Document:

2006 Executive Annual Incentive Plan Document

 Exhibit 10.1 
 PLACER SIERRA BANCSHARES 
 2006 Executive Annual Incentive Plan Document 
 Establishment and purpose of the Plan 
 The 2006 Executive Annual
Incentive Plan (Plan) for Placer Sierra Bancshares (PLSB) is established as of January 1, 2006. The Plan is designed to promote exemplary performance and enhance shareholder value by focusing eligible employees on key PLSB and it’s
subsidiary Placer Sierra Bank (PSB) metrics and providing rewards for excellent performance as measured by those metrics. 
 Eligibility 

The following positions are eligible for this Plan: 
  

	 	•	 	Chief Operating Officer, PLSB 

	 	•	 	General Counsel, PLSB 

	 	•	 	Placer Sierra Bank Executive Vice Presidents 

 Other positions may be
added at the discretion of the PLSB Board of Directors (the Board). Employees in these positions who have been employed in excess of three (3) months by the end of the fiscal year are eligible. Employees with over three (3) months but less
than one year of service at the end of the fiscal year will receive a pro-ration of any earned incentive. 
 To be eligible
for incentive payout, participants must: 
  

	 	a)	be employed on the last day of the fiscal year and on the date of the incentive payout, or 

	 	b)	have ceased employment from PLSB or PSB for one of the reasons cited in the section titled “Changes in Employment Status”. 

 Performance Period 
 The period of
the Plan is PLSB’s fiscal year, January 1 to December 31. 
 Performance Metrics 
 The Compensation Committee of the PLSB Board of Directors (the Committee), or their delegated authority, will recommend the PLSB performance metrics and assign a weight
to each metric. The Chief Executive Officer of PLSB will recommend the PSB performance measures and weights. The Board will approve all metrics. 
 The
annual schedule of performance metrics and weights are found in Attachment A. Each metric will be assessed for incentive independently, as long as the funding threshold is achieved (see “Funding Threshold”). 

 2006 Executive Annual Incentive Plan Document 
 Page 2 of 4 
 The PLSB
officers’ incentives will be based on the combined performance of the organization as a whole. The PSB executives incentives will be based on performance on PSB performance. 
 Funding Threshold 
 A minimum level of PSB performance must be achieved before any incentives will be paid to the PSB
executives for bank performance. The Chief Executive Officer of PLSB will recommend, and the Board will approve, the threshold performance level(s) each year. 
 The annual metrics for minimum performance are found in Attachment B. 
 Incentive Opportunities 
 Each position has a Target Incentive established as a
percent of base salary: 
  

				
	 Position
	  	 Target Incentive
 as a % of
 Base
Salary
	 
	 Chief Operating Officer
	  	60	%
	 Chief Credit Officer
	  	50	%
	 General Counsel
	  	50	%
	 PSB So. Cal Division President
	  	50	%
	 Other PSB Executives
	  	45	%

 The incentive amount will be adjusted by a “multiplier”, depending on the level of performance for each
metric. No incentive will be paid on any metrics that falls below 85% of Target. Incentives will be “capped” at 110.0% of Target. 

 2006 Executive Annual Incentive Plan Document 
 Page 3 of 4 
 The following is the
established schedule for each metric: 
  

				
	 Actual Performance
 as a % of Target
	  	 Incentive Target
 Multiplied by:
	 
	 120%
	  	110.0	%
	 115%
	  	107.5	%
	 110%
	  	105.0	%
	 105%
	  	102.5	%
	 100%
	  	100.0	%
	 95%
	  	90.0	%
	 90%
	  	80.0	%
	 85%
	  	70.0	%
	 Less than 85%
	  	0	%

 If performance on a metric falls below 85%, no incentive will be paid for that metric. The performance of any
metric will not affect the payout for the other metrics, except in the case of the Funding Threshold as described previously. 
 Note: This schedule
represents a step calculation. To determine the correct multiplier, actual performance as a percent of target will be rounded to the nearest whole number. For example, actual performance of 89.5 to 94.49 will respond to a multiplier of 80%.

 Incentive Calculation 
 Incentives are calculated as a
percentage of base salary. Base salary for purposes of this Plan excludes other types of pay including commissions, bonuses, incentives, expenses, and any other “extraordinary” pay. For participants who have been employed less than a full
year, or have terminated for any reason outlined in the section titled “Change in Employment Status”, incentive will be calculated on base salary actually earned during the year. 
 An example calculation is found in Attachment C. 
 Payment of Incentive 
 Incentives will be paid no later than 75 days following the end of the fiscal year.

 To the extent required by law at the time the incentive is paid, all applicable federal, state and local taxes will be withheld. Any payroll deductions
required by benefit plan document(s) will also be withheld. 

 2006 Executive Annual Incentive Plan Document 
 Page 4 of 4 
 Change in
Employment Status 
 If a participant’s employment terminates during the Plan year because of death, disability, retirement, or change of control,
the participant will be entitled to a pro-rata portion of the incentive. If termination occurs for any other reason, no incentive will be payable for the Plan year. 
 For purposes of this Plan, a participant may be eligible for retirement status if he or she has attained age 65 and has worked for PLSB or PSB at least five (5) years. 
 Plan Administration 
 The Committee
will administer the Annual Incentive Plan, and have the authority to: 
  

	 	•	 	Interpret Plan provisions. 

  

	 	•	 	Amend or terminate the Plan. 

  

	 	•	 	Establish the funding threshold, of any, and the performance metrics. 

  

	 	•	 	Ensure performance metrics are met before incentives are paid. 

 Amendment, Modification and Termination of the Plan 
 The Board may amend, modify, or terminate the Plan at any time. Any changes will be
communicated to the participants as soon as practical. 
 Plan Does Not Create Employee Rights 
 Nothing in this Plan shall alter or amend PLSB’s or PSB’s employment at-will policy.Warrant to Purchase

 Exhibit 4.11 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS
OF ANY STATE AND ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS WARRANT. BY PURCHASING SUCH SECURITIES, THE HOLDER HEREOF AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
ONLY (A) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE ACT, OR (B) IN ACCORDANCE WITH AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION. 
 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE SEPTEMBER 9, 2006. 
 WARRANT TO PURCHASE COMMON SHARES OF 
 ADHEREX TECHNOLOGIES INC. 
 (void after May 8, 2010) 
  

			
	 No. War-[            ]
	 	May 8, 2006

 THIS CERTIFIES THAT, for value received,
[            ] or registered assigns (the “Holder”), from and after the Commencement Date (as defined below), and subject to the terms and conditions herein set forth, is
entitled to purchase from Adherex Technologies Inc., a Canadian corporation (the “Company”), at any time before 5:00 p.m. Ottawa, Ontario time on May 8, 2010 (the “Termination Date”),
[            ] ([            ]) common shares in the capital of the Company (“Common Shares”), at a price
per share equal to the Warrant Price (as defined below) upon exercise of this Warrant pursuant to Section 5 hereof. The number of Common Shares issuable pursuant to this Warrant (the “Warrant Shares”) is subject to adjustment
under Section 2. 
 1. Definitions. As used in this Warrant, the following terms have the definitions ascribed to them below:

  

	 	(a)	“Commencement Date” means November 8, 2006. 

  

	 	(b)	“Issuance Date” means May 8, 2006. 

  

	 	(c)	“person” means any individual, corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock
company, governmental authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

  

	 	(d)	“Warrant Price” means U.S.$0.97 per share subject to adjustment under Section 2. 

 2. Adjustments and Notices. The Warrant Price and/or the Warrant Shares shall be subject to adjustment from time to time in accordance with this
Section 2. The Warrant Price and/or the Warrant Shares shall be adjusted to reflect all of the following events that occur on or after the Issuance Date. 
 (a) Subdivision, Stock Dividends or Combinations. In case the Company shall at any time subdivide the outstanding Common Shares or
shall issue a stock dividend with respect to the Common Shares, the Warrant Price in effect immediately prior to such subdivision or the issuance of such dividend shall be 

 
proportionately decreased, and the number of Warrant Shares for which this Warrant may be exercised immediately prior to such subdivision or the issuance of
such dividend shall be proportionately increased. In case the Company shall at any time combine the outstanding Common Shares, the Warrant Price in effect immediately prior to such combination shall be proportionately increased, and the number of
Warrant Shares for which this Warrant may be exercised immediately prior to such combination shall be proportionately decreased. In each of the foregoing cases, the adjustment shall be effective at the close of business on the date of such
subdivision, dividend or combination, as the case may be. 
 (b) Reclassification, Exchange, Substitution, In-Kind
Distribution. Upon any reclassification, exchange, substitution or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant or upon the payment of a dividend in
securities or property other than Common Shares, the Holder shall be entitled to receive, upon exercise of this Warrant, the number and kind of securities and property that Holder would have received if this Warrant had been exercised immediately
before the record date for such reclassification, exchange, substitution, or other event or immediately prior to the record date for such dividend. The Company or its successor shall promptly issue to Holder a new warrant for such new securities or
other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 2 including, without limitation, adjustments to the Warrant Price and to the
number of securities or property issuable upon exercise or conversion of the new warrant. The provisions of this Section 2(b) shall similarly apply to successive reclassifications, exchanges, substitutions, or other events and successive
dividends. 
 (c) Reorganization, Merger etc. In case of any merger or consolidation of the Company into or with
another corporation where the Company is not the surviving corporation, or sale, transfer or lease (but not including a transfer or lease by pledge or mortgage to a bona fide lender) of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, shall, as a condition to closing any such reorganization, merger or sale, duly execute and deliver to the Holder hereof a new warrant so that the Holder shall have the right
to receive, at a total purchase price not to exceed that payable upon the exercise or conversion of the unexercised portion of this Warrant, and in lieu of the Warrant Shares theretofore issuable upon exercise or conversion of this Warrant, the kind
and amount of shares of stock, other securities, money and property that would have been receivable upon such reorganization, merger or sale by the Holder with respect to the Warrant Shares if this Warrant had been exercised immediately before the
consummation of such transaction. Such new warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 2. The provisions of this subparagraph (c) shall
similarly apply to successive transactions of the type described in this subparagraph (c). 
 (d) Certificate of
Adjustment. In each case of an adjustment or readjustment of the Warrant Price, the Company, at its own expense, shall cause its chief financial officer (or other most senior financial officer at the time) to compute such adjustment or
readjustment in accordance with the provisions hereof and prepare a certificate showing such adjustment or readjustment, and shall mail such certificate, by first class mail, postage prepaid, to the Holder. The certificate shall set forth such
adjustment or readjustment, showing in detail the facts upon which such adjustment or readjustment is based. No adjustment of the Warrant Price shall be required to be made unless it would result in an increase or decrease of at least U.S.$0.01, but
any adjustments not made because of this sentence shall be carried forward and taken into account in any subsequent adjustment otherwise required hereunder. 
 (e) No Impairment. The Company shall not, by amendment of its charter, by-laws or other organizational documents, or through a
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
Warrant by the Company, but shall subject to Section 8 at all times in good faith assist in carrying out all of the provisions of this Section 2 and in taking all such action as may be necessary or appropriate to protect the Holder’s
rights under this Section 2 against impairment. 
  

 2 

 (f) Fractional Shares. No fractional shares shall be issuable upon exercise or
conversion of the Warrant and the number of shares to be issued shall be rounded down to the nearest whole share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share
interest by paying the Holder an amount computed by multiplying the fractional interest by the fair market value of a full share. 
 3. No
Shareholder Rights. This Warrant, by itself, as distinguished from any shares purchased hereunder, shall not entitle the Holder to any of the rights of a shareholder of the Company. 
 4. Reservation of Shares. The Company will reserve from its authorized and unissued share capital a sufficient number of shares to provide for the
issuance of the Warrant Shares upon the exercise of this Warrant. Issuance of this Warrant shall constitute full authority to the Company’s officers who are charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares issuable upon the exercise of this Warrant. 
 5. Exercise of Warrant. (a) This
Warrant may be exercised by the Holder hereof, in whole or in part, at any time from and after the Commencement Date and prior to the Termination Date, at the election of the Holder hereof (with the notice of exercise substantially in the form
attached hereto as Attachment 1 duly completed and executed for an exercise under this Section 5), by the surrender of this Warrant at the principal office of the Company or transfer agent and the payment to the Company, by certified or
bank check, or by wire transfer to an account designated by the Company of an amount equal to the then applicable Warrant Price multiplied by the number of Warrant Shares then being purchased. This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of such shares
of record as of the close of business on such date. As promptly as practicable after such date, the Company shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of full Warrant
Shares issuable upon such exercise. 
 (b) If at any time after one year from the date of issuance of this Warrant there is no
effective Registration Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

	 	(A) =	the closing price on the principal U.S. trading market for such shares on the Trading Day immediately preceding the date of such election; 

  

	 	(B) =	the Warrant Price of this Warrant, as adjusted; and 

  

	 	(X) =	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

 6. Transfer of Warrant. This Warrant is issued upon the following terms respecting transferability, to which Holder
consents and agrees: 
 (a) Until this Warrant is transferred on the books of the Company, the Company will, and shall be
entitled to, treat the Holder of this Warrant registered as such on the books of the Company as the absolute owner hereof for all purposes without being affected by any notice to the contrary. 
 (b) This Warrant may not be exercised, and this Warrant and the Warrant Shares shall not be transferable, except in compliance with all
applicable provincial, state and federal securities laws, regulations and orders, and with all other applicable laws, regulations and orders. 
 (c) Subject to clauses (b) and (d) of this Section 6, the Warrant may be transferred by the Holder completing and delivering to the Company a notice of transfer substantially in the form attached hereto
as Attachment 2. 
  

 3 

 (d) The Warrant may not be transferred, and the Warrant Shares may not be transferred, to
persons in the United States or to U.S. Persons (as that term is defined in Regulation S under the United States Securities Act of 1933, as amended (the “US Securities Act”) without the Holder obtaining an opinion of
legal counsel satisfactory in form and substance to the Company’s legal counsel stating that the proposed transaction will not result in a prohibited transaction under the US Securities Act, and all other applicable state and federal securities
laws, regulations and orders. By accepting this Warrant, the Holder agrees to act in accordance with any conditions reasonably imposed on such transfer by such opinion of legal counsel. 
 (e) Neither the issuance of this Warrant nor the issuance of the Warrant Shares have been qualified by prospectus or registered under any
Canadian provincial securities laws, the US Securities Act or any US state securities laws. 
 7. Covenants, Representations and
Warranties. The Company hereby represents and warrants that it is authorized to create and issue the Warrants and covenants and agrees that it will cause the Common Shares from time to time subscribed for and purchased in the manner provided in
this Warrant and the certificate or certificates representing such Common Shares to be issued and that, at all times prior to 5:00 p.m. (Ottawa, Ontario time) on the Termination Date, it will reserve and there will remain unissued a sufficient
number of Common Shares to satisfy the right of purchase provided for in this Warrant. The Company hereby further covenants and agrees that it will at its expense expeditiously use its best efforts to obtain the listing of such Common Shares
(subject to issue or notice of issue) on each stock exchange or over-the-counter market on which the Common Shares may be listed from time to time. All Common Shares which are issued upon the exercise of the right of purchase provided in this
Warrant, upon payment therefor of the amount at which such Common Shares may be purchased pursuant to the provisions of this Warrant, shall be and be deemed to be fully paid and non-assessable shares and free from all taxes, liens and charges with
respect to the issue thereof. The Company hereby represents and warrants that this Warrant is a valid and enforceable obligation of the Company, enforceable in accordance with the provisions of this Warrant. 
 8. Legends. Upon issuance, the certificate or certificates evidencing any Warrant Shares shall bear legends as set forth in the subscription
agreement of even date herewith between the original Holder and the Company and as required under any applicable provincial, state and federal securities laws, regulations and orders, and with all other applicable laws and regulations. 

9. Further Assurances. The Company hereby covenants and agrees that it will do, execute, acknowledge and deliver, or cause to be done,
executed, acknowledged and delivered, all and every such other act, deed and assurance as the Holder shall reasonably require for the better accomplishing and effectuating of the intentions and provisions of this Warrant. 
 10. Successors and Assigns. This Warrant shall enure to the benefit of the Holder and the successors and assignees thereof and shall be binding
upon the Company and the successors thereof. 
 11. Termination. This Warrant shall terminate at 5:00 p.m. (Ottawa, Ontario time) on
the Termination Date. 
 12. Miscellaneous. This Warrant shall be governed by the laws of the Province of Ontario, as such laws are
applied to contracts to be entered into and performed entirely in Ontario by Ontario residents. The headings in this Warrant are for purposes of convenience and reference only, and shall not be deemed to constitute a part hereof. Neither this
Warrant nor any term hereof may be changed or waived orally, but only by an instrument in writing signed by the Company and the Holder. All notices and other communications from the Company to the Holder of this Warrant shall be delivered personally
or by facsimile transmission or mailed by first class mail, postage prepaid, to the address or facsimile number furnished to the Company in writing by the last Holder of this Warrant who shall have furnished an address or facsimile number to the
Company in writing, and if mailed shall be deemed given three days after deposit in the United States mail. Upon receipt of evidence satisfactory to the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant and,
in the case of 

  

 4 

 
any such loss, theft or destruction, upon receipt of indemnity or security satisfactory to the Company or, in the case of any such mutilation, upon surrender
and cancellation of such Warrant, the Company will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of Common Shares. Time
shall be of the essence of this Warrant. The parties hereto have expressly required that this agreement and all documents, agreements and notices related hereto be drafted in the English language. Les parties aux présentes ont
expressément exigé que le présent contrat et tous les autres documents, conventions ou avis qui y sont afférents soient rédigés en langue anglaise. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 5 

 ADHEREX TECHNOLOGIES INC., intending to be contractually bound, has caused this Warrant to be
signed by its duly authorized officer in the date set forth above. 
  

			
	ADHEREX TECHNOLOGIES INC.
		
	By:	 	  
	Name:	 	
	Title:	 	

  

 6 

 Attachment 1 
 NOTICE OF EXERCISE 
 TO:    ADHEREX TECHNOLOGIES INC. 
  

	1.	The undersigned hereby elects to purchase                      Common
Shares of the Company pursuant to Section 5 of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full. 

  

	2.	Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

  

 (Name in which certificate(s) are to
be issued) 
  

 (Address)

  

			
	  
	(Name of Warrant Holder)
		
	By: 	 	  

			
		
	Title: 	 	  

			
		
	Date signed: 	 	  
		 	

 Attachment 2 
 FORM OF TRANSFER 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 (include name and address of the transferee)
Warrants exercisable for common shares of Adherex Technologies Inc. (the “Company”) registered in the name of the undersigned on the register of the Company maintained therefor, and hereby irrevocably appoints
                                        
                                        
                                
                                       
                      the attorney of the undersigned to transfer the said securities on the books maintained by the Company with full power
of substitution. 
 DATED this
                     day of
                                        
        , 200  . 
 Signature of Transferor guaranteed by: 
  

									
				
	  	 		 		 	  
		 		 		 		 	Signature of Transferor
				
		 		 		 	  
				
		 		 		 	  
				
		 		 		 	  
		 		 		 		 	Address of Transferor

 Notes: 
 The
signature to this transfer must correspond with the name written upon the face of this Warrant Certificate in every particular without any changes whatsoever. 
 If the Transfer Form indicates that common shares are to be issued to a person or persons other than the registered holder of the Warrant Certificate, the signature on this Transfer Form must be guaranteed by a Schedule I chartered bank
or licensed trust company, or a member of an acceptable medallion guarantee program. The guarantor must affix a stamp bearing the actual words “Signature Guaranteed”. Signature guarantees are not accepted from Treasury Branches or credit
unions unless they are members of the Stamp Medallion Program.

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