Document:

exv4w6

 

Exhibit 4.6

REDWOOD EMPIRE BANCORP

2001 STOCK OPTION PLAN

INCENTIVE STOCK OPTION AGREEMENT

               Redwood Empire Bancorp, a California corporation (the “Company”), hereby grants an Option to
purchase shares of its common stock (the “Shares”) to the Optionee named below. The terms and
conditions of the Option are set forth in this cover sheet, in the attachment and in the Company’s
2001 Stock Option Plan (the “Plan”).

Date of Option Grant:
__________________, ________

Name of Optionee: _________________________________________________

Optionee’s Social Security Number: _____-____-_____

Number of Shares Covered by Option: ______________

Exercise Price per Share: $_____.___

Vesting Start Date:
_____________, ________

     Vesting Schedule:

          Subject to all the terms of the attached Agreement, your right to purchase Shares under this
Option vests as to one-fourth (1/4) of the total number of Shares covered by this Option, as shown
above, on the one-year anniversary of the Vesting Start Date. Each year thereafter for the next
three (3) years, on such anniversary date, the Optionee shall have the right to exercise this
Option to purchase up to an additional one-fourth (1/4) of the total remaining number of Shares
initially covered hereby. Commencing on the fourth anniversary of the date on which this Option
was originally granted, and continuing until the expiration or prior termination of this Option in
accordance with its terms, the Optionee shall have the right to exercise this Option to purchase up
to 100% of the shares remaining available for purchase hereunder. In the event of a Change of
Control with respect to the Company, all of the unvested Shares subject to this Option shall vest
and become exercisable immediately prior to the Change of Control. No additional Shares will vest
after your Service has terminated for any reason.

          By signing this cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which is also enclosed.

	 	 	 	 	 
	

	 	 	 	 
	Optionee:

	 	                                                                                                                                                                	 	 
	

	 	(Signature)	 	 
	Company:

	 	                                                                                                                                                                	 	 
	

	 	(Signature)	 	 
	

	 	Title:                                                                                                                                                 	 	 

Attachment

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REDWOOD EMPIRE BANCORP

2001 STOCK OPTION PLAN

INCENTIVE STOCK OPTION AGREEMENT

	 	 	 
	The Plan and
Other Agreements

	 	The text of the Plan is incorporated in this
Agreement by reference. Certain capitalized terms
used in this Agreement are defined in the Plan.
	 
	 	 
	

	 	This Agreement and the Plan constitute the entire
understanding between you and the Company regarding
this Option. Any prior agreements, commitments or
negotiations concerning this Option are superseded.
	 
	 	 
	Incentive Stock Option

	 	This Option is intended to be an Incentive Stock
Option under section 422 of the Internal Revenue
Code and will be interpreted accordingly. If you
cease to be an employee of the Company, a
Subsidiary or of a Parent but continue to provide
Service, this Option will be deemed a Nonstatutory
Stock Option three (3) months after you cease to be
an employee. In addition, to the extent that all
or part of this Option exceeds the $100,000 rule of
section 422(d) of the Code, this Option or the
lesser excess part will be treated as a
Nonstatutory Stock Option.
	 
	 	 
	Vesting

	 	This Option is only exercisable before it expires
and then only with respect to the vested portion of
the Option. This Option will vest according to the
Vesting Schedule on the attached cover sheet.
	 
	Term
	 	Your Option will expire in any event at the close
of business at Company headquarters on the day
before the 10th anniversary of the Date of Option
Grant, as shown on the cover sheet. Your Option
will expire earlier if your Service terminates, as
described below.
	 
	 	 
	Regular Termination

	 	If your Service terminates for any reason, other
than death, Disability or Cause, as defined below,
then your Option will expire at the close of
business at Company headquarters on the 90th day
after your termination date.
	 
	 	 
	Termination for

Cause

	 	If your Service is terminated for Cause, as
determined by the Board in its sole discretion,
then you shall immediately forfeit all rights to
your Option and the Option shall immediately
expire. For purposes of this Agreement, “Cause”
shall mean the termination of your Service due to
your commission of any act of fraud, embezzlement
or dishonesty; any unauthorized use or disclosure
of confidential information or trade secrets of the
Company (or any Parent, Subsidiary or Affiliate);
or any other

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	 	intentional misconduct adversely
affecting the business or affairs of the Company
(or any Parent, Subsidiary or Affiliate) in a
material manner. This definition shall not
restrict in any way the Company’s or any Parent’s,
Subsidiary’s or Affiliate’s right to discharge you
for any other reason, nor shall this definition be
deemed to be inclusive of all the acts or omissions
which constitute “cause” for purposes other than
this Agreement.
	 
	 	 
	Death

	 	If your Service terminates because of your death,
then your Option will expire at the close of
business at Company headquarters on the date twelve
(12) months after the date of death. During that
twelve (12) month period, your estate or heirs may
exercise the vested portion of your Option.
	 
	 	 
	Disability

	 	If your Service terminates because of your
Disability, then your Option will expire at the
close of business at Company headquarters on the
date twelve (12) months after your termination
date.
	 
	 	 
	Leaves of Absence

	 	For purposes of this Option, your Service does not
terminate when you go on a bona fide leave of
absence that was approved by the Company in
writing, if the terms of the leave provide for
continued Service crediting, or when continued
Service crediting is required by applicable law.
However, this Option will cease to be treated as an
Incentive Stock Option three (3) months after you
went on leave, unless your right to return to
active work is guaranteed by law or by a contract.
Your Service terminates in any event when the
approved leave ends unless you immediately return
to active work.
	 
	 	 
	

	 	The Company determines which leaves count for this
purpose, and when your Service terminates for all
purposes under the Plan.
	 
	 	 
	Notice of Exercise

	 	When you wish to exercise this Option, you must
notify the Company by filing the proper “Notice of
Exercise” form at the address given on the form.
Your notice must specify how many Shares you wish
to purchase. Your notice must also specify how
your Shares should be registered (in your name only
or in your and your spouse’s names as community
property or as joint tenants with right of
survivorship). The notice will be effective when
it is received by the Company.
	 
	 	 
	

	 	If someone else wants to exercise this Option after
your death, that person must prove to the Company’s
satisfaction that he or she is entitled to do so.

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	Form of Payment

	 	When you submit your notice of
exercise, you must include payment
of the Exercise Price for the Shares
you are purchasing. Payment may be
made in one (or a combination) of
the following forms:

	 	•  	Cash, your personal check, a
cashier’s check or a money order.
	 
	 	•  	Shares which have already
been owned by you for more than six
(6) months and which are surrendered
to the Company. The value of the
Shares, determined as of the
effective date of the Option
exercise, will be applied to the
Exercise Price.
	 
	 	•  	To the extent a public
market for the Shares exists as
determined by the Company, by
delivery (on a form prescribed by
the Company) of an irrevocable
direction to a securities broker to
sell Shares and to deliver all or
part of the sale proceeds to the
Company in payment of the aggregate
Exercise Price.

	 	 	 
	Withholding Taxes

	 	You will not be allowed to exercise
this Option unless you make
acceptable arrangements to pay any
withholding or other taxes that may
be due as a result of the Option
exercise or sale of Shares acquired
under this Option.
	 
	 	 
	Restrictions on Exercise and
Resale

	 	By signing this Agreement, you agree
not to exercise this Option or sell
any Shares acquired under this
Option at a time when applicable
laws, regulations or Company or
underwriter trading policies
prohibit exercise, sale or issuance
of Shares. The Company will not
permit you to exercise this Option
if the issuance of Shares at that
time would violate any law or
regulation. The Company shall have
the right to designate one or more
periods of time, each of which shall
not exceed one hundred eighty (180)
days in length, during which this
Option shall not be exercisable if
the Company determines (in its sole
discretion) that such limitation on
exercise could in any way facilitate
a lessening of any restriction on
transfer pursuant to the Securities
Act or any state securities laws
with respect to any issuance of
securities by the Company,
facilitate the registration or
qualification of any securities by
the Company under the Securities Act
or any state securities laws, or
facilitate the perfection of any
exemption from the registration or
qualification requirements of the
Securities Act or any applicable
state securities laws for the
issuance or transfer of any
securities. Such limitation on
exercise shall not alter the vesting
schedule set forth in this Agreement
other than to limit

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	 	the periods
during which this Option shall be
exercisable.
	 
	 	 
	

	 	If the sale of Shares under the Plan
is not registered under the
Securities Act, but an exemption is
available which requires an
investment or other representation,
you shall represent and agree at the
time of exercise that the Shares
being acquired upon exercise of this
Option are being acquired for
investment, and not with a view to
the sale or distribution thereof,
and shall make such other
representations as are deemed
necessary or appropriate by the
Company and its counsel.
	 
	 	 
	Transfer of Option

	 	Prior to your death, only you may
exercise this Option. You cannot
transfer or assign this Option. For
instance, you may not sell this
Option or use it as security for a
loan. If you attempt to do any of
these things, this Option will
immediately become invalid. You
may, however, dispose of this Option
in your will.
	 
	 	 
	

	 	Regardless of any marital property
settlement agreement, the Company is
not obligated to honor a notice of
exercise from your spouse, nor is
the Company obligated to recognize
your spouse’s interest in your
Option in any other way.
	 
	 	 
	Retention Rights

	 	Your Option or this Agreement does
not give you the right to be
retained by the Company (or any
Parent or any Subsidiaries or
Affiliates) in any capacity. The
Company (or any Parent and any
Subsidiaries or Affiliates) reserves
the right to terminate your Service
at any time and for any reason.
	 
	 	 
	Shareholder Rights

	 	You, or your estate or heirs, have
no rights as a shareholder of the
Company until a certificate for your
Option’s Shares has been issued. No
adjustments are made for dividends
or other rights if the applicable
record date occurs before your stock
certificate is issued, except as
described in the Plan.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar change
in the Company stock, the number of
Shares covered by this Option and
the exercise price per Share may be
adjusted (and rounded down to the
nearest whole number) pursuant to
the Plan. Your Option shall be
subject to the terms of the
agreement of merger, liquidation or
reorganization in the event the
Company is subject to such corporate
activity.
	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted
and enforced under the laws of the
State of California.
	 
	 	 

By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.

5exv4w11

 

Exhibit 4.11

ASSUMPTION AND AMENDMENT OF REDWOOD EMPIRE BANCORP

NON-STATUTORY (NON-QUALIFIED) STOCK OPTION AGREEMENT

                    THIS AGREEMENT is entered into as of ___, 2005 with respect to that certain
Non-Statutory (Non-Qualified) Stock Option Agreement dated as of ___(the “Agreement”)
between Redwood Empire Bancorp, a California corporation (“REBC”) and ___(“Optionee”)
pursuant to REBC’s [1991 Stock Option Plan] [2001 Stock Option Plan] (the “Plan”).

W I T N E S S E T H:

               WHEREAS, REBC and Optionee have entered into the Agreement pursuant to which Optionee has
been granted an option to purchase shares REBC’s common stock, on the terms and conditions of the
Agreement and the Plan; and

          WHEREAS, on the date REBC is acquired by Westamerica Bancorporation (the “Corporation”)
(the “Effective Date”), REBC will merge with and into the Corporation pursuant to a merger
agreement and REBC’s wholly-owned subsidiary National Bank of the Redwoods will merge with and into
the Corporation’s wholly-owned subsidiary Westamerica Bank (the “Merger”); and

          WHEREAS, as of the Effective Date, shares of REBC common stock subject to the Agreement will
be replaced with shares of the common stock of the Corporation with the number of shares subject to
this Agreement and the option exercise price adjusted by the exchange ratio established in the
Merger Agreement; and

          WHEREAS, the Corporation has adopted the Plan as a plan of the Corporation which continues to
apply to options outstanding thereunder which remain in effect and unexercised on the Effective
Date, except as amended and modified hereby; and

          WHEREAS, the parties desire to amend the Agreement in the respect described herein.

          NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein, and
subject to completion of the Merger, the parties hereto agree as follows:

          1. On the Effective Date, the Corporation agrees to assume all obligations of REBC under the
Agreement and options to purchase the common stock of the under the applicable REBC Plan shall be
substituted for options to purchase the shares of REBC common stock under the applicable Plan. The
substitution is not intended to comply with section 424(a) of the Internal Revenue Code of 1986, as
amended. The number of shares subject to this Agreement and the Agreement’s exercise price, after
adjustment by the exchange rate, shall be ___and $xx.xx, respectively.

          2. The Corporation acknowledges that the right to exercise all options under the Agreement
will be fully vested on the Effective Date.

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          3. Except as herein amended, the Agreement shall remain in full force and effect.

	 	 	 
	

	 	WESTAMERICA BANCORPORATION
	 
	 	 
	

	 	By                                                                                 
	

	 	                David L. Payne

                Chairman, President & CEO

Agreed to this _____ day of

_______________, 2005

                                                                                

Signature of Optionee

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