GRANT, TERMS AND CONDITIONS OF OPTIONS. (a) Effective January 29, 1996, subject to approval of the Plan by the stockholders of the Company, each Eligible Director has been granted an option hereunder to purchase 20,400 Shares. The options granted to such Eligible Directors shall be subject to vesting in three equal annual installments on the first three anniversary dates of the date of grant; provided, that only whole shares may be issued pursuant to the exercise of any option.
GRANT, TERMS AND CONDITIONS OF OPTIONS. Options may be granted at any time and from time to time prior to the termination of the Plan. The day on which the Committee approves the granting of an option shall for all purposes of this Plan be considered the date on which such option is granted. Except as hereinafter provided, Options granted pursuant to the Plan shall be subject to the following terms and conditions:
GRANT, TERMS AND CONDITIONS OF OPTIONS. Options may be granted at any time prior to the termination of the Plan to officers and other key, full-time salaried employees of the Bank who, in the judgment of the Board of Directors or the Committee, contribute to the successful conduct of the operation of the Bank through their judgment, interest, ability and special efforts and to nonemployee directors; provided, however, that: (i) an eligible officer or employee shall not participate in the granting of his or her own option; (ii) the aggregate fair market value of the stock (determined as of the date the option is granted) for which any one employee may be granted incentive stock options in any calendar year (under all stock option plans of the Bank) shall not exceed $100,000 plus any unused limit carryover to such year as provided in Section 422A of the Code; (iii) except in the case of termination by death or disability, as set forth in Section 5(c) below, the granted option must be exercised by the optionee no later than three (3) months after any termination of employment with the Bank and said employment must have been continuous since the granting of the option; and (iv) the total number of shares subject to options granted to any one optionee, at any one time, shall not exceed ten percent (10%) of the then issued and outstanding shares of Common Stock of the Bank. In addition, options granted pursuant to the Plan shall be subject to the following terms and conditions:
GRANT, TERMS AND CONDITIONS OF OPTIONS. Options granted pursuant to the Plan shall be evidenced by agreements in such form as the Committee shall recommend and the Board shall from time to time approve, which agreements shall be executed by the optionee and by an officer of the Bank designated by the Board or its Committee. Options may be granted at any time prior to the termination of the Plan to directors, officers and other employees of the Bank who, in the judgment of the Committee, contribute to the successful conduct of the operation of the Bank through their judgment, interest, ability and special efforts; provided, however, that: (i) the aggregate initial fair market value of the stock (determined as of the date the option is granted) that may be acquired by any one officer or employee pursuant to all incentive stock options granted under the Plan after 1986 that are exercisable for the first time during any one calendar year (taking into account all incentive stock options under any stock option plans of the Bank, any of its Affiliates and any predecessor of any such corporation) shall not exceed $100,000; (ii) except in the case of termination by death or disability, as set forth in Section 5(e) below, the granted option must be exercised by the optionee no later than three (3) months after any termination of office or employment with the Bank and said office or employment must have been continuous since the granting of the option. In addition, options granted pursuant to the Plan shall be subject to the following terms and conditions:
GRANT, TERMS AND CONDITIONS OF OPTIONS
