Common use of Conversion of Stock Options Clause in Contracts

Conversion of Stock Options. On the Effective Date, all rights with respect to Bank Common Stock pursuant to stock options ("Bank Options") granted by the Bank under a Bank stock option plan (the "Bank Stock Option Plan") which are outstanding on the Effective Date, whether or not they are exercisable, shall be converted into and become rights with respect to Holding Company Common Stock, and the Holding Company shall assume each Bank Option in accordance with the terms of the stock option plan under which it was issued and the stock option agreement by which it is evidenced. From the Effective Date forward, (i) each Bank Option assumed by the Holding Company may be exercised solely for shares of Holding Company Common Stock, (ii) the number of shares of Holding Company Common Stock subject to each Bank Company Option shall be equal to the number of shares of Bank Common Stock subject to such option immediately prior to the Effective Date and (iii) the per share exercise price under each such Bank Option shall be the per share exercise price under each such option prior to the Effective Date and (iv) the terms and conditions of the Bank Stock Option Plan shall be converted into and deemed to be the terms and conditions of the outstanding Holding Company Stock Option Plan which shall be effective on and continue after the Effective Date.

Conversion of Stock Options. (a) On the Effective Date, all rights with respect to Bank Common Stock pursuant to stock options ("“Bank Options"”) granted by the Bank under a the SuffolkFirst Bank stock option plan 2003 Stock Option Plan (the "“Bank Stock Option Plan"”) which are outstanding on the Effective Date, whether or not they are exercisable, shall be converted into and become rights with respect to Holding Company Common Stock, and the Holding Company shall assume each Bank Option in accordance with the terms of the stock option plan Bank Stock Option Plan under which it was issued and the stock option agreement by which it is evidenced. . (b) From the Effective Date forward, , (i) each Bank Option assumed by the Holding Company may be exercised solely for shares of Holding Company Common Stock, and (ii) the number of shares of Holding Company Common Stock subject to each Bank Company Option shall be equal to the number of shares of Bank Common Stock subject to such option immediately prior to the Effective Date and and (iii) the per share exercise price under each such Bank Option shall be the per share exercise price under each such option prior to the Effective Date and and (iv) the terms and conditions of the Bank Stock Option Plan shall be converted into and deemed to be the terms and conditions of the outstanding Holding Company Stock Option Plan which shall be effective on and continue after the Effective Date.. The name of the Corporation is First Bankshares, Inc.

Conversion of Stock Options. (a) On the Effective Date, all rights with respect to Bank Common Stock pursuant to stock options ("“Bank Options"”) granted by the Bank under a Bank stock option plan the Bank’s 1999 Stock Option Plan (the "“Bank Stock Option Plan"”) which are outstanding on the Effective Date, whether or not they are exercisable, shall be converted into and become rights with respect to Holding Company Common Stock, and the Holding Company shall assume each Bank Option in accordance with the terms of the stock option plan Bank Stock Option Plan under which it was issued and the stock option agreement by which it is evidenced. . (b) From the Effective Date forward, , (i) each Bank Option assumed by the Holding Company may be exercised solely for shares of Holding Company Common Stock, and (ii) the number of shares of Holding Company Common Stock subject to each Bank Company Option shall be equal to the number of shares of Bank Common Stock subject to such option immediately prior to the Effective Date and and (iii) the per share exercise price under each such Bank Option shall be the per share exercise price under each such option prior to the Effective Date and and (iv) the terms and conditions of the Bank Stock Option Plan shall be converted into and deemed to be the terms and conditions of the outstanding Holding Company Stock Option Plan which shall be effective on and continue after the Effective Date.

Conversion of Stock Options. (a) On the Effective Date, all rights with respect to Bank Common Stock pursuant to stock options ("“Bank Options"”) granted by the Bank under a Bank stock option plan the Bank’s 1999 Stock Option Plan (the "“Bank Stock Option Plan"”) which are outstanding on the Effective Date, whether or not they are exercisable, shall be converted into and become rights with respect to Holding Company Common Stock, and the Holding Company shall assume each Bank Option in accordance with the terms of the stock option plan Bank Stock Option Plan under which it was issued and the stock option agreement by which it is evidenced. . (b) From the Effective Date forward, , (i) each Bank Option assumed by the Holding Company may be exercised solely for shares of Holding Company Common Stock, and (ii) the number of shares of Holding Company Common Stock subject to each Bank Company Option shall be equal to the number of shares of Bank Common Stock subject to such option immediately prior to the Effective Date and and (iii) the per share exercise price under each such Bank Option shall be the per share exercise price under each such option prior to the Effective Date and and (iv) the terms and conditions of the Bank Stock Option Plan shall be converted into and deemed to be the terms and conditions of the outstanding Holding Company Stock Option Plan which shall be effective on and continue after the Effective Date.