Document:

Exhibit

10.51

 

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

31st day of December, 2002, by and between Western Sierra Bancorp, a California

corporation (the “Bancorp”), and Howard Jahn, (“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

One Thousand Eighty (1,080) authorized but unissued shares of the Bancorp’s

common stock at the price of Twenty-Six Dollars and Fifty Cents ($26.50) 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 One Thousand Eighty (1,080) shares of the

Bancorp’s common stock (hereinafter called “stock”) at the price of Twenty-Six

Dollars and Fifty Cents ($26.50) 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

  
	

  1080

  	

   

  	

  Immediate

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  

 

This option shall remain

exercisable as to all vested shares until December 31, 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

 

1

 

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/ Howard Jahn

  	

   

  	

  By

  	

     /s/ Gary Gall

  
	

   

  	

  Howard Jahn

  	

   

  	

   

  	

  Gary Gall, President

  & CEO

  
	

   

  	

   

  
	

   

  	

  By

  	

     /s/ Chuck Bacchi

  
	

   

  	

   

  	

  Chuck Bacchi, Chairman

  
								

 

2Exhibit

10.52

 

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

31st day of December, 2002, by and between Western Sierra Bancorp, a California

corporation (the “Bancorp”), and Alan J. Kleinert, (“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

One Thousand Eighty (1,080) authorized but unissued shares of the Bancorp’s

common stock at the price of Twenty-Six Dollars and Fifty Cents ($26.50) 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 One Thousand Eighty (1,080) shares of the

Bancorp’s common stock (hereinafter called “stock”) at the price of Twenty-Six

Dollars and Fifty Cents ($26.50) 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

  
	

  1080

  	

   

  	

  Immediate

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  

 

This option shall remain

exercisable as to all vested shares until December 31, 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

 

1

 

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/ Alan Kleinert

  	

   

  	

  By

  	

     /s/ Gary Gall

  
	

   

  	

  Alan J. Kleinert

  	

   

  	

   

  	

  Gary Gall, President

  & CEO

  
	

   

  	

   

  
	

   

  	

  By

  	

     /s/ Chuck Bacchi

  
	

   

  	

   

  	

  Chuck Bacchi, Chairman

  
						

 

2

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