Document:

EXHIBIT 10 (i)(i-2)

 

STOCK OPTION AGREEMENT

UNDER 2010 INCENTIVE PLAN

 

THIS AGREEMENT dated as of the 11th day of June, 2010 by and between EMCOR GROUP, INC., a Delaware corporation (the “Corporation”), and _____________________ (“Grantee”).

W I T N E S S E T H:

WHEREAS, the Corporation wishes to grant to Grantee, on the date hereof, a non-qualified stock option to purchase shares (“Shares”) of Common Stock of the Corporation, $.01 par value, under the Corporation’s 2010 Incentive Plan (the “Plan”) and upon the terms and conditions hereinafter stated.

NOW, THEREFORE, in consideration of the premises and of the undertakings hereinafter contained, the Corporation and Grantee agree as follows:

1.         Subject to the terms and conditions of this Agreement, the Corporation hereby grants to Grantee under the Plan a non-qualified stock option (the “Option”) to purchase 20,000 Shares, at an exercise price per Share of $24.48.  Prior to the expiration date of the Option, all or any part of the Shares subject to the Option may be purchased on or after the date hereof, at any time or from time to time, regardless of the Grantee's cessation or termination of service as a director of the Corporation for any reason.  In the event of the Grantee's death at any time prior to the expiration date of the Option and before it is exercised in full, the executors, administrators, legatees or distributees of the Grantee's estate shall have the
privilege of exercising any unexercised portion of the Option prior to the expiration date of the Option.  Unless sooner exercised in full, the Option shall expire ten years from the date hereof.

2.         (a)        The exercise date of the Option, or any portion thereof, shall be the date a notice of exercise with respect thereto is received by the Corporation, together with provision for payment of the full purchase price in accordance with this Section.  The purchase price for the Shares as to which an Option is exercised shall be paid to the Corporation, at the election of 

 

 

 

 

the Committee (as that term is defined in the Plan),  pursuant to one or more of the following methods:  (i) in cash or its equivalent (e.g., by check); (ii) in Shares having a Fair Market Value (as that term is defined in the Plan) equal to the aggregate exercise price for the Shares being purchased; provided, that such Shares have been held by the Grantee for no less than six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles); (iii) partly in cash and partly in Shares; or (iv) if there is a public market for the Shares at such time, through the delivery of irrevocable instructions to a broker to sell the Shares obtained upon the exercise of the Option and to deliver promptly to
the Corporation an amount out of the proceeds of such sale equal to the aggregate exercise price for the Shares being purchased.  No Grantee shall have any rights to dividends or other rights of a stockholder with respect to Shares subject to the Option until the Grantee has given written notice of exercise of the Option, paid in full for such Shares, and, if applicable, has satisfied any other conditions imposed by the Committee. 

 (b)        Within a reasonable time after the exercise of the Option, the Corporation shall cause to be delivered to the person entitled thereto or his designee a certificate for the Shares (or other appropriate evidence thereof) purchased pursuant to the exercise of the Option.  

 (c)        Notwithstanding any other provision of the Option, the Option may not be exercised at any time when the Option or the granting or exercise thereof violates any law or governmental order or regulation.

3.           (a)       The Option and all other rights hereunder and under the Plan are not transferable or assignable by the Grantee otherwise than by will or the laws of descent and distribution.  The Option may be exercised or surrendered, in whole or in part, during the Grantee's lifetime only by the Grantee or his guardian or legal representative.

 (b)        Notwithstanding the foregoing, the Option, or any part hereof, may be transferred by Grantee:

 

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            (A)
 	
            without consideration to any person who is a “family member” of Grantee, as such term is used in the instructions to Form S-8 (collectively, the “Immediate Family Members”);
 
	 	 	 

	
             
 	
            (B)
 	
            without consideration to a trust solely for the benefit of Grantee and his or her Immediate Family Members;
 
	 	 	 

	
             
 	
            (C)
 	
            without consideration to a partnership or limited liability company whose only partners or shareholders are Grantee and his or her Immediate Family Members; or
 
	 	 	 

	
             
 	
            (D)
 	
            with or without consideration to any other transferee as may be approved by the Board of Directors or the Committee in its sole discretion;
 

(each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided that Grantee gives the Committee advance written notice describing the terms and conditions of the proposed transfer. 

 (c)        If the Option, or any part hereof, is transferred in accordance with the immediately preceding sentence, the terms of the portion of the Option transferred shall apply to the Permitted Transferee and any reference herein to a Grantee shall be deemed to refer to the Permitted Transferee, except that (a) a Permitted Transferee shall not be entitled to transfer such portion of the Option, other than by will or the laws of descent and distribution; (b) a Permitted Transferee shall not be entitled to exercise such portion of the Option unless there shall be in effect a registration statement on an appropriate form covering the shares to be acquired pursuant to the exercise of such portion of the Option if the Committee determines that such a
registration statement is necessary or appropriate; (c) the Committee or the Corporation shall not be required to provide any notice to a Permitted Transferee; whether or not such notice is or would otherwise have been required to be given to Grantee; and (d) the consequences of 

 

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termination of Grantee’s services to the Corporation hereunder shall continue to be applied with respect to Grantee following which such portion of the Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified herein that the Option could otherwise have been exercised by the Grantee.

4.         (a)         In the event of any change in the outstanding Shares by reason of any stock dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of shares or other corporate exchange, or any distribution to shareholders of shares other than regular cash dividends or any transaction similar to the foregoing, the Committee, in its sole discretion and without liability to any person, shall make such substitution or adjustment, as and in the manner and to the extent it deems to be equitable or appropriate, as to (i) the number or kind of shares or other
securities issuable pursuant hereto; (ii) the per Share exercise price and/or (iii) any other terms that the Committee determines to be affected by the event.          

 (b)        In the event of a Change in Control (as that term is defined in the Plan), the Committee may, but shall not be obligated to, (i) cancel the Option for fair value (as determined in the sole discretion of the Committee) which may equal the excess, if any, of value of the consideration to be paid in the Change in Control transaction to holders of the same number of Shares that remain subject to the Option (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares that remain subject to the Option) over the aggregate exercise price for the Shares that remain subject to the Option or (ii) provide for the issuance of substitute options that will substantially preserve the otherwise applicable terms of the Option
as determined by the Committee in its sole discretion or (iii) provide that upon the occurrence of the Change in Control, the Option shall terminate and be of no further force and effect.

 

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5.         The Corporation may postpone the issuance and delivery of Shares pursuant to the grant or exercise of the Option until (a) the admission of such Shares to listing on any stock exchange on which Shares are then listed and/or (b) the completion of such registration or other qualification of such Shares under any State or Federal law, rule or regulation as the Corporation shall determine to be necessary or advisable.  The Grantee shall make such representations and furnish such information as may, in the opinion of counsel for the Corporation, be appropriate to permit the Corporation, in the light of the then existence or non-existence with respect to such Shares of an effective Registration Statement under the Securities Act of 1933, as
from time to time amended (the “Securities Act”), to issue the Shares in compliance with the provisions of the Securities Act or any comparable act.  The Corporation shall have the right, in its sole discretion, to legend any Shares which may be issued pursuant to the grant or exercise of the Option and/or may issue stop transfer orders in respect thereof.

6.         If the Corporation shall be required to withhold any amounts by reason of any Federal, State or local tax rules or regulations in respect of the issuance of Shares pursuant to the exercise of the Option, the Corporation shall be entitled to deduct and withhold such amounts from any cash payments to be made to the Grantee.  In any event, the Grantee shall make available to the Corporation, promptly when requested by the Corporation, sufficient funds to meet the requirements of such withholding, if any, and the Corporation shall be entitled to take and authorize such steps as it may deem advisable in order to have such funds made available to the Corporation out of any funds or property due or to become due to the holder of such Option.

7.         Nothing contained herein shall be construed to confer on the Grantee any right to be continued as a director of the Corporation or derogate from any right of the Corporation or its stockholders to decline to nominate the Grantee for election as a director, to elect Grantee as a director or, subject to the provisions of the bylaws of the Corporation and applicable law, to remove Grantee as a director, with or without cause. 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	
     
 	
          EMCOR GROUP, INC.

 

 

	
     
 	By:	
    
 	 

 

                

 

	
     
 	 	
      
 	 
	
       
 	 	
  , Grantee
 	 

 

 

6Exhibit 10.1

Exhibit 10.1

July 28, 2010

William J. Casey

Chairman of the Board of Directors

TriCo Bancshares

63 Constitution Drive

Chico, California 95973

Dear Bill:

This letter is delivered to TriCo Bancshares (the “Company”) in connection with the Company’s grant to me of an option
to purchase 100,000 shares of the Company’s common stock pursuant to a Notice of Grant of Stock Option with a date of
grant of May 25, 2010 (the “Grant Date’) and a related Stock Option Agreement (the “Option”).

I hereby agree to rescind the portion of the Option representing the right to acquire 39,000 shares of the Company’s
common stock such that (1) the Option shall be deemed to have represented an option to acquire 61,000 shares of the
Company’s common stock since the Grant Date for all purposes, including but not limited to determining the vesting
schedule for such option, and to have continued in full force and effect from such date to the present without
interruption, (2) the grant of the portion of the Option representing 39,000 shares shall be deemed to have never
occurred and (3) the Company shall have no further obligation with respect to the portion of the option representing
such 39,000 shares.

Sincerely,

/s/ Richard P. Smith               

Richard P. Smith

Acknowledged and agreed this

28th day of July, 2010:

TriCo Bancshares

/s/ William J. Casey     
          

By: William J. Casey

Title: Chairman

 

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