Common use of Grants to Directors Clause in Contracts

Grants to Directors. (i) Options to Directors shall be granted only pursuant to this Section 4(e). Immediately subsequent to the annual meeting of shareholders of the Company each year during the term of the Plan (the "Director Option Date"), commencing with the 1998 Director Option Date, each Director who was a Director immediately prior to such annual meeting and who physically attended at least 80% of the sum of (A) the meetings of the board of directors of the Bank Holding Company (if such person is a Director of the Bank Holding Company) and (B) the meetings of any subsidiary thereof of which such person is a Director (including for such purpose meetings of committees of which such person is a member) since the previous year's annual meeting (or, if such person became a Director after the previous year's annual meeting, during the time that such person was a Director) shall receive an Option to purchase 1,000 Shares of Common Stock. Each Director who was not a Director immediately prior to such annual meeting shall also receive an Option to purchase 1,