Document:

Exhibit 10.29

 

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

INCENTIVE
STOCK OPTION AGREEMENT

 

This Incentive
Stock Option Agreement (the “Agreement”) is made and entered into as of the
25th day of April 2002, by and between Western Sierra Bancorp, a California
corporation (the “Bancorp”), and 
Douglas Nordell (“Optionee”);

 

WHEREAS, pursuant
to the Western Sierra Bancorp 1999 Stock Option Plan (the “Plan”), a copy of
which is attached hereto, the Board of Directors of the Bancorp has authorized
granting to Optionee an incentive stock option to purchase all or any part
of  Eight Thousand Three-Hundred  (8,300) authorized but unissued shares of
the Bancorp’s common stock at the price of Twenty-Two Dollars and Forty-One
Cents ($22.41) 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 Eight Thousand Three-Hundred (8,300) shares of
the Bancorp’s common stock (hereinafter called “stock”) at the price of
Twenty-Two Dollars and Forty-One Cents ($22.41) per share, which price is not
less than one hundred percent (100%) of the fair market value of the stock (or
not less than 110% of the fair market value of the stock for
Optionee-shareholders who own securities possessing more than ten percent (10%)
of the total combined voting power of all classes of securities of the Bancorp)
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

  	
   

  
	
  1660

  	
   

  	
  immediate

  	
   

  
	
  1660

  	
   

  	
  04/25/03

  	
   

  
	
  1660

  	
   

  	
  04/25/04

  	
   

  
	
  1660

  	
   

  	
  04/25/05

  	
   

  
	
  1660

  	
   

  	
  04/25/06

  	
   

  

 

This option shall remain
exercisable as to all vested shares until April 25, 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 Employment.  Except as provided in Paragraphs 2 and 5
hereof, if Optionee shall cease to be 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 an employee of
the Bancorp or a subsidiary corporation.

 

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 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

 

1

 

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
an employee of the Bancorp or a subsidiary corporation.

 

If Optionee
terminates his or her 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.

 

13. 
Incentive Stock Option.  This Agreement is intended to be an
incentive stock option agreement as defined in Section 422 of the Code;
provided, however, that if the option shall fail to constitute an incentive
stock option for any reason, the option shall thereafter be governed by the
provisions of the Plan regarding nonqualified stock options.

 

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/
  Douglas Nordell

  	
   

  	
  By

  	
     /s/
  Gary Gall

  	
   

  
	
   

  	
  Douglas Nordell

  	
   

  	
   

  	
  Gary Gall, President
  & CEO

  
	
   

  	
   

  
	
   

  	
  By

  	
     /s/
  Chuck Bacchi

  	
   

  
	
   

  	
   

  	
  Chuck Bacchi,Chairman

  

 

2Exhibit 10.30

 

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

INCENTIVE STOCK
OPTION AGREEMENT

 

This Incentive
Stock Option Agreement (the “Agreement”) is made and entered into as of
the  25th day of April, 2002, by and
between Western Sierra Bancorp, a California corporation (the “Bancorp”), and
Frederick Rowden (“Optionee”);

 

WHEREAS, pursuant
to the Western Sierra Bancorp 1999 Stock Option Plan (the “Plan”), a copy of
which is attached hereto, the Board of Directors of the Bancorp has authorized
granting to Optionee an incentive stock option to purchase all or any part of
Eighteen Thousand  (18,000) authorized
but unissued shares of the Bancorp’s common stock at the price of Twenty-Two
Dollars and  Forty-One Cents ($22.41)
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 Eighteen Thousand (18,000) shares of the
Bancorp’s common stock (hereinafter called “stock”) at the price of Twenty-Two
Dollars and Forty-One Cents ($22.41) per share, which price is not less than
one hundred percent (100%) of the fair market value of the stock (or not less
than 110% of the fair market value of the stock for Optionee-shareholders who
own securities possessing more than ten percent (10%) of the total combined
voting power of all classes of securities of the Bancorp) 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

  	
   

  
	
  3600

  	
   

  	
  immediate

  	
   

  
	
  3600

  	
   

  	
  04/25/03

  	
   

  
	
  3600

  	
   

  	
  04/25/04

  	
   

  
	
  3600

  	
   

  	
  04/25/05

  	
   

  
	
  3600

  	
   

  	
  04/25/06

  	
   

  

 

This option shall remain
exercisable as to all vested shares until April 25 , 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 Employment.  Except as provided in Paragraphs 2 and 5
hereof, if Optionee shall cease to be 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 an employee of
the Bancorp or a subsidiary corporation.

 

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 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

 

1

 

 

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 an employee of
the Bancorp or a subsidiary corporation.

 

If Optionee
terminates his or her 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.

 

13. 
Incentive Stock Option.  This Agreement is intended to be an
incentive stock option agreement as defined in Section 422 of the Code;
provided, however, that if the option shall fail to constitute an incentive
stock option for any reason, the option shall thereafter be governed by the
provisions of the Plan regarding nonqualified stock options.

 

 

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/ Frederick Rowden

  	
   

  	
  By

  	
     /s/ Gary Gall

  	
   

  
	
   

  	
  Frederick Rowden

  	
   

  	
   

  	
  Gary Gall, President & CEO

  
	
   

  	
   

  
	
   

  	
  By

  	
     /s/ Chuck Bacchi

  	
   

  
	
   

  	
   

  	
  Chuck Bacchi,Chairman

  

 

2

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