DEATH OR DISABILITY: If an optionee’s employment or service on the Board is terminated by death or disability, such optionee or such optionee’s qualified representative (in the event of the optionee’s mental disability) or the optionee’s estate (in the event of optionee’s death) shall have the right for a period of twelve (12) months (or such longer period as the Board or Committee may determine at the date of grant or during the term of the option) following the date of such death or disability to exercise the option to the extent the optionee was entitled to exercise such option on the date of the optionee’s death or disability; provided the actual date of exercise is in no event after the expiration of the term of the option. To the extent the option is not exercised within such period the option will terminate. An optionee’s “estate” shall mean the optionee’s legal representative or any person who acquires the right to exercise an option by reason of the optionee’s death. |
CAUSE: If by determination of the Board or Committee, an optionee’s employment is terminated (1) because such optionee has committed an act of embezzlement, fraud, dishonesty, breach of fiduciary duty to the Company, or deliberately disregarded the rules of the Company which resulted in loss, damage or injury to the Company, or (2) because the optionee has made any unauthorized disclosure of any of the secrets or confidential information of the Company, induced any client or customer of the Company to break any contract with the Company or induced any principal for whom the Company acts as agent to terminate such agency relations, or engaged in any conduct which constitutes unfair competition with the Company, or (3) if an optionee (including an optionee who is a director) is removed from any office of the Company or from the Company’s Board by any bank regulatory agency, the optionee shall have the right for a period of thirty (30) days to exercise the option to the extent the option was exercisable on the date of termination; provided that the date of exercise is in no event after the expiration of the term of the option. To the extent the option is not exercised within such period the option will terminate. In making any determination pursuant to this paragraph, the Board or Committee shall act fairly and shall give the optionee whose employment status has been terminated an opportunity to appear and be heard at a hearing before the full Board or Committee and present evidence on the optionee’s behalf. For the purpose of this paragraph, termination of employment status shall be deemed to occur when the Company dispatches notice or advice to the optionee that the optionee’s employment status is terminated (or in the event of removal in the case of a director), and not at the time of optionee’s receipt thereof. |
OTHER REASONS: If an optionee’s employment or service on the Board is terminated for any reason other than those mentioned above under “Death or Disability” and “Cause,” the optionee may, within three (3) months (or such longer period as the Board or Committee may determine at the date of grant or during the term of the option) following such termination, exercise the option to the extent such option was exercisable on the date of termination of the optionee’s employment or director status; provided the date of exercise is in no event after the expiration of the term of the option and provided further that any option which is exercised more than three (3) months following termination shall be treated as a nonstatutory option whether or not it was designated as such at the time it was granted. To the extent the option is not exercised within such period the option will terminate. |
CENTRAL COAST BANCORP | |||||
Dated:_________________________ | By:________________________ | ||||
___________________________ | |||||
[TYPE OR PRINT NAME/TITLE] |
The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board of Directors or the Committee upon any questions arising under the 2004 Plan. |
OPTIONEE | |||||
Dated:_________________________ | _________________________ | ||||
__________________________ | |||||
[TYPE OR PRINT NAME/TITLE] |
CENTRAL COAST BANCORP | |||||
Dated:_________________________ | By:________________________ | ||||
___________________________ | |||||
[TYPE OR PRINT NAME/TITLE] |
The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board of Directors or the Committee upon any questions arising under the 2004 Plan. |
OPTIONEE | |||||
Dated:_________________________ | _________________________ | ||||
__________________________ | |||||
[TYPE OR PRINT NAME/TITLE] |