Document:

a6746901ex4_4.htm

Exhibit 4.4

 

BANCTRUST FINANCIAL GROUP, INC.

2011 INCENTIVE COMPENSATION PLAN

RESTRICTED STOCK AWARD AGREEMENT

(Highly Compensated Employees subject to TARP Restriction)

This RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), is effective as of the _______ day of _________________, ________ (the “Grant Date”), by and between ____________________________________ (the “Participant”) and BancTrust Financial Group, Inc., an Alabama corporation (the “Company”), sets forth the terms and conditions of a Restricted Stock Award issued pursuant to the Company’s 2011 Incentive Compensation Plan (the “Plan) and this Agreement.  Any capitalized terms used but not defined herein shall have the meaning prescribed in the Plan.

1.           Grant and Vesting of Restricted Stock

(a) Subject to the provisions of this Agreement and to the provisions of the Plan, the Company hereby grants to the Participant ____________ shares of restricted Common Stock (the “Restricted Stock”).  The period during which the Restricted Stock is not vested and is subject to Transfer Restrictions is referred to herein as the “Restriction Period”.  The Restricted Stock is granted as of the Grant Date pursuant to, and subject to the terms and conditions of, the Plan.

(b)  Subject to the terms and conditions of this Agreement (specifically, but without limitation, subsections 1(f) and 1(g) hereinbelow) and to additional restrictions that may be imposed as a result of by the Company’s participation in the TARP Capital Purchase Program (the “Capital Purchase Program”) and any other applicable requirements of law, provided that the Participant remains an Employee or a Director  of the Company or any of its Subsidiary Corporations during the Restriction Period the Restricted Stock shall vest and no longer be subject to any Transfer Restrictions hereunder, on the following schedule:

Three years from the Grant Date, on ____________________, ________ shares of the Restricted Stock shall vest.  Four years from the Grant Date, on ____________________, __________ shares of the Restricted Stock shall vest.  The remaining _________ shares of the Restricted Stock shall vest after five years on ___________________________.

(c) If the Participant ceases to be an Employee or Director of the Company or any of its Subsidiary Corporations during the Restriction Period as a result of Retirement, Permanent Disability, or death, the extent to which restrictions shall be deemed to have lapsed shall be determined by the Board of Directors by multiplying the number of shares of Restricted Stock which are unvested by a fraction, the numerator of which is the full number of calendar months the Participant served as an Employee or Director during the Restriction Period and the denominator of which is the total number of full calendar months in the Restriction Period.  If the Participant ceases to be an Employee or Director the Company or any of its Subsidiary Corporations for any reason other than as described in the preceding sentence, he or she shall be deemed not to have satisfied the restrictions associated with the Restricted Stock Award and shall forfeit any unvested shares, unless the Board of Directors determines otherwise in its sole discretion (in which event the extent to which restrictions will be deemed to have lapsed shall not exceed the amount determined pursuant to the preceding sentence).

 

  

1

  

(d)  In the event of a dissolution or complete liquidation of the Company, or a merger, consolidation or other Reorganization in which the Company is not the surviving or resulting corporation, the Restricted Stock shall immediately and fully vest and no longer be subject to any Transfer Restrictions hereunder.

(e)  For purposes of this Agreement, employment or service as a Director with the Company or any of its Subsidiary Corporations shall include employment or service with the Company’s any successor of the Company or its Subsidiary Corporations.

(f)  The Company is a participant in the Capital Purchase Program and, as such, is subject to certain limitations applicable to its executive compensation practices.  These limitations include specific requirements regarding the vesting and other features of restricted stock awards.  The Company believes that such limitations are applicable to the Participant; and, in the event that the Participant is determined to be subject to other limitations imposed by applicable law, then this Agreement shall be automatically amended to the extent necessary to conform to any such applicable limitations that are more restrictive than the terms of this Agreement, including, without limiting the generality of the foregoing, any more restrictive required minimum vesting schedule.

(g)  In February of 2009, Congress passed, and the President signed, the American Recovery and Reinvestment Act of 2009 (the “ARRA”), which mandated that the Treasury modify, by making more restrictive, the executive compensation limitations applicable to participants in the Capital Purchase Program and other similar programs of the Treasury.  On June 10, 2009, the Treasury issued an Interim Final Rule (the “Interim Final Rule”) captioned “TARP Standards for Compensation and Corporate Governance” to implement the changes to the executive compensation limitations mandated by ARRA.  The grant evidenced by this award is intended to be “long-term restricted stock” pursuant to the definition of such term contained in Section 30.1 Q-1 of the Interim Final Rule, as the same may be amended in the future.  As such, the Restricted Stock shall not fully vest prior to the time of repayment of 100% of the aggregate financial assistance received (as defined in the Interim Final Rule) by the Company, subject to partial graduated vesting in connection with partial repayment of the aggregate financial assistance received as provided in the definition of “long-term restricted stock” in Section 30.1 Q-1 of the Interim Final Rule.  Notwithstanding the foregoing, if the Interim Final Rule is subsequently amended to permit more rapid vesting of “long-term restricted stock,” then this Agreement shall be automatically modified to conform to any such amendments; provided, however, that vesting shall not occur any sooner than as provided in subsection 1(b) above.  The terms of this Agreement shall be read in conjunction with the definition of “long-term restricted stock” contained in Section 30.1 Q-1, and the other provisions of, the Interim Final Rule, as the same may be subsequently amended.

 

  

2

  

2.           Issuance of Shares

Certificates representing the shares of Restricted Stock may be issued and held by the Company or its designee in escrow and shall remain in the custody of the Company until their delivery to the Participant or the Participant’s estate pursuant to this Agreement and the Plan, or the Company may retain the Restricted Stock in book entry form.  Alternatively, certificates representing the Restricted Stock may, in the Board of Directors’ discretion, be delivered to the Participant.  Such certificates delivered to the Participant shall bear a legend noting the existence of the Transfer Restrictions.  Subject to Section 8 (pertaining to the withholding of taxes), as soon as practicable after the restrictions on the Restricted Stock expire (provided there has been no prior forfeiture of the Restricted Stock pursuant to the terms of this Agreement and the Plan and further provided that the Participant delivers to the Company or its transfer agent any such certificates which were delivered to the Participant), the Company shall issue (or cause to be delivered) to the Participant one or more unlegended stock certificates in respect of the Restricted Stock.  The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Restricted Stock.

3.           Nontransferability of the Restricted Stock

Prior to the vesting date thereof, the Restricted Stock shall not be transferable by the Participant, directly or indirectly, by means of sale, assignment, exchange, hypothecation, encumbrance, pledge or otherwise (such restrictions, the “Transfer Restrictions”).

4.           Rights as a Shareholder

Except as otherwise specifically provided in this Agreement and the Plan, during the Restriction Period the Participant shall have all the rights of a shareholder with respect to the Restricted Stock, including without limitation the right to vote the Restricted Stock and the right to receive any dividends with respect thereto.

5.           Adjustments

In the event of a change in corporate capitalization (including, without limitation, a change in the number of shares of Common Stock outstanding), such as a stock split or a corporate transaction such as a merger, consolidation, separation, spin-off (or other distribution of stock or property of the Company), any reorganization or any partial or complete liquidation of the Company, the shares of Restricted Stock granted hereby shall be treated in the same manner as other shares of Common Stock.

6.           Payment of Fees and Other Expenses

The Company agrees to pay any and all expenses necessarily incurred by the Company in connection with the issuance of the Restricted Stock.

 

  

3

  

7.           Validity of Share Issuance

The shares of Restricted Stock have been duly authorized by all necessary corporate action of the Company and are validly issued, fully paid, and non-assessable.

8.           Taxes and Withholding

No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal income tax purposes with respect to any Restricted Stock, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld with respect to such amount.  Notwithstanding anything to the contrary contained herein, the Participant may discharge this withholding obligation by directing the Company to withhold shares of Restricted Stock with a value on a vesting date equal to the minimum withholding obligation in connection with such vesting.  The Company shall, to the extent permitted by law, have the right to deduct any such taxes from the delivery of the Restricted Stock that gives rise to the withholding requirement.

9.           Notices

All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

(a)           if to the Participant, to the address last provided by the Participant to the Company’s Human Resources Department.

(b)           if to the Company:

BancTrust Financial Group, Inc.

100 St. Joseph Street

Mobile, AL  36602

Attention:  Director of Personnel

10.           Laws Applicable to Construction

The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Alabama without reference to principles of conflict of laws, as applied to contracts executed in and performed wholly within the State of Alabama.

11.           Successors, Assigns and Transferees

This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and each of their respective successors and assigns (including, upon the death of the Participant, the Participant’s estate).

 

  

4

  

12.           Administration

The authority to manage and control the operation and administration of this Agreement shall be vested in the Board of Directors, and the Board shall have all powers with respect to this Agreement as it has with respect to the Plan.

13.           Construction

This Agreement is subject to all provisions of the Plan, the provisions of which are hereby incorporated by reference and made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. If there is any inconsistency or discrepancy between this Agreement and the Plan itself, the Plan and its provisions shall supersede, control, govern and be binding in all events. The Participant may obtain a copy of the Plan from the office of the Senior Vice President of Human Resources of the Company.

The interpretation and construction by the Board of Directors of any provisions of this Agreement and any determination by the Board of Directors pursuant to any provision of this Agreement shall be final and conclusive.  No member of the Board of Directors shall be liable for any action or determination made in good faith.

The captions or headings of the respective Sections of this Agreement are for convenient reference only and shall not be given any consideration or effect in any construction hereof.

14.           Not an Employment Contract

Neither this Agreement nor the issuance of any Restricted Stock shall confer on the Participant any right of employment or other service with the Company or one of its Subsidiary Corporations, including without limitation any right to continue in the employ or service of the Company or one of its Subsidiary Corporations, or affect the right of the Company or one of its Subsidiary Corporations to terminate the employment or service of the Participant at any time, with or without cause.

15.           Integration

This Agreement and the other documents referred to herein, including without limitation the Plan, or delivered pursuant hereto, which form a part hereof contain the entire understanding of the parties with respect to their subject matter.  There are no restrictions, agreements, promises representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein.  This Agreement, including without limitation the Plan, supersedes all prior agreements and understandings between the parties with respect to its subject matter.

 

  

5

  

16.           Counterparts

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but which together constitute one and the same instrument.  Notwithstanding the foregoing, any duly authorized officer of the Company may execute this Agreement by providing an appropriate facsimile signature and any counterpart or amendment hereto containing such facsimile signature shall for all purposes be deemed an original instrument duly executed by the Company.

17.           Modification; Waiver

No provision of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing and signed by the Participant and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged.  No waiver by either party hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

IN WITNESS WHEREOF, the Participant has executed this Agreement on the Participant’s own behalf, thereby representing that the Participant has carefully read and understands this Agreement and the Plan, and the Company has caused this Agreement to be executed in its name and on its behalf, all as of the date first written above.

By:          ________________________________________________________________ 

Print Name: _______________________________________________________                                                               

BANCTRUST FINANCIAL GROUP, INC.

By:          ________________________________________________________________ 

Name: ___________________________________________________________                                                                          

As Its: ___________________________________________________________         

 

 

6a6746901ex4_5.htm

Exhibit 4.5

 

BANCTRUST FINANCIAL GROUP, INC.

OPTION AGREEMENT -

INCENTIVE STOCK OPTION

(2011 Incentive Compensation Plan)

THIS AGREEMENT made and entered into on this ______ day of ____________________, ________, by and between BANCTRUST FINANCIAL GROUP, INC. (the "Company”), and ________________________ ____________________________________ (the "Optionee") sets forth the terms and conditions of an Option granted pursuant to the Company’s 2011 Incentive Compensation Plan (the “Plan”) and this Agreement.

1.           Definitions

Unless the context clearly indicates otherwise, for purposes of this Agreement, terms used herein shall have the same meaning as they do in the Plan.  Without limiting the generality of the foregoing, the following terms shall have the respective meanings set forth below:

(a)           "Board of Directors" means the Board of Directors of the Company.

(b)           "Code" means the Internal Revenue Code of 1986, as amended.

(c)           "Committee" means the Compensation Committee of the Board of Directors (or any successor committee thereto), which committee shall have the responsibility of administering the Plan.

(d)           "Common Stock" means the common stock of the Company, or such other class of shares or other securities to which the provisions of this Agreement may be applicable by reason of the operation of Section 8 hereof.

(e)           "Company" means BancTrust Financial Group, Inc. or any successor corporation.

(f)           “Director” means any elected member of the Board of Directors of the Company.

(g)           “Employee” means any person employed by the Company or any Subsidiary Corporation.

(h)           “Grant Date” means the date as of which the Option governed by this Agreement is granted by the Board of Directors pursuant to the Plan, regardless of when the instrument, certificate, or letter evidencing such Option is communicated to, or actually received or accepted by, the Grantee.

 

  

-1-

  

(i)           "Incentive Stock Option" means an option to purchase shares of Common Stock of the Company that is intended to qualify as an incentive stock option under Section 422 of the Code.

(j)           "Permanent Disability" means that the Grantee (1) has established to the satisfaction of the Board of Directors that the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months (all within the meaning of Section 422(c)(6) and Section 22(e)(3) of the Code), and (2) has satisfied any requirement imposed by the Board of Directors in regard to evidence of such disability.

(k)           "Retirement", as applied to a Grantee (i) who is an Employee, means normal or early retirement as provided for in the applicable qualified pension plan of the Company and/or one or more of its Subsidiary Corporations; provided that a Grantee shall not be deemed to have retired if his or her employment is terminated by the Company because of negligence or malfeasance; and (ii) who is a Director, means ceasing to serve as an elected member of the Board of Directors, whether by resignation, removal or failure to stand for reelection or to be reelected.

(l)           "Subsidiary Corporation" of the Company means any present or future corporation (other than the Company) which would be a “subsidiary corporation” as defined in Section 424(f) and (g) of the Code.

2.           Grant

The Company does hereby irrevocably grant to the Grantee, pursuant to the Plan and not in lieu of salary or any other compensation for services, the right and option (called the "Option" herein), as an Incentive Stock Option, to purchase all or any part of an aggregate of _______________ shares of the Common Stock of the Company, only on the terms and conditions set forth herein.  The option price per share shall be the sum of $____________________, being the fair market value of the Common Stock on the date the Option is granted.

3.           Option Period

The Option shall be exercisable, in whole or in part, at any time or times, on the basis of lapse of time only, commencing one year from the Grant Date; provided, however, anything contained herein (including Section 4 hereof) to the contrary notwithstanding, the Option shall be valid only during the period commencing on the Grant Date and ending on the tenth (10th) anniversary of the Grant Date, unless sooner terminated as provided herein, and shall expire and not be exercisable after the expiration of said ten (10) year period. Note that the Code requires that at all times beginning on the Grant Date and ending on the day three (3) months before the date the Option is exercised, Grantee must be an Employee of the Company or a Subsidiary Corporation, except in the event of Grantee’s death or Permanent Disability. The Company has provided for extended exercisability of the Option under certain circumstances for the benefit of Grantee (see Section 5) but cannot guarantee that the Option will necessarily be treated as an Incentive Stock Option if Grantee continues to provide services to the Company or a Subsidiary Corporation as a Director after Grantee’s Employment terminates or Grantee otherwise exercises the Option more than three (3) months after the date Grantee’s Employment with the Company or a Subsidiary Corporation terminates.

 

  

-2-

  

4.           Manner of Exercise

Shares of Common Stock purchased under the Option shall at the time of purchase be paid for in full.  The Option may be exercised from time to time by written notice to the Company stating the number of shares with respect to which the Option is being exercised, and the time of the delivery thereof, which shall be at least seven (7) days after the delivery of such notice unless an earlier date shall have been mutually agreed upon; except that in no event shall such date be after the expiration of the ten (10) year period in Section 3 hereof.  At such time the Company shall, without transfer or issue tax to the Grantee (or other person entitled to exercise the Option), deliver to the Grantee (or other person entitled to exercise the Option) at the principal office of the Company, or such other place as shall be mutually acceptable, a certificate or certificates for such shares against payment of the Option price in full for the number of shares to be delivered by certified or official bank check or other appropriate form of payment acceptable to the Company; provided, however, that the time of such delivery may be postponed by the Company for such period as may be required for it with reasonable diligence to comply with any requirements of law.  If the Grantee (or other person entitled to exercise the Option) fails to accept delivery of and pay for all or any part of the number of shares specified in such notice upon tender of delivery thereof, his right to exercise the Option with respect to such undelivered shares may be terminated at the election of the Board of Directors.

5.           Termination

If the Grantee's employment by the Company and each Subsidiary Corporation thereof shall terminate, his or her Option shall terminate immediately; provided, however, that if any termination of employment is due to Retirement, the Grantee shall have the right to exercise his or her Option, in whole or in part, as to all shares then subject thereto, at any time or times within three (3) months after such Retirement; and provided further, however, that if the Grantee shall furnish proof reasonably satisfactory to the Board of Directors that termination of employment is due to a Permanent Disability, the Grantee shall have the right to exercise his or her Option, in whole or in part as to all shares then subject thereto, at any time or times within one (1) year after termination based on such Permanent Disability.  Provided, further, that if the Employee Grantee shall die while in the employment of the Company or one of its Subsidiary Corporations, the executor or administrator of his or her estate shall have the right to exercise Grantee's Option, in whole or in part, as to all shares then subject thereto and at any time or times within one (1) year from the date of Grantee's death; if the Grantee shall die within three (3) months after Retirement or within one (1) year after termination based on such Permanent Disability the executor or administrator of his or her estate shall have the right to exercise said Grantee's Option, in whole or in part, as to all shares then subject thereto within the same period said Grantee could have exercised said Option; provided further, that the Option shall in no event be exercisable after the expiration of ten (10) years from the Grant Date.  Unless otherwise provided by law, including the Code and the Regulations promulgated thereunder, whether any other termination of employment shall be considered a Retirement and whether an authorized leave of absence or absences on military or government service or for other reasons shall constitute a termination of employment for the purposes of the Plan, shall be determined by the Board of Directors, which determination shall be final and conclusive.

 

  

-3-

  

Notwithstanding the foregoing paragraph, as to a Grantee who is an Employee, if the Grantee’s employment by the Company and each Subsidiary Corporation thereof shall terminate but he or she continues to serve as a Director, his or her Option will immediately be converted into a Nonqualified Stock Option; provided, however that such Option will be continue to be treated as an Incentive Stock Option if the Grantee exercises the Option within the permitted time period described in the preceding paragraph, as applicable to the Grantee’s circumstances.

6.           Assignment or Transfer

The Option shall not be assignable or transferable otherwise than by will or the laws of descent and distribution.  During the lifetime of the Grantee, the Option shall be exercisable only by such Grantee and shall not be assignable or transferable by the Grantee and no other person shall acquire any right therein.  More particularly, but without limiting the generality of the foregoing, the Option may not be assigned or transferred (except as noted herein), in any way (whether by operation of law or otherwise), and shall not be subject to execution, attachment or similar process.  Any attempted assignment, transfer, or other disposition of the Option contrary to the provisions hereof, and the levy of any attachment or similar process on the Option, shall be null and void and without effect.

 

  

-4-

  

7.           Agreements of Grantee

Notwithstanding anything to the contrary contained herein, the Grantee does hereby agree as follows:

 

(a)           that he or she will not exercise the Option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act of 1933 or, if such shares of Common Stock are not then registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act of 1933 or would not otherwise result in a violation thereof. The exercise of the Option must also comply with all other applicable laws and regulations governing such Option, and may not be exercised if the Company determines that such exercise would not be in material compliance with such laws and regulations;

(b)           that he or she will notify the Company in writing within fifteen (15) days after the date of any disposition of any of the shares of Common Stock issued upon exercise of an Option that occurs within two (2) years after the Grant Date or within one (1) year after the date on which the shares of Common stock are transferred upon exercise of the Option; and

(c)           that he will not sell any shares acquired by exercise of the Option until counsel for the Company shall determine that such sale would not result in a violation of the Securities Act of 1933.

8.           Adjustments; Change of Control

(a)           Subject to paragraph (b) below, in the event of (1) any dividend payable in shares of Common Stock; (2) any recapitalization, reclassification, split-up, or consolidation of, or other change in, the Common Stock; or (3) any exchange of the outstanding shares of Common Stock, in connection with a merger, consolidation, or other Reorganization (as defined below) of or involving the Company or a sale by the Company of all or a portion of its assets, for a different number or class of shares of stock or other securities of the Company or shares of the stock or other securities of any other corporation; then the Board of Directors shall, in such manner as it shall determine in its sole discretion, appropriately adjust the number and class of shares or other securities which shall be subject to the Option and/or the purchase price per share which must be paid thereafter upon exercise of any Option; provided, however, that any adjustments made pursuant to this Section 8(a) will not cause a Supplemental Stock Option to lose its exemption from the application of Section 409A of the Code, or to violate any requirement applicable to deferred compensation under Section 409A of the Code.  Any such adjustments made by the Board of Directors shall be final, conclusive, and binding upon all persons, including, without limitation, the Company, its Subsidiary Corporations, the shareholders and directors of the Company, and any persons having any interest in any Option granted hereunder.

(b)           Subject to any required action by the shareholders, if the Company shall be the surviving or resulting corporation in any merger, consolidation, or other Reorganization, any Option granted hereunder shall pertain to and apply to the securities to which a holder of the number of shares of Common Stock subject to the Option would be entitled on the effective date of such merger or consolidation; but a dissolution or complete liquidation of the Company or a merger, consolidation or other Reorganization in which the Company is not the surviving or resulting corporation, shall cause the Option to terminate on the effective date of such dissolution, complete liquidation, merger, consolidation, or other Reorganization; provided, however, that the Company shall give not less than thirty (30) days' written notice prior to the effective date of the said transaction to the Grantee, who shall have the right to exercise his Option during the thirty (30) day period immediately preceding such effective date, as to all or any part of the shares covered thereby, including, without limitation, shares as to which such Option would not otherwise be exercisable by reason of an insufficient lapse of time (anything contained in Section 3 hereof to the contrary notwithstanding); and provided further, that no such acceleration shall occur if any such transaction is approved by the affirmative vote of not less than seventy-five percent (75%) of the directors of the Company, and the surviving or resulting corporation shall assume such options or tender an option or options to purchase its shares on such terms and conditions, both as to the number of shares and otherwise, so as to provide substantially the same benefits available under the Option.

 

  

-5-

  

(c)           The term "Reorganization" as used in this Section means and refers to any statutory merger, statutory consolidation, sale of all or substantially all of the assets of the Company or its Subsidiary Corporations, or sale of twenty-five percent (25%) or more of the voting securities of the Company pursuant to which the Company becomes a subsidiary of or is controlled by, another person or is not the surviving or resulting corporation, all after the effective date of the Reorganization.  The term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein.

9.           Rights of a Shareholder

Neither the Grantee, nor any other person authorized to purchase Common Stock upon exercise of an Option, shall have any interest in or shareholder rights with respect to any shares of the Common Stock which are subject to the Option until such shares have been issued and delivered to the Grantee or any such person pursuant to the exercise of such Option.  No adjustment shall be made for dividends or other rights for which the record date is prior to the date of such issuance, except as may be required under Section 8 hereof.

10.           Modifications

At any time, and from time to time, the Board of Directors may modify the Option, provided no such modification shall confer on the Grantee any right or benefit which could not be conferred on him or her by the grant of a new Option at such time, or impair the Option without the consent of the Grantee.

 

  

-6-

  

11.           Construction

The Option is subject to all provisions of the Plan, the provisions of which are hereby incorporated by reference and made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. If there should be any inconsistency or discrepancy between this Agreement and the Plan itself, the Plan and its provisions shall supersede, control, govern and be binding in all events.  The provisions of the Plan shall not terminate with this Agreement or be merged into this Agreement but shall survive as controlling and binding covenants of this Agreement.

The interpretation and construction by the Board of Directors of any provisions of this Agreement or the Plan and any determination by the Board of Directors pursuant to any provision of this Agreement or the Plan shall be final and conclusive.  No member of the Board of Directors shall be liable for any action or determination made in good faith.

The captions or headings of the respective Sections of this Agreement are for convenient reference only and shall not be given any consideration or effect in any construction hereof.

It is the Company's intention and purpose that the Option shall be treated for all purposes as an incentive stock option under Section 422, and all provisions of this Option shall be construed to accomplish that intention and purpose.

12.           Approvals

The Option is granted subject to the approval of the Plan by the shareholders of the Company, unless such approval has been obtained prior to the date of this Agreement.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf and its corporate seal to be impressed hereon and attested by its officers thereunto duly authorized, and the Grantee has set his hand and seal hereon, all as of the date first above written.

 

	  	  	
COMPANY:

	  	  	  
	  	  	
BANCTRUST FINANCIAL GROUP, INC.

	  	  	  
	  	  	  
	  	  	  
	
(AFFIX

	  	
By:_____________________________________

	
CORPORATE

	  	
____________________________, as its President

	
SEAL)

	  	  

 

 

	
ATTEST:

	  	  
	  	  	  
	  	  	  
	
_______________________________________

	  	  
	
________________________________, as its

	  	  
	
Secretary

	  	  
	  	  	  
	  	  	  
	  	  	
GRANTEE:

	  	  	  
	  	  	  
	  	  	
_________________________________(SEAL)

 

 

 

-7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]