Document:

Exhibit

10.45

 

NOTWITHSTANDING

ANY OTHER PROVISION OF THIS AGREEMENT, NO SHARES OF WESTERN SIERRA BANCORP’S

COMMON STOCK SHALL BE ISSUED PURSUANT HERETO UNLESS THE WESTERN SIERRA BANCORP

1999 STOCK OPTION PLAN SHALL HAVE FIRST BEEN APPROVED BY THE SHAREHOLDERS OF

WESTERN SIERRA BANCORP.

 

WESTERN SIERRA BANCORP

NONQUALIFIED STOCK OPTION AGREEMENT

 

This Nonqualified

Stock Option Agreement (the “Agreement”) is made and entered into as of the

first day of January, 2002, by and between Western Sierra Bancorp, a California

corporation (the “Bancorp”), and Tom Manz, (“Optionee”);

 

WHEREAS, pursuant to the Western Sierra Bancorp 2002

Stock Option Plan (the “Plan”), a copy of which is attached hereto, the Board

of Directors of the Bancorp has authorized granting to Optionee a nonqualified

stock option to purchase all or any part of four hundred (400) authorized but

unissued shares of the Bancorp’s common stock at the price of Sixteen Dollars

and Twenty Five Cents ($16.25) per share, such option to be for the term and upon

the terms and conditions hereinafter stated;

 

NOW, THEREFORE, it is hereby agreed:

 

1.  Grant of Option.  Pursuant to said action of the Board of

Directors, the Bancorp hereby grants to Optionee the option to purchase, upon

and subject to the terms and conditions of the Plan which is incorporated in

full herein by this reference, all or any part of four hundred (400) shares of

the Bancorp’s common stock (hereinafter called “stock”) at the price of Sixteen

Dollars and Twenty Five Cents ($16.25) per share, which price is not less than

one hundred percent (100%) of the fair market value of the stock as of the date

of action of the Board of Directors granting this option.

 

2.  Exercisability.  This option shall be exercisable as to:

 

	

  Number of Shares

  	

   

  	

  Vesting

  Date

  	

   

  
	

  400

  	

   

  	

  Immediate

  	

   

  
	

   

  	

   

  	

   

  	

   

  

 

This option shall remain exercisable as to all vested shares until

January 01, 2012 (but not later than ten (10) years from the date this option

is granted) unless this option has expired or terminated earlier in accordance

with the provisions hereof or in the Plan. 

Subject to paragraphs 4 and 5, shares as to which this option becomes

exercisable pursuant to the foregoing provision may be purchased at any time

prior to expiration of this option.

 

3.  Exercise of

Option.  This

option may be exercised by written notice (substantially in the form as that

which is attached as Exhibit A) delivered to the Bancorp stating the number of

shares with respect to which this option is being exercised, together with (a)

cash in the amount of the purchase price of such shares, or (b) subject to

applicable law, with the Bancorp’s stock previously acquired by Optionee and

held by Optionee for a period of at least six months.  Notwithstanding the foregoing, in the event Optionee does exercise

the option by utilizing (b) above, Optionee should obtain tax advice as to the

consequences of such action.  Not less

than ten (10) shares may be purchased at any one time unless the number

purchased is the total number which may be purchased under this option and in

no event may the option be exercised with respect to fractional shares.  Upon exercise, Optionee shall make

appropriate arrangements and shall be responsible for the withholding of any

federal and state taxes then due.

 

4.  Cessation of

Directorship or Employment.  Except as provided in Paragraphs 2 and 5 hereof, if Optionee

shall cease to be a director or an employee of the Bancorp or a subsidiary

corporation for any reason other than Optionee’s death or disability [as defined

in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended from time

to time (the “Code”)], this option shall expire three (3) months

thereafter.  During the three (3) month

period this option shall be exercisable only as to those installments, if any,

which had accrued as of the date when Optionee ceased to be a director or an

employee of the Bancorp or a subsidiary corporation.  If Optionee is both a director and an employee, then such option

shall expire three (3) months after the latter of the date of termination of

Optionee’s directorship or employment.

 

5.  Termination of

Employment for Cause. 

If Optionee’s employment with the Bancorp or a subsidiary corporation is

terminated for cause, this option shall expire thirty (30) days from the date

of such termination.  Termination for

cause shall include, but not be limited to, termination for malfeasance or

gross misfeasance in the performance of duties or conviction of a crime

involving moral turpitude, and, in any event, the determination of the Board of

Directors with respect thereto shall be final and conclusive.

 

6.  Nontransferability;

Death or Disability of Optionee.  This option shall not be transferable except

by will or by the laws of descent and distribution and shall be exercisable

during Optionee’s lifetime only by Optionee. 

If Optionee dies while serving as a director or an employee of the

Bancorp or a subsidiary corporation, or during the three (3) month period

referred to in Paragraph 4 hereof, this option shall expire one (1) year after

the date of Optionee’s death or on the day specified in Paragraph 2 hereof,

whichever is earlier.  After Optionee’s

death but before such expiration, the persons to whom Optionee’s rights under

this option shall have passed by will or by the laws of descent and distribution

or the executor or administrator of Optionee’s estate shall have the right to

exercise this option as to those shares for which installments had

 

 

accrued under Paragraph 2 hereof as of the date on which Optionee

ceased to be a director or an employee of the Bancorp or a subsidiary

corporation.

 

If Optionee terminates his or her directorship or

employment because of disability (as defined in Section 22(e)(3) of the Code),

Optionee may exercise this option to the extent he or she is entitled to do so

at the date of termination, at any time within one (1) year of the date of

termination, or before the expiration date specified in Paragraph 2 hereof,

whichever is earlier.

 

7.  Employment.  This Agreement shall not obligate the

Bancorp or a subsidiary corporation to employ Optionee for any period, nor

shall it interfere in any way with the right of the Bancorp or a subsidiary

corporation to reduce Optionee’s compensation.

 

8.  Privileges of

Stock Ownership. 

Optionee shall have no rights as a shareholder with respect to the

Bancorp’s stock subject to this option until the date of issuance of stock

certificates to Optionee.  Except as

provided in the Plan, no adjustment will be made for dividends or other rights

for which the record date is prior to the date such stock certificates are

issued.

 

9.  Modification

and Termination. 

The rights of Optionee are subject to modification and termination upon

the occurrence of certain events as provided in Sections 13 and 14 of the Plan.

 

10.  Notification

of Sale.  Optionee

agrees that Optionee, or any person acquiring shares upon exercise of this

option, will notify the Bancorp not more than five (5) days after any sale or

other disposition of such shares.

 

11.  Representations

of Optionee.  No

shares issuable upon the exercise of this option shall be issued and delivered

unless and until the Bancorp has complied with all applicable requirements of

California and federal law and of the Securities and Exchange Commission and

the California Department of Corporations pertaining to the issuance and sale

of such shares, and all applicable listing requirements of the securities

exchanges, if any, on which shares of the Bancorp of the same class are then

listed.  Optionee agrees to ascertain

that such requirements shall have been complied with at the time of any

exercise of this option.  In addition,

if the Optionee is an “affiliate” for purposes of the Securities Act of 1933,

there may be additional restrictions on the resale of stock, and Optionee

therefore agrees to ascertain what those restrictions are and to abide by the

restrictions and other applicable federal and state securities laws.

 

Furthermore, the Bancorp may, if it deems appropriate,

issue stop transfer instructions against any shares of stock purchased upon the

exercise of this option and affix to any certificate representing such shares

the legends which the Bancorp deems appropriate.

 

Optionee represents that the Bancorp, its directors,

officers, employees and agents have not and will not provide tax advice with

respect to the option, and Optionee agrees to consult with his or her own tax

advisor as to the specific tax consequences of the option, including the

application and effect of federal, state, local and other tax laws.

 

12.  Notices.  Any notice to the Bancorp provided for in

this Agreement shall be addressed to it in care of its President or Chief

Financial Officer at its main office and any notice to Optionee shall be

addressed to Optionee’s address on file with the Bancorp or a subsidiary corporation,

or to such other address as either may designate to the other in writing.  Any notice shall be deemed to be duly given

if and when enclosed in a properly sealed envelope and addressed as stated

above and deposited, postage prepaid, with the United States Postal

Service.  In lieu of giving notice by

mail as aforesaid, any written notice under this Agreement may be given to

Optionee in person, and to the Bancorp by personal delivery to its President or

Chief Financial Officer.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as

of the day and year first above written.

 

	

  OPTIONEE

  	

  WESTERN

  SIERRA BANCORP

  
	

   

  	

   

  	

   

  	

   

  
	

  By

  	

            /s/

  Tom Manz

  	

   

  	

  By

  	

  /s/ Gary Gall

  	

   

  	 

	

   

  	

  Tom Manz

  	

   

  	

   

  	

  Gary Gall,

  President & CEO

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By

  	

  /s/ Chuck Bacchi

  	

   

  	 

	

   

  	

   

  	

   

  	

  Chuck Bacchi,

  Chairman

  
								

 

2Exhibit
10.46

 

NOTWITHSTANDING
ANY OTHER PROVISION OF THIS AGREEMENT, NO SHARES OF WESTERN SIERRA BANCORP’S
COMMON STOCK SHALL BE ISSUED PURSUANT HERETO UNLESS THE WESTERN SIERRA BANCORP
1999 STOCK OPTION PLAN SHALL HAVE FIRST BEEN APPROVED BY THE SHAREHOLDERS OF
WESTERN SIERRA BANCORP.

 

WESTERN SIERRA BANCORP

NONQUALIFIED STOCK OPTION AGREEMENT

 

This Nonqualified Stock Option Agreement (the “Agreement”) is made and
entered into as of the first day of January, 2002, by and between Western
Sierra Bancorp, a California corporation (the “Bancorp”), and Harold Prescott,
(“Optionee”);

 

WHEREAS, pursuant to the Western Sierra Bancorp 2002
Stock Option Plan (the “Plan”), a copy of which is attached hereto, the Board
of Directors of the Bancorp has authorized granting to Optionee a nonqualified
stock option to purchase all or any part of four hundred (400) authorized but
unissued shares of the Bancorp’s common stock at the price of Sixteen Dollars
and Twenty Five Cents ($16.25) per share, such option to be for the term and
upon the terms and conditions hereinafter stated;

 

NOW, THEREFORE, it is hereby agreed:

 

1. Grant of Option. Pursuant to said
action of the Board of Directors, the Bancorp hereby grants to Optionee the
option to purchase, upon and subject to the terms and conditions of the Plan
which is incorporated in full herein by this reference, all or any part of four
hundred (400) shares of the Bancorp’s common stock (hereinafter called “stock”)
at the price of Sixteen Dollars and Twenty Five Cents ($16.25) per share, which
price is not less than one hundred percent (100%) of the fair market value of
the stock as of the date of action of the Board of Directors granting this
option.

 

2. Exercisability. This option shall
be exercisable as to:

 

	
  Number of
  Shares

  	
   

  	
  Vesting Date

  
	
  400

  	
   

  	
  Immediate

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

This option shall remain exercisable as to all vested shares until
January 01, 2012 (but not later than ten (10) years from the date this option
is granted) unless this option has expired or terminated earlier in accordance
with the provisions hereof or in the Plan. Subject to paragraphs 4 and 5,
shares as to which this option becomes exercisable pursuant to the foregoing
provision may be purchased at any time prior to expiration of this option.

 

3. Exercise of Option. This option
may be exercised by written notice (substantially in the form as that which is
attached as Exhibit A) delivered to the Bancorp stating the number of shares
with respect to which this option is being exercised, together with (a) cash in
the amount of the purchase price of such shares, or (b) subject to applicable
law, with the Bancorp’s stock previously acquired by Optionee and held by
Optionee for a period of at least six months. Notwithstanding the foregoing, in
the event Optionee does exercise the option by utilizing (b) above, Optionee
should obtain tax advice as to the consequences of such action. Not less than
ten (10) shares may be purchased at any one time unless the number purchased is
the total number which may be purchased under this option and in no event may
the option be exercised with respect to fractional shares. Upon exercise,
Optionee shall make appropriate arrangements and shall be responsible for the
withholding of any federal and state taxes then due.

 

4. Cessation of Directorship or Employment.
Except as provided in Paragraphs 2 and 5 hereof, if Optionee shall cease to be
a director or an employee of the Bancorp or a subsidiary corporation for any
reason other than Optionee’s death or disability [as defined in Section
22(e)(3) of the Internal Revenue Code of 1986, as amended from time to time
(the “Code”)], this option shall expire three (3) months thereafter. During the
three (3) month period this option shall be exercisable only as to those
installments, if any, which had accrued as of the date when Optionee ceased to
be a director or an employee of the Bancorp or a subsidiary corporation. If
Optionee is both a director and an employee, then such option shall expire
three (3) months after the latter of the date of termination of Optionee’s
directorship or employment.

 

5. Termination of Employment for Cause.
If Optionee’s employment with the Bancorp or a subsidiary corporation is
terminated for cause, this option shall expire thirty (30) days from the date
of such termination. Termination for cause shall include, but not be limited
to, termination for malfeasance or gross misfeasance in the performance of
duties or conviction of a crime involving moral turpitude, and, in any event,
the determination of the Board of Directors with respect thereto shall be final
and conclusive.

 

6. Nontransferability; Death or Disability of Optionee.
This option shall not be transferable except by will or by the laws of descent
and distribution and shall be exercisable during Optionee’s lifetime only by
Optionee. If Optionee dies while serving as a director or an employee of the
Bancorp or a subsidiary corporation, or during the three (3) month period
referred to in Paragraph 4 hereof, this option shall expire one (1) year after
the date of Optionee’s death or on the day

 

 

specified in Paragraph 2 hereof, whichever is earlier. After Optionee’s
death but before such expiration, the persons to whom Optionee’s rights under
this option shall have passed by will or by the laws of descent and
distribution or the executor or administrator of Optionee’s estate shall have
the right to exercise this option as to those shares for which installments had
accrued under Paragraph 2 hereof as of the date on which Optionee ceased to be
a director or an employee of the Bancorp or a subsidiary corporation.

 

If Optionee terminates his or her directorship or
employment because of disability (as defined in Section 22(e)(3) of the Code),
Optionee may exercise this option to the extent he or she is entitled to do so
at the date of termination, at any time within one (1) year of the date of
termination, or before the expiration date specified in Paragraph 2 hereof,
whichever is earlier.

 

7. Employment. This Agreement shall
not obligate the Bancorp or a subsidiary corporation to employ Optionee for any
period, nor shall it interfere in any way with the right of the Bancorp or a
subsidiary corporation to reduce Optionee’s compensation.

 

8. Privileges of Stock Ownership.
Optionee shall have no rights as a shareholder with respect to the Bancorp’s
stock subject to this option until the date of issuance of stock certificates
to Optionee. Except as provided in the Plan, no adjustment will be made for
dividends or other rights for which the record date is prior to the date such
stock certificates are issued.

 

9. Modification and Termination. The
rights of Optionee are subject to modification and termination upon the
occurrence of certain events as provided in Sections 13 and 14 of the Plan.

 

10. Notification of Sale. Optionee
agrees that Optionee, or any person acquiring shares upon exercise of this
option, will notify the Bancorp not more than five (5) days after any sale or
other disposition of such shares.

 

11. Representations of Optionee. No
shares issuable upon the exercise of this option shall be issued and delivered
unless and until the Bancorp has complied with all applicable requirements of
California and federal law and of the Securities and Exchange Commission and
the California Department of Corporations pertaining to the issuance and sale
of such shares, and all applicable listing requirements of the securities
exchanges, if any, on which shares of the Bancorp of the same class are then
listed. Optionee agrees to ascertain that such requirements shall have been
complied with at the time of any exercise of this option. In addition, if the
Optionee is an “affiliate” for purposes of the Securities Act of 1933, there
may be additional restrictions on the resale of stock, and Optionee therefore
agrees to ascertain what those restrictions are and to abide by the
restrictions and other applicable federal and state securities laws.

 

Furthermore, the Bancorp may, if it deems appropriate,
issue stop transfer instructions against any shares of stock purchased upon the
exercise of this option and affix to any certificate representing such shares
the legends which the Bancorp deems appropriate.

 

Optionee represents that the Bancorp, its directors,
officers, employees and agents have not and will not provide tax advice with
respect to the option, and Optionee agrees to consult with his or her own tax
advisor as to the specific tax consequences of the option, including the
application and effect of federal, state, local and other tax laws.

 

12. Notices. Any notice to the
Bancorp provided for in this Agreement shall be addressed to it in care of its
President or Chief Financial Officer at its main office and any notice to
Optionee shall be addressed to Optionee’s address on file with the Bancorp or a
subsidiary corporation, or to such other address as either may designate to the
other in writing. Any notice shall be deemed to be duly given if and when
enclosed in a properly sealed envelope and addressed as stated above and
deposited, postage prepaid, with the United States Postal Service. In lieu of
giving notice by mail as aforesaid, any written notice under this Agreement may
be given to Optionee in person, and to the Bancorp by personal delivery to its
President or Chief Financial Officer.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

 

	
  OPTIONEE

  	
  WESTERN
  SIERRA BANCORP

  
	
   

  	
   

  	
   

  	
   

  
	
  By

  	
  /s/ Harold
  Prescott

  	
   

  	
  By

  	
  /s/ Gary Gall

  	
   

  	 

	
   

  	
  Harold Prescott

  	
   

  	
   

  	
  Gary Gall, President
  & CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Chuck Bacchi

  	
   

  	 

	
   

  	
   

  	
   

  	
  Chuck Bacchi, Chairman

  	
   

  
										

 

2

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