Common use of Stock Options Granted as of Effective Date Clause in Contracts

Stock Options Granted as of Effective Date. Under Section 4.1(b)(ii) of the Agreement, the Executive is deemed to have been granted certain stock options as of the Effective Date, at the option price of $20.00 per share, and the number of shares of Bank common stock covered by such options is set forth below. Although such options have not been issued under the authority of the Bank’s 2004 Stock Incentive Plan (the “Plan”), such option grants incorporate by reference certain of the terms and provisions of Plan as a matter of convenience.