Cancellation of Nonqualified Stock Option Agreement between Community Bancshares, Inc. and Grantee

Contract Categories: Business Finance › Stock Agreements
Summary

Community Bancshares, Inc. and the Grantee have agreed to cancel their previous Nonqualified Stock Option Agreement dated January 27, 2004. With the consent of both parties and approval from the company's Board of Directors, the agreement is officially terminated as of March 11, 2004. This means the Grantee no longer has any rights or obligations under the original stock option agreement.

Read More Arrow
EX-10.34 8 dex1034.htm CANCELLATION OF NONQUALIFIED STOCK AGREEMENT Cancellation of Nonqualified Stock Agreement

EXHIBIT 10.34

 

CANCELLATION OF NONQUALIFIED STOCK OPTION AGREEMENT

 

WHEREAS, the undersigned individual (“Grantee”) and Community Bancshares, Inc. (the “Corporation”) entered into a Nonqualified Stock Option Agreement dated as of January 27, 2004 (the “Agreement”); and

 

WHEREAS, Section 13 of the Agreement provides that the Agreement may be amended by the Board of Directors of the Corporation with the consent of the Grantee; and

 

WHEREAS, the Corporation’s Board of Directors determined on March 11, 2004 that the Agreement should be amended to cancel the Agreement in its entirety; and

 

WHEREAS, Grantee is agreeable to such amendment and cancellation;

 

NOW, THEREFORE, in consideration of the mutual premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree that the Agreement is amended to cancel the Agreement in its entirety as of the date hereof.

 

IN WITNESS WHEREOF, the parties have executed this instrument as of the 11th day of March, 2004.

 

COMMUNITY BANCSHARES, INC.

By:

  

/s/ Patrick M. Frawley

Its:

  

Chairman and CEO

GRANTEE:

/s/ Grantee