Document:

Exhibit

10.41

 

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 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 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

 

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

10.42

 

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 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 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

 

1

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]