Document:

-- Converted by SECPublisher 3.1.0.1, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.12.1

NONQUALIFIED STOCK OPTION AGREEMENT

 This Nonqualified Stock Option Agreement is made and entered into pursuant to the terms of the Stock Option Plan dated March 28,2002 (the "Plan") adopted by the Board of Directors and Shareholders of PremierWest Bancorp,
an Oregon corporation (the "Company"). Unless otherwise defined herein, capitalized terms defined in this Nonqualified Stock Option Agreement shall have the meanings as defined in the Plan. 

	
The "Optionee" 
		
 		
  ____________________
	
		
		
 
	
Number of Shares of the 
		
 		
  ____________________
	
		
		
 
	
Company's Common Stock 
		
 		
 
	
	
"Exercise Price" per Share 
		
 		
$11.05 
	
	
 
	
	
"Date of Grant" 
		
 		
March 17, 2005 
	
	
"Expiration Date" 
		
 		
March 17, 2015 
	

1. 
Terms of the Option.

        1.1 Grant of Option. The Company hereby grants to the Optionee the right, privilege, and
option (the "Option") to purchase up to the number of shares of Common Stock indicated above (the "Option Shares") at the Exercise Price indicated above, subject to adjustment in accordance with the terms and conditions of
the Plan. The Option may only be exercised as to a whole number of shares of Common Stock. 

         1.2 Status of this Option as a Nonqualified Stock Option. It is intended by the Company that this Option will not qualify as an incentive stock
option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

         1.3 Nontransferability of Option. The Option and the rights of the Optionee under this Nonqualified Stock Option Agreement may not be transferred in
any manner except by will or by the laws of descent and distribution upon the death of the Optionee. 

         1.4 Reservation of Shares. The Company agrees that at all times there will be reserved for issuance upon exercise of the Option such number of shares
of its Common Stock as is required for such issuance. 

2.  Time of Exercise of Option. 

        2.1 When the Option Becomes Exercisable. The Option may only be exercised on or after
March 17, 2006 in accordance with the following vesting schedule and only to the extent not previously exercised: 

	
 
		
 		
 
		
 		
 
		
 		
Portion of Grant 
	
	
On or After 
		
 		

Exercisable                  

	
	
		
		
 
	
March 
		
 		
17, 
		
 		
2006 
		
 		
50% 
	
	
March 
		
 		
17, 
		
 		
2007 
		
 		
50% 
	

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 Under certain circumstances, the number of Shares indicated in the foregoing vesting schedule may be adjusted and the vesting dates may be accelerated in accordance with terms and conditions of the Plan. 

         2.2 Effect of Unpaid Leaves of Absence. If at any time during the term of this Option, the Optionee is on unpaid leave from the Company or any
Subsidiary, the Option may not be exercised during such unpaid leave and the dates contained in the foregoing vesting schedule shall be extended by the length of such unpaid leave. 

         2.3 Expiration and Termination of Option. This Option will expire upon the close of business on the Expiration Date and may terminate earlier upon
certain events as set forth in Section 4 of this Option. To the extent that this Option has not been exercised prior to the Expiration Date or any earlier termination, all further rights to purchase shares pursuant to this Option will cease and
terminate at such time. 

3.  Option Exercise Procedures.

        3.1 Who May Exercise the Option. Only the Optionee (or, in the case of exercise after death of the Optionee, by the executor, administrator, heir, or legatee of the Optionee, as the case may be) may exercise this Option. 

         3.2 Notice of Exercise. A "Notice of Exercise" must be signed and delivered to the Company's corporate Secretary or such other person as the Company
may designate at the Company's principal business office of the Company. A copy of the Company's current form of Notice of Exercise is attached hereto. The Company, however, reserves the right to revise its form of Notice of Exercise from
time-to-time as it determines to be appropriate. If, at the time of the exercise of this Option, the Company does not have an effective registration statement on file with the Securities and Exchange Commission that covers the issuance of shares
upon the exercise of this Option, the Notice of Exercise will also contain certain representations from the Optionee as required under applicable state and federal securities laws. A copy of the then-current form of Notice of Exercise may be
obtained at any time from the Company. A notice will only be effective if submitted on the form in effect at the time of such exercise. 

         3.3 Payment of Exercise Price. The Notice of Exercise must indicate the manner of payment of the Exercise Price for the number of shares so
purchased. Payment shall be made by cash, full-recourse promissory note, by the surrender to the Company for cancellation of shares of Common Stock or other securities of the Company (provided that the surrendered shares of Common Stock or other
securities of the Company shall have been held by the Optionee for not less than six months) or any combination of the foregoing. 

         3.4 Payment of Tax Withholding. The Optionee shall pay or make adequate provision for payment, of Tax Withholding upon exercise of this Option. The
notice of exercise shall indicate the method of payment of Tax Withholding, which may be accomplished by payment in cash, the Company withholding other amounts payable by the Company to the Optionee, by the application of shares to be received upon
exercise of this Option, the surrender of shares of Common Stock or other securities of the Company (provided that the surrendered shares of Common Stock or other securities of the Company shall have been held by the Optionee for not less than six
months) or any combination of the foregoing. 

         3.5 Delivery of Shares Following Exercise. The Company will make delivery of the Option Shares purchased within a reasonable time after it receives
the Notice of Exercise, payment in full of the Exercise Price of the Option Shares being purchased and the payment or adequate provision for payment of Tax Withholding. However, if any law or regulation requires the Company to take any action with
respect to the issuance of the Option Shares, including, without limitation, actions that may be required for compliance with federal and state securities laws or the listing requirements of any stock exchange upon which the Company's Common Stock
is then listed, then the date of delivery of such shares may be 

2

extended for the period necessary to take such action. The Optionee shall only become the holder of such shares when the issuance of the shares is reflected on the Company's stock transfer record. 

4.  Termination of the Option. 

        4.1 Effect of the Death of the Optionee. If the Optionee dies while an employee of the
Company or any Subsidiary, this Option will terminate one year after the date of such death or, if sooner, upon the Expiration Date. In such event, this Option may be exercised only to the extent the Optionee was entitled
to exercise this Option on the date of the Optionee's death and only by the person or persons to whom the Optionee's rights under this Option may pass by the Optionee's will or by the laws of descent and distribution of the state or country of the
Optionee's domicile at the time of death. 

         4.2 Effect of the Disability of the Optionee. If the Optionee's employment by the Company terminates as a result of the Optionee becoming Disabled
(as defined in the Plan) while an employee of the Company or any Subsidiary, this Option will terminate one year after the date of such termination of employment or, if sooner, upon the Expiration Date. In such event, this Option may be exercised
only to the extent the Optionee was entitled to exercise this Option on the date of such termination. 

         4.3 Effect of Termination of the Employment of the Optionee for Cause. If the Optionee's employment with the Company or any Subsidiary is terminated
for "cause", as defined in the Plan, this Option will terminate on the effective date of the termination of Optionee's employment and shall no longer be exercisable as to any of the remaining Option Shares. 

         4.4 Effect of any other Termination of the Employment of the Optionee. If the Optionee's employment with the Company or any Subsidiary terminates for
any reason other than the reasons set forth in Sections 4.1, 4.2 or 4.3 of this Option, this Option will terminate three (3) months after the date of such termination of employment or, if sooner, upon the Expiration Date. In such event, this Option
may be exercised only to the extent the Optionee was entitled to exercise this Option on the date of such termination. For purposes of this Option, the Optionee's employment with the Company or any Subsidiary shall be considered to have terminated
if the Optionee for any reason becomes a "part-time" employee as such term is defined in the Company's then existing employment rules or guidelines. 

         4.5 Effect of Termination of the Service of the Optionee as a Director. If the Optionee's service as a director of the Company terminates for any
reason other than the reasons set forth in Sections 4.1, 4.2 or 4.3 of this Option, this Option will terminate twelve (12) months after the date of such termination of service as a director or, if sooner, upon the Expiration Date. In such event,
this Option may be exercised only to the extent the Optionee was entitled to exercise this Option on the date of such termination. 

5. 
Representations, Warranties and Covenants of the Optionee.  

        5.1. No Effect on Employment. The Optionee understands and agrees that nothing contained in
this Nonqualified Option Agreement will be construed to limit or restrict the rights of the Company to terminate the employment of the Optionee at any time, with or without cause, to change the duties of the Optionee or to
increase or decrease the Optionee's compensation. Without limiting the foregoing, the Optionee understands and agrees that the vesting of shares under this Option is subject to and is conditioned upon the continued employment of the Optionee by the
Company or a Subsidiary and that such employment can be terminated at any time by the Company or its Subsidiary. 

         5.2. Rights Prior to Exercise of This Option. The Optionee understands and agrees that the Optionee will have no rights as a shareholder in the
Option Shares, including, without limitation, the right to vote or receive dividends, until the issuance of the shares is reflected in the Company's stock transfer records. 

3

         5.3. Tax Implications. The Optionee understands that, under federal income tax laws as they currently exist, the exercise of this Option will result
in ordinary income to the Optionee in the amount by which the Fair Market Value (as of the date of exercise) of the shares acquired upon exercise exceeds the Exercise Price. 

         5.4 Underwriter's Lock-up. The Optionee by accepting this Option agrees that whenever the Company undertakes a firm underwritten public offering of
its securities and if requested by the managing underwriter in such offering, the Optionee will enter into an agreement not to sell or dispose of any securities of the Company owned or controlled by the Optionee provided that such restriction will
not extend beyond twelve (12) months from the effective date of the registration statement filed in connection with such offering. 

         5.5 Disclosures. The Optionee acknowledges receipt of a copy of the Plan and certain related information and represents that Optionee has fully
reviewed the terms and conditions of the Plan and this Option and has had opportunity to obtain the advice of counsel prior to executing this Option. The Optionee represents and warrants that the Optionee is not relying upon any representations,
agreements or understandings of or with the Company except for those set forth in this Option. 

6.  Miscellaneous Provisions. 

        6.1. Binding Effect. This Option will be binding upon and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, and assigns. 

         6.2. Notices. All notices to the Optionee or other persons then entitled to exercise this Option will be delivered at the address contained in the
records of the Company or such other address as may be specified in writing by the Optionee or such other person. All notices to the Company will be delivered at its principal offices. 

         6.3. Governing Law and Interpretation. This Option will be governed by the laws of the State of Oregon as to all matters, including but not limited
to matters of validity, construction, effect, and performance, without giving effect to rules of choice of law. This Option hereby incorporates by reference all of the provisions of the Plan and will in all respects be interpreted and construed in
such manner as to effectuate the intent of the Plan. In the event of a conflict between the terms of this Option and the Plan, the terms of the Plan will prevail. All matters of interpretation of the Plan and this Option, including the applicable
terms and conditions and the definitions of the words, will be determined in the sole and final discretion of the Committee or the Company's Board of Directors. 

(Remainder of this page left intentionally blank; continued on following page)

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         6.4. Attorney Fees. If any suit or action is instituted in connection with any controversy arising out of this Option or the enforcement of any right
hereunder, the prevailing party will be entitled to recover, in addition to costs, such sums as the court may adjudge reasonable as attorney fees, including fees on any appeal. 

	
 
		
 		
 
		
 		
 
		
 		
PREMIERWEST BANCORP
	
 	
 	
 	
 	
 	
 	
 
	
 	
 	
 	
 	
 	
 	
 
	
 	
 	
 	
 	
 	
 	
By:  _________________________
	
 	
 	
 	
 	
 	
 	
        John Anhorn, President & CEO
	
 	
 	
 	
 	
 	
 	
 
	
Attest:	
 	
 	
 	
 	
 	
 
	
 	
 	
 	
 	
 	
 	
 
	
By:	
 	
 	
 	
_________________	
 	
 
	
 	
 	
 	
 	
Richard Hieb , Secretary	
 	
 
	
 	
 	
 	
 	
 	
 	
OPTIONEE:
	
 	
 	
 	
 	
 	
 	
 
	
 	
 	
 	
 	
 	
 	
________________________________
	
 	
 	
 	
 	
 	
 	
 

5Exhibit 10.10 to Princeton National Bancorp, Inc. Form 10-K for fiscal year ended 12-31-2005

Exhibit 10.10
Amendment to Stock Option Agreement 

NON-QUALIFIED STOCK OPTION AGREEMENT

UNDER THE PRINCETON NATIONAL BANCORP, INC.

STOCK OPTION PLAN 

        THIS NON-QUALIFIED STOCK
OPTION AGREEMENT (the “Agreement”) is made as of this       day of
                        ,
between Princeton National Bancorp, Inc., a Delaware corporation (the “Company”), and(the “Optionee”).

        WHEREAS, the Company wishes
to align the interests of the Optionee with those of shareholders; 

        WHEREAS, on
                        ,
(the “Grant Date”), the Company’s Board of Directors granted non-qualified stock options to certain employees of
the Company and its Subsidiaries, including the Optionee; and 

        WHEREAS, the parties desire
to document the terms of stock option grants; 

        NOW THEREFORE, the parties
agree as follows: 

        1.       Grant
of Options.   The Company has granted
                 Non-Qualified Stock Options to
the Optionee (the “Options”). Each Option is exercisable at a price of $        
per share of the Company’s Stock (the “Option Price”).  

        2.       Vesting
of Options.   The Options are 100% vested and immediately exercisable.  

        3.       Expiration
of Options.   Unless otherwise determined by the Committee, to the extent not previously exercised, the Options
will expire on the earlier of, (a) the tenth anniversary of the Option Date; (b) three years after the Retirement, Disability or
death of the Optionee; or (c) the termination of employment of the Optionee for reasons other than Retirement, Disability or
death.  

        4.       Optionee
Rights.   No rights or privileges of a shareholder of the Company are conferred by reason of the granting of
the Options. The Optionee will not become a shareholder of the Company with respect to the Option Stock unless and until the
Options have been properly exercised and the Option Price fully paid for the number of the Options exercised.  

        5.       Transferability.   The
Options are not transferable, except by will or the laws of descent and distribution, however, the Directors Personnel, Policy and
Salary Committee (the “Committee”) has the discretion to allow for other Transfers of Options, but only to the extent
provided in the Plan and only when such Transfer would be considered a completed gift for tax purposes. If an Option is
transferred, it will continue to be subject to the terms and conditions of this Agreement, together with the Plan, and may not be
transferred again. If the Options are transferable during the Optionee’s lifetime, the Optionee will remain responsible for
all applicable withholding taxes upon the exercise of any transferred Options and will, prior to transferring any Options, notify
the Company of the anticipated Transfer. The Company shall not be required to provide to the transferee any notice of termination
of any of the Options. If the Optionee transfers an Option and dies before a transferred Option has been exercised, the Option
will automatically terminate upon the earlier of one year from the date of the Optionee’s death or the expiration of the
Option pursuant to this Agreement.  

        6.       Terms
of Options.   This Agreement, and the Options issued to the Optionee, are subject to all of the terms and
conditions set forth herein and in the Plan, as may be amended from time to time, a copy of which has been provided to Optionee.
To the extent that any conflict may exist between any term or provision of this Agreement and any term or provision of the Plan,
the Plan shall govern. Capitalized terms referenced, but not defined herein, will have the meaning attributed to them by the Plan.
THE OPTIONEE ACKNOWLEDGES THAT HE OR SHE HAS READ THE PLAN AND AGREES TO BE BOUND BY ITS TERMS. Pursuant to the Plan, the
Committee has authorized the Option Price and any applicable tax withholding liability associated with exercise of the Options to
be payable in cash, or by netting or withholding Option Stock granted pursuant to the Options being exercised. In such case, the
Committee may require that Optionee attest to the ownership of shares of Company Stock in a form acceptable to the Committee which
shall include a statement that, at the time of exercise, the shares have been owned by the Optionee for a period of 6 months (or
such other period that the Committee determines appropriate).  

        7.       Miscellaneous.   This
Agreement, together with the Plan, sets forth the complete agreement of the parties concerning the subject matter hereof,
superseding all prior agreements, negotiations and understandings. Nothing contained in this Agreement will confer upon the
Optionee any right with respect to the continuation of his or her employment status with the Company or its Subsidiaries. This
Agreement shall be binding upon, and shall inure to the benefit of, the Company and the Optionee, and their respective heirs,
personal legal representatives and successors. No change or modification of this Agreement shall be valid unless the same is in
writing and signed by the parties hereto; provided, however, that the Optionee hereby covenants and agrees to execute any
amendment to this Agreement which shall be required or desirable (in the opinion of the Company or its counsel) in order to comply
with the laws governing this Agreement. This Agreement will be governed by the substantive law of the State of Illinois and may be
executed in counterparts.  

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

	ATTEST: 	 	PRINCETON NATIONAL BANCORP, INC. 
	 
	  
	    	By:   	/s/    

	V.P. – Investor Relations 	 	   	Chairman of the Board 
	 
	 

	    	Optionee:   	    

	    	   	Optionee

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