Document:

exv10w14

 

Exhibit 10.14

First Oak Brook Bancshares, Inc.

STOCK OPTION AGREEMENT

TO:

DATE:

In order to provide additional incentive through stock ownership for
certain officers, key
employees and non-employee directors of First Oak Brook Bancshares, Inc. (the “Company”) and its
subsidiaries, you are hereby granted an Option by the Company, effective as of the date hereof (the
“date of grant”), to purchase ___shares of the Company’s Common Stock
(“Shares”) at a price per
share of $___subject to the terms and conditions set forth in the First Oak Brook Bancshares,
Inc. Incentive Compensation Plan (the “Plan”), the terms of which are incorporated herein by
reference. This Option is not intended to be an incentive stock option within the meaning of
Section 422 of the Code.

All capitalized terms used but not defined herein shall have the meaning
ascribed to such terms in
the Plan.

This Option may be exercised on a cumulative basis as to the number of
Shares determined under the
following schedule:

	 	 	 
	 	 	Maximum Number of
	Years after	 	Shares as to Which
	Date of Grant	 	Option May be Exercised
	Less than 1

	 	None
	 
	 	 
	1 but less than 2
	 	 
	 
	 	 
	2 but less than 3
	 	 
	 
	 	 
	3 but less than 4
	 	 
	 
	 	 
	4 but less than 5
	 	 
	 
	 	 
	5 but not more than 7
	 	 

This Option shall become immediately exercisable in full upon your death
or disability, or upon a
Change in Control.

Subject to earlier termination as a result of termination of your
employment or your engaging in
detrimental conduct, this Option may not be exercised after seven (7) years from the date of grant,
at which time this Option will lapse. This Option is personal to you and may not be sold,
transferred, pledged, assigned or otherwise alienated, other than as provided herein. This Option
shall be exercisable during your lifetime only by you.

This Stock Option Agreement constitutes part of a prospectus
covering securities that have been

registered under the Securities Act of 1933, as amended

 

 

Notwithstanding the foregoing, you may transfer this Option to:

	 	(a)  	your spouse, children or grandchildren (“Immediate Family Members”);
	 
	 	(b)  	a trust or trusts for the exclusive benefit of such Immediate Family Members, or;
	 
	 	(c)  	a partnership in which such Immediate Family Members are the only partners,
	 
	 	   	provided that:

(i) there may be no consideration for any such
transfer;

(ii) subsequent transfers of such transferred Option
shall be prohibited, except to
designated beneficiaries; and

(iii) such transfer is evidenced by documents
acceptable to the Company and filed
with the Company’s Human Resources Department.

Following such transfer, this Option shall continue to be subject to the
same terms and conditions
as were applicable immediately prior to transfer, provided that for purposes of designating a
beneficiary with respect thereto, the transferee shall be entitled to designate the beneficiary.
The provisions of this Stock Option Agreement relating to the period of exercisability and
expiration of this Option shall continue to be applied with respect to you and your status as an
employee, and this Option shall be exercisable by the transferee only to the extent, and for the
periods, set forth in this Stock Option Agreement. Transfer of Shares purchased by your transferee
upon exercise of this Option may also be subject to the restrictions and limitations described in
this Stock Option Agreement.

You may designate a beneficiary or beneficiaries with respect to this
Option by completing and
filing a completed copy of the Beneficiary Designation Form, attached to this Stock Option
Agreement, with the Company’s Human Resources Department.

You may exercise this Option by giving written notice to the Secretary of
the Company accomplished
by either:

(a) a check in payment of the Option price
($___ per share) for the number of Shares of
the Option being exercised; or

(b) tendering a sufficient number of
previously-acquired shares of the Company’s Common
Stock with a fair market value equal (subject to adjustment for fractional shares) to the
cost of the number of Shares of the Option being exercised.

The Plan provides that no Option may be exercised unless the Plan is in
full compliance with all
laws and regulations applicable thereto.

This Option may be amended or modified in writing by the Company to the
extent permitted by the
Plan, provided that no amendment or modification which materially adversely alters or impairs this
Option shall be effective without your written consent.

This Option shall terminate on the date you cease to be employed by the
Company and its
subsidiaries, except that (i) during the three-month period following the date of such termination
of employment you shall be entitled to exercise the Option granted hereunder to the extent such
Option was exercisable on the date of the termination of your employment, and (ii) during the
one-year period following the date

 

 

of termination of employment due to permanent disability or death, you or
your representative shall
be entitled to exercise the Option granted hereunder in full (to the extent not previously
exercised). In addition, should you cease to be employed by the Company and its subsidiaries due
to “Retirement,” then the Option shall continue to vest (to the extent not then vested and
exercisable in full) and remain exercisable as if your employment continued for up to three (3)
years following your Retirement, provided that the Option shall terminate on the date you cease to
be Retired, except that you shall have three months following such date to exercise the Option to
the extent such Option was exercisable as of the date your cease to be Retired. Such three-month,
one-year period and three-year period shall not, however, extend the term of any Option beyond the
date such Option would otherwise have lapsed. For purposes of this Option, (x) “Retirement” means
your retirement from employment with the Company and its subsidiaries on or after attainment of age
60 and completion of 10 years of service with the Company and its subsidiaries and (y) you will be
considered to be “Retired” thereafter for so long as you do not become employed by or directly or
indirectly provide consulting or other services of any type, including as a director, to any bank,
thrift or other financial institution, other than the Company and its subsidiaries, which maintains
one or more offices, branches or locations within the Chicago Metropolitan Area.

You agree that at any time prior to the exercise of this Option and for a
period of six months
after any exercise of this Option you will not engage in “Detrimental Conduct.” For purposes of
this Option, “Detrimental Conduct” means:

(a) your failure to execute or to have executed the
Company’s Agreement Regarding
Confidentiality, Non-Solicitation of Customers and Employees and Prohibited Conduct or such
other agreement(s) relating to the same or similar subject matter as the Company may request
or may have requested (such agreement(s) the “Protective Agreement”) within thirty (30) days
of the receipt of this Stock Option Agreement;

(b) your breach of the Protective Agreement;

(c) your violation of the Company’s Code of
Ethics; or

(d) your gross negligence or gross misconduct in
connection with your employment with the
Company and its subsidiaries or any action which constitutes the basis for immediate
termination of employment for Cause, as determined by the Company’s Chief Executive Officer.

In the event the Company or its subsidiaries determines that you have
engaged in Detrimental
Conduct, in addition to any other remedies the Company and its subsidiaries may have available to
them, the Company may in its sole discretion:

(a) terminate the Option granted hereunder to the
extent not previously exercised,
whereupon the Option shall be immediately cancelled and no longer exercisable; and

(b) require you to pay to the Company all gains
realized from the exercise of the Option
granted hereunder which have been exercised on or after the date which is six months prior
to the date you first engaged in Detrimental Conduct.

Exercise of an Option will result in ordinary taxable income to you to
the extent the Fair Market
Value of the Shares exceeds the exercise price. The date on which the Fair Market Value of the
Shares is determined for this purpose is generally the date of exercise. You should consult your
tax advisor regarding tax treatment prior to exercising an Option. No Shares shall be issued upon
exercise unless

 

 

and until all income tax withholding obligations with respect to the
Option exercise have been
satisfied. With respect to the withholding required upon the exercise of the Option hereunder, you
may elect to satisfy the withholding requirement, in whole or in part, by having the Company
withhold Shares having a Fair Market Value on the date the tax is determined equal to the minimum
statutory total tax which would be imposed on the exercise of the Option. All such elections shall
be irrevocable, made in writing and signed by you.

Under applicable securities laws, you may not be able to sell any Shares
for a period of time after
your purchase. The Company’s counsel should be consulted on your ability to sell your Shares under
the Securities Exchange Act of 1934, as amended. Any gain or loss upon sale will be treated as
long-term or short-term capital gain or loss depending upon then existing tax laws. The basis of
the stock for determining gain or loss at the time of sale will be the Fair Market Value used to
determine your ordinary taxable income at the time of exercise.

Please sign the copy of this Stock Option Agreement and, if necessary,
the enclosed Protective
Agreement, and return each of them to the Company in care of its Secretary, thereby indicating your
understanding of and agreement with the terms and conditions of this Agreement and the Protective
Agreement. Unless signed and returned by mail or otherwise to the Secretary within thirty (30)
days from the date of mailing or delivery to you of this Agreement, this Option will be deemed
refused and withdrawn. By signing this Agreement, you acknowledge receipt of a copy of the Plan.
The terms of the Plan shall have precedence over any terms in this Agreement that are inconsistent
therewith.

	FIRST OAK BROOK BANCSHARES, INC.,

	 	Acknowledged and agreed:
	
By: __________________________________

	 	____________________________________________________
	

	 	Date: ________________________________________________exv10w15

 

Exhibit 10.15

FIRST OAK BROOK BANCSHARES, INC.

RSU Award Agreement

TO:

DATE:

In order to provide additional incentive through stock ownership for
certain officers, key
employees and non-employee directors of First Oak Brook Bancshares, Inc. (the “Company”) and its
subsidiaries, you are hereby granted restricted stock units (“RSUs”) by the Company, effective as
of the date hereof (the “date of grant”). Your restricted stock units are issued under the First
Oak Brook Bancshares, Inc. Incentive Compensation Plan (the “Plan”), the terms of which are
incorporated herein by reference. All capitalized terms used but not defined herein shall have the
meaning ascribed to such terms in the Plan.

RESTRICTED STOCK UNITS (“RSUs”)

Total number of RSUs

granted

VESTING SCHEDULE

	 	 	 
	Grant date
	 	 
	 
	 	 
	Vesting

schedule

	 	Unless accelerated in the event of death, disability or
Change in Control, a portion of your Restricted Stock
Units vest on each of the following dates:

	 	•  	20% on _____________________
	 	•  	20% on _____________________
	 	•  	20% on _____________________
	 	•  	20% on _____________________
	 	•  	20% on _____________________

PAYMENT DATE

	 	 	 	 	 
	Payment date

	 	•
	 	RSUs vesting prior to age 59, or during the calendar
year in which you turn age 59, will be paid in January of the
calendar year following your 59th birthday. RSUs
vesting after age 59 will be paid in January of the year
following the year of vesting.
	

	 	•
	 	RSUs will be paid on the second anniversary following
a Change of Control.

This RSU Award Agreement, including the accompanying Terms of the
January 31, 2005 RSU

Awards, constitutes part of a prospectus covering securities that have been registered under the

Securities Act of 1933, as amended.

 

 

First Oak Brook Bancshares, Inc.

Terms of the RSU Awards

	 	 	 
	Type(s) of Award:

	 	Restricted stock units (“RSUs”).
	 
	 	 
	

	 	When vested, each RSU entitles the holder to receive one (1) share
of Common Stock of First Oak Brook Bancshares, Inc. The time of
payment of the shares attributable to vested RSUs is set forth
below.
	 
	 	 
	Vesting:

	 	Subject to earlier termination and cancellation of the RSUs as set
forth below, the date(s) upon which the RSUs vest are set forth on
the front page of this Award Agreement.
	 
	 	 
	

	 	Notwithstanding such schedule:

	 	•  	In the event of termination of employment due to death or
permanent disability, all of the unvested RSUs will vest as of the
date of such termination of employment.
	 
	 	•  	Upon a Change in Control, the RSUs will become fully
vested.
	 
	 	•  	The RSUs shall continue to vest following your
“Retirement” as if you continued employment, provided. that any
continued vesting shall terminate on the date you cease to be
Retired. “Retirement” means your retirement from employment with
the Company and its subsidiaries on or after attainment of age 60
and completion of 10 years of service with the Company and its
subsidiaries and you will be considered to be “Retired”
thereafter for so long as you do not become employed by or
directly or indirectly provide consulting or other services of any
type, including as a director, to any bank, thrift or other
financial institution, other than the Company and its
subsidiaries, which maintains one or more offices, branches or
locations within the Chicago Metropolitan Area.

	 	 	 
	Delivery of Shares:

	 	No exercise price or other amount is required to be paid with
respect to RSUs. Subject to applicable tax withholding (see
below), one (1) share of Common Stock will be delivered for each
vested RSU on or as soon as practicable after the Payment Date,
unless receipt has been deferred by you to the extent such
deferral is permitted under rules and procedures to be established
by the Committee.
	 
	 	 
	Effect of

Termination of

Employment

	 	Except as provided above for termination due to death, disability,
or Retirement no further vesting will occur after termination of
employment, in which case all unvested RSUs will be forfeited
and/or cancelled.

 

 

	 	 	 
	Federal Income Tax

Considerations:

	 	The following discussion is a
summary of certain current U.S.
federal income tax consequences
relating to RSUs. This discussion
does not purport to be complete, and
does not cover, among other things,
foreign, state and local tax
treatment.
	 
	 	 
	

	 	No income is recognized upon receipt
of an award of RSUs or the vesting
of the RSUs. Net income equal to
the fair market value of shares of
Common Stock is recognized when the
shares are paid to you (or your
beneficiary). The capital gain or
loss holding period for the shares
received under an award will begin
when ordinary income is recognized,
and any subsequent capital gain or
loss will be measured by the
difference between the ordinary
income recognized and the amount
received upon sale or exchange of
the shares.
	 
	 	 
	

	 	Payroll taxes (Social Security and
Medicare taxes) will be due as the
RSUs vest, based upon the fair
market value of the Common Stock
underlying the RSUs at that time.
Unless the Committee determines
otherwise, such taxes will be paid
by you through supplemental
withholding from salary or other
compensation payable to you by the
Company and its subsidiaries.
	 
	 	 
	Transferability:

	 	No RSU granted under the Plan may be
sold, transferred, pledged,
assigned, or otherwise alienated or
hypothecated, otherwise than by will
or by the laws of descent and
distribution.
	 
	 	 
	Voting Rights:

	 	Since RSUs do not represent actual
shares, no voting rights arise upon
receipt of RSUs and you are not
deemed to be the owner of any shares
covered by the RSUs until such
shares are delivered to you.
	 
	 	 
	Dividends:

	 	In addition to the shares of Common
Stock to be delivered upon the
vesting of the RSUs, you will also
be entitled to receive to receive
additional shares of Common Stock
equal to the number of shares of
Common Stock deemed “purchased” by
the reinvestment of any cash
dividend you would have received
during the period from the grant
date of the RSUs to the date such
RSUs are paid determined as if the
RSUs were shares of Common Stock
held by you on the record date for
the payment of such dividend.
	 
	 	 
	Tax Withholding:

	 	Prior to delivery of shares, there
will be deducted or withheld from
shares to be delivered, such
aggregate number of shares having a
fair market value equal to the
amount sufficient to satisfy the
minimum statutory Federal, state and
local tax (including any Social
Security and Medicare tax obligation
to the extent such RSUs were not
previously subjected to such taxes)
withholding required by law with
respect to such payment of cash
and/or distribution of shares made
under or as a result of the Plan.
The Committee may permit the
remittance of cash or for other
arrangements for payment of such
taxes.

 

 

	 	 	 
	Effect of

Detrimental Conduct

	 	You agree that at any time prior to the payment of the
RSUs, you will not engage in “Detrimental Conduct.” For
purposes of this RSU Award, “Detrimental Conduct” means:

	 	•  	your failure to execute or to have executed the
Company’s Agreement Regarding Confidentiality,
Non-Solicitation of Customers and Employees and
Prohibited Conduct or such other agreement(s) relating
to the same or similar subject matter as the Company may
request or may have requested (such agreement(s) the
“Protective Agreement”) within thirty (30) days of the
receipt of this Stock Option Agreement;
	 
	 	•  	your breach of the Protective Agreement;
	 
	 	•  	your violation of the Company’s Code of Ethics;
or
	 
	 	•  	your gross negligence or gross misconduct in
connection with your employment with the Company and its
subsidiaries or any action which constitutes the basis
for immediate termination of employment for Cause, as
determined by the Company’s Chief Executive Officer.

In the event the Company or its subsidiaries determines
that you have engaged in Detrimental Conduct, in
addition to any other remedies the Company and its
subsidiaries may have available to them, the Company may
in its sole discretion:

	 	•  	terminate the RSUs granted hereunder to the
extent not previously paid, whereupon the RSUs, whether
vested or unvested, shall be immediately cancelled
without any payment with respect thereo; and
	 
	 	•  	require you to pay to the Company all gains
realized from the receipt of payment with respect to any
RSUs hereunder which which is received on or after the
date which is six months prior to the date you first
engaged in Detrimental Conduct.

continued . . .

 

 

Please sign the copy of this RSU Award Agreement and, if necessary, the
enclosed Protective
Agreement, and return each of them to the Company in care of its Secretary, thereby indicating your
understanding of and agreement with the terms and conditions of this Agreement and the Protective
Agreement. Unless signed and returned by mail or otherwise within thirty (30) days from the date
of mailing or delivery to you of this Agreement, this RSU Award will be deemed refused and
withdrawn. By signing this Agreement, you acknowledge receipt of a copy of the Plan. The terms of
the Plan shall have precedence over any terms in this Agreement that are inconsistent therewith.

	FIRST OAK BROOK BANCSHARES, INC.,

	 	Acknowledged and agreed:
	
By: __________________________________

	 	____________________________________________________
	

	 	Date: ________________________________________________

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