Document:

Exhibit 10.1

 

FIRST DEFIANCE FINANCIAL CORP.

2018 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK 

AWARD AGREEMENT

 

First Defiance Financial Corp. (the “Company”)
hereby grants the undersigned Participant an Award consisting of Shares of Restricted Stock in the Company, subject to the terms
and conditions described in the First Defiance Financial Corp. 2018 Equity Incentive Plan (the “Plan”) and this
Restricted Stock Award Agreement (this “Award Agreement”).

 

		1.	Name of Participant: __________ (the
“Participant”).

 

		2.	Grant Date: __________ (the “Grant Date”).

 

		3.	Award of Restricted Stock: The Award consists of __________ Shares of Restricted
Stock.

  

		4.	Vesting: Subject to the provisions of this Award Agreement, the Award shall vest on the
third anniversary of the Grant Date (the “Vesting Date”) provided that the Participant is employed on that date.

 

		5.	Limitations on Vesting: If the Participant’s employment terminates for any reason
prior to the Vesting Date, the Participant shall forfeit the Award. Notwithstanding the foregoing:

 

		(a)	Death or Disability: In the event of the Participant’s death or Disability prior to
the Vesting Date, the Award shall become immediately vested as of the date of death or Disability.

 

		(b)	Change in Control: If a Change in Control of the Company occurs after the Grant Date but
prior to the Vesting Date and the Participant is terminated by the Company other than for Cause prior to the Vesting Date and during
the period beginning immediately prior to the date of the Change in Control and ending 12 months after the date of the Change in
Control, the Award shall become immediately vested as of the later of the date of such termination or the date of such Change in
Control.

 

		6.	Settlement: If the applicable terms and conditions of this Award Agreement are satisfied,
the Shares of Restricted Stock shall be released from any transfer restrictions or delivered to the Participant as soon as practicable,
but not later than 30 days after all applicable restrictions have lapsed.

 

		7.	Non-Competition and Non-Solicitation:

 

		(a)	Throughout the period from the Grant Date to the Vesting Date or, if earlier, to the first anniversary
of the Participant’s termination of employment for any reason (the “Non-Compete Period”), the Participant agrees
that he will not, except on behalf of the Company or any Subsidiary (collectively, the “Control Group”) or with the
written consent of a member the Control Group: (a) engage in any business activity, directly or indirectly, on his own behalf or
as a partner, stockholder (except by ownership of less than 1% of the outstanding stock of a publicly held corporation), director,
trustee, principal, agent, employee, consultant or otherwise of any person, firm or corporation, which is engaged in any activity
in which the Control Group is engaged at the time; or (b) allow the use of his name by or in connection with any business that
is competitive with any activity in which the Control Group is engaged.

 

     

     

    

 

		(b)	Throughout the period from the Grant Date to the first anniversary of the Participant’s termination
of employment for any reason (the “Non-Solicit Period”), the Participant agrees that he will not, except on behalf
of the Control Group or with the written consent of a member of the Control Group, offer employment to or employ, for himself or
on behalf of any competitor of the Control Group, any person who at any time within the prior three years shall have been employed
by the Control Group.

 

		(c)	In the event that the Participant violates any of these restrictive covenants, (i) the Award (whether
or not vested) will be cancelled and forfeited in its entirety; and (ii) to the extent the Award has vested, the Participant shall
pay to the Company within 90 days of the Company’s request an amount equal to the Fair Market Value of the Shares. The parties
acknowledge that this Section 7 is fair and reasonable under the circumstances.  It is the desire and intent of the parties
that the provisions of this Section 7 shall be enforced to the fullest extent permitted by law.  Accordingly, if any
particular portion of this Section 7 shall be adjudicated to be invalid or unenforceable, this Section 7 shall be deemed amended
to: (1) reform the particular portion to provide for such maximum restrictions as will be valid and enforceable, or if that is
not possible, (2) delete the portion found invalid or unenforceable, such reformation or deletion to apply only with respect to
the operation of this Section 7 in the particular jurisdiction in which such adjudication is made. During the Participant’s
employment, the covenants contained in this Section 7 shall apply without regard to geographic location.  Upon the termination
of the Participant’s employment, the covenants contained in this Section 7 shall be limited to a twenty-five (25) mile radius
of any office of the Control Group.

 

		8.	Miscellaneous: 

 

		(a)	Non-Transferability. The Shares of Restricted Stock subject to the Award may not be sold,
transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution.

 

		(b)	Beneficiary. Unless otherwise specifically designated by the Participant in writing, the
Participant’s beneficiary shall be the Participant’s spouse or, if no spouse survives the Participant, the Participant’s
estate.

 

		(c)	No Right to Continued Service or to Awards. The granting of an Award shall impose no obligation
on the Company or any Affiliate to continue the employment of the Participant or interfere with or limit the right of the Company
or any Affiliate to terminate the employment of the Participant at any time, with or without Cause, which right is expressly reserved.

 

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		(d)	Tax Withholding. The Company or an Affiliate, as applicable, shall have the power and right
to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising
with respect to the Award. To the extent permitted by the Committee, in its sole discretion, this amount may be: (i) withheld
from other amounts due to the Participant, (ii) withheld from the value of any Award being settled or any Shares transferred in
connection with the exercise or settlement of an Award, (iii) withheld from the vested portion of any Award (including Shares transferable
thereunder), whether or not being exercised or settled at the time the taxable event arises, or (iv) collected directly from the
Participant. Unless the Participant has otherwise irrevocably elected a different method to satisfy the withholding requirement,
the Participant shall be deemed to have elected to satisfy the withholding requirement by having the Company or an Affiliate, as
applicable, withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total
tax that could be imposed on the transaction. The Participant may elect a higher level of withholding. All such elections will
be irrevocable and made in writing and will be subject to any terms and conditions that the Committee, in its sole discretion,
deems appropriate.

 

		(e)	Requirements of Law. The grant of the Award shall be subject to all applicable laws, rules
and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies
or national securities exchange, market or other quotation system.

 

		(f)	Governing Law. The Plan and the Award Agreement shall be governed by and construed in accordance
with the laws of (other than laws governing conflicts of laws) the State of Ohio.

 

		(g)	Award Subject to Plan. The Award is subject to the terms and conditions described in this
Award Agreement and the Plan, which is incorporated by reference into and made a part of this Award Agreement. In the event of
a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern. The Committee
has the sole responsibility of interpreting the Plan and this Award Agreement, and its determination of the meaning of any provision
in the Plan or this Award Agreement will be binding on the Participant. Capitalized terms that are not defined in this Award Agreement
have the same meanings as in the Plan.

 

		(h)	Section 409A of the Code. This Award Agreement is intended, and shall be construed and interpreted,
to comply with Section 409A of the Code and if necessary, any provision shall be held null and void to the extent such provision
(or part thereof) fails to comply with Section 409A of the Code or the Treasury Regulations thereunder. For purposes of Section
409A of the Code, each payment of compensation under the Award Agreement shall be treated as a separate payment of compensation.
Any amounts payable solely on account of an involuntary termination shall be excludible from the requirements of Section 409A of
the Code, either as separation pay or as short-term deferrals to the maximum possible extent. Nothing herein shall be construed
as the guarantee of any particular tax treatment to the Participant, and the Company shall have no liability with respect to any
failure to comply with the requirements of Section 409A of the Code. Any reference to the Participant’s “termination”
shall mean the Participant’s “separation from service”, as defined in Section 409A of the Code. In addition,
if the Participant is determined to be a “specified employee” (within the meaning of Section 409A of the Code
and as determined under the Company’s policy for determining specified employees), the Participant shall not be entitled
to payment or to distribution of any portion of an Award that is subject to Section 409A of the Code (and for which no exception
applies) and is payable or distributable on account of the Participant’s termination until the expiration of six months from
the date of such termination (or, if earlier, the Participant’s death). Such Award, or portion thereof, shall be paid or
distributed on the first business day of the seventh month following such termination.

 

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		(i)	Signature in Counterparts. This Award Agreement may be signed in counterparts, each of which
will be deemed an original, but all of which will constitute one and the same instrument.

 

[Signature page follows]

 

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PARTICIPANT

 

	 	 	Date:	 
	Signature	 	 	 
	 	 	 	 
	 	 	 	 
	Print Name	 	 	 
	 	 	 	 	 
	FIRST DEFIANCE FINANCIAL CORP.	 	 	 
	 	 	 	 	 
	By:	     	 	Date:	 
	 	 	 	 	 
	Its:	 	 	 	 

 

    	 	5Exhibit 10.2

 

FIRST DEFIANCE FINANCIAL CORP.

2018 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

First Defiance Financial Corp. (the "Company")
hereby grants the undersigned Participant a Restricted Stock Unit Award (the "Award"), subject to the terms and
conditions described in the First Defiance Financial Corp. 2018 Equity Incentive Plan (the "Plan") and this Restricted
Stock Unit Award Agreement (this "Award Agreement").

 

		1.	Name of Participant: _____________________

 

		2.	Grant Date: ___________ (the "Grant Date").

 

		3.	Award of Restricted Stock Units: The Award consists of _____________ RSUs.

 

		4.	Vesting: Subject to the provisions of this Award Agreement, the Award shall vest on the third anniversary of the Grant
Date (the "Vesting Date") provided that
the Participant is employed on that date and the Participant is in compliance with the covenants set forth in Section 7.

 

		5.	Limitations on Vesting: If the Participant's employment terminates for any reason prior to the Vesting Date, the Participant
shall forfeit all unvested RSUs subject to the Award. Notwithstanding the foregoing, if the Participant is employed and in compliance
with the covenants set forth in Section 7 on the applicable date described below:

 

		(a)	Death; Disability or Retirement: If the Participant Retires, dies or becomes Disabled before
the Vesting Date, the Award shall become immediately vested as of the date of such Retirement, death or Disability.

 

		(b)	Change in Control: If a Change in Control occurs after the Grant Date but prior to the Vesting
Date and the Participant is terminated by the Company other than for Cause prior to the Vesting Date and during the period beginning
immediately prior to the date of the Change in Control and ending 12 months after the date of the Change in Control, the Award
shall become immediately vested as of the later of the date of such termination or the date of such Change in Control.

 

		6.	Form of Settlement: If the applicable terms and conditions of this Award Agreement are satisfied and the Participant
becomes vested in the Award pursuant to Section 4 or 5, the Company shall issue a Share to such Participant for each vested RSU.
The Shares shall be issued as soon as practicable but not later than 30 days after the applicable date of vesting.

 

		7.	Non-Solicitation Covenant. In consideration for
this Award of RSUs, the Participant hereby agrees and covenants that:

 

		(a)	During Participant’s employment with Company, and for an additional period of one (1) year
following the termination of Participant’s employment with Company for any reason, Participant agrees that Participant shall
not, in any capacity or manner whatsoever, directly or indirectly:

 

		(i)	interfere with, or attempt to interfere with, any contractual or other relationship between Company
or its affiliates and any of its or their customers or suppliers;

 

     

     

    

 

		(ii)	hire or attempt to hire for employment any person who is employed by Company or its affiliates,
or who was employed by Company or its affiliates during the one (1) year period prior to Participant’s termination, or attempt
to influence such person to terminate employment with Company or its affiliates; or

 

		(iii)	solicit, or attempt to solicit, any person or entity that was a customer, or an actively sought
prospective customer, of Company or its affiliates as of the date of Participant’s termination, for the purpose of taking
or diverting away any business from Company or its affiliates.

 

		(b)	Reasonable Restrictions. The parties hereto acknowledge and agree that the restrictions
in Section 7(a) of this Agreement are reasonable and properly required for the adequate protection of the business of Company and
its affiliates. If it is judicially determined that Participant has violated any obligations under this Agreement, then the period
applicable to each obligation determined to have been violated shall automatically be extended by a period of time equal in length
to the period during which such violation(s) occurred. If the scope of any restriction contained in this Section 7 is too broad
to permit enforcement of such restriction to its fullest extent, then such restriction will be enforced to the maximum extent permitted
by law, and the Participant hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding
brought to enforce such restriction

 

		(c)	Remedies for Breach of this Agreement. Participant acknowledges and agrees that a breach
of the covenants, promises, agreements and obligations set forth in this Agreement will result in material and irreparable injury
to Company for which there is no adequate remedy at law, and that it would not be possible to measure damages for such injury precisely.
In the event of such a breach or threat thereof, the Company shall have the right to seek, in addition to money damages, a temporary
restraining order, preliminary injunction or permanent injunction restraining Participant from engaging in the activities prohibited
by this Agreement, or any other relief as may be appropriate in law or equity or required for specific enforcement of the covenants
set forth in this Agreement.

 

		(d)	Waivers. No waiver of any breach or delay in enforcing the terms of this Agreement shall
operate or be construed as a waiver of any subsequent breach. No action taken pursuant to this Agreement, including any investigation
by or on behalf of Company shall be deemed to constitute a waiver by Company of its rights and remedies available to it.

 

		8.	Miscellaneous:

 

		(a)	Non-Transferability. RSUs may not be sold, transferred, pledged, assigned or otherwise alienated
or hypothecated, except by will or the laws of descent and distribution.

 

		(b)	Beneficiary. Payments with respect to the Award shall be made to the Participant, except
that, in the event of the Participant's death, payment shall be made to the Participant's beneficiary. Unless otherwise specifically
designated by the Participant in writing, the Participant's beneficiary shall be the Participant's spouse or, if none, the Participant's
estate.

 

     

     

    

 

		(c)	No Right to Continued Service or to Awards. The granting of an Award shall impose no obligation
on the Company or any Affiliate to continue the employment of a Participant or interfere with or limit the right of the Company
or any Affiliate to terminate the employment of the Participant at any time, with or without Cause, which right is expressly reserved.

 

		(d)	Tax Withholding. The Company or an Affiliate, as applicable, will have the power and right
to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising
with respect to the RSUs. To the extent permitted by the Committee, in its sole discretion, this amount may be: (i) withheld from
other amounts due to the Participant, (ii) withheld from the value of any Award being settled or any Shares transferred in connection
with the exercise or settlement of an Award, (iii) withheld from the vested portion of any Award (including Shares transferable
thereunder), whether or not being exercised or settled at the time the taxable event arises, or (iv) collected directly from the
Participant. Unless the Participant has otherwise irrevocably elected a different method to satisfy the withholding requirement,
the Participant shall be deemed to have elected to satisfy the withholding requirement by having the Company or an Affiliate, as
applicable, withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total
tax that could be imposed on the transaction. The Participant may elect a higher level of withholding. All such elections will
be irrevocable and made in writing and will be subject to any terms and conditions that the Committee, in its sole discretion,
deems appropriate.

 

		(e)	Requirements of Law. The grant of Awards shall be subject to all applicable laws, rules
and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies
or national securities exchange, market or other quotation system.

 

		(f)	Governing Law. The Plan and all Award Agreements shall be governed by and construed in accordance
with the laws of (other than laws governing conflicts of laws) the State of Ohio.

 

		(g)	Award Subject to Plan. The Award is subject to the terms and conditions described in this
Award Agreement and the Plan, which is incorporated by reference into and made a part of this Award Agreement. In the event of
a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern. The Committee
has the sole responsibility of interpreting the Plan and this Award Agreement, and its determination of the meaning of any provision
in the Plan or this Award Agreement will be binding on the Participant. Capitalized terms that are not defined in this Award Agreement
have the same meanings as in the Plan.

 

		(h)	Section 409A of the Code. This Award Agreement is intended, and shall be construed and interpreted,
to comply with Section 409A of the Code and if necessary, any provision shall be held null and void to the extent such provision
(or part thereof) fails to comply with Section 409A of the Code or the Treasury Regulations thereunder. Any amounts payable solely
on account of an involuntary termination shall be excludible from the requirements of Section 409A of the Code, either as separation
pay or as short-term deferrals to the maximum possible extent. Nothing herein shall be construed as the guarantee of any particular
tax treatment to the Participant, and the Company shall have no liability with respect to any failure to comply with the requirements
of Section 409A of the Code. Any reference to the Participant's "termination" shall mean the Participant's "separation
from service," as defined in Section 409A of the Code. In addition, if the Participant is determined to be a "specified
employee" (within the meaning of Section 409A of the Code and as determined under the Company's policy for determining specified
employees), the Participant shall not be entitled to payment or to distribution of any portion of an Award that is subject to Section
409A of the Code (and for which no exception applies) and is payable or distributable on account of the Participant's termination
until the expiration of six months from the date of such termination (or, if earlier, the Participant's death). Such Award, or
portion thereof, shall be paid or distributed on the first business day of the seventh month following such termination.

 

     

     

    

 

		(i)	Signature in Counterparts. This Award Agreement may be signed in counterparts, each of which
will be deemed an original, but all of which will constitute one and the same instrument.

 

[signature page attached]

 

     

     

    

 

	PARTICIPANT	 	 	 
	 	 	 	 
	 	 	Date:	 
	 	 	 	 
	FIRST DEFIANCE FINANCIAL CORP.	 	 	 
	 	 	 	 
	By:	          	 	Date:	 
	 	 	 	 
	Its:

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