Document:

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EXHIBIT 10.15

FIRST INTERSTATE BANCSYSTEM, INC.

2004 RESTRICTED STOCK AWARD PLAN

     Section 1. Establishment and Purpose.

     1.1 Establishment. First Interstate BancSystem, Inc., a Montana
corporation, hereby establishes a restricted stock award plan for the
participants described herein which shall be known as the “FIRST INTERSTATE
BANCSYSTEM, INC. 2004 RESTRICTED STOCK AWARD PLAN” (the “Plan”).

     1.2 Purposes. The primary purposes of the Plan are to establish
incentives designed to recognize, reward, and retain highly qualified and
competent individuals as officers, directors, and employees whose performance,
contribution, and skills are critical to the Company and its Subsidiaries, and
to promote the increased ownership of Stock by such officers, directors, and
employees to stimulate their active interest in the development and financial
success of the Company and its Subsidiaries.

     Section 2. Definitions.

     2.1 Defined Terms. Whenever used herein, the following terms shall have
the respective meanings set forth below:

	 	(a)	 	“Board” means the Board of Directors of the Company.
	 
	 	(b)	 	“Change in Control” is defined in Section 14.
	 
	 	(c)	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	 	(d)	 	“Committee” means the Compensation Committee or other
committee appointed by the Board to administer the Plan, or a
subcommittee thereof.
	 
	 	(e)	 	“Company” means First Interstate BancSystem, Inc., a Montana
corporation.
	 
	 	(f)	 	“Employee” means any person, including an officer or director
of the Company or any Subsidiary, who is employed by the Company or
a Subsidiary and who is compensated for such employment by a regular
salary.
	 
	 	(g)	 	“Exchange Act” means the Securities Exchanged Act of 1934.
	 
	 	(h)	 	“Fair Market Value” means, as of any date, the value of Stock
determined as follows:

	 	(i)	 	If the Stock is listed on any established stock
exchange or a national market system, its Fair Market Value
shall be the closing sales price for the Stock (or the closing
bid, if no sales were reported) as quoted on such exchange or
system for the last market trading day prior to the date of
determination, as reported in The Wall Street Journal or such
other source as the Board deems reliable;
	 
	 	(ii)	 	If the Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, its
Fair Market Value shall be the mean

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EXHIBIT 10.15

	 	 	 	between the high bid and low asked prices for the Stock on
the last market trading day prior to the date of
determination; or
	 
	 	(iii)	 	In the absence of an established market for the
Stock, the Fair Market Value thereof shall be determined in
good faith by the Board which may, in its sole discretion,
utilize an independent third party to assist with the
determination of the Fair Market Value of the Stock, which may
take the form of a periodic appraisal of the Fair Market Value
of a share of Stock valued as a minority interest.

	 	(i)	 	“Participant” means an Employee of the Company who is
designated by the Committee to participate in the Plan and who
receives a Restricted Stock Award under the Plan.
	 
	 	(j)	 	“Plan” means this First Interstate BancSystem, Inc. 2004
Restricted Stock Award Plan.
	 
	 	(k)	 	“Restricted Stock Award” means an award of shares of Stock
upon and subject to the terms, restrictions, and conditions of the
Plan.
	 
	 	(l)	 	“Stock” means the common stock (without par value) of the Company.
	 
	 	(m)	 	“Subsidiary” means any now existing or hereafter organized or
acquired corporation, partnership, limited liability company or
other entity of which more than fifty percent (50%) of the issued
and outstanding ownership interest is owned or controlled directly
or indirectly by the Company or through one or more Subsidiaries of
the Company.

     2.2 Gender and Number. Except when otherwise indicated by the context,
any masculine terminology used in this Plan also shall include the feminine
gender, and the definition of any term herein in the singular also shall
include the plural.

     Section 3. Participants. Participants will consist of such officers,
directors, and employees of the Company and its Subsidiaries as the Board, in
its sole discretion, determines to be significantly responsible for the success
and future growth and profitability of the Company and whom the Board may
designate from time to time to receive Restricted Stock Awards under the Plan.
Designation of a Participant in any year shall not require the Board to
designate such person to receive a Restricted Stock Award in any other year or,
once designated, to receive the same type or amount of Restricted Stock Awards
as granted to the Participant or any other Participant in any year. The Board
shall consider such factors as it deems pertinent in selecting Participants and
in determining the amount, terms, and conditions of their respective Restricted
Stock Awards.

     Section 4. Administration.

     4.1 Board Administration. The Plan will be administered by the Board
unless and until the Board delegates, or is required to delegate,
administration to the Committee, as provided in Sections 3(b) or 3(c) below.
The Board is authorized, subject to the provisions of the Plan, to establish
such rules and regulations as it deems necessary or appropriate for the proper
administration of the Plan and to make such determinations and interpretations
and to take such action in connection with the Plan as it deems necessary or
advisable. All determinations and interpretations made by the Board shall be
binding and conclusive on all Participants and their legal representatives. No
member of the Board, and no employee of the Company shall be liable for any act
or failure to act hereunder, by any other Board member or employee or by any
agent

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to whom duties in connection with the administration of this Plan have
been delegated, or, except in circumstances involving his bad faith, gross
negligence or fraud, for any act or failure to act by the member or employee.

     4.2 Delegation to Committee. The Board may delegate all or any portion of
administration of the Plan to the Committee. If administration is totally
delegated to the Committee, the Committee shall have, in connection with the
administration of the Plan, the powers theretofore possessed by the Board (and
references in this Plan to the Board shall thereafter be to the Committee, as
applicable), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The
Board may terminate all or any portion of the Committee’s authority under the
Plan at any time and revest the Board with all or any portion of the
administration of the Plan. In addition, the Board (or the Committee to the
extent Section 4.3 below is applicable) may delegate all or any portion of the
administration of the Plan to the Company’s Chief Executive Officer, but only
with respect to Awards to participants who are neither subject to Section 16 of
the Exchange Act, nor are “covered employees” within the meaning of Section
162(m) of the Code.

     4.3 Required Delegation to Committee. The Board shall be required to
delegate administration of the Plan to a committee, all of whose members shall
be “non-employee directors,” effective on and after the date of the first
registration of an equity security of the Company under Section 12 of the
Exchange Act. Any “nonemployee director” shall comply with the requirements of
Rule 16b-3 of the Exchange Act as in effect at the relevant time and, to the
extent necessary, Section 162(m) of the Code.

     Section 5. Shares Reserved under the Plan.

     5.1 Reserved Shares. Subject to adjustment under Section 7 hereof, there
is hereby reserved for issuance under the Plan twenty-five thousand (25,000)
shares of authorized and unissued common stock of the Company.

     5.2 Reacquired/Retained Shares. If shares are issued under the Plan in
connection with a Restricted Stock Award hereunder and thereafter such shares
are reacquired by the Company, those shares may again be used for new
Restricted Stock Awards under the Plan. In addition, any shares retained by
the Company pursuant to a Participant’s tax withholding election shall be added
to the shares available for Restricted Stock Awards under the Plan. The Board
shall determine the appropriate methodology for calculating the number of
shares available for issuance pursuant to the Plan.

     Section 6. Restricted Stock Awards.

     6.1 Terms and Restrictions of Awards. Restricted Stock Awards will
consist of Stock transferred to Participants without payment therefore as
additional compensation for services to the Company. Restricted Stock Awards
shall be subject to such terms and conditions as the Board determines
appropriate, including, without limitation, restrictions on the sale or other
disposition of such shares, restrictions requiring the forfeiture of shares to
the Company upon termination of the Participant’s employment or service with
the Company or any Subsidiary prior to satisfying a prescribed vesting
schedule, or conditions requiring that the shares be earned in whole or in part
upon the achievement of performance goals established by the Board over a
designated period of time. Each Restricted Stock Award shall be made pursuant
to a written agreement between the Company and the Participant. The Board may
require the Participant to deliver duly executed stock powers, endorsed in
blank, relating to the Stock covered by such a Restricted Stock Award. The
Board may also require that the stock certificates evidencing such shares be
held in custody until the restrictions thereon shall have lapsed. The
Restricted Stock Award shall specify whether the Participant shall have, with

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EXHIBIT 10.15

respect to the shares of Stock subject to a Restricted Stock Award, all of
the rights of a holder of shares of Stock of the Company, including the right
to receive dividends and to vote shares.

     6.2 Other Provisions. Awards under the Plan may also be subject to such
other provisions (whether or not applicable to the Award granted to any other
participant) as the Board determines appropriate, including without limitation,
provisions for the acceleration or early termination of Restricted Stock
Awards, and/or provisions for the payment of the Fair Market Value of
Restricted Stock Awards to Participants in the event of a Change of Control of
the Company, provisions for the forfeiture of Stock, restrictions on resale or
other disposition of Stock, provisions to comply with Federal and State
securities laws, or understandings or conditions as to the Participant’s
employment in addition to those specifically provided for under the Plan.

     6.3 Award Limit. The maximum number of shares of Stock that may be
subject to Restricted Stock Awards granted to a Participant under the Plan in
any calendar year shall not exceed a Fair Market Value of $1,000,000.00.

     Section 7. Adjustment Provisions.

     7.1 Change in Number of Shares. If the Company shall at any time change
the number of issued common shares without new consideration to the Company
(such as by stock dividend or stock split), the total number of shares reserved
for issuance under the Plan, and the number of shares covered by each
outstanding Restricted Stock Award shall be equitably adjusted and the
aggregate consideration payable to the Company, if any, shall not be changed.

     7.2 Merger, Consolidation or Reorganization. In the event of any merger,
consolidation or reorganization of the Company with or into another Company
other than a merger, consolidation or reorganization in which the Company is
the continuing Company and which does not result in the outstanding shares of
Stock being converted into or exchanged for different securities, cash or other
property, or any combination thereof, there shall be substituted, on an
equitable basis as determined by the Committee, for each share of Stock then
subject to a Restricted Stock Award under the Plan, the number and kind of
shares of stock, other securities, cash or other property to which holders of
shares of Stock of the Company will be entitled pursuant to the transaction.
Notwithstanding any other provision of this Plan, without affecting the number
of shares reserved or available hereunder, the Board may authorize the issuance
or assumption of outstanding Restricted Stock Awards under the Plan in
connection with any merger, consolidation, acquisition of property or stock, or
reorganization upon such terms and conditions as it may deem appropriate.

     7.3 No Fractional Shares. No fractional shares will be issued pursuant to
a Restricted Stock Award due to any adjustment.

     Section 8. Restrictions on Stock Transferability.

     8.1 Nontransferability. Each Restricted Stock Award granted under the
Plan to a Participant shall, unless otherwise set forth in the written
Restricted Stock Award, not be transferable.

     8.2 Shareholder Agreement. The issuance of Stock pursuant to this Plan is
expressly conditioned upon execution by the Participant receiving the Stock of
the applicable Shareholder’s Agreement then in use by the Company, restricting
the sale, transfer or encumbrance of the Stock.

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EXHIBIT 10.15

     8.3 Stock Legend. Certificates issued by the Company for Stock awarded
pursuant to the Plan will contain a legend reciting the restrictions on the
sale, transfer or encumbrance of the Stock under the Plan and as set forth in
the applicable Shareholder’s Agreement then in use by the Company.

     Section 9. No Effect on Employment. A Participant’s right, if any, to
continue to serve the Company as an officer, employee, or otherwise, shall not
be enlarged or otherwise affected by his or her designation as a Participant
under the Plan, nor shall this Plan in any way interfere with the right of the
Company, subject to the terms of any separate employment agreement to the
contrary, at any time to terminate employment of a Participant or to increase
or decrease the compensation of a Participant from the rate in existence at the
time of the grant of a Restricted Stock Award.

     Section 10. Withholding. All payments or distributions made pursuant to
the Plan shall be net of any amounts required to be withheld pursuant to
applicable federal, state and local tax withholding requirements. If the
Company proposes or is required to distribute Common Stock pursuant to the
Plan, it may require the recipient to remit to it an amount sufficient to
satisfy such minimum tax withholding requirements prior to the delivery of any
certificates for such Common Stock. The Board may, in its discretion and
subject to any rules as it may adopt, permit an award or right holder to pay
all or a portion of the minimum required federal, state and local withholding
taxes arising in connection with the receipt or vesting of a Restricted Stock
Award by electing to have the Company withhold shares of Stock having a Fair
Market Value equal to the amount to be withheld.

     Section 11. Duration, Amendment and Termination. This Plan shall
terminate upon the earlier of a termination by the Board or at such time as
there shall be no remaining shares of Stock available for award hereunder. By
mutual agreement between the Company and a Participant under this Plan or under
any other present or future plan of the Company, Restricted Stock Awards may be
granted to a Participant in substitution and exchange for, and in cancellation
of, any Restricted Stock Awards previously granted to a Participant under this
Plan or any other present or future plan of the Company. The Board may amend
the Plan from time to time or terminate the Plan at any time, subject to any
requirement of stockholder approval required by applicable law, regulation, or
stock exchange rule. No action authorized by this Section 11 shall reduce the
amount of any outstanding Restricted Stock Awards or adversely change the terms
or conditions thereof without the affected Participant’s consent.

     Section 12. Governing Law. This Plan and actions taken in connection
herewith shall be governed and construed in accordance with the laws of the
State of Montana (regardless of the law that might otherwise govern under
applicable Montana principles of conflict of laws).

     Section 13. Indemnification Each person who is or shall have been a
member of the Committee or of the Board shall be indemnified and held harmless
by the Company against and from any loss, cost, liability, or expense that may
be imposed upon or reasonably incurred by such person in connection with or
resulting from any claim, action, suit, or proceeding to which he may be a
party or in which he may be involved by reason of any action taken or failure
to act under the Plan and against and from any and all amounts paid by him in
settlement thereof, with the Company’s approval, or paid by him in satisfaction
of judgment in any such action, suit, or proceeding against him, provided he
shall give the Company an opportunity, at its own expense, to handle and defend
the same before he undertakes to handle and defend it on his own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights
of indemnification to which such persons may be entitled under the Company’s
articles of incorporation or bylaws, as a matter of law, or otherwise, or any
power that the Company may have to indemnify them or hold them harmless.

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EXHIBIT 10.15

     Section 14. Dissolution or Change in Control. If the Company is
dissolved or liquidated (a “Dissolution”) or if the Company is a party to a
merger, reorganization, or consolidation in which the Company is not the
surviving corporation (a “Change in Control”), then every Restricted Stock
Award outstanding hereunder which has not vested shall vest immediately on the
effective date of the Dissolution or Change in Control.

     Section 15. Effective Date of Plan. This Plan shall be effective as of
April 1, 2004.

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EXHIBIT 10.16

FIRST INTERSTATE BANCSYSTEM, INC.

2004 RESTRICTED STOCK AWARD AGREEMENT

     THIS RESTRICTED STOCK AWARD AGREEMENT is made this 1st day of April, 2004,
by FIRST INTERSTATE BANCSYSTEM, INC., a Montana corporation (the “Company”),
and the undersigned Employee.

     In consideration of the premises, mutual covenants and agreements herein,
the Company and the Employee agree as follows:

ARTICLE 1

AWARD

     Section 1.1 Award of Shares. The Company hereby grants to Employee that
number of shares of Stock (the “Restricted Shares”) set forth in the Employee’s
Notice of Restricted Stock Award dated the same date as this Agreement (the
“Notice”), subject to all of the terms, conditions, and restrictions set forth
in this 2004 Restricted Stock Award Agreement (the “Agreement”), the Notice,
and the First Interstate BancSystem, Inc. 2004 Restricted Stock Award Plan (the
“Plan”). Any capitalized terms not otherwise defined in Article 5 or otherwise
in this Agreement shall have the meaning set forth in the Plan.

     Section 1.2 Conditions to Award. The award of Restricted Shares to
Employee is conditioned upon Employee, concurrently with the execution of this
Agreement, delivering to the Company: (1) if requested by the Company, a duly
signed stock power, endorsed in blank, relating to the Restricted Shares as
required under Section 2.6 hereof; (2) a Shareholder Agreement duly signed by
the Employee; (3) a duly signed Section 83(b) Election under the Code, but only
if the Employee, in his or her sole discretion, intends to make such election;
and (4) such other documents or agreements as the Company may request.

     Section 1.3 Voting and Other Rights. Upon Employee’s timely compliance
with each of the conditions set forth in Section 1.2 hereof, Employee shall
have all of the rights and status as a shareholder of the Company in respect of
the Restricted Shares, including the right to vote such shares and to receive
dividends or other distributions thereon. Any cash dividends paid on any
Restricted Shares shall be paid to the Employee. In the event any non-cash
dividends or other distributions, whether in property or stock, are paid on any
Restricted Shares, such non-cash dividends or other distributions payable to
the Employee shall be retained by the Company and not delivered to the Employee
until such time as the Restrictions on the Restricted Shares with respect to
which such non-cash dividends or other distributions have been paid shall have
lapsed and such shares have become Vested Shares. Such non-cash dividends or
distributions with respect to the Restricted Shares shall be retained by the
Company in the event the Restricted Shares on which such non-cash dividends or
other distributions were paid are forfeited to the Company.

ARTICLE 2

RESTRICTIONS

     Section 2.1 Restrictions. The Restricted Shares are being awarded to
Employee subject to the following transfer and forfeiture restrictions
(collectively, the “Restrictions”):

	(a)	 	Transfer. Prior to the date that the Restricted Shares
become Vested Shares, Employee may not directly or indirectly, by
operation of law or otherwise, voluntarily or involuntarily,
anticipate, alienate, attach, sell, assign, pledge,

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EXHIBIT 10.16

	 	 	encumber, charge or otherwise transfer all or any part of the
Restricted Shares without the written consent of the Company, which
consent may be withheld by the Company in its sole discretion.
	 
	(b)	 	Forfeiture. Upon termination of Employee’s employment with
the Company or any Subsidiary, all Restricted Shares which are not
Vested Shares at the effective time of such termination, shall
immediately thereafter be returned to or cancelled by the Company,
and shall be deemed to have been forfeited by Employee to the
Company. Upon any forfeiture of Restricted Shares under this
Section 2.1, the Company will not be obligated to pay Employee any
consideration whatsoever for the forfeited Restricted Shares.

     Section 2.2 Lapse of Restrictions. Subject to the other terms of this
Agreement, the Restrictions shall lapse with respect to the Restricted Shares
awarded hereunder at the time or times and as to that number of Restricted
Shares determined in accordance with the vesting schedule set forth in the
Employee’s Notice of Restricted Stock Award. To the extent the Restrictions
shall have lapsed with respect to the Restricted Shares subject to this Award,
those shares (the “Vested Shares”) will thereafter be free of the terms,
conditions, and restrictions of this Agreement, but shall continue to be
subject to the terms and conditions of the Shareholder Agreement.

     Section 2.3 Termination of Vesting. If Employee’s employment with the
Company (or any other employment, consulting, advisory or service relationship
or arrangement with the Company or any Subsidiary) is terminated for any
reason, no further vesting (pro rata or otherwise) shall occur after the
occurrence of such event.

     Section 2.4 Withholding Taxes.

	(a)	 	The award of the Restricted Shares to the Employee, and the
lapse of Restrictions on the Restricted Shares, shall be conditioned
on any applicable minimum federal, state or local withholding taxes
having been paid by Employee at the appropriate time pursuant to a
direct payment of cash or other readily available funds to the
Company. Employee shall have the right to satisfy all or any
portion of his or her obligations under this Section 2.4(a) by
having the Company withhold from the Restricted Shares with respect
to which the Restrictions will lapse, that number of shares of Stock
having an aggregate Fair Market Value, determined as of the date of
the taxable event with respect to such shares, equal to the minimum
federal, state or local taxes required to be withheld by the Company
with respect to such lapse of Restrictions; provided, however, that
the Fair Market Value of any shares of Stock withheld under this
Section 2.4(a) may not exceed the statutory minimum withholding
amount required by law.
	 
	(b)	 	If the Employee shall have elected to file a Section 83(b)
Election under the Code with respect to the award of Restricted
Shares hereunder, the award of the Restricted Shares shall be
conditioned on the Employee providing the Company with a direct
payment of cash or other immediately available funds in an amount
equal to the statutory minimum withholding taxes required to be
withheld by the Company not later than thirty (30) days after the
date of the award.

     Section 2.5 Issuance of Shares; Restrictive Legends. Stock certificates
in respect of the Restricted Shares may be issued by the Company subject to
Employee’s fulfillment of the conditions set forth in Section 1.2 hereof. Any
such certificates shall be registered in Employee’s name and shall be inscribed
with a legend evidencing the Restrictions, a legend evidencing the Shareholder
Agreement, and such additional legends as may be required to

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EXHIBIT 10.16

comply with the Securities Act of 1933, as amended, and other applicable
federal or state securities laws. Alternatively, the Company may issue
Restricted Shares hereunder in uncertificated form.

     Section 2.6 Custody. All certificates representing the Restricted Shares
(other than Vested Shares) shall be deposited, together with stock powers
executed by Employee, in proper form for transfer, with the Company. The
Company shall provide Employee with a copy of any certificate representing the
Restricted Shares, or such other evidence thereof as may be determined by the
Company, which shall contain the legends described in Section 2.5. The Company
is hereby authorized to cause the transfer into its name of the Restricted
Shares (and any non-cash distributions or other property described in Section
1.3 hereof) which are forfeited to the Company pursuant to Section 2.1(b)
hereof. At the request of Employee, certificates representing Vested Shares
shall, subject to any applicable securities law restrictions, be delivered by
the Company to Employee or Employee’s personal representative. Certificates
representing shares that have become Vested Shares in accordance with Section
2.2 or Article 3 shall be issued without the legend evidencing the
Restrictions, but shall contain a legend evidencing the Shareholder Agreement
and such legends as may be required to comply with the Securities Act of 1933,
as amended, or any other applicable federal or state securities laws.

     Section 2.7 Shareholder Agreement. All Restricted Shares, whether vested
or unvested, shall be subject to the terms, conditions, and restrictions of the
Shareholder Agreement, which restricts the sale, transfer and encumbrance of
the Stock.

ARTICLE 3

CHANGE IN CONTROL

     If the Company is dissolved or liquidated (a “Dissolution”) or if the
Company is a party to a merger, reorganization, or consolidation in which the
Company is not the surviving corporation (a “Change in Control”), then all of
the Restricted Shares which have not vested shall vest immediately on the
effective date of the Dissolution or Change in Control.

ARTICLE 4

DEFINITIONS

     Section 4.1 Defined Terms. Whenever used herein, the following terms
shall have the respective meanings set forth below:

	(a)	 	“Agreement” is this 2004 Restricted Stock Award Agreement.
	 
	(b)	 	“Board” means the Board of Directors of the Company.
	 
	(c)	 	“Change in Control” is defined in Article 3.
	 
	(d)	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	(e)	 	“Committee” means the Compensation Committee or other
committee, or a subcommittee thereof, appointed by the Board to
administer the Plan.
	 
	(f)	 	“Company” means First Interstate BancSystem, Inc., a Montana
corporation.
	 
	(g)	 	“Dissolution” is defined in Article 3.

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EXHIBIT 10.16

	(h)	 	“Employee” means the undersigned.
	 
	(i)	 	“Fair Market Value” means, as of any date, the value of Stock
determined as follows:

	(1)	 	If the Stock is listed on any established stock
exchange or a national market system, its Fair Market Value
shall be the closing sales price for the Stock (or the closing
bid, if no sales were reported) as quoted on such exchange or
system for the last market trading day prior to the date of
determination, as reported in The Wall Street Journal or such
other source as the Board deems reliable;
	 
	(2)	 	If the Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, its
Fair Market Value shall be the mean between the high bid and
low asked prices for the Stock on the last market trading day
prior to the date of determination; or
	 
	(3)	 	In the absence of an established market for the
Stock, the Fair Market Value thereof shall be determined in
good faith by the Board which may, in its sole discretion,
utilize an independent third party to assist with the
determination of the Fair Market Value of the Stock, which may
take the form of a periodic appraisal of the Fair Market Value
of a share of Stock valued as a minority interest.

	(j)	 	“New Award” is defined in Article 3.
	 
	(k)	 	“Notice” is defined in Section 1.1.
	 
	(l)	 	“Plan” means the First Interstate BancSystem, Inc. 2004
Restricted Stock Award Plan.
	 
	(m)	 	“Restricted Shares” are defined in Section 1.1.
	 
	(n)	 	“Restrictions” are defined in Section 2.1.
	 
	(o)	 	“Shareholder Agreement” means the form of shareholder
agreement in use by the Company on the date of this Agreement.
	 
	(p)	 	“Stock” means the common stock (without par value) of the Company.
	 
	(q)	 	“Subsidiary” means any now existing or hereafter organized or
acquired corporation, partnership, limited liability company or
other entity of which more than fifty percent (50%) of the issued
and outstanding ownership interest is owned or controlled directly
or indirectly by the Company or through one or more Subsidiaries of
the Company.
	 
	(r)	 	“Vested Shares” are defined in Section 2.2.

     4.2 Gender and Number. Except when otherwise indicated by the context,
any masculine terminology used in this Plan also shall include the feminine
gender, and the definition of any term herein in the singular also shall
include the plural.

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EXHIBIT 10.16

ARTICLE 5

MISCELLANEOUS

     Section 5.1 Administration. This Award shall be administered by the
Committee or its delegate as provided in Section 4 of the Plan.

     Section 5.2 No Guarantee of Employment or Service; Compensation. Nothing
in this Agreement shall be construed as an employment, consulting or similar
contract for services between the Company or any Subsidiary and the Employee.
Any benefit derived under this Agreement shall not be considered compensation
for purposes of calculating any severance, resignation, bonus, pension,
retirement or similar payments or benefits.

     Section 5.3 The Company’s Rights. The existence of the Award shall not
affect in any way the right or power of the Company or its directors or
shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company’s capital structure or its
business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or other securities with preference ahead of or
convertible into, or otherwise affecting the Restricted Shares or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of the Company’s assets or business, or any other
act or proceeding, whether of a similar character or otherwise.

     Section 5.4 Nontransferability of Award. This Award is not transferable
by the Employee.

     Section 5.5 Entire Agreement; Modification. This Agreement, together
with the Plan and the Notice, contains the entire agreement between the parties
with respect to the subject matter contained herein, and may not be modified,
except as provided in a written document signed by each of the parties hereto.
Any oral or written agreements, representations, warranties, written
inducements, or other communications made prior to or in addition to the
execution of this Agreement shall be void and ineffective for all purposes.

     Section 5.6 Severability. In the event that any term or provision of
this Agreement shall be finally determined to be superseded, invalid, illegal
or otherwise unenforceable pursuant to applicable law by a governmental
authority having jurisdiction, that determination shall not impair or otherwise
affect the validity, legality or enforceability, to the maximum extent
permissible by law, of the remaining terms and provisions of this Agreement,
which shall be enforced as if the unenforceable term or provision were deleted.

     Section 5.7 Governing Law. This Agreement shall be governed and
construed in accordance with the laws of the State of Montana (regardless of
the law that might otherwise govern under applicable Montana principles of
conflict of laws).

     Section 5.8 Resolution of Disputes. As a condition of the granting of
the Restricted Shares, the Employee agrees that any dispute or agreement which
may arise under or as a result of or pursuant to this Agreement shall be
resolved in the Thirteenth Judicial District Court, Yellowstone County, Montana
and shall be final, binding, and conclusive.

     Section 5.9 Inconsistency. If there is any inconsistency between this
Agreement and the Plan, the terms and provisions of the Plan shall prevail.

5

 

EXHIBIT 10.16

     IN WITNESS WHEREOF, this Agreement is executed by the Company and by the
Employee as of the date stated in the first paragraph of this Agreement.

	 	 	 	 	 	 	 
	 	 	FIRST INTERSTATE BANCSYSTEM, INC.
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	
 
	

	 	Its:	Secretary
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE:
	 
	 	 	 	 	 	 
	 	 	
 

6

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