Common use of Restricted Stock and Stock Options Clause in Contracts

Restricted Stock and Stock Options. (a) Employer shall grant to Employee 5,000 shares of restricted common stock of CBSI. The grant of the restricted stock shall be effective as of the first day of the Period of Employment and , subject to Employee’s continued employment by Employer, the restrictions on such shares shall expire in one- third increments on (i) January 1, 2009, (ii) January 1, 2010, and (iii) December 31, 2010. The foregoing grant of restricted stock shall be issued pursuant to, and subject to all the terms and conditions of the Community Bank System, Inc. 2004 Long-Term Incentive Compensation Program or a comparable successor program. (b) In addition, Employer shall cause the Compensation Committee of the Board of Directors of Employer to review whether Employee should be granted additional shares of restricted stock and/or options to purchase shares of common stock of CBSI. Such review may be conducted pursuant to the terms of the Community Bank System, Inc. 2004 Long-Term Incentive Compensation Program, a successor plan, or independently, as the Compensation Committee shall determine. Reviews shall be conducted no less frequently than annually.

Restricted Stock and Stock Options. (a) Employer shall cause the Compensation Committee of the Board of Directors of Employer to grant to Employee 5,000 2,000 shares of restricted common stock of CBSI. The grant of the restricted stock shall be CBSI effective as of the first day closing date of the Period of Employment and , subject to Employee’s continued employment by EmployerMerger, the restrictions on such which shares shall expire in one- third increments of 500 shares on (i) each January 1 beginning January 1, 20092005, (ii) provided that Employee remains employed by Employer on such January 1, 2010, and (iii) December 31, 2010. The foregoing grant of restricted stock shall be issued pursuant to, and subject to all the terms and conditions of of, the Community Bank System, Inc. 2004 1994 Long-Term Incentive Compensation Program or a comparable successor program. (b) In addition, Employer shall cause the Compensation Committee of the Board of Directors of Employer to review whether Employee should be granted additional shares of restricted stock and/or options to purchase shares of common stock of CBSI. Such review may be conducted pursuant to the terms of the Community Bank System, Inc. 2004 1994 Long-Term Incentive Compensation Program, a successor plan, or independently, as the Compensation Committee shall determine. Reviews shall be conducted no less frequently than annually.

Restricted Stock and Stock Options. (a) Employer shall cause the Compensation Committee of the Board of Directors of Employer to grant to Employee 5,000 1,000 shares of restricted common stock of CBSI. The grant of the restricted stock shall be CBSI effective as of the first day closing date of the Period of Employment and , subject to Employee’s continued employment by EmployerMerger, the restrictions on such which shares shall expire in one- third increments of 250 shares on (i) each January 1 beginning January 1, 20092005, (ii) provided that Employee remains employed by Employer on such January 1, 2010, and (iii) December 31, 2010. The foregoing grant of restricted stock shall be issued pursuant to, and subject to all the terms and conditions of of, the Community Bank System, Inc. 2004 1994 Long-Term Incentive Compensation Program or a comparable successor program. (b) In addition, Employer shall cause the Compensation Committee of the Board of Directors of Employer to review whether Employee should be granted additional shares of restricted stock and/or options to purchase shares of common stock of CBSI. Such review may be conducted pursuant to the terms of the Community Bank System, Inc. 2004 1994 Long-Term Incentive Compensation Program, a successor plan, or independently, as the Compensation Committee shall determine. Reviews shall be conducted no less frequently than annually.