SCBT FINANCIAL
CORPORATION
STOCK OPTION
AGREEMENT
THIS AGREEMENT , made this ______ day of _______________, 200__,
by and between SCBT Financial Corporation
(“Corporation”), a South Carolina corporation with its
principal offices located in Columbia, South Carolina, and
______________________________
(“Participant”).
WITNESSETH:
WHEREAS, the Corporation has adopted the 2004 SCBT
Financial Corporation Stock Incentive Plan (the
“Plan”); and
WHEREAS, the Committee under the Plan has determined that
the Participant shall be granted certain options under the Plan as
an incentive to continue his or her performance as an employee of
the Corporation and/or its subsidiaries.
NOW, THEREFORE, in consideration of the foregoing and other good
and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:
1.
Grant of Option
. The Corporation hereby grants to
the Participant an option (“Option”) to purchase
_____________ shares of the Common Stock of the Corporation, upon
the terms and conditions set forth below and in the Plan. The date
of such grant is _________________. The Option shall be [an
Incentive/a Non-Qualified] Stock Option.
2.
Option Price
. The Option shall be exercisable at
a price of _________________ ($__________) per share.
3.
Terms of Purchase
. Purchase of any shares pursuant to
the Participant’s exercise of the Option shall be made in
accordance with the provisions of the Plan.
4.
Period of Option
. The Option shall be exercisable
over the period described below.
5.
Vesting and Expiration
.
(a)
Annual Vesting
. Subject to Section 5(c) of this
Agreement, the Option shall be exercisable in accordance with the
limitations set forth below, unless an earlier expiration date
shall be stated in the Option:
(i) The Option granted shall not be exercisable in
whole or in part prior to one (1) year from the date of grant of
the Option; and
(ii) A maximum of twenty-five percent (25%) of the
Option shall become exercisable one (1) year following the date of
grant of the Option; and
(iii) A maximum of fifty percent (50%) of the Option
shall become exercisable two (2) years following the date of grant
of the Option; and
(iv) A maximum of seventy-five percent (75%) of the
Option shall become exercisable three (3) years following the date
of grant of the Option; and
(v) One hundred percent (100%) of the Option shall
become exercisable four (4) years following the date of grant of
the Option.
(b)
Latest Date of Exercise
. The Option shall expire, and in no
event shall any shares be available for purchase hereunder, upon
the earlier of (i) ten
