DIRECTORS’ STOCK OPTION PLAN
This Directors’ Stock Option Plan for ILLINI CORPORATION is intended to advance the interests of the
Organization by providing members of the Board of Directors who have responsibility for the direction and
management of the Company and its Subsidiaries with additional incentive to promote the success of the
Organization’s business, and by encouraging the Directors to remain on the Board of the Organization. The
above aims will be accomplished through the granting of certain stock options.
The items defined below shall have the following meanings throughout the Plan:
2.1 “Board” means the Board of Directors of Company or Bank.
2.2 “Company” means ILLINI CORPORATION, an Illinois corporation.
2.3 “Directors “ means members elected to the Board of Directors of the Company or the
Subsidiaries, who have responsibility for the direction and management of the Organization.
2.4 “Organization” means the Company and the Subsidiaries.
2.5 “Optionee” means the person to whom an option is granted.
2.6 “Plan” means the Directors’ Option Plan as defined by the provisions hereof.
2.7 “Stock” means the voting common stock of Company.
2.8 “Subsidiaries” means any subsidiary bank or corporation owned or controlled by the
Company, or one of the Subsidiaries.
The Board shall administer the Plan. Subject to the provisions of the Plan, the Board shall have the
authority, in its sole and absolute discretion, to: (a) determine the directors of the Organization to whom options
shall be granted; (b) determine the time or times at which options shall be granted; (c) determine the option price
of the shares subject to each option, which price shall not be less than the minimum specified in Section 6.1; (d)
determine (subject to Section 6.2) the duration