GLACIER BANCORP, INC. (NASDAQ:GBCI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
and its wholly owned subsidiary Glacier Bank (the Bank, and
together with the Company, Glacier) entered into new employment
agreements with Ron J. Copher, Executive Vice President and Chief
Financial Officer of the Company and the Bank; and Don J. Chery,
Executive Vice President and Chief Administrative Officer of the
Company and the Bank.
replaces a similar agreement under which each executive was
employed during 2016, and each agreement is effective on January
1, 2017. Certain material terms of the agreements are described
below. Such summary does not purport to include all of the
provisions of the agreements and is qualified in its entirety by
reference to the employment agreements filed herewith as Exhibits
10.1 and 10.2. All capitalized terms used but not defined herein
have the meanings ascribed to them in the respective agreements.
salary of $391,689.00, and Mr. Copher shall be eligible to
participate in Glaciers incentive compensation plans, which
include cash incentives as a percentage of salary under the 2015
Short Term Incentive Plan (STIP) and equity awards as a
percentage of salary under the 2015 Stock Incentive Plan (LTIP
and together with the STIP, the Plans). All awards granted under
the STIP and LTIP shall be made in accordance with and shall be
subject to all the terms and conditions of the Plans.
or by Mr. Copher for Good Reason during the term of the
agreement, Mr. Copher will receive a payment equal to the base
salary to which he would have been entitled for the remainder of
the term of the agreement if his employment had not terminated.
All such payments must be completed no later than March 15 of the
calendar year following the calendar year in which employment was
terminated. Mr. Copher is prohibited from competing with Glacier
or its subsidiaries during the term of the agreement and for a
two-year period following his termination of employment.
successor without Cause either following the announcement of a
Change in Control that subsequently occurs, within two years
following a Change in Control, or if Mr. Copher terminates his
employment for Good Reason within two years of a Change in
Control, the agreement provides that Mr. Copher will be entitled
to receive an amount equal to two times his then-current annual
salary, payable in 24 monthly installments. The agreement
provides that payments to be received by Mr. Copher will be
limited to less than the amount that would cause them to be an
excess parachute payment within the meaning of Section
280G(b)(2)(A) of the Internal Revenue Code. In addition, the
payments to be received by Mr. Copher will be reduced by any
compensation that he receives from Glacier or its successor
following the Change in Control and/or after his termination of
employment.
identical to the terms of the agreement with Mr. Copher except
that Mr. Cherys agreement provides for an annual salary of
$324,167.62.
are attached as Exhibits 10.1 and 10.2, respectively, and are
incorporated herein in their entirety by reference.
|
10.1
|
Employment Agreement between Glacier Bancorp, Inc., Glacier
Bank and Ron J. Copher, effective January 1, 2017. |
|
10.2
|
Employment Agreement between Glacier Bancorp, Inc., Glacier
Bank and Don J. Chery, effective January 1, 2017. |
About GLACIER BANCORP, INC. (NASDAQ:GBCI)
Glacier Bancorp, Inc. is a bank holding company. The Company provides commercial banking services. It provides banking services from approximately 140 locations in Montana, Idaho, Wyoming, Colorado, Utah and Washington through its bank subsidiary, Glacier Bank (the Bank). The Company offers a range of banking products and services, including transaction and savings deposits, real estate, commercial, agriculture, and consumer loans and mortgage origination services. The Company serves individuals, small to medium-sized businesses, community organizations and public entities. The Company’s non-bank subsidiaries include GBCI Other Real Estate Owned (GORE) and over seven trust subsidiaries. The Company provides brokerage services, which include selling products, such as stocks, bonds, mutual funds, limited partnerships, annuities and other insurance products through Raymond James Financial Services. GLACIER BANCORP, INC. (NASDAQ:GBCI) Recent Trading Information
GLACIER BANCORP, INC. (NASDAQ:GBCI) closed its last trading session down -0.89 at 35.87 with 417,209 shares trading hands.