Document:

ex10-2.htm

    

    EXHIBIT
      A

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SOMERSET
      HILLS BANCORP

     

    Nonstatutory
      Stock Option Agreement

    Granted
      Under 2007 Equity Incentive Plan

     

     

    1.           Grant
      of Option.

     

    This
      agreement evidences the grant by Somerset Hills Bancorp, a New Jersey
      corporation (the “Company”), on
           , 200[ ]
      (the “Grant Date”)
      to [                  ],
      an [employee], [consultant], [director] of the Company (the “Participant”), of
      an option to purchase, in whole or in part, on the terms provided herein and
      in
      the Company’s 2007 Equity Incentive Plan (the “Plan”), a total of
      [                
 ] shares (the “Shares”) of common stock,
      without par value per share, of the Company (“Common
      Stock”) at
      $[          ] per
      Share.  Unless earlier terminated, this option shall expire at 5:00
      p.m., Eastern time, on [_______] (the “Final Exercise
      Date”).

     

    It
      is
      intended that the option evidenced by this agreement shall not be an incentive
      stock option as defined in Section 422 of the Internal Revenue Code of 1986,
      as
      amended, and any regulations promulgated thereunder (the
“Code”).  Except as otherwise indicated by the context, the term
“Participant”, as used in this option, shall be deemed to include any person who
      acquires the right to exercise this option validly under its terms. Defined
      terms used herein and not otherwise defined shall have the meanings ascribed
      to
      them under the Plan, which is incorporated into and made a part of this
      Agreement.

     

     

    2.           Vesting
      Schedule.

     

    This
      option will become exercisable (“vest”) as follows:

     

    
      	
              DATE

            	
              NUMBER
                OF SHARES

               

            
	
               

               

            	 
	
               

               

            	 
	
               

               

            	 
	
               

               

            	 
	
               

               

            	 

    

    

     

    Notwithstanding
      the foregoing, upon the occurrence of a Change In Control Event, this option
      shall immediately become exercisable for all Shares listed under Section
      1.

     

    The
      right
      of exercise shall be cumulative so that to the extent the option is not
      exercised in any period to the maximum extent permissible it shall continue
      to
      be exercisable, in whole or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    in
      part,
      with respect to all Shares for which it is vested until the earlier of the
      Final
      Exercise Date or the termination of this option under Section 3 hereof or the
      Plan.

     

     

    3.           Exercise
      of Option.

     

     

    (a)           Form
      of Exercise.  Each election to exercise this option shall be in
      writing in the form attached hereto as Exhibit A, signed by the
      Participant, and received by the Company at its principal office, accompanied
      by
      this agreement, and payment in full in the manner provided in the
      Plan.  The Participant may purchase less than the number of shares
      covered hereby, provided that no partial exercise of this option may be for
      any
      fractional share.

     

     

    (b)           Continuous
      Relationship with the Company Required.  Except as otherwise
      provided in this Section 3, this option may not be exercised unless the
      Participant, at the time he or she exercises this option, is, and has been
      at
      all times since the Grant Date, an employee or officer or director of, or
      consultant or advisor to, the Company or any other entity the employees,
      officers, directors, consultants, or advisors of which are eligible to receive
      option grants under the Plan (an “Eligible Participant”).

     

     

    (c)           Termination
      of Relationship with the Company.  If the Participant ceases to be
      an Eligible Participant for any reason, then, except as provided in
      paragraphs (d) and (e) below, the right to exercise this option shall
      terminate three months after such cessation (but in no event after the Final
      Exercise Date), providedthat this option shall be exercisable only
      to the extent that the Participant was entitled to exercise this option on
      the
      date of such cessation.  Notwithstanding the foregoing, if the
      Participant, prior to the Final Exercise Date, violates the non-competition
      or
      confidentiality provisions of any employment contract, confidentiality and
      nondisclosure agreement or other agreement between the Participant and the
      Company, the right to exercise this option shall terminate immediately upon
      written notice to the Participant from the Company describing such
      violation.

     

     

    (d)           Exercise
      Period Upon Death or Disability.  If the Participant dies or
      becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior
      to the Final Exercise Date while he or she is an Eligible Participant and the
      Company has not terminated such relationship for “cause” as specified in
      paragraph (e) below, this option shall be exercisable, within the period of
      one
      year following the date of death or disability of the Participant, by the
      Participant (or in the case of death by an authorized transferee),
providedthat this option shall be exercisable only to the extent
      that this option was exercisable by the Participant on the date of his or her
      death or disability, and further provided that this option shall not be
      exercisable after the Final Exercise Date.

     

     

    (e)           Discharge
      for Cause.  If the Participant, prior to the Final Exercise Date,
      is discharged by the Company for “cause” (as defined below), the right to
      exercise this option shall terminate immediately upon the effective date of
      such
      discharge.  “Cause” shall mean willful misconduct by the Participant
      or willful failure by the Participant to perform his or her responsibilities
      to
      the Company (including, without limitation, breach by the Participant of any
      provision of any employment, consulting, advisory, nondisclosure,
      non-competition or other similar agreement between the Participant and the
      Company), as determined by the Company, which determination shall be
      conclusive.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.           Withholding.

     

     

    No
      Shares
      will be issued pursuant to the exercise of this option unless and until the
      Participant pays to the Company, or makes provision satisfactory to the Company
      for payment of, any federal, state or local withholding taxes required by law
      to
      be withheld in respect of this option.

     

     

    5.           Nontransferability
      of Option.

     

     

    An
      Option
      granted hereunder may only be transferred or assigned by a Participant to an
      (i)
      immediate family member, (ii) a trust, benefit plan or similar arrangement
      established for the benefit of a Participant or one or more immediate family
      members, or (iii) to a limited liability company, partnership, limited
      partnership or similar entity consisting of, at the time of transfer or
      assignment, the Participant and one or more immediate family
      members.  For purposes of this provision, the term "immediate family
      member" means a Participant's spouse, parents, children (whether biological,
      by
      adoption or by marriage) grandchildren and great
      grandchildren.  Except as permitted under this Section 5, and except
      for transfers undertaken pursuant to will or by the laws of decent and
      distribution, Options granted hereunder shall not be transferable or
      assignable.

     

     

    Provisions
      of the Plan.

     

     

    This
      option is subject to the provisions of the Plan, a copy of which is furnished
      to
      the Participant with this option.

     

     

    IN
      WITNESS WHEREOF, the Company has caused this option to be executed under its
      corporate seal by its duly authorized officer.  This option shall take
      effect as a sealed instrument.

     

    

      
        
          
            
              
                	 	
                        SOMERSET
                          HILLS BANCORP

                         

                      
	
                        Dated:
                           ________________                      

                      	
                        By:

                      	  
	 	 	
                        Name:

                      	 
	 	 	
                        Title:

                      	 

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    PARTICIPANT’S
      ACCEPTANCE

     

    The
      undersigned hereby accepts the foregoing option and agrees to the terms and
      conditions thereof.  The undersigned hereby acknowledges receipt of a
      copy of the Company’s 2007 Equity Incentive Plan.

     

    
      
        	 	
                PARTICIPANT:

              	 
	 	
                 

              	 
	 	
                Address:

              	
                 

              	 
	 	 	
                 

              	 

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    NOTICE
      OF STOCK OPTION EXERCISE

     

    Date:
      _____

     

    _____________________

    _____________________

    _____________________

     

    Attention:  Treasurer

    

    Dear
      Sir
      or Madam:

     

    I
      am the
      holder of a Stock Option granted to me under the Somerset Hills Bancorp (the
      “Company”) 2007 Equity Incentive Plan on _________ for the purchase of
      __________ shares of Common Stock of the Company at a purchase price of
      $__________ per share.

     

    I
      hereby
      exercise my option to purchase _________ shares of Common Stock (the “Shares”),
      for which I have enclosed__________in the amount of ________.  Please
      register my stock certificate as follows:

     

    
      
        	 	
                Name(s):

              	 	 
	 	 	
                 

              	 
	 	
                Address:

              	
                 

              	 
	 	
                Tax
                  I.D. #:

              	 	 
	 	 	 	 
	
                Very
                  truly yours,

              
	
                _____________________________

              
	
                (Signature)ex10-3.htm

    

     

    SOMERSET
      HILLS BANCORP

     

    Incentive
      Stock Option Agreement

    Granted
      Under 2007 Equity Incentive
      Plan

     

     

    1.           Grant
      of Option.

     

     

    This
      agreement evidences the grant by Somerset Hills Bancorp, a New Jersey
      corporation (the “Company”), on
                     ,
      200[ ] (the “Grant Date”) to
      [                  ],
      an employee of the Company (the “Participant”), of an option to purchase, in
      whole or in part, on the terms provided herein and in the Company’s 2007 Equity
      Incentive Plan (the “Plan”), a total of
      [                
 ] shares (the “Shares”) of common stock, without par value, of the
      Company (“Common Stock”) at
      $[          ] per
      Share.  Unless earlier terminated, this option shall expire at 5:00
      p.m., Eastern time, on [_______] (the “Final Exercise
      Date”).

     

     

    It
      is
      intended that the option evidenced by this agreement shall be an incentive
      stock
      option as defined in Section 422 of the Internal Revenue Code of 1986, as
      amended, and any regulations promulgated thereunder (the
“Code”).  Except as otherwise indicated by the context, the term
“Participant”, as used in this option, shall be deemed to include any person who
      acquires the right to exercise this option validly under its terms. Defined
      terms used herein and not otherwise defined shall have the meanings ascribed
      to
      them under the Plan, which is incorporated into and made a part of this
      Agreement.

     

     

    2.           Vesting
      Schedule.

     

     

    This
      option will become exercisable (“vest”) as follows:

     

    
      	
              DATE

               

            	
              NUMBER
                OF SHARES

            
	
               

               

            	 
	 	
               

               

            
	
               

               

            	 
	 	
               

               

            

    

     

    Notwithstanding
      the foregoing, upon the occurrence of a Change In Control Event, this option
      shall immediately become exercisable for  all Shares listed under
      Section 1.

     

     

    The
      right
      of exercise shall be cumulative so that to the extent the option is not
      exercised in any period to the maximum extent permissible it shall continue
      to
      be exercisable, in whole or in part, with respect to all Shares for which it
      is
      vested until the earlier of the Final Exercise Date or the termination of this
      option under Section 3 hereof or the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.           Exercise
      of Option.

     

     

    (a)           Form
      of Exercise.  Each election to exercise this option shall be in
      writing in the form attached hereto as Exhibit A, signed by the
      Participant, and received by the Company at its principal office, accompanied
      by
      this agreement, and payment in full in the manner provided in the
      Plan.  The Participant may purchase less than the number of shares
      covered hereby, provided that no partial exercise of this option may be for
      any
      fractional share.

     

     

    (b)           Continuous
      Relationship with the Company Required.  Except as otherwise
      provided in this Section 3, this option may not be exercised unless the
      Participant, at the time he or she exercises this option, is, and has been
      at
      all times since the Grant Date, an employee or officer of the Company or any
      parent or subsidiary of the Company as defined in Section 424(e) or (f) of
      the
      Code (an “Eligible Participant”).

     

     

    (c)           Termination
      of Relationship with the Company.  If the Participant ceases to be
      an Eligible Participant for any reason, then, except as provided in
      paragraphs (d) and (e) below, the right to exercise this option shall
      terminate three months after such cessation (but in no
      event after the Final Exercise Date), providedthat this option
      shall be exercisable only to the extent that the Participant was entitled to
      exercise this option on the date of such cessation.  Notwithstanding
      the foregoing, if the Participant, prior to the Final Exercise Date, violates
      the non-competition or confidentiality provisions of any employment contract,
      confidentiality and nondisclosure agreement or other agreement between the
      Participant and the Company, the right to exercise this option shall terminate
      immediately upon written notice to the Participant from the Company describing
      such violation.

     

     

    (d)           Exercise
      Period Upon Death or Disability.  If the Participant dies or
      becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior
      to the Final Exercise Date while he or she is an Eligible Participant and the
      Company has not terminated such relationship for “cause” as specified in
      paragraph (e) below, this option shall be exercisable, within the period of
      one
      year following the date of death or disability of the Participant, by the
      Participant (or in the case of death by an authorized transferee),
providedthat this option shall be exercisable only to the extent
      that this option was exercisable by the Participant on the date of his or her
      death or disability, and further provided that this option shall not be
      exercisable after the Final Exercise Date.

     

     

    (e)           Discharge
      for Cause.  If the Participant, prior to the Final Exercise
      Date, is discharged by the Company for “cause” (as defined below), the right to
      exercise this option shall terminate immediately upon the effective date of
      such
      discharge.  “Cause” shall mean willful misconduct by the Participant
      or willful failure by the Participant to perform his or her responsibilities
      to
      the Company (including, without limitation, breach by the Participant of any
      provision of any employment, consulting, advisory, nondisclosure,
      non-competition or other similar agreement between the Participant and the
      Company), as determined by the Company, which determination shall be
      conclusive.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.           Tax
      Matters.

     

     

    (a)           Withholding.  No
      Shares will be issued pursuant to the exercise of this option unless and until
      the Participant pays to the Company, or makes provision satisfactory to the
      Company for payment of, any federal, state or local withholding taxes required
      by law to be withheld in respect of this option.

     

     

    (b)           Disqualifying
      Disposition.  If the Participant disposes of Shares acquired upon
      exercise of this option within two years from the Grant Date or one year after
      such Shares were acquired pursuant to exercise of this option, the Participant
      shall notify the Company in writing of such disposition.

     

     

    5.           Nontransferability
      of Option.

     

     

    This
      option may not be sold, assigned, transferred, pledged or otherwise encumbered
      by the Participant, either voluntarily or by operation of law, except by will
      or
      the laws of descent and distribution, and, during the lifetime of the
      Participant, this option shall be exercisable only by the
      Participant.

     

     

    6.           Provisions
      of the Plan.

     

     

    This
      option is subject to the provisions of the Plan, a copy of which is furnished
      to
      the Participant with this option.

     

     

    IN
      WITNESS WHEREOF, the Company has caused this option to be executed under its
      corporate seal by its duly authorized officer.  This option shall take
      effect as a sealed instrument.

    
       

      

        
          
            
              
                
                  	 	
                          SOMERSET
                            HILLS BANCORP

                           

                        
	
                          Dated:
                             ________________                      

                        	
                          By:

                        	  
	 	 	
                          Name:

                        	 
	 	 	
                          Title:

                        	 

                

              

            

          

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    PARTICIPANT’S
      ACCEPTANCE

     

    The
      undersigned hereby accepts the foregoing option and agrees to the terms and
      conditions thereof.  The undersigned hereby acknowledges receipt of a
      copy of the Company’s 2007 Equity Incentive Plan.

     

     

    
       

      
        
          	 	
                  PARTICIPANT:

                	 
	 	
                   

                	 
	 	
                  Address:

                	
                   

                	 
	 	 	
                   

                	 

        

      

      

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

     

    NOTICE
      OF STOCK OPTION EXERCISE

     

    Date:
      __________

     

    _____________________

    _____________________

    _____________________

     

    Attention:  Treasurer

    

    Dear
      Sir
      or Madam:

     

    I
      am the
      holder of _____________ Stock Option granted to me under the Somerset Hills
      Bancorp (the “Company”) 2007 Equity Incentive Plan on _________ for the purchase
      of __________ shares of Common Stock of the Company at a purchase price of
      $__________ per share.

     

    I
      hereby
      exercise my option to purchase _________ shares of Common Stock (the “Shares”),
      for which I have enclosed __________ in the amount of
      ________.  Please register my stock certificate as
      follows:

     

    
      
        	 	
                Name(s):

              	 	 
	 	 	
                 

              	 
	 	
                Address:

              	
                 

              	 
	 	
                Tax
                  I.D. #:

              	 	 
	 	 	 	 
	
                Very
                  truly yours,

              
	
                _____________________________

              
	
                (Signature)

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