Document:

exv10w10

 

Exhibit 10.10

SOVEREIGN BANCORP, INC. 1996 STOCK OPTION PLAN

FORM OF STOCK OPTION AGREEMENT FOR

NONQUALIFIED STOCK OPTION

BETWEEN

SOVEREIGN BANCORP, INC.

AND

                                     

(the Optionholder)

	 	 	 	 	 	 	 	 	 
	Date of Grant:
	 	________________________	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Number of Shares:
	 	________________________	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Purchase Price
	 	$________________________	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Option Expires:
	 	________________________	 	 	 	 

 

 

NONQUALIFIED STOCK OPTION AGREEMENT

Number of shares subject to option:                      shares.

     This Agreement dated                                         , between SOVEREIGN BANCORP, INC. (the “Corporation”) and
                                         (the “Optionholder”),

WITNESSETH:

     1. Grant of Option.

         Pursuant to the provisions of the Sovereign Bancorp, Inc. 1996 Stock Option Plan (the “Plan”)
the Corporation hereby grants to the Optionholder, subject to the terms and conditions of the Plan
and subject further to the terms and conditions herein set forth, the right and option to purchase
from the Corporation for cash, or for common stock of the Corporation subject to the approval of
the Committee (as defined in the Plan), all or any part of an aggregate of                                          shares of
Common Stock (without par value) of the Corporation (“Common Stock”) at the purchase price of
$                     per share; such option to be exercised as hereinafter provided (this “Option”).

     2. Terms and Conditions.

         It is understood and agreed that this Option is subject to the following terms and conditions:

         (a) Expiration Date. Subject to the provisions of Paragraph 2(d), this Option shall
expire on                                          [not more than ten years and one month from the date of grant].

         (b) Exercise of Option. Except in the case of a “Change in Control” (as defined in
the Plan), no part of this Option may be exercised until the Optionholder has remained in the
continuous employ of the Corporation or of a Subsidiary (as defined in the Plan) for a period of
                     years after the date hereof.

                 This Option may be exercised in whole at any time, or from time to time in part, prior to the
expiration date specified in Paragraph 2(a). Any exercise shall be accompanied by a written notice
to the Corporation specifying the number of shares as to which this Option is

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being exercised. If a Change in Control occurs, this Option shall become immediately
exercisable.

     (c) Payment of Purchase Price Upon Exercise. At the time of any exercise the purchase
price of the shares as to which this Option shall be exercised shall be paid in cash (or, subject
to the conditions and limitations described in the Plan, by delivering shares of Common Stock of
the Corporation or by delivering a combination of such Common Stock and cash equal to the price per
share set forth in Paragraph 1 hereof) to the Corporation.

     (d) Exercise Upon Death, Disability or Termination of Employment.

         (1) In the event of the death of the Optionholder while an employee of the Corporation or of a
Subsidiary, this Option may be exercised, to the extent that the Optionholder was entitled to do so
at the date of termination of employment due to such cause, by the person or persons to whom the
Optionholder’s rights under this Option pass by will or applicable law, or if no such person has
such right, by the estate’s executors or administrators, in whole at any time, or from time to time
in part, within one year after the Optionholder’s death, but in no event later than the expiration
date specified in Paragraph 2(a).

         (2) If the Optionholder’s employment with the Corporation or a Subsidiary terminates because
of total and permanent disability, then the Optionholder may exercise this Option, to the extent
that the Optionholder was entitled to do so at the date of termination of employment due to such
cause, in whole at any time, or from time to time in part, within one year after the date of such
termination, but in no event later than the expiration date specified in Paragraph 2(a).

         (3) If the Optionholder’s employment with the Corporation or a Subsidiary terminates because
of early or normal retirement as defined in the Sovereign Bancorp, Inc. Employee Stock Ownership
Plan, then the Optionholder may exercise this Option, to the extent that the Optionholder was
entitled to do so at the date of early or normal retirement, in whole at any time, or from time to
time in part, within 24 months after the date of such termination of employment, but in no event
later than the expiration date specified in Paragraph 2(a).

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         (4) If the Optionholder’s employment with the Corporation or a Subsidiary is voluntarily
terminated by the Optionholder (other than for early or normal retirement as defined in the
Sovereign Bancorp, Inc. Employee Stock Ownership Plan), then this Option will expire on the date of
such termination of employment.

         (5) Except as otherwise provided in (6) below, if the Optionholder’s employment is terminated
at the election of the Corporation or a Subsidiary, then the Optionholder may exercise this Option,
to the extent the Optionholder was entitled to do so at the date of such termination of employment,
in whole at any time, or from time to time in part, within twelve months after the date of such
termination of employment, but in no event later than the expiration date specified in Paragraph
2(a).

         (6) Notwithstanding anything herein to the contrary, if the Optionholder’s employment is
terminated by the Corporation or a Subsidiary “for cause” (as defined in the Plan), all rights to
exercise this Option shall terminate at the date of such termination of employment.

     (e) Nontransferability. This Option shall not be transferable other than by will or
by the laws of descent and distribution. During the lifetime of the Optionholder, this Option
shall be exercisable only by the Optionholder.

     (f) Adjustments. In the event that the shares of Common Stock shall be changed into
or exchanged for a different number or kind of shares of stock or other securities of the
Corporation or of another corporation (whether by reason of merger, consolidation,
recapitalization, reclassification, split up, combination of shares or otherwise) or if the number
of such shares of stock shall be increased through the payment of a stock dividend, then this
Option shall be appropriately amended as to price and other terms, as may be necessary to reflect
the foregoing events. If there shall be any other change in the number or kind of the outstanding
shares of the stock of the Corporation, or of any stock or other securities in which such stock
shall have been changed, or for which it shall have been exchanged, and if a majority of the
disinterested members of the Board shall, in its sole discretion, determine that such change
equitably requires an adjustment in this Option, then such adjustment shall be made in

3

 

accordance with such determination. Any adjustment so made shall be final and binding upon
the Optionholder.

     (g) No Rights As Stockholder. The Optionholder shall have no rights as a stockholder
with respect to any shares of Common Stock subject to this Option prior to the date of issuance of
a certificate or certificates for such shares.

     (h) No Right to Continued Employment. This Option shall not confer upon the
Optionholder any right with respect to continue in the employ of Corporation or any Subsidiary, nor
shall it interfere in any way with the right of the Corporation or any Subsidiary to terminate the
Optionholder’s employment at any time and for any reason.

     (i) Compliance with Law and Regulations. This Option and the obligation of the
Corporation to sell and deliver shares hereunder, shall be subject to all applicable federal and
state laws, rules and regulations and to such approvals by any government or regulatory agency as
may be required. The Corporation shall not be required to issue or deliver any certificates for
shares of Common Stock prior to (1) the listing of such shares on any stock exchange on which the
Common Stock may then be listed and (2) the completion of any registration or qualification of such
shares under any federal or state law, or any rule or regulation of any government body which the
Corporation shall, in its sole discretion, determine to be necessary or advisable.

     3. Investment Representation.

         The Committee appointed pursuant to Article 3 of the Plan may require the Optionholder to
furnish to the Corporation, prior to the issuance of any shares upon the exercise of all or any
part of this Option, an agreement (in such form as such Committee may specify) in which the
Optionholder represents that the shares acquired upon exercise are being acquired for investment
and not with a view to the sale or distribution thereof.

     4. Optionholder Bound By Plan.

         The Optionholder hereby acknowledges receipt of a copy of the Plan and any amendments thereto,
and agrees to be bound by all the terms and provisions thereof, which, to the extent relevant, are
incorporated herein by reference.

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     5. Withholding of Taxes.

         The Corporation will require as a condition precedent to the exercise of this Option that
appropriate arrangements be made for the withholding of any applicable taxes. The obligation of
the Optionholder under this paragraph to provide for the payment of withholding taxes may be
satisfied, subject to the provisions of Section 11.5 of the Plan, by electing to have the
Corporation withhold certain of the shares that would otherwise be issuable pursuant to the
exercise of this Option.

     6. Notices.

         Any notice hereunder to the Corporation shall be addressed to it at its office, 1130 Berkshire
Boulevard, Wyomissing, Pennsylvania 19610; Attention: Executive Compensation Manager, and any
notice hereunder to Optionholder shall be addressed to him or her at the address below, subject to
the right of either party to designate at any time hereafter in writing some other address.

     IN WITNESS WHEREOF, Sovereign Bancorp, Inc. has caused this Agreement to be executed by a duly
authorized officer and the Optionholder has executed this Agreement, both as of the day and year
first above written.

	 	 	 	 	 
	SOVEREIGN BANCORP, INC.	 	OPTIONHOLDER
	 
	 	 	 	 
	By
	 	 	 	 
	

	 	 
	 	 
	

	 	     (Signature)
	 	(Signature)
	

	 	     Jay S. Sidhu	 	 
	

	 	     President and Chief Executive Officer	 	 
	

	 	 	 	 
	

	 	 	 	(Print Address)

5exv10w11

 

Exhibit 10.11

SOVEREIGN BANCORP, INC. 1993 STOCK OPTION PLAN

FORM OF STOCK OPTION AGREEMENT FOR

INCENTIVE STOCK OPTION

BETWEEN

SOVEREIGN BANCORP, INC.

AND

                                     

(the Optionholder)

	 	 	 	 	 
	Date of Grant:
	 	_________________________
	 
	 	 	 	 
	Number of Shares:
	 	_________________________
	 
	 	 	 	 
	Purchase Price
	 	$_________________________
	 
	 	 	 	 
	Option Expires:
	 	_________________________

 

 

INCENTIVE STOCK OPTION AGREEMENT

Number of shares subject to option:                      shares.

     This Agreement dated                                          between Sovereign Bancorp, Inc. (the “Corporation”) and
                                                            (the “Optionholder”),

WITNESSETH:

     1. Grant of Option.

         Pursuant to the provisions of the Sovereign Bancorp, Inc. 1993 Stock Option Plan (the “Plan”)
the Corporation hereby grants to the Optionholder, subject to the terms and conditions of the Plan
and subject further to the terms and conditions herein set forth, the right and option to purchase
from the Corporation for cash, or for common stock of the Corporation subject to the approval of
the Committee (as defined in the Plan), all or any part of an aggregate of                      shares of
Common Stock (without par value) of the Corporation (“Common Stock”) at the purchase price of
$                     per share; such option to be exercised as hereinafter provided.

     2. Terms and Conditions.

         It is understood and agreed that the option evidenced hereby is subject to the following terms
and conditions:

         (a) Expiration Date. Subject to the provisions of Paragraph 2(d), the option granted
hereby shall expire on                                          [not more than 10 years from the date of grant, except
for an option granted to a 10% shareholder, which shall be limited to 5 years].

         (b) Exercise of Option. Except in the case of a Change in Control (as defined in the
Plan), no part of this option may be exercised until the Optionholder has remained in the
continuous employ of the Corporation or of a Subsidiary of the Corporation (as defined in the Plan)
for a period of                      years after the date hereof.

 

 

         This option may be exercised, to the extent then vested under Article 7 of the Plan, in whole
at any time, or from time to time in part, prior to the expiration date specified in Paragraph
2(a). Any exercise shall be accompanied by a written notice to the Corporation specifying the
number of shares as to which the option is being exercised. If there is a Change in Control, the
option granted hereby shall become immediately exercisable.

     (c) Payment of Purchase Price Upon Exercise. At the time of any exercise, the
purchase price of the shares as to which this option shall be exercised shall be paid in cash (or,
subject to the conditions and limitations described in the Plan, by delivering shares of Common
Stock of the Corporation or by delivering a combination of such shares and cash equal to the
purchase price set forth in Paragraph 1 hereof) to the Corporation.

     (d) Exercise Upon Death or Termination of Employment.

         (1) In the event of the death of the Optionholder while an employee of the Corporation or of a
Subsidiary, this option may be exercised, to the extent that the Optionholder was entitled to do so
at the date of termination of employment due to such cause, by the person or persons to whom the
Optionholder’s rights under this option pass by will or applicable law, or if no such person has
such right, by the estate’s executors or administrators, in whole at any time, or from time to time
in part, within one year after the Optionholder’s death, but in no event later than the expiration
date specified in Paragraph 2(a).

         (2) If the Optionholder’s employment with the Corporation or a Subsidiary terminates because
of total and permanent disability, then the Optionholder may exercise this option, to the extent
that the Optionholder was entitled to do so at the date of termination of employment due to such
cause, in whole at any time, or from time to time in part, within one year after the date of such
termination, but in no event later than the expiration date specified in Paragraph 2(a).

         (3) If the Optionholder’s employment with the Corporation or a Subsidiary terminates because
of early, normal or late retirement as described in the Sovereign Bancorp, Inc. Pension Plan, then
the Optionholder may exercise this option, to the extent that the Optionholder was entitled to do
so at the date of early, normal or late retirement, in whole at any

 

 

time, or from time to time in part, within three months after the date of such termination of
employment, but in no event later than the expiration date specified in Paragraph 2(a).

         (4) If the Optionholder’s employment with the Corporation or a Subsidiary is voluntarily
terminated by the Optionholder (other than for early, normal or late retirement as described in the
Sovereign Bancorp, Inc. Pension Plan), then the option will expire on the date of such termination
of employment.

         (5) Notwithstanding anything herein to the contrary, if the Optionholder’s employment is
involuntarily terminated by the Corporation or a Subsidiary, all rights to exercise this option
shall terminate at the date of such termination of employment.

     (e) Nontransferability. This option shall not be transferable other than by will or
by the laws of descent and distribution. During the lifetime of the Optionholder, this option
shall be exercisable only by the Optionholder.

     (f) Adjustments. In the event of any change in the Common Stock of the Corporation by
reason of any stock dividend, recapitalization, reclassification, merger, consolidation, split up,
combination or exchange of shares, or of any similar change affecting the Common Stock, then in any
such event the number and kind of shares subject to this option and their purchase price per share
shall be appropriately adjusted consistent with such change. If any other change in the number or
kind of the outstanding shares of stock of the Corporation occurs, an adjustment may be made to the
number and kind of shares subject to this option and their purchase price per share in such manner
as a majority of the disinterested members of the Board of Directors may deem equitable to prevent
substantial dilution or enlargement of the rights granted to the Optionholder hereunder. Any
adjustment so made shall be final and binding upon the Optionholder.

     (g) No Rights as Stockholder. The Optionholder shall have no rights as a stockholder
with respect to any shares of Common Stock subject to this option prior to the date of issuance of
a certificate or certificates for such shares.

     (h) No Right To Continued Employment. This option shall not confer upon the
Optionholder any right with respect to continuance of employment by the Corporation or any

 

 

Subsidiary, nor shall it interfere in any way with the right of the Corporation or any
Subsidiary to terminate the Optionholder’s employment at any time.

     (i) Compliance with Law and Regulations. This option and the obligation of the
Corporation to sell and deliver shares hereunder shall be subject to all applicable federal and
state laws, rules and regulations and to such approvals by any government or regulatory agency as
may be required. The Corporation shall not be required to issue or deliver any certificates for
shares of Common Stock prior to (1) the listing of such shares on any stock exchange on which the
Common Stock may then be listed and (2) the completion of any registration or qualification of such
shares under any federal or state law, or any rule or regulation of any government body which the
Corporation shall, in its sole discretion, determine to be necessary or advisable.

     3. Investment Representation.

         The Committee appointed pursuant to Article 3 of the Plan may require the Optionholder to
furnish to the Corporation, prior to the issuance of any shares upon the exercise of all or any
part of this option, an agreement (in such form as such Committee may specify) in which the
Optionholder represents that the shares acquired upon exercise are being acquired for investment
and not with a view to the sale or distribution thereof.

     4. Optionholder Bound by Plan.

         The Optionholder hereby acknowledges receipt of a copy of the Plan and agrees to be bound by
all the terms and provisions thereof, which, to the extent relevant, are incorporated herein by
reference.

     5. Notices.

         Any notice hereunder to the Corporation shall be addressed to it at its office, 1130 Berkshire
Boulevard, Wyomissing, Pennsylvania 19610; Attention: Corporate Secretary, and any notice
hereunder to Optionholder shall be addressed to him or her at the address below, subject to the
right of either party to designate at any time hereafter in writing some other address.

 

 

     IN WITNESS WHEREOF, Sovereign Bancorp, Inc. has caused this Agreement to be executed by a duly
authorized officer and the Optionholder has executed this Agreement, both as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 
	SOVEREIGN BANCORP, INC.	 	OPTIONHOLDER
	 
	 	 	 	 
	By
	 	 	 	 
	

	 	 
	 	 
	

	 	     (Signature)
	 	(Signature)
	

	 	     Jay S. Sidhu	 	 
	

	 	     President and Chief Executive Officer	 	 
	

	 	 	 	 
	

	 	 	 	(Print Address)

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