Exhibit 10.10
Amendment to Stock Option Agreement
NON-QUALIFIED STOCK OPTION AGREEMENT
UNDER THE PRINCETON NATIONAL BANCORP, INC.
STOCK OPTION PLAN
THIS
NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”)
is made as of this day of
,
between Princeton National Bancorp, Inc., a Delaware corporation
(the “Company”), and(the
“Optionee”).
WHEREAS,
the Company wishes to align the interests of the Optionee with
those of shareholders;
WHEREAS,
on
,
(the “Grant Date”), the Company’s Board of
Directors granted non-qualified stock options to certain employees
of the Company and its Subsidiaries, including the Optionee;
and
WHEREAS,
the parties desire to document the terms of stock option
grants;
NOW
THEREFORE, the parties agree as follows:
1.
Grant of Options. The Company has granted
Non-Qualified Stock Options to the Optionee (the
“Options”). Each Option is exercisable at a price of
$ per share of the
Company’s Stock (the “Option Price”).
2.
Vesting of Options. The Options are 100%
vested and immediately exercisable.
3.
Expiration of Options. Unless otherwise
determined by the Committee, to the extent not previously
exercised, the Options will expire on the earlier of, (a) the tenth
anniversary of the Option Date; (b) three years after the
Retirement, Disability or death of the Optionee; or (c) the
termination of employment of the Optionee for reasons other than
Retirement, Disability or death.
4.
Optionee Rights. No rights or privileges
of a shareholder of the Company are conferred by reason of the
granting of the Options. The Optionee will not become a shareholder
of the Company with respect to the Option Stock unless and until
the Options have been properly exercised and the Option Price fully
paid for the number of the Options exercised.
5.
Transferability. The Options are not
transferable, except by will or the laws of descent and
distribution, however, the Directors Personnel, Policy and Salary
Committee (the “Committee”) has the discretion to allow
for other Transfers of Options, but only to the extent provided in
the Plan and only when such Transfer would be considered a
completed gift for tax purposes. If an Option is transferred, it
will continue to be subject to the
