Document:

Exhibit
10.49

 

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 Barbara Cook, (“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 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 Four Hundred (400) 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

  
	
  400

  	
   

  	
  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/ Barbara Cook

  	
   

  	
  By

  	
  /s/ Gary Gall

  	
   

  	 

	
   

  	
  Barbara Cook

  	
   

  	
   

  	
  Gary Gall,
  President & CEO

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By

  	
  /s/ Chuck Bacchi

  	
   

  	 

	
   

  	
   

  	
   

  	
  Chuck Bacchi,
  Chairman

  	
   

  	 

									

 

2Exhibit

10.50

 

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 William Fisher, (“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 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 Four

Hundred (400) 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

  
	

  400

  	

   

  	

  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/ William

  Fisher

  	

   

  	

  By

  	

  /s/ Gary Gall

  	

   

  	 

	

   

  	

  William Fisher

  	

   

  	

   

  	

  Gary Gall,

  President & CEO

  	

   

  	 

	

   

  	

   

  	

   

  	

   

  	 

	

   

  	

   

  	

   

  	

   

  	 

	

   

  	

   

  	

  By

  	

  /s/ Chuck Bacchi

  	

   

  	 

	

   

  	

   

  	

   

  	

  Chuck Bacchi,

  Chairman

  	

   

  	 

									

 

2

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