GLACIER BANCORP, INC. 49 Commons Loop Kalispell, Montana 59901
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GLACIER BANCORP, INC. 49 Commons Loop Kalispell, Montana 59901 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS To Be Held April 27, 2011 9:00 a.m. Mountain Time To the Shareholders of Glacier Bancorp, Inc: We cordially invite you to attend the 2011 Annual Shareholders Meeting of Glacier Bancorp, Inc., at The Hilton Garden Inn, 1840 Highway 93 South, Kalispell, Montana. The meeting’s purpose is to vote on the following proposals, together with any other business that may properly come before the meeting: 1. To elect 10 directors to serve on the Board of Directors until the 2012 Annual Meeting of Shareholders. 2. To vote on an advisory (non-binding) resolution to approve the compensation of the Company’s executive officers. 3. To vote, in an advisory (non-binding) capacity, on the frequency of future advisory votes on the compensation of the Company’s executive officers. 4. To ratify the appointment of BKD, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2011. 5. To transact such other matters as may properly come before the meeting or any adjournments or postponements. If you were a shareholder of record on March 1, 2011, you may vote on the proposals presented at the Annual Meeting in person or by proxy. We encourage you to promptly complete and return the enclosed proxy card or phone in your vote, in order to ensure that your shares will be represented and voted at the meeting in accordance with your instructions. If you attend the meeting in person, you may withdraw your proxy and vote your shares. Further information regarding voting rights and the business to be transacted at the Annual Meeting is included in the accompanying Proxy Statement. The directors, officers, and employees who serve you genuinely appreciate your continued interest and support as a shareholder in the affairs of the Company and in its growth and development. March 29, 2011 BY ORDER OF THE BOARD OF DIRECTORS LeeAnn Wardinsky, Secretary YOUR VOTE IS IMPORTANT Whether or not you plan to attend the Annual Meeting, please sign and date your Proxy Card and return it in the enclosed postage prepaid envelope. You do not need to retain the proxy in order to be admitted to the Annual Meeting. If you attend the Annual Meeting, you may vote either in person or by proxy. You may revoke any proxy that you have given either in writing or in person at any time prior to the proxy’s exercise. TABLE OF CONTENTS Page INFORMATION ABOUT THE MEETING ................................................................................................ 1 Voting on Matters Presented ........................................................................................................... 1 Voting in Person at the Annual Meeting ......................................................................................... 3 PROPOSAL NO. 1 - ELECTION OF DIRECTORS ................................................................................... 3 CORPORATE GOVERNANCE .................................................................................................................. 6 Corporate Governance Guidelines................................................................................................... 6 Board Leadership Structure ............................................................................................................. 6 Director Qualifications .................................................................................................................... 6 Code of Ethic s and Corporate Governance Documents .................................................................. 7 Director Independence..................................................................................................................... 7 Stock Ownership Guidelines ........................................................................................................... 8 Shareholder Communications with the Board of Directors............................................................. 8 MEETINGS AND COMMITTEES OF THE BOARD OF DIRECTORS................................................... 8 Board Authority for Risk Oversight ................................................................................................ 8 Committee Membership .................................................................................................................. 8 COMPENSATION OF DIRECTORS ........................................................................................................ 11 2010 Director Compensation......................................................................................................... 12 Cash Compensation ....................................................................................................................... 12 Equity Compensation..................................................................................................................... 12 EXECUTIVE COMPENSATION.............................................................................................................. 13 Compensation Discussion and Analysis........................................................................................ 13 Executive Compensation Philosophy ............................................................................................ 13 Process for Determining Compensation ........................................................................................ 14 Discussion of Executive Compensation Components ................................................................... 15 2010 Executive Compensation for Named Executive Officers..................................................... 18 Employee Stock Plans ................................................................................................................... 22 Post Employment and Termination Benefits................................................................................. 23 Employment Arrangements ........................................................................................................... 24 MANAGEMENT........................................................................................................................................ 27 Executive Officers who are not Directors ..................................................................................... 27 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT........................................................................................................................... 28 Beneficial Owners ......................................................................................................................... 29 PROPOSAL NO. 2 - ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION ........................................................................................................................ 30 PROPOSAL NO. 3 - ADVISORY (NON-BINDING) VOTE ON FREQUENCY OF SHAREHOLDER VOTE ON EXECUTIVE COMPENSATION ................................................ 31 i AUDITORS ................................................................................................................................................ 31 Fees Paid to Independent Registered Public Accounting Firm ..................................................... 31 Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors........................................................................................................ 32 PROPOSAL NO. 4 - RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM .......................................................................... 34 COMPLIANCE WITH SECTION 16(a) FILING REQUIREMENTS ...................................................... 34 TRANSACTIONS WITH MANAGEMENT............................................................................................. 34 Certain Transactions...................................................................................................................... 34 Accounting Fees Paid to Affiliate of Director............................................................................... 35 OTHER BUSINESS.................................................................................................................................... 35 SHAREHOLDER PROPOSALS AND DIRECTOR NOMINATIONS .................................................... 35 Shareholder Proposals ................................................................................................................... 35 Director Nominations .................................................................................................................... 35 Copy of Bylaw Provisions ............................................................................................................. 36 ANNUAL REPORT TO SHAREHOLDERS............................................................................................. 36 DELIVERY OF DOCUMENTS TO SHAREHOLDERS SHARING AN ADDRESS ............................. 36 ii GLACIER BANCORP, INC. 49 Commons Loop Kalispell, Montana 59901 (406) 756-4200 PROXY STATEMENT Important Notice Regarding the Availability of Proxy Materials for the 2011 Shareholder Meeting: A copy of this Proxy Statement and the Annual Report to Shareholders for the year ended December 31, 2010, are available at www.glacierbancorp.com . INFORMATION ABOUT THE MEETING Meeting Information . This Proxy Statement and the accompanying Proxy are being