Document:

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                         EXECUTIVE EMPLOYMENT AGREEMENT
                         ------------------------------

     THIS AGREEMENT is made and entered into as of December 1, 2002 (the
"Effective Date") between Jay R. Strauss ("Executive") and TEAM America, Inc.,
an Ohio corporation (the "Company").

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and Executive hereby
agree as follows:

     1. Employment and Duties. On the terms and subject to the conditions set
forth in this Agreement, the Company agrees to employ Executive as its General
Counsel and Executive Vice President of Law and Human Resources to render such
services as would be customary for such position and to render such other
services and discharge such other responsibilities as the Company's Board of
Directors or the Chief Executive Officer may, from time to time, stipulate.

     2. Performance. Executive accepts the employment described in Section 1 of
this Agreement and agrees to faithfully discharge his duties and devote adequate
professional time and effort to the performance of the services described
therein. Nothing in this Agreement, however, shall preclude the Executive from
devoting a reasonable amount of his time and efforts to civic, community,
charitable, professional and trade association affairs and matters.

     3. Term. Executive's employment under this Agreement (the "Employment
Period") shall commence as of the Effective Date and continue until terminated
by either party. Executive's employment is "at will," so that it may be
terminated by either party at any time, with or without cause. On termination of
Executive's employment, Executive's entitlement to any severance pay shall be
governed by Section 7 hereof.

     4. Compensation.

     4.1 Salary. For all the services to be rendered by Executive hereunder, the
Company agrees to pay, during the Employment Period, a base salary at the rate
of not less than $182,000.00 ("Base Salary") per annum payable weekly or
otherwise according to the Company's regular pay schedule for salaried
employees, provided that commencing December 28, 2002, Executive's Base Salary
shall be $196,560.00. The Company and Executive agree that the salary provided
herein shall be subject to annual review for cost of living and merit factors,
with any adjustments being mutually agreed between the Company and Executive.

     4.2 Incentive Compensation. With respect to each fiscal year of the Company
during the Employment Period, the Company will pay Executive a bonus of up to
50% of the Base Salary set forth in Paragraph 4.1, or as thereafter in effect,
based upon

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achievement of an EBITDA objective (the "EBITDA Objective") as determined from
year to year pursuant to the Company's Senior Executive Bonus Plan, as amended
from time to time. Company may award Executive with options to acquire qualified
or nonqualified shares of its stock pursuant to its Incentive Stock Option Plan
("ISO Shares") in its discretion; provided nothing contained herein shall
obligate the Company to continue the Executive's employment for any period of
time nor change in any way the "at will" nature of Executive's employment.

     4.3 Vacation. Executive shall be entitled to take four (4) weeks of
vacation, with pay, during each year of service under this Agreement. Vacation
allowances shall cumulate from year to year based upon Company's standard
vacation policy.

     4.4 Other Benefits. Except as otherwise specifically provided herein,
during the Employment Period Executive shall be eligible for all non-wage
benefits the Company provides generally for its other corporate officers, plus
an automobile allowance consistent with that provided to other senior
executives.

     5. Business Expenses.

     5.1 Reimbursement. The Company shall reimburse Executive for the
reasonable, ordinary, and necessary expenses incurred by him in connection with
the performance of his duties hereunder, including but not limited to, ordinary
and necessary travel expenses, entertainment expenses and automobile allowance.

     5.2 Accounting. Executive shall provide the Company with an accounting of
his expenses, which accounting shall clearly reflect which expenses are
reimbursable by the Company. Executive will provide the Company with such other
supporting documentation and other substantiation of reimbursable expenses as
will conform to Internal Revenue Service or other requirements.

     6. Covenants of Executive.

     6.1 Non-Competition Provisions. The Executive and the Company agree that
Company has protectable, private and confidential interests including but not
limited to marketing strategies, financial information, good will, customers,
customer lists, specific customer needs and contacts, current and future
business plans and the existence and terms of this Agreement, and as such during
the Employment Period the Executive shall not, without the written consent of
the Company, engage in, be employed by, act as a consultant for or otherwise be
compensated by, be a director of or own an equity interest in, any business
which is engaged in employee leasing, the provision of PEO or ASO services,
payroll and payroll tax service, employee benefits, or job placement products or
services or any other business which would tend to compete with the Company
business or cause any Company Client to cancel its relationship with the Company
in order to purchase such products or services, nor disclose or use for his own
benefit any of the protectable, private or confidential information belonging to
or

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pertaining to the Company or its affiliates to any party without the prior
written consent of the Company.

     6.2 Non-Solicitation During and for a period (3) three years following the
Employment Period, Executive shall not, as an employee, agent, owner, contractor
or in any other capacity, acting alone or in concert with others (i) solicit the
business of any customer or prospect of the Company or of any businesses which
were customers or prospects of the Company within two (2) years preceding the
termination of the Employment Period (collectively, "Company Clients"); nor (ii)
do business with or render services to any Company Client in connection with any
business similar to the business of the Company or its subsidiaries, including,
but not limited to, any business engaged in employee leasing, the provision of
PEO or ASO services, payroll and payroll tax service, employee benefits, or job
placement products or services or any other business which would tend to compete
with the Company business or cause any Company Client to cancel its relationship
with the company in order to purchase such products or services, provided such
restriction shall not prevent Executive from being employed by any such entity
so long as Executive observes the other restrictions contained in this
Agreement; nor (iii) solicit, hire or interfere in any way with the employment
relationship between the Company and any of its employees. This obligation shall
be in addition to any obligation imposed on the Agent under any confidentiality
agreement with the Company.

     6.3 Confidentiality. The Executive agrees and acknowledges that, by reason
of the nature of his duties as an officer and employee, he will have or may have
access to and become informed of confidential and secret information which is a
competitive asset of the Company ("Confidential Information"), including without
limitation any lists of client organizations or worksite employees, financial
statistics, research data or any other statistics and plans contained in profit
plans, capital plans, critical issue plans, strategic plans or marketing or
operation plans or other trade secrets of the Company and any of the foregoing
which belong to any person or company but to which the Executive has had access
by reason of his employment relationship with the Company. The Executive agrees
faithfully to keep in strict confidence, and not, either directly or indirectly,
to make known, divulge, reveal, furnish, make available or use (except for use
in the regular course of his employment duties) any such Confidential
Information. The Executive acknowledges that all manuals, instruction books,
price lists, information and records and other information and aids relating to
the Company's business, and any and all other documents containing Confidential
Information furnished to the Executive by the Company or otherwise acquired or
developed by the Executive, shall at all times be the property of the Company.
Upon termination of the Employment Period, the Executive shall return to the
Company any such property or documents which are in his possession, custody or
control, but his obligation of confidentiality shall survive such termination of
the Employment Period until and unless any such Confidential Information shall
have become, through no fault of the Executive, generally known to the trade.
The obligations of the Executive under this subsection are in addition to, and
not in limitation or preemption of, all other obligations of confidentiality
which the Executive may have to the Company under general legal or equitable
principles.

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     7. Termination.

     7.1 Termination Without Cause; Severance.

     (a) In the event Executive's employment with the Company is terminated by
the Company without cause (as defined below), or if Executive's employment is
terminated by reason of his death or disability, Executive shall be entitled to
severance pay in the amounts described in section 7.1 (b) below ("Severance").

     (b) If Executive's employment is terminated without cause: (i) within six
(6) months following a "change of control," and not by death or disability,
Executive shall receive Severance equal to one (1) year's Base Salary plus a
bonus equal to 50% of his Base Salary in effect at the time of termination,
payable in 12 equal monthly installments commencing on the last day of the month
following the month in which Executive's employment is terminated; but (ii) if
Executive's employment is terminated without cause in the absence of such
"change of control," Executive shall receive Severance equal to twelve (12)
months Base Salary in effect at the time of termination plus any bonus payable
under paragraph 4.2. with respect to such calendar year, payable in 6 equal
monthly installments as provided above. As used herein, "change of control"
means a sale of substantially all of the assets of the Company or the merger or
consolidation of the Company with another entity on terms whereby the Company is
not the surviving entity or the acquisition by any person or entity of more than
50% of the voting stock of the Company or a change in management mandated in
connection with a debt or equity infusion into the Company. The foregoing
notwithstanding, if following a change of control, Executive is offered a
substantially similar position at substantially similar compensation, but
Executive rejects such offer, then Executive shall not be entitled to Severance.

     (c) In the event Severance is payable hereunder, the Employment Period
shall be deemed to include the time during which Severance is payable for
purposes of Section 6 hereof (the "Severance Period").

     (d) In the event Executive breaches any obligation to the Company under
Section 6, any obligation to pay Severance shall forthwith terminate and
Executive shall, in addition to all other remedies available to the Company,
reimburse Company for any Severance previously paid to him; provided, however,
in the event Executive engages in conduct restricted under paragraph 6.1 during
the Severance Period, his Severance shall only be reduced by the amount/value of
all consideration received by or attributable to him in connection with such
activities during such Severance Period.

     7.2 Termination With Cause. The Company shall have the option to terminate
the Employment Period, effective upon written notice of such termination to
Executive, for good cause ("Cause"), which shall consist of any of the
following: (a) material breach by Executive of his covenants, responsibilities,
and obligations under this Agreement; (b) commission by Executive of theft or
embezzlement of Company

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property or any other acts of dishonesty; (c) commission by Executive of a crime
resulting in injury to the business, property or reputation of the Company or
commission of other significant activities harmful to the business or reputation
of the Company; or (d) insubordination; provided Executive's refusal to take
actions which he reasonably and in good faith believes are materially adverse to
the interests of the Company and its shareholders shall not be deemed to be good
cause for termination. In the event of termination of the Employment Period for
Cause, Executive shall not be entitled to receive any severance payments under
Section 7.1 hereof.

     7.3 Surrender of Properties. Upon termination of Executive's employment
with the Company, regardless of the cause therefor, Executive shall promptly
surrender to the Company all property provided him by the Company for use in
relation to his employment, and, in addition, Executive shall surrender to the
Company any and all sales materials, lists of clients and prospective clients,
price lists, files, records, or other materials and information of or pertaining
to the Company or its clients or prospective clients or the products, business,
and operations of the Company.

     7.4 Survival of Covenants. The covenants of Executive set forth in Section
6 of this Agreement shall survive the termination of the Employment Period or
termination of this Agreement, regardless of the cause therefor.

     8. Indemnification. The Company shall indemnify and hold harmless the
Executive to the fullest extent permitted by the Code of Regulations of the
Company with respect to any claim asserted by any third party arising from or
relating to any action or inaction of Executive while serving the Company.

     9. Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the Company, its successors and assigns. The Company shall
require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all its assets to expressly
assume and agree to perform this agreement in the same manner and to the same
extent the Company would be required to perform if no such succession had taken
place.

     10. General Provisions.

     10.1 Notice. Any notice required or permitted hereunder shall be made in
writing (a) either by actual delivery of the notice into the hands of the party
thereunder entitled, or (b) by the mailing of the notice in the United States
mail, certified or registered mail, return receipt requested, all postage
prepaid and addressed to the party to whom the notice is to be given at the
party's respective address set forth below, or such other address as the parties
may from time to time designate by written notice as herein provided.

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As addressed to the Company:    TEAM America, Inc.
                                110 E. Wilson Bridge Rd.
                                Worthington, Ohio 43085
                                Attention:  S. Cash Nickerson

As addressed to Executive:      Jay R. Strauss
                                4663 Pine Tree Court
                                Westerville, OH 43082

The notice shall be deemed to be received in case (a) on the date of its actual
receipt by the party entitled thereto and in case (b) on the date of its
mailing.

     10.2  Amendment and Waiver. No amendment or modification of this Agreement
shall be valid or binding upon the Company unless made in writing and signed by
an officer of the Company duly authorized by the Board of Directors or upon
Executive unless made in writing and signed by him. The waiver by the Company of
the breach of any provision of this Agreement by Executive shall not operate or
be construed as a waiver of any subsequent breach by him.

     10.3  Governing Law. The validity and effect of this Agreement and the
rights and obligations of the parties hereto shall be construed and determined
in accordance with the laws of the State of Ohio.

     10.4  Entire Agreement. This Agreement contains all of the terms agreed
upon by the parties with respect to the subject matter hereof and supersedes all
prior agreements, arrangements and communications between the parties dealing
with such subject matter, whether oral or written, including, without
limitation, the Agreement dated as of December 28, 2000 (but any obligation for
as yet unreimbursed relocation allowances due under said agreement shall
survive).

     10.5  Binding Effect. This Agreement shall be binding upon and shall inure
to the benefit of the transferees, successors and assigns of the Company,
including any company or corporation with which the Company may merge or
consolidate.

     10.6  Arbitration. Any dispute or controversy arising under or in
connection with this Agreement shall be resolved exclusively by arbitration in
Franklin County, Ohio under the auspices and in accordance with the rules of the
American Arbitration Association then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction.

     10.7  Costs of Enforcement. In the event of any suit or proceeding seeking
to enforce the terms, covenants, or conditions of this Agreement, the prevailing
party shall, in addition to all other remedies and relief that may be available
under this Agreement or applicable law, recover his or its reasonable attorneys'
fees and costs as shall be determined and awarded by the court or arbitrator.

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     10.8  Headings. Numbers and titles to paragraphs hereof are for information
purposes only and, where inconsistent with the text, are to be disregarded.

     10.9  Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which when
taken together, shall be and constitute one and the same instrument.

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     11.  Compensation Committee Approval. Executive understands, acknowledges
and agrees that this Agreement and the terms herein are expressly subject to the
approval of the Compensation Committee of the Board of Directors and the
signature of the CEO below is not binding until and unless the Compensation
Committee approves the terms of this Agreement and the Agreement is
countersigned by the Chairperson of the Compensation Committee.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the date and year first written above.

                                        TEAM AMERICA, INC.

                                         /s/ S. CASH NICKERSON
                                        -------------------------------------
                                        By:      S. Cash Nickerson
                                        Title:   CEO

                                         /s/ JAY R. STRAUSS
                                        -------------------------------------
                                        Jay R. Strauss

                                         /s/ JOSEPH MANCUSO
                                        -------------------------------------
                                        Compensation Committee Chairperson

                                       8exv4w30

 

EXHIBIT 4.30

FIRST INTERSTATE BANCSYSTEM, INC.

EMPLOYEE STOCK PURCHASE PLAN,

AS AMENDED AND RESTATED

SECTION 1. PURPOSE

     The purpose of the First Interstate BancSystem, Inc. Employee Stock
Purchase Plan (the “Plan”) is to further the growth and development of First
Interstate BancSystem, Inc., a Montana corporation (the “Company”), by
affording an opportunity for stock ownership to selected persons, including the
Savings and Profit Sharing Plan Trustee (as defined below).

SECTION 2. DEFINITIONS

     Unless otherwise indicated, the following terms when used herein shall
have the following meanings:

		
	 	     a. “Affiliate” shall mean, with respect to any person or entity, a person
or entity that directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such person or
entity.
	 
	 	     b. “Board of Directors” shall mean the Board of Directors of the Company.
	 
	 	     c. “Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	 	     d. “Committee” shall have the meaning set forth in Section 4.1 hereof.
	 
	 	     e. “Common Stock” shall mean the Company’s no par value common stock, and
any share or shares of the Company’s capital stock hereafter issued or issuable
in substitution for such shares.
	 
	 	     f. “Director” shall mean a member of the Board of Directors, a member of
the board of directors of any bank Subsidiary of the Company, and advisory
directors of the Company or any such Subsidiary.
	 
	 	     g. “Offer Letter” shall have the meaning set forth in Section 7.2 hereof.
	 
	 	     h. “Offering Period” shall have the meaning set forth in Section 7.6
hereof.

 

 

		
	 	     i. “Participant” shall mean any person, including the Savings Plan
Trustee, who is granted a right to purchase Common Stock under the Plan;
provided however, that such person shall be considered a Participant only
during a particular Offering Period, if and when designated by the Board of
Directors or Committee and will not be considered a Participant in prior or
subsequent Offering Periods unless designated as such by the Board of Directors
or Committee. “Participant” shall also mean the personal representative of a
Participant and any other person who acquires the right to purchase Common
Stock by bequest or inheritance.
	 
	 	     j. “Purchase Price” shall mean the Fair Market Value of the Common Stock
as of the first day of an Offering Period.
	 
	 	     k. “Fair Market Value” shall have the meaning set forth in Section 7.5
hereof.
	 
	 	     l. “Savings Plan Trustee” shall mean the person or entity acting as
trustee from time to time of the Company’s Savings and Profit Sharing Plan for
Employees of First Interstate BancSystem, Inc., 2002 Restatement.
	 
	 	     m. “Stock Sale” shall mean a sale of the Common Stock made by the Company
or certain Affiliates as determined by the Board of Directors or the Committee
from time to time and in accordance with the terms hereof.
	 
	 	     n. “Subsidiary” shall mean a subsidiary corporation of the Company as
defined in Section 424(f) of the Code.

SECTION 3. EFFECTIVE DATE

     The effective date of the Plan is May 1, 1998.

SECTION 4. ADMINISTRATION

     4.1 Administration. The Plan shall be administered by the Board of
Directors or a committee appointed by and serving at the pleasure of the Board
of Directors, consisting of not less than two Directors (the “Committee”).
Subject to the foregoing, the number of Directors comprising the Committee
shall be determined from time to time by the Board of Directors and may include
the total number of Directors serving on the Board of Directors. Unless
otherwise adopted by resolution of the Board of Directors, the initial
Committee shall consist of all members of the Board of Directors. The Board of
Directors may from time to time remove members from or add members to the
Committee, and vacancies on the Committee, howsoever caused, shall be filled by
the Board of Directors. If the Common Stock becomes registered under Section
12 of the Securities Exchange Act of 1934, as amended, the Committee shall be
composed of
Directors satisfying any applicable requirements of Rule 16b-3 so as to
take advantage of the maximum exemption thereunder.

2

 

     4.2 Committee Meetings and Actions. If appointed, the Committee shall
hold meetings at such times and places as it may determine. A majority of the
members of the Committee shall constitute a quorum, and the acts of the
majority of the members present at a meeting or a consent in writing signed by
all members of the Committee shall be the acts of the Committee and shall be
final, binding and conclusive upon all persons, including the Company, its
Subsidiaries, its shareholders, and all persons having any interest in Common
Stock which may be or has been sold pursuant to the Plan.

     4.3 Powers of Committee. The Committee shall have the full and exclusive
right to administer Stock Sales and to determine the terms and conditions of
all such Stock Sales under the Plan and to prescribe, amend and rescind rules
and regulations for administration of the Plan. The Committee shall also
select those Directors, officers, employees or other persons who will be
eligible to purchase Common Stock in any Stock Sale, and shall determine the
amounts of Common Stock which each such Participant may purchase in any given
Stock Sale, or in the aggregate. In administering Stock Sales, the Committee
shall take into consideration the contribution the Participant has made or may
make to the success of the Company or its Subsidiaries and such other factors
as the Committee shall determine.

     4.4 Interpretation of Plan. The determination of the Committee as to any
disputed question arising under the Plan, including questions of construction
and interpretation, shall be final, binding and conclusive upon all persons,
including the Company, its Subsidiaries, its shareholders, and all
Participants.

     4.5 Indemnification. Each person who is or shall have been a member of
the Committee or of the Board of Directors 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 in connection with or resulting
from any claim, action, suit or proceeding to which such person may be a party
or in which such person 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 in
settlement thereof, with the Company’s approval, or paid in satisfaction of a
judgment in any such action, suit or proceeding against him, provided such
person shall give the Company an opportunity, at its own expense, to handle and
defend the same before undertaking to handle and defend it on such person’s own
behalf. The foregoing right of indemnification shall not be exclusive of, and
is in addition to, any other rights of indemnification to which any person 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.

SECTION 5. STOCK SUBJECT TO THE PLAN

     5.1 Number. The aggregate number of shares of Common Stock which may be
sold pursuant to Stock Sales hereunder shall be as determined from time to time
by the Board of Directors or the Committee.

3

 

     5.2 Unused Stock. If any shares of Common Stock made available for sale
pursuant to a Stock Sale shall not be sold during an Offering Period, such
unused shares of Common Stock shall not continue to be available under the Plan
unless and until the Board of Directors or the Committee shall establish a new
Offering Period with respect to a new Stock Sale.

     5.3 Adjustment for Change in Outstanding Shares. If there is any change,
increase or decrease, in the outstanding shares of Common Stock which is
effected without receipt of additional consideration by the Company, by reason
of a stock dividend, recapitalization, merger, consolidation, stock split,
combination or exchange of stock, or other similar circumstances during an
Offering Period, then in each such event, appropriate adjustments with respect
to the aggregate number of shares of Common Stock available under the Plan for
such Offering Period and the Purchase Price related thereto shall be deemed to
be made in order to prevent the dilution or enlargement of any Participant’s
right to purchase a certain number of shares of Common Stock. In connection
with such adjustment or adjustments, fractional shares shall be rounded to the
nearest whole share. Any Committee determination confirming or approving any
adjustments shall be final and conclusive.

SECTION 6. ELIGIBILITY

     All full-time and part-time employees of the Company and its Subsidiaries,
all Directors, the Savings Plan Trustee and other persons may be eligible, if,
as and when determined by the Board of Directors or the Committee from time to
time, in their sole discretion, to purchase shares of Common Stock pursuant to
a Stock Sale.

SECTION 7. STOCK SALES

     7.1 Stock Sales. The Board of Directors or Committee may from time to
time, in their sole discretion, determine which of the eligible persons
identified in Section 6 hereof shall be eligible to purchase shares of Common
Stock in a Stock Sale and shall also determine the terms and conditions of such
Stock Sale, including, without limitation, the Purchase Price, the Offering
Period and the number of shares of Common Stock to be offered in connection
therewith.

     7.2 Offer Letter. Upon the Committee making a determination to sell
Common Stock pursuant to a Stock Sale hereunder in accordance with the
provisions of this
Section 7, the Committee shall authorize and have sent to each
Participant, an offer letter (“Offer Letter”) setting forth the terms and
conditions upon which Common Stock may be purchased by a Participant. Such
Offer Letter will include, without limitation, the number of shares to be sold
in the Stock Sale; the number of shares which may be purchased by a
Participant, if a limit is established with respect to such Participant; the
Purchase Price per share of the Common Stock sold; the Offering Period;
instructions for acceptance and payment; the method for adjusting the number of
shares which may be purchased by each Participant wishing to participate in
such Stock Sale, in the event of an over-subscription of shares; and any other
items determined by the Committee.

4

 

     7.3 Shareholder’s Agreement. Each Participant, other than the Savings
Plan Trustee, who purchases Common Stock pursuant to a Stock Sale shall be
required to execute a Shareholder’s Agreement (the “Shareholder’s Agreement”);
provided, however, that the Board of Directors or Committee may waive this
requirement in their discretion. In the absence of such a waiver, execution of
the Shareholder’s Agreement shall be a condition precedent to the Company
issuing certificates representing shares of Common Stock purchased hereunder.

     7.4 Purchase Price. The Purchase Price per share of Common Stock sold
under the Plan shall be equal to the Fair Market Value of the Common Stock at
the beginning of an Offering Period as determined in accordance with Section
7.5 hereof.

     7.5 Determination of Fair Market Value. The Fair Market Value shall be
determined as follows: (i) if the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, fair market
value shall be the mean between the high bid and the low asked prices for the
Common Stock on the last market trading day prior to the date of determination;
or (ii) in the absence of an established market for the Common Stock, fair
market value shall be determined in good faith by the Board of Directors which
may, in its sole discretion, utilize an independent third party to assist with
the determination of the fair market value, which may take the form of a
periodic appraisal of the fair market value of a share of Common Stock valued
as a minority interest.

     7.6 Offering Period. Offers to sell Common Stock pursuant to a Stock Sale
shall be effective only during a period of time as established by the Board of
Directors or the Committee in their discretion (the “Offering Period”). Upon
termination of an Offering Period, Common Stock may not be sold pursuant hereto
unless a new Offering Period is established hereunder with respect to a new
Stock Sale.

     7.7 Manner of Acceptance. Subject to the limitations and conditions of
the Plan or the Offer Letter, a Participant may accept the Company’s offer to
sell Common Stock hereunder, in whole or in part, from time to time during the
Offering Period, only by giving written notice of acceptance to the Secretary
of the Company, which notice shall specify the number of shares of Common Stock
to be purchased by the Participant and shall be accompanied by (1) payment in
full to the Company of the Purchase Price of the shares to be purchased, plus
(2) payment in full of such amount as the Company
shall determine to be sufficient to satisfy any liability it may have for
any withholding of federal, state or local income or other taxes incurred by
reason of such purchase, and (3) a Shareholder Agreement meeting the
requirements of this Section 7 if requested by the Company. In the event the
number of shares of Common Stock subscribed for in a Stock Sale exceeds the
number of shares offered by the Company pursuant thereto, the number of shares
which a Participant has indicated a desire to purchase will be adjusted on a
pro rata basis by multiplying such number by a second number, the numerator of
which is the number of shares subscribed for by such Participant, and the
denominator of which is the aggregate total number of shares subscribed for by
all Participants in such Stock Sale.

5

 

     7.8 Payment of Purchase Price. Payment for shares and withholding taxes
shall be made in the form of (1) cash, (2) a personal, certified or bank
cashier’s check to the order of the Company, or (3) in any combination of the
foregoing or in any other form or method approved by the Committee, in its sole
discretion, consistent with applicable laws and regulations.

     7.9 Other Terms and Conditions. The Shareholder’s Agreement and the Offer
Letter may contain such other provisions, which shall not be inconsistent with
the Plan, as the Committee shall deem appropriate.

SECTION 8. NON-TRANSFERABILITY OF RIGHT TO PURCHASE

     Rights to purchase Common Stock granted pursuant to a Stock Sale and under
the Plan are not transferable by the Participant except by will or by the laws
of descent and distribution. Any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of any such right contrary to the provisions
hereof, shall immediately become void.

SECTION 9. ISSUANCE OF SHARES

     As soon as practicable after the Participant has given the Company written
notice of his or her intent to purchase Common Stock pursuant to a Stock Sale,
and after making payment and satisfying all other conditions of the
Shareholder’s Agreement and the Offer Letter, the Company shall issue or
transfer to the Participant the number of shares of Common Stock as to which
the Participant has purchased and shall deliver to the Participant a
certificate or certificates therefor, registered in the Participant’s name. In
no event shall the Company be required to transfer fractional shares to the
Participant. If the issuance or transfer of shares by the Company would for
any reason, in the opinion of counsel for the Company, violate any applicable
federal or state laws or regulations, the Company may delay issuance or
transfer of such shares to the Participant until compliance with such laws can
reasonably be obtained. In no event shall the Company be obligated to effect
or obtain any listing, registration, qualification, consent or approval under
any applicable federal or state laws or regulations or any
contract or agreement to which the Company is a party with respect to the
issuance of any such shares.

SECTION 10. AMENDMENTS

     The Board of Directors may at any time and from time to time alter, amend,
suspend or terminate the Plan or any part thereof as it may deem proper.

SECTION 11. TERM OF PLAN

     This Plan shall terminate on May 1, 2008; provided, however, that the
Board of Directors may at any time prior thereto suspend or terminate the Plan.

6

 

SECTION 12. RIGHTS AS SHAREHOLDER

     A Participant shall have no rights as a shareholder of the Company with
respect to any shares of Common Stock which are offered for sale under the Plan
until the date of the issuance of the stock certificate for such shares.

SECTION 13. NO EMPLOYMENT RIGHTS

     Nothing contained in this Plan, an Offer Letter or in any Shareholder’s
Agreement executed under the Plan shall confer upon any Participant any right
with respect to the continuation of such Participant’s employment by the
Company or any Subsidiary or interfere in any way with the right of the Company
or any Subsidiary, subject to the terms of any separate written employment
agreement to the contrary, at any time, for any or no reason, to terminate such
employment or to increase or decrease the compensation of the Participant from
the rate in existence at the time of any Stock Sale.

SECTION 14. GOVERNING LAW

     The Plan, and all purchases made under this Plan, shall be construed and
shall take effect in accordance with the laws of the State of Montana, without
regard to the conflicts of laws rules of such State.

     Amended and restated this 30th day of April, 2003.

	 	 
	 	First Interstate BancSystem, Inc.

	 	 	 
	 	By:

Title:	
/s/ Terrill R. Moore

Senior Vice President and

Chief Executive Officer

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