EXHIBIT 10.6
INTERMOUNTAIN COMMUNITY BANCORP
DIRECTOR STOCK OPTION AGREEMENT
This Director Stock Option Agreement ("Agreement") is entered into by and
between Panhandle Bancorp ("Bancorp") and the Director, named below.
1. Pursuant to Bancorp's Director Stock Option Plan (the "Plan") and subject
to the terms of this Agreement, Bancorp hereby grants the following
irrevocable incentive stock option ("Option"):
Director: ____________________________________________________
Option Shares: ________________________ Exercise Price: _____________
Date of Grant: ________________________ Date of Termination: ________
Vesting Schedule: This Option will become exercisable as to
___________(___) Shares on each of the first five (5) anniversary dates
from the Date of Grant.
2. Pursuant to this Option, the Director has the option to purchase the stated
number of Option Shares of the common stock of Bank at the Exercise Price,
payable on the date of exercise. This Option is granted as of the Date of
Grant, and shall terminate on the Date of Termination unless sooner
terminated by reason of death, disability or other termination of status as
an director as provided in the Plan.
3. This Option shall become exercisable according to the Vesting Schedule.
Option Shares as to which this Option becomes exercisable are called
"Vested Shares." This Option shall be exercisable as to Vested Shares in
whole or in part at any time between the Date of Grant and the Date of
Termination of this Option. Notwithstanding the foregoing, if the
Optionee's status as an director with Bancorp terminates, then this Option
will cease to vest and will not become exercisable as to any additional
shares, as of the date on which the Optionee's status as director
terminates. In such case, this Option will be limited to the Vested Shares
as of such date of the termination of status as director.
4. This Option must be exercised by actual delivery to Bancorp of a written
notice of exercise signed by Director specifying the number of shares with
respect to which this Option is being exercised and the per-share Exercise
Price, accompanied by payment of the full amount of the Exercise Price for
the number of shares being purchased.
5. All terms and conditions of the Plan are hereby incorporated by this
reference as a part of this Agreement, including but not limited to the
"Terms and Conditions of Options" provided in the Plan.
DIRECTOR: INTERMOUNTAIN COMMUNITY
BANCORP,
an Idaho corporation
__________________________________ By: _______________________________
Print Name: ______________________ Title: President & CEO
I hereby acknowledge that I have received a copy of the Plan, incorporated by
reference above.
_________________________________
Director
