Document:

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                                                                   Exhibit 10.48

NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, NO SHARES OF THE BANK'S
STOCK SHALL BE ISSUED PURSUANT HERETO UNLESS THE BANK'S 1991 STOCK OPTION PLAN
SHALL HAVE FIRST BEEN APPROVED BY THE SHAREHOLDERS OF THE BANK HOLDING NOT LESS
THAN A MAJORITY OF THE OUTSTANDING SHARES OF THE BANK'S COMMON STOCK REPRESENTED
AND VOTING AT A MEETING OF SHAREHOLDERS AND BY A MAJORITY OF THE DISINTERESTED
SHARES REPRESENTED AND VOTING AT THE MEETING.

                                  PLUMAS BANK
                        INCENTIVE STOCK OPTION AGREEMENT

      THIS AGREEMENT, dated the __ day of ________, ____, entered into by and
between Plumas Bank (the "Bank"), and __________ ("Optionee");

      WHEREAS, pursuant to the 1991 Stock Option Plan of the Bank (the "Plan"),
a copy of which is hereto attached, the Board of Directors of the Bank (or the
Stock Option Committee, if authorized by the Board of Directors) has authorized
granting to Optionee a stock option to purchase all or any part of __________
(_____) authorized but unissued shares of the Bank's Common Stock for cash at
the price of __________ Dollars and __________ Cents ($__.__) per share, such
option to be for he 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 (or
the Stock Option Committee) and pursuant to authorizations granted by all
appropriate regulatory and governmental agencies, the Bank 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 __________ (_____) shares of the Bank's Common Stock (hereinafter called
"stock") at the price of __________ Dollars and __________ Cents ($__.__) per
share, which price is not less than 100% of the fair market value of the stock
as of the date of action of the Board of Directors (or the Stock Option
Committee) granting this option.

      2. Exercisability. This option shall be exercisable as to ___ on ________
__, ____, ___ on ________ __, ____, ___ on ________ __, ____, ___ on ________
__, ____, ___ on ________ __, ____. This option shall remain exercisable as to
all of such shares until ________ __, ____ (but not after the expiration of ten
(10) years from the date this option is granted) unless this option has expired
or

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terminated earlier in accordance with the provisions hereof. 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
delivered to the Bank stating the number of shares with respect to which this
option is being exercised, together with cash in the amount of the purchase
price of such shares. 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 employed by the Bank or a subsidiary
corporation for any reason other than Optionee's death or disability (as defined
in Section 105(d)(4) of the Internal Revenue Code of 1986, as amended from time
to time), this option shall expire 90 days thereafter. During the 90 day period
this option shall be exercisable only as to those installments, if any, which
had accrued as of the date when the Optionee ceased to be employed by the Bank
or the subsidiary corporation.

      5. Termination of Employment for Cause. If Optionee's employment by the
Bank or a subsidiary corporation is terminated for cause, this option shall
expire immediately, unless reinstated by the Board of Directors within thirty
(30) days of such termination by giving written notice of such reinstatement to
Optionee at his last known address. In the event of such reinstatement, Optionee
may exercise this option only to such extent, for such time, and upon such terms
and conditions as if Optionee had ceased to be employed by the Bank or a
subsidiary corporation upon the date of such termination for a reason other than
cause, death or disability. Termination for cause shall include, but not be
limited to, termination for malfeasance or gross misfeasance in the performance
of duties or conviction of illegal activity in connection therewith.

      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

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lifetime only by Optionee. If Optionee dies while employed by the Bank or a
subsidiary corporation, or during the 90 day 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
rights under this option shall have passed by Will or by the applicable 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 employed by the Bank or a subsidiary corporation. If the
Optionee terminates his employment because of a disability (as defined in
Section 105(d)(4) of the Internal Revenue Code of 1986, as amended from time to
time), the 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 year of the date of
termination, or before the expiration date specified n paragraph 2 hereof,
whichever is earlier.

      7. Employment. This Agreement shall not obligate the Bank or a subsidiary
corporation to employ Optionee for any period, nor shall it interfere in any way
with the right of the Bank or a subsidiary corporation to reduce Optionee's
compensation.

      8. Privileges of Stock Ownership. Optionee shall have no rights as a
stockholder with respect to the Bank'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 by Board of Directors. 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 Bank not more
than five (5) days after any sale or other disposition of such shares. No shares
issuable upon the exercise of this option shall be issued and delivered unless
and until all applicable requirements Of California and federal law 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 Bank of the same
class are then listed shall have been complied with.

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      11. Notices. Any notice to the Bank 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 Bank 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 Bank by personal
delivery to its President or Chief Financial Officer.

      12. Incentive Stock Option. This Stock Option Agreement is intended to be
an Incentive Stock Option Agreement as defined in Section 422A of the Internal
Revenue Code of 1986, as amended from time to time.

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

OPTIONEE                                             PLUMAS BANK

By _______________________                           By ________________________

                                                     By ________________________

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                       FIRST AMENDMENT TO THE PLUMAS BANK
                           1991 STOCK OPTION AGREEMENT

This First Amendment to the Plumas Bank 1991 Stock Option Agreement is entered
into by and between __________ ("Optionee") and Plumas Bank on ________ __, ____
for the purpose of amending the option agreement ("Option") by and between
Optionee and Plumas Bank entered into on ________ __, ____.

WHEREAS, the Plumas Bank 1991 Stock Option Plan ("1991 Plan") previously only
allowed for stock option exercises by the payment of cash, and has since been
amended to allow the exercise of stock options by the delivery of existing
shares of Plumas Bank stock held by the option.

NOW, THEREFORE, the Optionee and the Bank agree to the amendment of the Option
as follows:

1.    AMENDMENT OF SECTION 3. The first sentence in Section 3 shall be amended
      in the entirety to read as follows:

            This option may be exercised by written notice delivered to the Bank
            stating the number of shares with respect to which this option is
            being exercised, together with the purchase price in cash or subject
            to applicable law, with Bank common stock previously acquired by the
            optionee and held by the optionee for a period of at least six
            months.

2.    AMENDMENT OF SECTION 3. A new sentence shall be added after the sentence
      in the aforementioned amendment to read in the entirety as follows:

            The equivalent dollar value of shares used to effect a purchase
            shall be the fair market value of the shares on the date of the
            exercise.

PLUMAS BANK                                          OPTIONEE

____________                                         ________________exv10w1

 

EXHIBIT 10.1

USF CORPORATION

NONSTATUTORY STOCK OPTION AGREEMENT

THIS AGREEMENT is made
effective                     (the “Grant Date”), between
USF Corporation, a Delaware corporation (the “Company”), and
                   
(the “Optionee”).

WHEREAS, the Company desires to grant to the Optionee an option to purchase
shares of its common capital stock (the “Shares”) under the Company’s Long-Term
Incentive Plan (the “Plan”); and

WHEREAS, the Company and the Optionee understand and agree that any terms used
herein have the same meanings as in the Plan (the Optionee being referred to in
the Plan as a “Participant”).

NOW, THEREFORE, in consideration of the following mutual covenants and for
other good and valuable consideration, the parties agree as follows:

1.    GRANT OF OPTION

The Company grants to the Optionee the right and Option to purchase all
or any part of an aggregate of
           Shares (the “Option”) on the terms
and conditions and subject to all the limitations set forth herein and in
the Plan, which is incorporated herein by reference. The Optionee
acknowledges receipt of a copy of the Plan and acknowledges that the
definitive records pertaining to the grant of this Option, and exercises
of rights hereunder, shall be retained by the Company. The Option
granted herein is intended to be a Nonstatutory Option as defined in the
Plan.

2.    PURCHASE PRICE

The purchase price of the Shares subject to the Option shall be
$             per Share, the fair market value of a Share as of the Grant
Date.

3.    EXERCISE OF OPTION

Subject to the Plan and this Agreement, the Option shall be exercisable
as follows:

EXERCISE PERIOD

	 	 	 	 	 
	No. of Shares
	 	Commencement Date
	 	Expiration Date

 

 

4.    ISSUANCE OF STOCK

The Option may be exercised in whole or in part (to the extent that it is
exercisable in accordance with its terms) by giving written notice (or
any other approved form of notice) to the Company. Such written notice
shall be signed by the person exercising the Option, shall state the
number of Shares with respect to which the Option is being exercised,
shall contain the warranty, if any, required under the Plan and shall
specify a date (other than a Saturday, Sunday or legal holiday) not less
than five (5) nor more than ten (10) days after the date of such written
notice, as the date on which the Shares will be purchased, at the
principal office of the Company during ordinary business hours, or at
such other hour and place agreed upon by the Company and the person or
persons exercising the Option, and shall otherwise comply with the terms
and conditions of this Agreement and the Plan. On the date specified in
such written notice (which date may be extended by the Company if any law
or regulation requires the Company to take any action with respect to the
Shares prior to the issuance thereof), the Company shall accept payment
for the Shares and shall deliver to the Optionee an appropriate
certificate or certificates for the Shares as to which the Option was
exercised.

The Option price of any Shares shall be payable at the time of exercise
as determined by the Company either:

	 	(a)	 	in cash, by certified check or bank check, or by wire
transfer; or

	 	(b)	 	in whole shares of the Company’s common stock, provided,
however, that (i) if such shares were acquired pursuant to an
incentive stock option plan (as defined in Code Section 422) of the
Company or Affiliate, then the applicable holding period
requirements of said Section 422 have been met with respect to such
shares, (ii) if the Optionee is subject to the reporting
requirements of Section 16 of the Securities Exchange Act of 1934,
as amended from time to time, and if such shares were granted
pursuant to an option, then such option must have been granted at
least six (6) months prior to the exercise of the Option hereunder,
and (iii) such shares were owned by the Optionee for six (6) or more
months prior to the exercise of the Option hereunder; or

	 	(c)	 	through the delivery of cash or the extension of credit by a
broker-dealer to whom the Optionee has submitted notice of exercise
or otherwise indicated an intent to exercise an Option (a so-called
“cashless” exercise), but only to the extent that the Company’s
corporate counsel has determined that such a “cashless” exercise is
a permissible method of exercise for the Optionee under Section
13(k) of the Securities Exchange Act of 1934, as amended; or

	 	(d)	 	in any combination of (a), (b), or (c) above.

The fair market value of the stock to be applied toward the purchase
price shall be determined as of the date of exercise of the Option in a
manner consistent with the determination of fair market value with
respect to the grant of an Option under the Plan. Any certificate for
shares of outstanding stock of the Company used to pay the purchase price
shall be accompanied by a stock power duly endorsed in blank by the
registered

 

 

holder of the certificate, with signature guaranteed in the
event the certificate shall also be accompanied by instructions from the
Optionee to the Company’s transfer agent with respect to disposition of
the balance of the shares covered thereby.

The Company shall pay all original issue taxes with respect to the
issuance of Shares pursuant hereto and all other fees and expenses
necessarily incurred by the Company in connection therewith. The holder
of this Option shall have the rights of a stockholder only with respect
to those Shares covered by the Option which have been registered in the
holder’s name in the share register of the Company upon the due exercise
of the Option.

5.    SPECIAL CONDITIONS

The following terms and conditions shall apply to any Option granted under
this Agreement:

(a)   Termination of Employment

In the event the Optionee ceases to be an employee of the Company or of an
Affiliate for any reason other than termination “for cause,” as defined in
Section 7(f)(2) of the Plan, the Optionee may exercise any Option granted to
such Optionee (notwithstanding that the Optionee might not have been able to
exercise the Option as to some or all of the Shares if the Optionee had not
ceased to be an employee of the Company or of an Affiliate) but only within
three (3) months after such date of termination, or, if earlier, within the
originally prescribed term of the Option.

(b)   Total and Permanent Disability

In the event the Optionee ceases to be an employee of the Company or of an
Affiliate by reason of Disability, such Optionee may exercise any Option
granted to such Optionee (notwithstanding that the Optionee might not have been
able to exercise the Option as to some or all of the Shares if the Optionee had
not become Disabled) within a period of not more than twelve (12) months after
the date that the Optionee became Disabled as determined by the Committee, or,
if earlier, within the originally prescribed term of the Option.

(c)   Death

In the event the Optionee ceases to be an employee of the Company or of an
Affiliate by reason of such Optionee’s death, any Option granted to such
Optionee (notwithstanding that the Optionee might not have been able to
exercise the Option as to some or all of the Shares if the Optionee had not
died) may be exercised by the Optionee’s estate or personal representative
within a period of not more than twelve (12) months after the date of death of
such Optionee or, if earlier, within the originally prescribed term of the
Option.

 

 

(d)   Normal Retirement

Except as otherwise mandated by Code Section 422, in the event the Optionee
ceases to be an employee of the Company or of an Affiliate by reason of such
Optionee’s Normal Retirement, such Optionee may exercise any Option granted to
such Optionee (notwithstanding that the Optionee might not have been able to
exercise the Option as to some or all of the Shares if the Optionee had not
terminated his or her employment because of Normal Retirement) within a period
of not more than twelve (12) months after the date of Normal Retirement, or, if
earlier, within the originally prescribed term of the Option.

(e)   Change in Control

	 	(1)	 	In the event a Change in Control (as defined in Section
5(e)(2)) occurs in the Company, such Optionee may exercise any
Option granted to such Optionee (notwithstanding that the Optionee
might not have been able to exercise the Option as to some or all of
the Shares if the Change in Control in the Company had not
occurred), either within the originally prescribed term of the
Option, or within three (3) months after such Optionee’s date of
termination of employment from the Company or an Affiliate whichever
occurs first. The Company shall, to the extent possible,
immediately upon a Change of Control permit the Optionee to pay for
the exercise of the Option through the extension of credit by a
broker-dealer to whom the Optionee has submitted a notice of
exercise or otherwise indicated an intent to exercise an Option (in
accordance with part 220, Chapter II, Title 12 of the Code of
Federal Regulations, a so-called “cashless” exercise).

	 	(2)	 	For purposes of this Section 5(e), a “Change of Control”
shall be deemed to occur on the earliest of (1) the acquisition by
any entity, person, or group of beneficial ownership, as that term
is defined in Rule 13d-3 under the Securities Exchange Act of 1934,
of more than 50% of the outstanding capital stock of the Company
entitled to vote for the election of directors (“Voting
Stock”); (2) the completion by any entity, person, or group (other than the
Company or a subsidiary of the Company) of a tender offer for more
than 50% of the outstanding Voting Stock of the Company; or (3) the
effective time of (i) a merger or consolidation of the Company with
one or more corporations as a result of which the holders of the
outstanding Voting Stock of the Company immediately prior to such
merger hold less than 80% of the Voting Stock of the surviving or
resulting corporation, or (ii) a transfer of all of the property or
assets of the Company other than to an entity of which the Company
owns at least 80% of the Voting Stock.

6.    NON-ASSIGNABILITY

This Option shall not be transferable by the Optionee and shall be
exercisable only by the Optionee, except as the Plan may otherwise
provide.

 

 

7.    NOTICES

Any notices required or permitted by the terms of this Agreement or the
Plan shall be given by registered or certified mail, return receipt
requested, addressed as follows:

	 	 	 
	To the Company:

	 	USF Corporation

8550 West Bryn Mawr Avenue

Suite 700

Chicago, Illinois 60631
	 
	 	 
	To the Optionee:
	 	 

or to such other address or addresses of which notice in the same manner
has previously been given. Any such notice shall be deemed to have been
given when mailed in accordance with the foregoing provisions.

8.    GOVERNING LAW

This Agreement shall be construed and enforced in accordance with the
laws of the State of Illinois.

9.    BINDING EFFECT

This Agreement shall (subject to the provisions of Section 5 hereof) be
binding upon the heirs, executors, administrators, successors and assigns
of the parties hereto.

IN WITNESS WHEREOF, the Company and the Optionee have caused this Agreement to
be executed on their behalf, by their duly authorized representatives, all on
the day and year first above written.

	 	 	 
	COMPANY:

	 	OPTIONEE:
	 
	 	 
	USF CORPORATION
	 	 
	 
	By:

	 	

	Its:

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