Document:

EXHIBIT
10.2

 

FORM
OF

PACIFIC PREMIER BANCORP INC.

2004 LONG-TERM INCENTIVE PLAN

 

INCENTIVE
STOCK OPTION AGREEMENT

 

Stock Option Agreement (this “Option Agreement”), dated as of
                              
(the “Grant Date”), between Pacific Premier Bancorp, Inc. (the “Company”) and
                                                
(the “Participant”). This Option Agreement is pursuant to the terms of the
Pacific Premier Bancorp, Inc. 2004 Long-Term Incentive Plan (the “Plan”), a
copy of which has been furnished to the Participant and the terms of which are
incorporated herein by reference. Unless otherwise indicated, whenever
capitalized terms are used in this Option Agreement, they shall have the
meanings set forth in the Plan.

 

Section 1.  Grant of Options. 
The Participant is hereby granted an option representing
                       shares
of Common Stock (“Shares”) under the terms and conditions specified herein (the
“Option”). Such Option is intended to constitute an Incentive Stock
Option.   If the Option granted
hereunder fails to qualify as an Incentive Stock Option for any reason, then
the Option, or portion thereof that does not so qualify, shall be treated as a
Nonqualified Stock Option.   

 

Section 2.  Option Price. 
The exercise price of the Option shall be
$              per
share (the “Option Price”). 

 

Section 3.  Vesting of Option.

 

3.1                                 Vesting Schedule. 
The Option shall vest and become exercisable based on the passage of
time according to the following vesting schedule:

 

	
  Number of Shares

  	
   

  	
  Vesting
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

3.2                                 Accelerated Vesting. 
Notwithstanding Section 3.1, the Option shall become fully and
immediately vested and exercisable upon: (i) a Sale Event; or (ii) upon the
death, Disability or Retirement of the Participant as set forth in
Section 8.01(b) of the Plan.

 

3.3                                 Discretionary Vesting. 
The Board may, in its sole discretion, accelerate the vesting of the
Option at any time and for any reason.

 

Section 4.  Incentive Stock Option Limitation. Pursuant to section 422(d) of the
Code, to the extent the aggregate Fair Market Value of shares of Common Stock
with respect to which Incentive Stock Options are exercisable for the first
time by the Participant during any calendar year under all plans of the Company
and its subsidiaries exceeds $100,000, such options shall be treated as
Nonqualified Stock Options (the Company shall designate which options will be
treated as Nonqualified Stock Options).

 

Section 5.  Option Term. 
The Option may be exercised, to the extent that it is vested pursuant to
Section 3, during the Option Term, unless earlier terminated in accordance
with the terms of the Plan.  For
purposes hereof, the “Option Term” shall commence on the Grant Date and shall
expire on the tenth anniversary thereof. 
Upon the expiration of the Option Term, to the extent unexercised, the
Option shall terminate and be of no further force or effect.

 

Section 6.  Exercise of Option. An Option may be exercised by the
Participant (or such other person as may be specified in the Plan) to the
extent vested, with respect to whole shares only, by giving written notice to
the Company of exercise along with payment of the aggregate exercise
price.  The Option Price for the Shares
acquired pursuant to the exercise of the Option shall be paid: (i) in cash or
by check; (ii) in whole shares of Common Stock; or (iii) a combination of (i)
and (ii) above. The value of any share of Common Stock delivered in payment of
the Option Price shall be its Fair Market Value on the date the Option is
exercised.

 

Section 7.  Withholding of Taxes. 
The Company shall withhold from any amounts due and payable by the
Company to the Participant (or secure payment from the Participant in lieu of
withholding) the amount of any federal or state withholding or other taxes, if
any, due from the Company with respect to the exercise of the Option, and the
Company may defer such issuance until such withholding or payment is made
unless otherwise indemnified to its satisfaction with respect thereto. The
Company shall have the right to: (i) make deductions from any settlement of
this Option, including the delivery of Shares, or require Shares or cash, or
both, be withheld from any settlement of this Option, in each case in an amount
sufficient to satisfy the withholding obligation; or (ii) take such other
action as may be necessary or appropriate to satisfy the withholding
obligation.

 

Section 8.  Adjustments. 
If at any time while the Option is outstanding, the number of
outstanding shares of Common Stock is changed by reason of a reorganization,
recapitalization, stock split or any other event described in Article V of
the Plan, the number and/or kind of Shares subject to the Option and/or the
Option Price of such Shares shall be adjusted in accordance with the provisions
of the Plan.

 

Section 9.  Option Not Transferable. This Option may not be transferred,
pledged, assigned, hypothecated or otherwise disposed of in any way by the
Participant, except by will or

 

 

laws of descent
and distribution, and during the Participant’s life, may only be exercised by
the Participant.  Any attempt to effect
a transfer of this Option that is not otherwise permitted by the Board, the
Plan, or this Option Agreement shall be null and void. 

 

Section 10.  Disqualifying Disposition. If Shares acquired by exercise of the
Option are disposed of within two years following the Grant Date or one year
following the transfer of such Shares to the Participant upon exercise, the
Participant shall, promptly following such disposition, notify the Company in
writing of the date and terms of such disposition and provide such other
information regarding the disposition as the Board may reasonably require.

 

Section 11. 
No Rights as Shareholder or
Continued Employment. 

 

11.1                           No Right as Shareholder. The Participant shall not have any
privileges of a Shareholder of the Company with respect to any Shares subject
to (but not acquired upon valid exercise of) the Option, nor shall the Company
have any obligation to pay any dividends or otherwise afford any rights to which
Shares are entitled with respect to such Shares, until the date of the issuance
to the Participant of a stock certificate evidencing such Shares.

 

11.2                           No Right to Continued Employment. Nothing in this Option Agreement shall
confer upon a Participant who is an employee of the Company or any of its
subsidiaries any right to continue in the employ of the Company or any of its
subsidiaries or to interfere in any way with the right of the Company or any of
its subsidiaries to terminate the Participant’s employment at any time.

 

Section 12. 
Miscellaneous Provisions.

 

12.1                           Notices.  All notices,
requests and demands to or upon a party hereto shall be in writing and shall be
deemed to have been duly given when delivered by hand or three days after being
deposited in the mail, postage prepaid or, in the case of facsimile notice,
when received, addressed as follows or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt.

 

If to the Company, to the following address:

 

Pacific Premier Bancorp, Inc.

1600 Sunflower Avenue, 2nd Floor

Costa Mesa, California 92626

Attn: Steven R. Gardner, 

President and Chief Executive Officer

Facsimile: (714) 433-3080

 

If to the Participant, to
the address or facsimile number as shown on the signature page hereto.

 

12.2                           Amendment.  This Option
Agreement may be amended only by a writing executed by the parties hereto that
specifically states that it is amending this Option Agreement.

 

2

 

12.3                           Governing Law. This Option Agreement shall be
construed and interpreted in accordance with and governed by the laws of the
State of Delaware,  other than the
conflict of laws provisions of such laws.

 

3

 

12.4                           Titles.  Titles are
provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Option Agreement.

 

12.5                           Construction.  The construction of this Option Agreement is vested in the Board,
and the Board’s construction shall be final and conclusive on all persons.

 

4

 

IN
WITNESS WHEREOF,
this Option Agreement has been executed and delivered by the parties hereto.

 

	
  PARTICIPANT

  	
  PACIFIC PREMIER BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone number:

  	
   

  
	
   

  	
   

  	
   

  
	
  Facsimile:

  	
   

  

 

5EXHIBIT 10.3

 

FORM OF

PACIFIC PREMIER BANCORP, INC.
2004 LONG-TERM INCENTIVE PLAN

 

NONQUALIFIED
STOCK OPTION AGREEMENT

 

Stock Option Agreement (this “Option Agreement”), dated as of
                            
(the “Grant Date”), between Pacific Premier Bancorp, Inc. (the “Company”) and
                                            
(the “Participant”). This Option Agreement is pursuant to the terms of the
Pacific Premier Bancorp, Inc. 2004 Long-Term Incentive Plan (the “Plan”), a
copy of which has been furnished to the Participant and the terms of which are
incorporated herein by reference. Unless otherwise indicated, whenever
capitalized terms are used in this Option Agreement, they shall have the
meanings set forth in the Plan.

 

Section 1.  Grant of Options. 
The Participant is hereby granted an option representing
                 shares
of Common Stock (“Shares”) under the terms and conditions specified herein (the
“Option”). Such Option is a nonqualified Stock Option and is not intended to
constitute an Incentive Stock Option.

 

Section 2.  Option Price. 
The exercise price of the Option shall be
$                   
per share (the “Option Price”).

 

Section 3.  Vesting of Option.

 

3.1                                 Vesting Schedule. 
The Option shall vest and become exercisable based on the passage of
time according to the following vesting schedule:

 

	
  Number of Shares

  	
   

  	
  Vesting
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

3.2                                 Accelerated Vesting. 
Notwithstanding Section 3.1, the Option shall become fully and
immediately vested and exercisable upon: (i) a Sale Event; or (ii) upon the
death, Disability or Retirement of the Participant as set forth in
Section 8.01(b) of the Plan.

 

3.3                                 Discretionary Vesting. 
The Board may, in its sole discretion, accelerate the vesting of the
Option at any time and for any reason.

 

Section 4.  Option Term. The Option may be exercised, to the
extent that it is vested pursuant to Section 3, during the Option Term,
unless earlier terminated in accordance with the

 

 

terms of the
Plan.  For purposes hereof, the “Option
Term” shall commence on the Grant Date and shall expire on the tenth
anniversary thereof.  Upon the
expiration of the Option Term, to the extent unexercised, the Option shall
terminate and be of no further force or effect.

 

Section 5.  Exercise of Option. An Option may be exercised by the
Participant (or such other person as may be specified in the Plan) to the
extent vested, with respect to whole shares only, by giving written notice to
the Company of exercise along with payment of the aggregate exercise price.  The Option Price for the Shares acquired
pursuant to the exercise of the Option shall be paid: (i) in cash or by check;
(ii) in whole shares of Common Stock; or (iii) a combination of (i) and (ii)
above. The value of any share of Common Stock delivered in payment of the
Option Price shall be its Fair Market Value on the date the Option is
exercised.

 

Section 6.  Withholding of Taxes. 
The Company shall withhold from any amounts due and payable by the
Company to the Participant (or secure payment from the Participant in lieu of
withholding) the amount of any federal or state withholding or other taxes, if
any, due from the Company with respect to the exercise of the Option, and the
Company may defer such issuance until such withholding or payment is made
unless otherwise indemnified to its satisfaction with respect thereto. The
Company shall have the right to: (i) make deductions from any settlement of
this Option, including the delivery of Shares, or require Shares or cash, or
both, be withheld from any settlement of this Option, in each case in an amount
sufficient to satisfy the withholding obligation; or (ii) take such other
action as may be necessary or appropriate to satisfy the withholding
obligation.

 

Section 7.  Adjustments. 
If at any time while the Option is outstanding, the number of
outstanding shares of Common Stock is changed by reason of a reorganization,
recapitalization, stock split or any other event described in Article V of
the Plan, the number and/or kind of Shares subject to the Option and/or the Option
Price of such Shares shall be adjusted in accordance with the provisions of the
Plan.

 

Section 8.  Option Not Transferable. This Option may not be transferred,
pledged, assigned, hypothecated or otherwise disposed of in any way by the
Participant, except by will or laws of descent and distribution, and during the
Participant’s life, may only be exercised by the Participant.  Any attempt to effect a transfer of this
Option that is not otherwise permitted by the Board, the Plan, or this Option
Agreement shall be null and void.

 

Section 9. 
No Rights as Shareholder or
Continued Employment.

 

9.1                                 No Right as Shareholder. The Participant shall not have any
privileges of a Shareholder of the Company with respect to any Shares subject
to (but not acquired upon valid exercise of) the Option, nor shall the Company
have any obligation to pay any dividends or otherwise afford any rights to
which Shares are entitled with respect to such Shares, until the date of the
issuance to the Participant of a stock certificate evidencing such Shares.

 

9.2                                 No Right to Continued Employment. Nothing in this Option Agreement shall
confer upon a Participant who is an employee of the Company or any of its
subsidiaries any right to continue in the employ of the Company or any of its
subsidiaries or to interfere in any way

 

2

 

with the right of
the Company or any of its subsidiaries to terminate the Participant’s
employment at any time.

 

Section 10. 
Miscellaneous Provisions.

 

10.1                           Notices.  All notices,
requests and demands to or upon a party hereto shall be in writing and shall be
deemed to have been duly given when delivered by hand or three days after being
deposited in the mail, postage prepaid or, in the case of facsimile notice, when
received, addressed as follows or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt.

 

If to the Company, to the following address:

 

Pacific Premier Bancorp, Inc.

1600 Sunflower Avenue, 2nd Floor

Costa Mesa, California  92626

Attn: Steven R. Gardner,

President and Chief Executive Officer

Facsimile: (714) 433-3080

 

If to the Participant, to
the address or facsimile number as shown on the signature page hereto.

 

10.2                           Amendment.  This Option
Agreement may be amended only by a writing executed by the parties hereto that
specifically states that it is amending this Option Agreement.

 

10.3                           Governing Law. This Option Agreement shall be
construed and interpreted in accordance with and governed by the laws of the
State of Delaware,  other than the
conflict of laws provisions of such laws.

 

10.4                           Titles.  Titles are
provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Option Agreement.

 

10.5                           Construction. 
The construction of this Option Agreement is vested in the Board, and
the Board’s construction shall be final and conclusive on all persons.

 

3

 

IN
WITNESS WHEREOF,
this Option Agreement has been executed and delivered by the parties hereto.

 

 

	
  PARTICIPANT

  	
  PACIFIC PREMIER BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   Name:

  	
   Name:

  
	
   

  	
   

  
	
   

  	
   Title:

  
	
   

  	
   

  	
   

  
	
   Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   Telephone number:

  	
   

  
	
   

  	
   

  	
   

  
	
   Facsimile:

  	
   

  

 

4

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