HIGH COUNTRY BANCORP, INC. 
         1998 STOCK OPTION AND INCENTIVE PLAN

          STOCK APPRECIATION RIGHTS AGREEMENT
            NOT IN TANDEM WITH STOCK OPTION

    On the date of grant specified below, the Stock Option
Committee of High Country Bancorp, Inc. (the "Company") hereby
grants to ________________ (the "Optionee") a total of _______
Stock Appreciation Rights (SARs), subject to the terms and
conditions set forth in the High Country Bancorp, Inc. 1998
Stock Option and Incentive Plan (the "Plan") (a copy of which is
available to the Optionee upon request).  The terms and
conditions of the Plan are incorporated herein by reference.

    (a)  The exercise price is $____ for each share, such
price being 100% of the fair market value, as determined by the
Committee, of the Common Stock on the date of grant of this
option.

    (b)  The SAR shall be exercisable to the extent permitted
in the Plan.

    (c)  The SAR shall be accepted for surrender by the
Optionee in consideration for the payment by the Company of an
amount equal to the excess of the fair market value on the date
of exercise of the Shares of Common Stock subject to such SAR
over the exercise price specified in Paragraph (a) hereof.

    (d)  Payment hereunder shall be made in shares of Common
Stock or in cash as provided in the Plan.

    (e)  The SAR is nontransferable, except in accordance
with Section 12 of the Plan.

    (f)  The SAR may be exercised only in accordance with
Sections 8, 9, and 12 of the Plan, and only when there is a
positive spread, i.e., when the market price of the Common Stock
subject to the SAR exceeds the exercise price of the SAR.

    (g)  In the event of any inconsistency or conflict
between this Agreement and the Plan, the Plan shall be
controlling and supercede any conflicting or inconsistent
provision of the Agreement.

                             HIGH COUNTRY BANCORP, INC.
                             1998 STOCK OPTION AND
                             INCENTIVE PLAN COMMITTEE
              
                             By:___________________________
          

Date of Grant:               ATTEST: 

______________               ______________________________