Common use of Stock Subject to Plan Clause in Contracts

Stock Subject to Plan. The maximum number of shares of Common Stock available for Grants and Awards under the Plan shall be 337,500, of which 62,500 shall be available only as Reload Options. Such maximum number of shares of Common Stock is subject to adjustment as provided in Article XI. Shares of Common Stock subject to Grants and Awards under the Plan may be authorized but previously unissued shares of Common Stock or previously issued shares of Common Stock reacquired by the Company. The grant of a Reload Option under the Plan, by restoring an option opportunity on the number of shares of Common Stock surrendered to exercise an Original option, will encourage a Participant to maximize his ownership interest in the Company without reducing the percentage interests of shareholders. If any shares of Restricted Stock are forfeited for which the Participant did not receive any benefits of ownership (other than voting rights), or if any option or any SAR terminates without being exercised, or if any SAR is exercised for cash, shares of Common Stock subject to such Grants or Awards shall be available for distribution in connection with Grants or Awards under the Plan.

Appears in 1 contract

Samples: Virginia First Financial Corp

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Stock Subject to Plan. The maximum number of shares of Common Stock available for Grants and Awards under the Plan shall be 337,500400,000, of which 62,500 80,000 shall be available only as Reload Options. Such maximum number of shares of Common Stock is subject to adjustment as provided in Article XI. Shares of Common Stock subject to Grants and Awards under the Plan may be authorized but previously unissued shares of Common Stock or previously issued shares of Common Stock reacquired by the Company. The grant of a Reload Option option under the Plan, by restoring an option opportunity on the number of shares of Common Stock surrendered to exercise an Original optionOption, will encourage a Participant to maximize his ownership interest in the Company without reducing the percentage interests of shareholders. If any shares of Restricted Stock are forfeited for which the Participant did not receive any benefits of ownership (other than voting rights), or if any option Option or any SAR terminates without being exercised, or if any SAR is exercised for cash, shares of Common Stock subject to such Grants or Awards shall be available for distribution in connection with Grants or Awards under the Plan.

Appears in 1 contract

Samples: Southern National Bancorp of Virginia Inc

Stock Subject to Plan. The maximum number of shares of Common Stock available for Grants and Awards under the Plan shall be 337,500150,000, of which 62,500 30,000 shall be available only as Reload Options. Such maximum number of shares of Common Stock is subject to adjustment as provided in Article XI. Shares of Common Stock subject to Grants and Awards under the Plan may be authorized but previously unissued shares of Common Stock or previously issued shares of Common Stock reacquired by the Company. The grant of a Reload Option option under the Plan, by restoring an option opportunity on the number of shares of Common Stock surrendered to exercise an Original optionOption, will encourage a Participant to maximize his ownership interest in the Company without reducing the percentage interests of shareholders. If any shares of Restricted Stock are forfeited for which the Participant did not receive any benefits of ownership (other than voting rights), or if any option Option or any SAR terminates without being exercised, or if any SAR is exercised for cash, shares of Common Stock subject to such Grants or Awards shall be available for distribution in connection with Grants or Awards under the Plan.

Appears in 1 contract

Samples: Eagle Financial Services Inc

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Stock Subject to Plan. The maximum number of shares of Common Stock available for Grants and Awards under the Plan shall be 337,500255,000, of which 62,500 14,100 shall be available only as Reload Options. Such maximum number of shares of Common Stock is subject to adjustment as provided in Article XI. Shares of Common Stock subject to Grants and Awards under the Plan may be authorized but previously unissued shares of Common Stock or previously issued shares of Common Stock reacquired by the Company. The grant of a Reload Option option under the Plan, by restoring an option opportunity on the number of shares of Common Stock surrendered to exercise an Original optionOption, will encourage a Participant to maximize his ownership interest in the Company without reducing the percentage interests of shareholders. If any shares of Restricted Stock are forfeited for which the Participant did not receive any benefits of ownership (other than voting rights), or if any option Option or any SAR terminates without being exercised, or if any SAR is exercised for cash, shares of Common Stock subject to such Grants or Awards shall be available for distribution in connection with Grants or Awards under the Plan.

Appears in 1 contract

Samples: Southern Community Financial Corp.

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