NONQUALIFIED STOCK OPTION AGREEMENTEquity Contribution Agreement |
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1ST CONSTITUTION BANCORP. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.19
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Name:______________________________ |
No. of Options:_____________________ |
1ST CONSTITUTION BANCORP
NONQUALIFIED STOCK OPTION AGREEMENT
This NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made this _____ day of __________, 200__ (the “Award Date”) between 1ST CONSTITUTION BANCORP, a New Jersey corporation (the “Company”) and _______________ (the “Participant”). Capitalized terms used in this Agreement but not defined upon their first usage shall have the meanings ascribed to them in the Company’s 2005 Equity Incentive Plan, as it may be amended from time to time (the “Plan”).
1. Grant of Option. The Company hereby grants to the Participant the right and option (the “Option”) to purchase _____ shares of the Company’s common stock, no par value (the “Shares”) at a price of $[no less than FMV of Award Date] per share (the “Option Price”) pursuant to the Plan, subject to the terms and conditions of the Plan and this Agreement. The Option shall expire on _______________ (the “Expiration Date”).
2. Type of Option. This Option will not be treated by the Company as an “incentive stock option” as defined in Section 422 of the Internal Revenue Code of 1986, as amended.
3. Incorporation by Reference of the Plan. The Plan is hereby incorporated by reference into this Agreement. The Participant hereby acknowledges receipt of a copy of the Plan and represents and warrants to the Company that the Participant has read and understands the terms and conditions of the Plan. The execution of this Agreement by the Participant constitutes the Participant’s acceptance of and agreement to the terms and conditions of the Plan and this Agreement.
4. Vesting of Option. Unless the Committee provides for earlier vesting, the Option shall vest in accordance with the following schedule:
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Percentage of Options |
Scheduled Vesting Date |
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________________ |
_____anniversary of Award Date |
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_____anniversary of Award Date |
5. Exercise. The Participant may exercise some or all of the Option by delivering to the Company, a completed notice of exercise in the form attached to this Agreement, together with payment in full of the aggregate Exercise Price.
6. Form of Payment. Payment of the aggregate Exercise Price may be made in one of the following methods:
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(a) |
Cash, certified or bank cashier’s check. |
(b) Shares of the Company’s common stock duly endorsed for transfer to the Company with signature guaranteed, which may be (i) shares which were received by the Participant upon exercise of one or more incentive stock options, but only if such shares had been held by the Participant for a least the greater of (A) two years from the date the incentive stock options were granted or (B) one year after the transfer of shares to the
