Whilst the restrictions in this clause are considered by the parties to be reasonable in all the
circumstances as at the date hereof, it is acknowledged that restrictions of such a nature may be
invalid because of changed circumstances or other unforeseen reasons, and accordingly if any one or
more such restrictions are judged to be void as going beyond what is reasonable in all the
circumstances for the protection of the interests of the Company but would be valid if part of the
wording thereof were deleted, the period thereof reduced or the range of activities or areas
covered thereby reduced in scope, the said restrictions will be deemed to apply with such
modifications as may be necessary to make them valid and effective, and any such modifications
shall not thereby affect the validity of any other restriction contained herein.

RETURN OF COMPANY PROPERTY

Upon termination of your employment for whatever reason you are required to return to the Company
all property and materials including, without limitation, all documents including electronic
documents, computer disks, memory sticks, papers, notes of any description, or other property
belonging to the Company, which may be in your possession or under your control which relate in any
way to the affairs of the Company, and you must not retain any such property and materials or
copies of any such documentation.

INTELLECTUAL PROPERTY

All inventions, discoveries, improvements, patents, designs, service marks, trade marks, trade
names, confidential information, and all other forms of industrial or intellectual property (“the
Intellectual Property”) made, originated or developed by you at any time during the term of your
employment with the Company or related to your employment with the Company shall to the fullest
extent permitted by law belong to, vest in and be the absolute sole and unencumbered property of
the Company. You hereby agrees to execute all such documents, make such applications and give such
assistance as may in the opinion of the Company be necessary or desirable to vest in or confirm the
title of the Company to the Intellectual Property. You irrevocably appoint the Company or its
nominee as your attorney to execute and sign in your name and on your behalf all documents and
instruments as the Company may consider requisite to give full effect to the terms and conditions
of this Agreement.

Elan Corporation, plc

 

 

VARIATION

In addition to any specific reservations referred to in this Agreement, the Company reserves the
right to make changes of a minor, administrative, or non-fundamental nature to the terms and
conditions of your employment from time to time. Wherever practicable, you will be given advance
notice of any such change. Changes of a major, non-administrative or fundamental nature, other
than where specifically reserved in this Agreement, will not be made without consultation with you.

MISCELLANEOUS

	 	a)	 	You hereby warrant that by virtue of entering into this Agreement you will not be in
breach of any express or implied terms of any Court order, contract or any other obligation
legally binding upon you
	 
	 	b)	 	No failure or delay by the Company in exercising any remedy, right, power of privilege
under or in relation to this Agreement or at law shall operate as a waiver of the same nor
shall any single or partial exercise of any remedy, right, power or privilege preclude any
further exercise of the same or the exercise of any other remedy, right, power or
privilege.
	 
	 	c)	 	This Agreement is governed by and shall be construed in accordance with Irish law and
the parties to this Agreement hereby submit to the exclusive jurisdiction of the Irish
Courts.
	 
	 	d)	 	The information contained in this Agreement together with the Company’s general
policies and procedures as set out in Appendix 1 constitutes a written statement of
particulars of your employment with the Company in accordance with the requirements of
section 3 of the Terms of Employment Act 1994.

 

 

	 	 	 	 	 
	SIGNED:

	 	/s/ Kathleen Martorano
	 	DATED: 02/20/2007
	 

	 	 	 	 
	 

	 	Kathleen Martorano

EVP, Strategic Human Resources	 	 

I, Shane Cooke, having taken my own independent legal advice, hereby accept the terms and
conditions of employment as set out herein and the terms and conditions as set out in the
documentation referred to herein.

	 	 	 	 	 
	SIGNED:

	 	/s/ Shane Cooke
	 	DATED: 21/2/07
	 

	 	 	 	 
	 

	 	Shane Cooke

EVP, Chief Financial Officer	 	 

Elan Corporation, plc<PAGE>

                                                                   EXHIBIT 10(F)

     EMPLOYMENT AGREEMENT

     AGREEMENT between Glacier Bancorp, Inc., hereinafter called "Company", and
Michael J. Blodnick, hereinafter called "Executive",

                                    RECITALS

A.   Executive has served as President and Chief Executive Officer of the
     Company.

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

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

                                    AGREEMENT

1.   EMPLOYMENT. The Company agrees to employ Executive and Executive accepts
     employment by the Company on the terms and conditions set forth in this
     Agreement. Executive's title will be President and Chief Executive Officer
     of the Company. During the term of this Agreement, Executive will serve as
     a director of the Company and of the Banks.

2.   TERM. The term of this Agreement ("Term") is one year, beginning on January
     1, 2007.

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

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

     (c)  Report to Board. Executive will report directly to the Company's board
          of directors. The Company'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 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
     Company's prior written consent, make or maintain any investment in a
     business with which the Company or its

<PAGE>

     subsidiaries has an existing competitive or commercial relationship.

5.   COMPANY BOARD. During the term, the Company will use its best efforts to
     nominate and recommend Executive for election to the Company's board of
     directors.

6.   SALARY. Executive will receive an annual salary of $315,000.00, to be paid
     in accordance with the Company's regular payroll schedule. Subsequent
     salary increases are subject to the Company's annual review of Executive's
     compensation and performance.

7.   INCENTIVE COMPENSATION. During the Term, the Company's board of directors
     will determine the amount of bonus to be paid by the Company to Executive
     for that year. In making this determination, the Company's board of
     directors will consider factors such as Executive's performance of his
     duties and the safety, soundness and profitability of the Company.
     Executive's bonus will reflect Executive's contribution to the performance
     of the Company during the year, also taking into account the nature and
     extent of incentive bonuses paid to comparable senior officers at the
     Company. 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.

8.   INCOME DEFERRAL. Executive will be eligible to participate in any program
     available to the 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.

9.   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 Company
          and its subsidiaries. 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.

     (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 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 Company'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). The Company through
          this Agreement does not obligate itself to make any particular
          benefits available to its employees.

     (c)  Business Expenses. The Company will reimburse Executive for ordinary
          and necessary expenses which are consistent with past practice at the
          Company (including, without limitation, travel, entertainment, and
          similar expenses) and which are incurred in performing and promoting
          the Company's business. Executive will present from time to time
          itemized accounts of these expenses, subject to any limits of the
          Company policy or the rules and regulations of the Internal Revenue
          Service.

10.  TERMINATION OF EMPLOYMENT.

     (a)  Termination by the Company for Cause. If the Company terminates
          Executive's employment for Cause (defined below) before this Agreement
          terminates, the Company will pay Executive the salary earned and
          expenses reimbursable under this Agreement incurred through the date
          of his termination. Executive will have no right to receive
          compensation or other benefits for any period after termination under
          this Section 10(a).

     (b)  Other Termination by the Company. If the Company terminates
          Executive's employment without Cause

<PAGE>

          before this Agreement terminates, or Executive terminates his
          employment for Good Reason (defined below), the Company will pay
          Executive for the remainder of the Term the compensation and other
          benefits he would have been entitled to if his employment had not
          terminated.

     (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 Company.
          If termination occurs under this Section 10(c), Executive or his
          estate will be entitled to receive all compensation and benefits
          earned and expenses reimbursable through the date Executive's
          employment terminated.

     (d)  Termination Related to a Change in Control.

          (1)  Termination by Company. If the Company, 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) (1) terminates Executive's
               employment within 3 years following a Change in Control (as
               defined below), or (2) 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 10(d)(3) below.

          (2)  Termination by Executive. If Executive terminates Executive's
               employment, with or without Good Reason, within three years
               following a Change in Control, the Company will provide Executive
               with the payment and benefits described in Section 10(d)(3)
               below.

          (3)  Payments. If Section 10(d)(1) or (2) is triggered in accordance
               with its terms, the Company will: (i) pay Executive in 36 monthly
               installments in an amount equal to 2.99 times the Executive's
               annual salary (determined as of the day before the date
               Executive's employment was terminated) and (ii) maintain and
               provide for 2.99 years following Executive's termination, at no
               cost to Executive, the benefits described in Section 9(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 Company will arrange to
               provide Executive with either benefits substantially similar to
               those benefits or a cash payment of substantially similar value
               in lieu of the benefits.

     (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
               10(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 10(d)(3) will be
               reduced by any compensation (in the form of cash or other
               benefits) received by Executive from the Company or its successor
               after the Change in Control; and

          (3)  Executive's right to receive the payments and benefits described
               in Section 10(d)(3) terminates (i) immediately if before the
               Change in Control transaction closes, Executive terminates his
               employment without Good Reason, or the Company terminates
               Executive's employment for Cause, or (ii) three years after a
               Change of Control occurs.

     (f)  Return of Bank Property. If and when Executive ceases, for any reason,
          to be employed by the Company, Executive must return to the Company
          all keys, pass cards, identification cards and any other property of
          the Company. At the same time, Executive also must return to the
          Company all originals and

<PAGE>

          copies (whether in memoranda, designs, devices, diskettes, tapes,
          manuals, and specifications) which constitute proprietary information
          or material of the Company and its subsidiaries. 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 Company, as
               reasonably determined on the advice of legal counsel by the
               Company'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.

     (h)  Good Reason. "Good Reason" means only any one or more of the
          following:

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

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

          (3)  The material breach of this Agreement by the Company, or

          (4)  A relocation or transfer of Executive's principal place of
               employment outside Flathead County, Montana.

     (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, within the meaning of Section
          280G of the Internal Revenue Code.

11.  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 Company or its business operations or that of
     its subsidiaries, unless (1) the Company 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 Section 30-14-402),
     various confidential information on investment management practices,
     marketing plans, pricing structure and technology of either the Company or
     its subsidiaries. Executive will also treat the terms of this Agreement as
     confidential business information.

12.  NONCOMPETITION. During the Term of this Agreement and for a period of three
     years after Executive's employment with the 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
          Company or its subsidiaries may have a presence which is competitive
          with the business of the 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.

<PAGE>

     (b)  persuade or entice, or attempt to persuade or entice any employee of
          the Company or a subsidiary to terminate his/her employment with the
          Company 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 Company or its subsidiaries.

13.  ENFORCEMENT.

     (a)  The Company and Executive stipulate that, in light of all of the facts
          and circumstances of the relationship between Executive and the
          Company, the agreements referred to in Sections 11 and 12 (including
          without limitation their scope, duration and geographic extent) are
          fair and reasonably necessary for the protection of the Company and
          its subsidiaries 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 Company request the court to reform these provisions to
          restrict Executive's use of confidential information and Executive's
          ability to compete with the Company to the maximum extent, in time,
          scope of activities and geography, the court finds enforceable.

     (b)  Executive acknowledges the 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 11
          or 12 or threatens or attempts to do so. For this reason, under these
          circumstances, the Company, 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 Company will not be required to post a bond as a condition for the
          granting of this relief.

14.  COVENANTS. Executive specifically acknowledges the receipt of adequate
     consideration for the covenants contained in Sections 11 and 12 and that
     the Company 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
     Company's enforcement of a remedy by way of injunction will not prevent
     Executive from earning a livelihood.

15.  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.

     (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 11 or 12, the Company will have the right to initiate
          the court proceedings described in Section 13(b), in lieu of an
          arbitration proceeding under this Section 15.

16.  MISCELLANEOUS PROVISIONS.

     (a)  Entire Agreement. This Agreement constitutes the entire understanding
          and agreement between the

<PAGE>

          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 Company's, its subsidiaries' 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.

     (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 Montana 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
          Flathead County, Montana.

     (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 27th day of December, 2006.

                                        GLACIER BANCORP, INC.

                                        /s/ Everit A. Sliter
                                        ----------------------------------------
                                        Everit A. Sliter, Chairman

Attest:

/s/ James H. Strosahl
-------------------------------------
James H. Strosahl, Secretary

                                        EXECUTIVE

                                        /s/ Michael J. Blodnick
                                        ----------------------------------------
                                        Michael J. Blodnick

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}]]