Cessation of Employment. Except as provided in Paragraphs 2 and 5 hereof, if Optionee shall cease to be an employee of the Bank or a subsidiary corporation for any reason other than Optionee's death or disability [as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended from time to time (the "Code")], this option shall expire three (3) months thereafter. During the three (3) month period this option shall be exercisable only as to those installments, if any, which had accrued as of the date when Optionee ceased to be an employee of the Bank or a subsidiary corporation.
Appears in 4 contracts
Samples: Incentive Stock Option Agreement (Community Valley Bancorp), Incentive Stock Option Agreement (Community Valley Bancorp), Incentive Stock Option Agreement (United Security Bancshares)
Cessation of Employment. Except as provided in Paragraphs 2 and 5 hereof, if Optionee shall cease to be an employee of employed by the Bank or a subsidiary corporation for any reason other than Optionee's death or disability [(as defined in Section 22(e)(3105(d)(4) of the Internal Revenue Code of 1986, as amended from time to time (the "Code"time)], this option shall expire three (3) months 90 days thereafter. During the three (3) three-month period this option shall be exercisable only as to those installments, if any, which had accrued as of the date when the Optionee ceased to be an employee of employed by the Bank or a the subsidiary corporation.
Appears in 4 contracts
Samples: Incentive Stock Option Agreement (Plumas Bancorp), Incentive Stock Option Agreement (Plumas Bancorp), Incentive Stock Option Agreement (Plumas Bancorp)
Cessation of Employment. Except as provided in Paragraphs 2 and 5 hereof, if Optionee shall cease to be an employee of employed by the Bank or a subsidiary corporation for any reason other than Optionee's death or disability [(as defined in Section 22(e)(3105(d)(4) of the Internal Revenue Code of 1986, as amended from time to time (the "Code"time)], this option Option shall expire three (3) months thereafter. During the three (3) month period this option Option shall be exercisable only as to those installments, if any, which had accrued as of the date when Optionee ceased to be an employee of employed by the Bank or a the subsidiary corporation.
Appears in 3 contracts
Samples: Incentive Stock Option Agreement (Western Sierra Bancorp), Stock Option Agreement (Western Sierra Bancorp), Stock Option Agreement (Western Sierra Bancorp)
Cessation of Employment. Except as provided in Paragraphs 2 and 5 hereof, if Optionee shall cease to be an employee of employed by the Bank Company or a subsidiary corporation for any reason other than Optionee's death or disability [(as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended from time to time (the "Code"time)], this option shall expire three (3) months 90 days thereafter. During the three (3) month 90 day period this option shall be exercisable only as to those installments, if any, which had accrued as of the date when the Optionee ceased to be an employee of employed by the Bank Company or a the subsidiary corporation.
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Samples: Incentive Stock Option Agreement (Valley Commerce Bancorp)
Cessation of Employment. Except as provided in Paragraphs 2 and 5 hereof, if Optionee shall cease to be an employee of employed by the Bank or a subsidiary corporation for any reason other than Optionee's death or disability [(as defined in Section 22(e)(3105(d)(4) of the Internal Revenue Code of 1986, as amended from time to time (the "Code"time)], this option shall expire three (3) months 90 days thereafter. During the three (3) month 90 day period this option shall be exercisable only as to those installments, if any, which had accrued as of the date when the Optionee ceased to be an employee of employed by the Bank or a the subsidiary corporation.
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