EX-10.7




 Exhibit 10.7 

UNITED GROUP BANKING COMPANY OF FLORIDA, INC. 

EMPLOYEE STOCK OPTION AGREEMENT 

THIS AGREEMENT (hereinafter “Agreement”) is made effective the
            day of                     ,         
(“Grant Date”), by and between United Group Banking Company of Florida, Inc., a Florida corporation (hereinafter “Company”), and
                    currently serving as an officer or employee of the Company or a Subsidiary (hereinafter “Optionee”). 

WITNESSETH: 
 WHEREAS, Optionee
is a valuable and trusted officer or employee of the Company and/or a Subsidiary, and the Company considers it desirable and in the best interest that options to purchase the Company’s common stock be given to the Optionee as inducement to
acquire an initial or further proprietary interest in the Company; and 
 WHEREAS, the Company desires to encourage, motivate, retain, and
attract highly competent individuals such as Optionee, upon whose judgment, initiative, leadership, and continued efforts the success of the Company in large measure depends; and 

WHEREAS, the granting of options to purchase common stock of the Company hereunder is in accordance with the United Group Banking Company of
Florida, Inc. Officers’ and Employees’ Stock Option Plan and as the same may be amended from time to time. 
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 

Definitions 
 As used in this
Agreement, all terms which are defined in the United Group Banking Company of Florida, Inc. Officers’ and Employees’ Stock Option Plan, as the same may from time to time be amended (the “Plan”), shall have the meanings specified
in the Plan, unless otherwise specifically defined herein. 
 ARTICLE II 

Effective Date 
 2.1 Effective
Date. The effective date of this Agreement shall be the day and year first above written. For purposes of this Agreement, the term “Option” shall mean the option to purchase Stock granted to the Optionee pursuant to the Plan. 








 ARTICLE III 

Shares of Stock Subject to Option 

3.1 Number of Shares. Subject to adjustment pursuant to the provisions of Section 3.3 hereof, the Optionee may purchase shares of
Stock hereunder, which shall be issued and sold by the Company only upon exercise (in accordance with Section 4.2(b) of this Agreement) of the Option granted pursuant to Section 4.1 of this Agreement. 

3.2 Shares Issued Pursuant to this Agreement. Shares of Stock with respect to which the Option granted hereunder shall have been
exercised shall not again be available for Option hereunder. 
 3.3 Antidilution; Stock Adjustments. The Option and Option Price are
subject to adjustment by the Board pursuant to Section 4.3 of the Plan. 
 3.4 Certain Mergers and Combinations. Upon a Change
of Control, the Optionee shall have the right to exercise the Option in whole or in part, notwithstanding the provisions of Section 4.2(b) hereof, to the extent that the Option shall not have been exercised prior thereto. 

ARTICLE IV 
 Option 

4.1 Grant of the Option. As of the Grant Date, the Optionee is hereby granted an Option to purchase
                     (            ) shares of Stock, subject to adjustment pursuant to
the provisions of Section 3.3 hereof. The Option granted hereunder is intended to be an Incentive Stock Option. 
  

	 	4.2    (a)	Terms of Option. The Option shall expire on                     ,
             (but in no event later than ten (10) years after its Grant Date set forth in Section 4.1). The Option Price of each share of Stock subject to the Option shall be
        Dollars ($        ) per share, subject to adjustment pursuant to the provisions of Section 3.3 hereof. 


 

	 	(b)	Option Exercise. The Option may be exercised in whole or in part from time to time with respect to whole shares only, within the period permitted for the exercise thereof. The Option shall become exercisable in
the following manner: 

  

	 	(i)	During the first year after the Grant Date, no portion of the Option shall be exercisable; 










	 	(ii)	During the second year after the Grant Date, such Option shall be exercisable only to the extent of twenty percent (20%) of the shares covered by such Option; 


 

	 	(iii)	During the third year after the Grant Date, such Option shall be exercisable only to the extent of forty percent (40%) of the shares covered by such Option; 


 

	 	(iv)	During the fourth year after the date of grant of such Option, such Option shall be exercisable only to the extent of sixty percent (60%) of the shares covered by such Option; 


 

	 	(v)	During the fifth year after the date of grant of such Option, such Option shall be exercisable only to the extent of eighty percent (80%) of the shares covered by such Option; and 


 

	 	(vi)	During the sixth and each succeeding year after the Grant Date, such Option shall be exercisable as to all shares covered by such Option. 


Notwithstanding any other provision in this Agreement, the Option may not be exercised after the expiration of ten (10) years from its
Grant Date. The Option shall be exercised by: (A) written notice of intent to exercise the Option with respect to a specific number of shares of Stock, which is delivered by hand delivery or registered or certified mail, return receipt
requested, to the Company at its principal office, Attention: Corporate Secretary; and (B) payment in full to the Company at such office of the amount of the Option Price for the number of shares of Stock with respect to which the Option is
then being exercised. Payment of the Option Price shall be made in cash, certified check, cashier’s check, or personal check (and if made by personal check the shares of Stock issued upon exercise of the Option shall be held by the Company
until the check has cleared); provided, however, that if at the time of exercise of the Option the Stock is traded on a national securities exchange or on the NMS, all or part of the Option Price may also be paid by delivery to the Company of
shares of Stock previously acquired by the Optionee (provided the exercise of such Option through this “cashless” feature is in accordance with applicable federal and state securities laws), which shall be valued for such purpose at the
closing price of such Stock as quoted on such exchange or market as of the trading day immediately preceding the date of exercise. In addition to and at the time of payment of the Option Price, the Optionee shall, if and to the extent requested by
the Company, pay to the Company in cash the full amount of all federal, state, and local withholding or other employment taxes, if any, applicable to the taxable income of the Optionee resulting from such exercise, and any sales, transfer, or
similar taxes imposed with respect to the issuance or transfer of shares of Stock in connection with such exercise. 








 4.3 Nontransferability of Option. No Option shall be transferred by the Optionee otherwise
than by will or the laws of descent and distribution or pursuant to a Qualified Domestic Order. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee or by the Optionee’s legal guardian or personal
representative. 
 4.4 Effect of Death, Disability, Retirement, or Other Termination of Service. 

 

	 	(a)	If an Optionee’s Service with the Company and its Subsidiaries shall be terminated for “cause,” as defined in Section 4.4(b) hereof, then no Options held by such Optionee, which are unexercised in
whole or in part, may be exercised on or after the date on which such Optionee is first notified in writing by the Company of such termination for cause. 

  

	 	(b)	For purposes of this Section 4.4, termination for “cause” shall mean termination for the Optionee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty, violation of any
law, rule, or regulation (other than traffic violations or similar offenses) affecting the Company or its Subsidiaries, violation of any agreement or order with any bank regulatory agency, failure by the Optionee to perform Optionee’s stated
duties with the Company or its Subsidiaries, or such other circumstances as the Company and/or its Subsidiaries determines as resulting in the Optionee’s termination of employment for “cause.” 


 

	 	(c)	If an Optionee’s Service with the Company and its Subsidiaries shall be terminated for any reason other than for cause (as defined in Section 4.4(b) hereof) and other than retirement at or after age sixty-five
(65) or the disability (as defined in Section 4.4(f) hereof) or death of the Optionee, then no Options held by such Optionee which are unexercised in whole or in part may be exercised on or after the effective date of such termination.


  

	 	(d)	If an Optionee’s Service with the Company and its Subsidiaries shall be terminated by reason of retirement at or after age sixty-five (65), then the Optionee shall have the right to exercise the Optionee’s
Options for ninety (90) days after the date of such termination, but only to the extent that such Options were exercisable at the date of such termination; provided, however, that the Stock Option Committee may, but shall not be
obligated to, allow such Optionee to exercise within such time any or all of the Options, if any, held by the Optionee which would not yet otherwise be exercisable. 


 

	 	(e)	 If an Optionee’s Service with the Company and its Subsidiaries shall be terminated by reason of the death or disability (as defined in
Section 4.4(f) hereof) of the Optionee, then the personal representative or administrator of the estate of the Optionee or the person or persons to whom an Option granted hereunder shall have been validly transferred by the personal












	 	
representative or administrator pursuant to the Optionee’s will or the laws of descent and distribution, as the case may be, shall have the right to exercise the Optionee’s Options for
ninety (90) days after the date of such termination, but only to the extent that such Options were exercisable at the date of such termination; provided, however, that the Stock Option Committee may, but shall not be obligated to, allow
such Optionee to exercise within such time any or all of the Options, if any, held by the Optionee which would not yet otherwise be exercisable. 

  

	 	(f)	For purposes of this Section 4.4, the terms “disability” and “disabled” shall have the meaning set forth in the principal disability insurance policy or similar program then maintained by the
Company on behalf of Employees or, if no such policy or program is then in existence, the meaning then used by the United States Government in determining persons eligible to receive disability payments under the social security system of the United
States. 

  

	 	(g)	No transfer of an Option by the Optionee by will, the laws of descent and distribution, or a Qualified Domestic Order shall be effective to bind the Company unless the Company shall have been furnished with written
notice thereof and an authenticated copy of the will or the Qualified Domestic Order and/or such other evidence as the Company may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the
terms and conditions of such Option. 

 4.5 Rights as Shareholder. The Optionee or a transferee of the Option shall
have no rights as a shareholder with respect to any shares of Stock subject to the Option prior to the purchase of such shares by exercise of the Option as provided herein. 

4.6 Optionee’s Intent as to Stock Acquired by Exercise of Option. The Optionee agrees that, upon or prior to the exercise of all
or any portion of the Option, the Optionee shall furnish to the Company in writing such information or assurances as, in the Company’s opinion, may be necessary to enable it to comply fully with the Securities Act of 1933, as amended, and the
rules and regulations thereunder and any other applicable statutes, rules, and regulations. Without limiting the foregoing, if a registration statement is not in effect under the Securities Act of 1933, as amended, with respect to the shares of
Stock to be issued upon exercise of the Option, the Optionee further agrees that the Company shall have the right to require, as a condition to the exercise of the Option, that the Optionee represent to the Company in writing that the shares to be
received upon exercise of the Option will be acquired by the Optionee for investment and not with a view to distribution and that the Optionee agree, in writing, that such shares will not be disposed of except pursuant to an effective registration
statement, unless the Company shall have received an opinion of counsel reasonably acceptable to it to the effect that such disposition is exempt from the registration requirements of the Securities Act of 1933, as amended. The Optionee understands
and agrees that the Company shall have the right to endorse on certificates representing shares of Stock issued upon exercise of the Option such legends referring to the foregoing representations and restrictions or any other applicable restrictions
on resale or disposition as the Company, in its discretion, shall deem appropriate. 








 ARTICLE V 

Incentive Stock Option 
 5.1
Additional Restrictions and Limitations on the Option; General. The Option granted pursuant to this Agreement shall, in order to qualify under the Code as an Incentive Stock Option, comply with all of the restrictions and limitations set
forth in the Code, as the same may from time to time be amended. If the Option does not fulfill all of the provisions of the Code, then the Option shall not be an Incentive Stock Option but rather shall be a Nonstatutory Stock Option. 

ARTICLE VI 
 Stock Certificates

 The Company shall not be required to issue or deliver any certificate for shares of Stock purchased upon the exercise of the Option
granted hereunder or any portion thereof, prior to fulfillment of all of the following conditions: 
  

	 	(a)	The admission of such shares to listing on all stock exchanges on which the Stock is then listed, if any; 

  

	 	(b)	The completion of any registration or other qualification of such shares under any federal or state law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory
agency, which the Company shall in its sole discretion determine to be necessary or advisable; 

  

	 	(c)	The obtaining of any approval or other clearance from any federal or state governmental agency which the Company shall in its sole discretion determine to be necessary or advisable; and 


 

	 	(d)	The lapse of such reasonable period of time following the exercise of the Option as the Company from time to time may establish for reasons of administrative convenience. 









 ARTICLE VII 

Termination, Amendment, and Modification of Plan 

The Board may at any time terminate, and may at any time and from time to time and in any respect amend or modify, the Plan; provided,
however, that no such action of the Board without approval of the shareholders of the Company may increase the total number of shares of Stock subject to the Plan except as contemplated in Section 4.3 of the Plan or alter the class of
persons eligible to receive Options under the Plan, and provided further that no termination, amendment, or modification of the Plan shall without the written consent of the Optionee adversely affect the rights of the Optionee with respect to the
Option granted hereunder or the unexercised portion thereof. 
 ARTICLE VIII 

Miscellaneous 
 8.1
Service. Nothing in this Agreement or the Option shall confer upon Optionee the right to continue in the Service of the Company or its subsidiaries. 

8.2 Other Compensation Plans. The adoption of the Plan and the execution of this Agreement shall not affect any other stock option or
incentive or other compensation plans in effect for the Company or its subsidiaries, nor shall the Plan or this Agreement preclude the Company or the Bank from establishing any other forms of incentive or other compensation for directors, officers,
or employees of the Company and/or its Subsidiaries. 
 8.3 Agreement Binding on Successors. This Agreement shall be binding upon the
successors and assigns of the Company and the Optionee. 
 8.4 Singular, Plural; Gender. Whenever used herein, nouns in the singular
shall include the plural, and the masculine pronoun shall include the feminine gender. 
 8.5 Applicable Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of Florida. 
 8.6 Headings. Headings of Articles and Sections
hereof are inserted for convenience and reference only; they constitute no part of this Agreement. 
 8.7 Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

8.8 Notices. Unless otherwise specified herein, notices required or permitted to be given hereunder shall be in writing and shall be
mailed by registered or certified mail, return receipt requested, to the principal office of the Company, Attention: Corporate Secretary (if notice is to the Company) and to the Optionee at the Optionee’s address set forth below (if notice is
to the Optionee), or to such other person or such other address as any such party may designate by like notice to the other party, and shall be deemed given as of the date and time received. 








 8.9 Compliance with Section 409A of the Code. To the extent applicable, it is
intended that the Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) do not apply to the Optionee. The Plan shall be administered in a manner consistent with this
intent, and any provision that would cause the Plan to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent
permitted by Section 409A of the Code and may be made by the Company without the consent of any Optionee). The Option shall be subject to the foregoing provisions. 

8.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed, shall be considered
an original, and all of which together shall constitute one and the same instrument. 
 8.11 Subject to Plan. The issuance of the
Option shall be subject to the terms and conditions of the Plan. 
 IN WITNESS WHEREOF, the parties hereto have set forth their hands and
seals. 
 Dated the date first above written. 
  

			
	 UNITED GROUP BANKING COMPANY

OF FLORIDA, INC.

		
	 By:      
	 	  

		 	 David G. Powers, Chairman, President and

Chief Executive Officer

	
	OPTIONEE


 
			
		
	Name:	 	  



 
			
	 Address: