(10) Stock Options

The Company’s 2000 Stock Option and Stock Appreciation Rights Plan (“2000 Stock Option Plan”) authorized the Company to grant options to buy up to an aggregate of 225,000 common shares of the Company to directors, officers and employees of the Company. The exercise price of stock options granted under the 2000 Stock Option Plan was based on the market price of the Company’s common shares at the date of grant, the maximum option term was ten years, and options normally vested after three years. The Stock Option Plan expired in 2010, and no further stock options or other awards may be granted by the Company under the 2000 Stock Option Plan. Additionally, all options outstanding under the plan expired on April 12, 2013.

At the Company’s annual meeting of shareholders held on April 15, 2014, the shareholders of the Company approved the First Citizens Banc Corp 2014 Incentive Plan (“2014 Incentive Plan” and together with the 2000 Stock Option Plan, the “Plans”). The 2014 Incentive Plan authorizes the Company to grant options, stock awards, stock units and other awards for up to 375,000 common shares of the Company. No options or awards have been granted under the 2014 Incentive Plan.

A summary of the activity in the Plans is as follows:


	Nine months ended September 30, 2013 Total options outstanding
	Shares			Weighted Average Price Per Share

Outstanding at beginning of year		10,000		$	35.00
Granted		—			—
Exercised		—			—
Forfeited		—			—
Expired		(10,000	)		(35.00	)

Options outstanding, end of period		—		$	—


Options exercisable, end of period		—		$	—

The intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the market price of our common shares as of the reporting date. As of September 30, 2013, there were no options that had intrinsic value.