Common use of Long-Term Incentive Programs Clause in Contracts

Long-Term Incentive Programs. All benefits under any long term incentive programs in which the Officer was entitled to participate, including, but not limited to, shareholder value plans, stock option plans, stock awards, or stock bonuses shall be immediately payable by Bank and any benefit carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested. The restrictions, deferral limitations and forfeiture conditions applicable to any other award granted to Officer shall lapse and such awards shall be deemed fully vested and any performance conditions imposed with respect to awards shall be deemed to be fully achieved. For a period of three (3) years following a Change in Control, the Officer shall have the right to exercise any stock options.

Long-Term Incentive Programs. All benefits under any long long-term incentive programs in which the Officer was entitled to participate, including, but not limited to, shareholder value plans, stock option plans, stock awards, or stock bonuses shall be immediately payable by Bank and any benefit carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested. The restrictions, deferral limitations limitations, and forfeiture conditions applicable to any other award granted to Officer shall lapse and such awards shall be deemed fully vested and any performance conditions imposed with respect to awards shall be deemed to be fully achieved. For a period of three (3) years following a Change in Control, the Officer shall have the right to exercise any stock options.