Document:

EX-10.2

 Exhibit 10.2 

DIRECTOR NON-COMPETITION AGREEMENT 

This Director Non-Competition Agreement, dated as of June 6, 2017 (this
“Agreement”), is made by and among Glacier Bancorp, Inc. (“GBCI”), Glacier Bank, a wholly owned subsidiary of GBCI (“Glacier Bank”), Columbine Capital Corp. (“CCC”), Collegiate
Peaks Bank, a wholly owned subsidiary of CCC (the “Bank”), and the undersigned director of the Bank and/or CCC (“Director”). 

RECITALS 
  

	A.	CCC and the Bank have entered into a Plan and Agreement of Merger, dated June 6, 2017 (the “Merger Agreement”), with GBCI and Glacier Bank. Under the terms of the Merger Agreement, CCC will merge
with and into GBCI, and the Bank will be merged with and into Glacier Bank (collectively the “Merger”) and the former branches of the Bank will operate under the name and as part of a division of Glacier Bank (the
“Division”). 

  

	B.	The parties to this Agreement believe that the future success and profitability of GBCI and the Division, following the Merger, require that no Director be affiliated in any substantial way with a Competing Business for
a reasonable period of time after closing of the Merger and/or termination of such Director’s status as a director of the Division. 

AGREEMENT 
 In
consideration of the parties’ performance under the Merger Agreement, the Director agrees as follows: 
  

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

  

	 	a.	“Competing Business” means any depository, financial institution, wealth management company, or trust company, or holding company thereof (including without limitation any
start-up bank or bank in formation), operating anywhere within the Covered Area. 

  

	 	b.	“Covered Area” means the Colorado counties of Adams, Arapahoe, Archuleta, Chaffee, Clear Creek, Denver, Douglas, El Paso, Fremont, Garfield, Grand, Hinsdale, Jackson, Jefferson, La Plata, Mesa, Moffat,
Park, Pueblo, Rio Blanco, Routt, San Juan, Summit, Teller, and any other county in Colorado where Glacier Bank or GBCI has a commercial banking office as of the date of execution of this Agreement. 

 

	 	c.	“Term” means the period of time beginning on the Effective Date and ending on the later to occur of: (i) two (2) years after the Effective Date; or (ii) two (2) years following the termination
of the Director’s service on the Board of Directors of the Division. 

  
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	2.	Participation in Competing Business. Except as provided in Section 5 or 6, during the Term, the Director may not become involved with a Competing Business in any capacity or serve,
directly or indirectly, a Competing Business in any manner, including without limitation, (a) as a shareholder, member, partner, director, officer, manager, investor, organizer, founder, employee, consultant, agent, or representative, or
(b) during the organization and pre-opening phases in the formation of a Competing Business. The Director acknowledges that he qualifies as executive or management personnel pursuant to Colorado Revised
Statutes Section 8-2-113(2)(d). 

  

	3.	No Solicitation. During the Term, the Director shall not, directly or indirectly, either for himself or herself or for any other person, solicit or attempt to solicit (a) any employees
or independent contractors of GBCI’s subsidiaries, divisions, or affiliates to participate, as an employee or otherwise, in any manner in a Competing Business; (b) any customers, business partners, or joint venturers of GBCI’s
subsidiaries, divisions, or affiliates to transfer their business to a Competing Business or to reduce such customers, business partners or joint venturers business or cease doing business with GBCI’s subsidiaries, divisions, or affiliates; or
(c) the termination of an employment or contractual relationship between GBCI’s subsidiaries, divisions, or affiliates and any employee, independent contractor, customer, business partner, or joint venturer. Solicitation prohibited under
this Section 3 includes solicitation by any means, including, without limitation, meetings, letters or other direct mailings, electronic communications of any kind, and internet communications. 

 

	4.	Confidential Information. 

  

	 	a.	 Confidentiality. During and after the Term, the Director shall not at any time, directly or indirectly,
divulge, reveal, or communicate any Confidential Information of CCC, the Bank, GBCI, or GBCI’s subsidiaries, divisions, or affiliates obtained by the Director while serving as a director of CCC or the Bank to any person, or use any Confidential
Information for his or her own benefit or for the benefit of any other person. For purposes of this Agreement, “Confidential Information” includes all secrets and other confidential information, knowledge, know-how, sales, financial information, customers, lists of customers and prospective customers, broker lists, rate sheets, strategies, or products, as well as all documents, reports, and proposals relating to the
same, with respect to CCC, the Bank, GBCI, or GBCI’s subsidiaries, divisions, or affiliates. Notwithstanding the foregoing, “Confidential Information” does not include (i) information that is or becomes generally available to the
public other than as a result of an unauthorized disclosure by the Director; (ii) information that was in the Director’s possession prior to serving as a director of CCC or the Bank or information received by the Director from another
person without any limitations on disclosure, but only if the Director had no reason to believe the other person was prohibited from using or disclosing the information by contractual or fiduciary

  
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obligation; or (iii) information that was independently developed by the Director without using any Confidential Information of CCC, the Bank, GBCI, or GBCI’s subsidiaries, divisions,
or affiliates. 

  

	 	b.	Defend Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016, 18 U.S.C. § 1833(b), the Director will not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and solely for the purpose of reporting or investigating a suspected violation of
law; or (ii) is made in a complaint or other document filed in a proceeding, if such filing is made under seal. 

  

	5.	Outside Covered Area; Requests for Consent. Nothing in this Agreement prevents the Director from becoming involved with, as a shareholder, member, partner, director, officer,
manager, investor, organizer, founder, employee, consultant, agent, representative, or otherwise, a financial institution that has no operations in the Covered Area. During the Term, prior to engaging in any manner in a Competing Business, the
Director may request in writing that GBCI waive the restrictions set forth in this Agreement with respect to a particular proposed activity. If GBCI determines, in its sole discretion, that such activity is acceptable, GBCI will provide the Director
with written consent to engage in such activity, and such activity will thereafter not be a Competing Business. 

  

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

  

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

  

	8.	Governing Law, Venue and Enforceability. This Agreement is governed by, and will be interpreted in accordance with, the laws of the State of Colorado. The parties must bring any legal
proceeding arising out of this Agreement in the state courts situated in Kalispell, Montana or the federal district courts of the Missoula Division. If any court determines that the restrictions set forth in this Agreement are unenforceable, then
the parties request such court to reform these provisions to the maximum restrictions, term, scope, or geographical area that such court finds enforceable. 

  

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

  
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 This Director Non-Competition Agreement is dated as of
the date set forth in the introductory paragraph. 
  

					
	GLACIER BANCORP, INC.	 		 	COLUMBINE CAPITAL CORP.
			
	  
	 		 	  

	By:      Randall M. Chesler	 		 	By:      John W. Perkins, Jr.
	Its:       President and CEO	 		 	Its:       President
			
	GLACIER BANK	 		 	COLLEGIATE PEAKS BANK
			
	  
	 		 	  

	By:      Randall M. Chesler	 		 	By:      John W. Perkins, Jr.
	Its:       President and CEO	 		 	Its:       Co-CEO

 [Director signature on next page] 

  
 [Company Signature Page
to Director Non-Competition Agreement] 

			
	DIRECTOR:	    	  

		    	[Name]

  
 [Director Signature Page
to Director Non-Competition Agreement]EXHIBIT 10.1

 

RESTRICTED STOCK AWARD

 

	
Name: Dave Schaeffer
    	
Cogent Communications Holdings, Inc.
    
	
Grant Date: May 3, 2017
    	
2017 Incentive Award Plan (the “Plan”)
    

 

1.                                      Grant:  Effective as of the Grant Date specified above you have been granted 84,000 (eighty-four thousand) Shares (“Time Vesting Shares”) and up to 105,000 (one hundred five thousand) performance-vesting Shares of (the “Performance Vesting Shares” and along with the Time Vesting Shares the “Restricted Shares”) of Cogent Communications Holdings, Inc. (the “Company”) subject to the vesting requirements described below.  Defined terms used but not otherwise defined herein will have the meaning set forth in the Plan.

 

2.                                      Normal Vesting:  You will become vested in 7,000 of the Time Vesting Shares on January 1, 2020 and in an additional 7,000 of the Time Vesting Shares on the first day of each month thereafter, with vesting full vesting of 84,000 Time Vesting Shares completed on December 1, 2020.  The Performance Vesting Shares shall vest on January 1, 2021 only if the Company’s total shareholder return (“TSR”) for the performance period beginning April 1, 2017 through December 31, 2020 (the “Performance Period”) is positive.  If Company’s TSR is positive, then the number of Performance Vesting Shares that will be vested is determined by dividing the Company’s TSR by the TSR of the Nasdaq Telecommunications Index (“NTI”) for the Performance Period and multiplying that percentage by 84,000 (the target number of Performance Vesting Shares); provided, however that the number of Performance Vesting Shares that will vest shall not exceed 105,000 Shares.  If the Company’s TSR for the Performance Period is zero or negative then no Performance Vesting Shares will vest.   Any Performance Vesting Shares which do not vest at the end of the Performance Period will be forfeited and cancelled.  TSR is calculated by comparing an amount invested in the Company to the same amount invested in the NTI at the beginning of the performance period with all dividends reinvested during the performance.  In calculating the TSR the average stock price of the Company’s stock in the 20 trading days prior to the measurement date shall be used.

 

3.                                      Accelerated Vesting:  Notwithstanding Section 2, vesting in the Restricted Shares upon the following events will be treated as follows:

 

(a)                                 Upon the termination of your employment by reason of death, or disability you will fully vest in all unvested Time Vesting Shares and 84,000 of Performance Vesting Shares.  Upon termination of your employment due to retirement you will fully vest in all Time Vesting Shares and upon expiration of the Performance Period you will vest in any Performance Vesting Shares in accordance with Section 2 based on actual performance through and at the end of the Performance Period.

 

(b)                                 If your employment is terminated entitling you to severance under the terms of your employment agreement either prior to a Change in Control or more than six months after a Change in Control, then you will vest in (i) the number of Time Vested Shares you would have vested in had you remained employed during the severance period, which is the number of months used to calculate severance under your employment agreement( e.g. 6 months or 12 months) and (ii) at the end of the Performance Period you will vest in the number of Performance Vesting Shares that vest in accordance with Section 2 above based on actual performance through and at the end of the Performance Period, but pro-rated based on the

 

 

number of days elapsed from the beginning of the Performance Period through the last day of your severance period.

 

(c)                                  Immediately prior to a Change in Control the Performance Period will end and the number of Performance Vesting Shares in which you will be eligible to vest in will be determined based on TSR through such date provided you remain employed through January 1, 2021; provided, however, you will be fully vested in such number of Performance Vesting Shares (i) if during the six months following the Change of Control the Company terminates your employment without cause (as defined in your employment agreement with the Company) or you terminate your employment for Good Reason (as defined in your employment agreement with the Company) or (ii) as otherwise provided in Section 3(a) above treating the Performance Vesting Shares which vest under the provisions of this Section 3(c) as Time Vesting Shares for such purposes.

 

4.                                      Nontransferable:  The Restricted Shares or any interest or right therein or part thereof may not be disposed of by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), until vested, and any attempted disposition prior thereto shall be null and void and of no effect.  The foregoing notwithstanding, transfers of the Restricted Shares may be permitted for estate planning purposes with the prior written consent of the Committee and subject in each case to the provisions of the Plan and the same restrictions and forfeiture provisions under this Agreement that the Restricted Shares had in your hands.

 

5.                                      Dividends/Voting:  You will be entitled to vote the Restricted Shares.  However, you will only be entitled to receive any dividends that are paid on shares of the Restricted Shares once they are vested.  Any dividends paid on unvested Restricted Shares shall be held by the Company, without interest thereon and paid to you at the time the Restricted Shares on which such dividends were paid vest.

 

6.                                      Certificates:  The Company shall cause the Restricted Shares to be issued and a stock certificate or certificates representing the Restricted Shares to be registered in your name or held in book entry form, but if a stock certificate or certificates are issued, they shall be delivered to, and held in custody by the Company until the shares of Restricted Shares vest.  You agree to give to the Company a stock power for all unvested Restricted Shares.  If issued, each such certificate will bear such legends as the Company may determine.

 

7.                                      No Other Rights:  The grant of Restricted Shares under the Plan is a one-time benefit and does not create any contractual or other right to receive an award of Restricted Shares or benefits in lieu of Restricted Shares in the future.  Future awards of Restricted Shares, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of the award, the number of shares and vesting provisions.  The grant of Restricted Shares under the Plan does not entitle you to any rights to remain employed with the Company, nor does it constitute a contract of employment.

 

8.                                      Miscellaneous:  The shares of Restricted Shares are granted under and governed by the terms and conditions of the Plan, as may be amended from time to time.  Defined terms used herein shall have the meaning set forth in the Plan, unless otherwise defined herein.

 

9.                                      280G:  Notwithstanding anything in this Agreement to the contrary, if the acceleration of vesting and any other payments to be made you (a “Payment”) would (i) constitute a “parachute

 

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payment” under Section 280G of the Code and (ii) but for this Section 9 be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then either (A) such Payments shall be reduced to the maximum amount that could be paid to you without any portion of the Payment (after reduction) being subject to the Excise Tax, or (B) the entire Payment, shall be paid if after taking into account all applicable federal, state and local taxes and the Excise Tax would provide a more favorable net after tax benefit to you (i.e., because the after tax proceeds to you of the reduced Payments and other benefits under this Agreement would exceed the after tax proceeds to you of Payments in the absence of any reduction, taking into account the Excise Tax applicable to such Payments).  If a reduction in a Payment is to be made under clause (ii)(A), then the reduction will be made as determined by the Company in a manner that results in your retaining the largest amounts of Payments which are payable in cash or equity at or as close to the event giving rise to the change in control as possible, such as by first reducing your rights to any Payments that are contingent upon the occurrence of later events (such as severance).   Any determination of whether any portion of the Payments constitutes a “parachute payment” within the meaning of Section 280G(b) of the Code,   shall be made by  a nationally recognized accounting firm selected by the Company, which may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  In no event will the Company or any stockholder be liable to Executive for any amounts not paid as a result of the operation of this Section 9.

 

Cogent Communications Holdings, Inc.

 

	
By:
    	
/s/Robert   Beury
    	
 
    
	
 
    	
Robert   Beury on behalf of the Board of Directors and the Compensation Committee
    	
 
    

 

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