Document:

Exhibit 10.3

  

  

  

  

  

  
    

    

    FORM OF

    NON-QUALIFIED STOCK OPTION

    

    

    Granted by

    

    

    CINCINNATI BANCORP

    

    

    under the

    

    

    CINCINNATI BANCORP

    2017 EQUITY INCENTIVE PLAN

    

    

    This non-qualified stock option agreement (“Option” or “Agreement”) is and will
      be subject in every respect to the provisions of the 2017 Equity Incentive Plan (the “Plan”) of Cincinnati Bancorp (the “Company”) which are incorporated herein by
      reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a stock option pursuant to the Plan.  The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the
      committee responsible for administering the Plan (the “Committee”) will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted
      assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from
      time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.  Any reference to the “Bank” herein shall refer to Cincinnati Federal and any reference to
      “Employer” shall mean either or both the Company and the Bank.

    1.   Name of Participant: _______________________________________ 

    2.   Date of Grant:  ____________________________________________

    
      3.   Total number of shares of Company common stock, $0.01 par value per share, that may be acquired
          pursuant to this Option: _________

             (subject to adjustment pursuant to Section 10 hereof).

            •  This

        is a Non-Qualified Option.      

      4.   Exercise price per share: ______________________  

          (subject to adjustment pursuant to Section 10 below)

         
      5.   Expiration Date of Option: ____________________

        

       

      
        
          

      

       

    

    
      
        	6.	
                Vesting Schedule.  Except as otherwise provided in this Agreement, this Option first becomes exercisable, subject to the Option’s expiration date, in accordance with the
                  vesting schedule specified herein.

              

      

    

    

    

    	
            Date

          	
            Vested Portion of Award

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          

    

    

    This Option may not be exercised at any time on or after the Option’s expiration date. Vesting will automatically accelerate pursuant to Section 2.9 and 4.1
      of the Plan (in the event of death or Disability or an Involuntary Termination at or following a Change in Control).

    7.   Exercise Procedure.

    
      
        	

              	7.1	
                Delivery of Notice of Exercise of Option.  This Option will be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option” attached hereto as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means
                  acceptable to the Committee, including:

              

      

    

    

    

     

    
      
        	
                •

              	
                Cash or personal, certified or cashier’s check in full/partial payment of the purchase price.

              

      

      

      

      
        	
                •

              	
                Stock of the Company in full/partial payment of the purchase price.

              

      

      

      

      
        	
                •

              	
                By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any required tax withholding).

              

      

      

      

      
        	
                •

              	
                By selling shares from my Option shares through a broker in full/partial payment of the purchase price.

              

      

      

      

      In order to exercise the Option, please deliver the Notice of Exercise and payment (if applicable) to the Company at the following address:

    

    Cincinnati Bancorp

    6581 Harrison Avenue

    Cincinnati, Ohio 45247

    Attention:____________

    

      

    
       

    

    

    

    
      
        	

              	7.2	
                “Fair Market Value” shall have the meaning set forth in Section 8.1(s) of the Plan.

              

      

    

    
      2

      
        

    

    8.   Delivery of Shares.

    

    

    
      
        	

              	8.1	
                Delivery of Shares.  Delivery of shares of Common Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the
                  Securities Act) and the applicable requirements of any securities exchange or similar entity.

              

      

    

    

    

    9.   Change in Control.

    

    

    
      
        	

              	9.1	
                In the event of an Involuntary Termination at or following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the
                  expiration provisions otherwise applicable to the Option.

              

      

    

    

    

    
      
        	

              	9.2	
                A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

              

      

    

     

    

    10.    Adjustment Provisions.

    This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the
      events specified in, and in accordance with the provisions of Section 3.4 of the Plan.

    11.   Termination of Option and Accelerated Vesting.

    This Option will terminate upon the expiration date, except as set forth in the following  provisions:

     

     

     

    
      
        	
                (i)

              	
                Death.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the
                  Participant’s Termination of Service by reason of the Participant’s death.  This Option may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of one (1) year from the date of death, subject to
                  termination on the expiration date of this Option, if earlier.

                 

                

              

      

      
        	
                (ii)

              	
                Disability.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of
                  the Participant’s Termination of Service by reason of the Participant’s Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to
                  termination on the Option’s expiration date, if earlier.

                 

                

              

      

      
        	
                (iii)

              	
                Retirement.  Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by reason of Retirement, subject to
                  termination on the Option’s expiration date, if earlier (and, for purposes of clarity, non-vested Options will be forfeited on the date of Termination of Service by reason of Retirement).  “Retirement” shall have the meaning set forth in
                  Section 8.1(dd) of the Plan.

              

      

      
        3

        
          

      

      

      

      
        	
                (iv)

              	
                Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Options that have
                  not been exercised will expire and be forfeited.

              

      

      

      

      
        	
                (v)

              	
                Other Termination.  If the Participant’s Service terminates for any reason other than due to death,
                  Disability, Retirement, Involuntary Termination following a Change in Control or Cause, all unvested Options will be forfeited and vested Options may thereafter be exercised, to the extent it was exercisable at the time of such
                  termination, for a period of three months following termination, subject to termination on the Option’s expiration date, if earlier.

              

      

    

     

     

    

    

    12.      Miscellaneous.

    

    

    
      
        	

              	12.1	
                No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

              

      

    

    

    

    
      
        	

              	12.2	
                This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

              

      

    

    

    

    
      
        	

              	12.3	
                In the discretion of the Committee, a non-qualified Option granted under the Plan may be transferable by the Participant, provided, however, that such  transfers will be limited to Immediate Family Members of
                  Participants, trusts and partnerships established for the primary benefit of such family members or to charitable organizations, and provided, further, that such transfers are not made for consideration to the Participant.

              

      

    

    

    

    
      
        	

              	12.4	
                This Agreement will be governed by and construed in accordance with the laws of the State of Ohio.

              

      

    

    

    

    
      
        	

              	12.5	
                This Agreement is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will
                  not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or
                  the Company of any such law, regulation or order or any provision thereof.

              

      

    

    

    

    
      	

            	12.6	
              The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.

            

    

    

    

    [Signature page follows]

    
      4

      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

    CINCINNATI BANCORP

    By: _____________________

    Its: _____________________

    

    

     

    

     

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2017 Equity
      Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2017 Equity Incentive Plan.

    PARTICIPANT

     

    

     

    

    ________________________

    

    

    

    

    

     

    

    

    

    
      5

      
        

    

    

    

    EXHIBIT A

    NOTICE OF EXERCISE OF OPTION

    

    

    I hereby exercise the stock option (the “Option”) granted to me by Cincinnati Bancorp (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement
      (the “Agreement”) and the Cincinnati Bancorp 2017 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (“Common Stock”) for a purchase price of
      $______ per share.

    

    

    I elect to pay the exercise price by:

    

    

    
      
        	

              	___	
                Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

              

      

    

    
      
        	

              	___	
                Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

              

      

    

    
      
        	

              	___	
                A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any required tax withholding).

              

      

    

    
      
        	

              	___	
                Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

              

      

    

    I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the
      Plan.

    I hereby represent that it is my intention to acquire these shares for the following purpose:

    ___ investment

    ___ resale or distribution

    

    

    Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise,
      the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

    Date: ____________, _____.                                       _________________________________________

    Participant’s signature

    

    

    

    

    

    

    

    

    * If I elect to exercise by exchanging shares I already own, I will constructively return shares
      that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.  If the shares are held in “street
      name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I already own and treat them as if they are shares
      acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.Exhibit 10.4

  

  

  

  

  

  
    

    

    FORM OF

    TIME-BASED RESTRICTED STOCK AWARD

    

    

    Granted by

    

    

    CINCINNATI BANCORP

    

    

    under the

    CINCINNATI BANCORP

    2017 EQUITY INCENTIVE PLAN

    

    

    This time-based restricted stock award agreement (“Restricted Stock Award” or “Agreement”)

      is and will be subject in every respect to the provisions of the 2017 Equity Incentive Plan (the “Plan”) of Cincinnati Bancorp (the “Company”) which are incorporated
      herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted
      Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the
      Plan and this Agreement by the committee responsible for administering the Plan (the “Committee”) will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives,
      successors and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of
      1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.  Any reference to the “Bank” herein shall refer to Cincinnati Federal
      and any reference to “Employer” shall mean either or both the Company and the Bank.

    1.   Name of Participant______________________________________________________

    2.   Date of Grant: ___________________________________________________________

    3.   Total number of shares of Company common stock, $0.01 par
        value per share, covered by the Restricted Stock Award: _____

                  (subject to adjustment pursuant to Section 9 hereof).

    4.   Vesting Schedule.  Except as otherwise provided in this
      Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.

    	
            Date

          	
            Vested Portion of Award

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          
	
            __________ ___, 20____

          	
            20%

          

    

    

    
      
        

    

    
    Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death, Disability or Involuntary Termination at or
      following a Change in Control).

    5.   Grant of Restricted Stock Award.

    

    

    The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and
      held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant.  Notwithstanding the
      foregoing, the Company may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.  The Restricted Stock awarded to the Participant will not be sold,
      encumbered, hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

    
      
        	6.	
                Terms and Conditions.

              

      

    

    
      
        	

              	6.1	
                The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.

              

      

    

    
      
        	

              	6.2	
                Any cash dividends or distributions declared with respect to shares of Stocksubject to the Restricted Stock Award will be immediately distributed to theParticipant.

              

      

    

    
      
        
          7.  Delivery of Shares.

        

      

    

    Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable
      requirements of any securities exchange or similar entity.

    

    

    8.   Change in Control.

    

    

    
      
        	

              	8.1	
                In the event of an Involuntary Termination at or following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.

              

      

    

    

    

    
      
        	

              	8.2	
                A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

              

      

    

     

    

    9.   Adjustment Provisions.

    This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence
      of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

    

    

    
      2

      
        

    

    

    10.   Effect of Termination of Service on
          Restricted Stock Award.

    10.1 This
        Restricted Stock Award will vest as follows:

    
      
        	
                (i)

              	
                Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, all Restricted Stock will vest as to all
                  shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

                 

                

              

      

      
        	
                (ii)

              	
                Disability.  In the event of the Participant’s Termination of Service by reason
                    of Disability, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

                 

                

              

      

      
        	
                (iii)

              	
                Retirement.  In the event of the Participant’s Termination of Service by reason of the Participant’s Retirement, any Restricted Stock award that has
                  not vested as of the date of Termination of Service will expire and be forfeited.  “Retirement” shall have the meaning set forth in Section 8.1(dd) of the Plan.

                 

                

              

      

      
        	
                (iv)

              	
                Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock
                  granted to a Participant that has not vested will expire and be forfeited.

                 

                

              

      

      
        	
                (iv)

              	
                Other Termination.  If a Participant terminates Service for any reason other than due to death, Disability,
                  Involuntary Termination at or following a Change in Control or for Cause, all shares of  Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

              

      

    

    

     

    11.   Miscellaneous.

    
      
        	

              	11.1	
                No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

              

      

    

    
      
        	

              	11.2	
                This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

              

      

    

    
      
        	

              	11.3	
                Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

              

      

    

    
      
        	

              	11.4	
                This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of Ohio.

              

      

    

    
      
        	

              	11.5	
                This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not
                  be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

              

      

    

    [Signature page follows]

    

    

    
      3

      
        

    

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set
      forth above.

    CINCINNATI BANCORP

    By: _____________________

    Its: _____________________

    

    

    

    

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2017
      Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2017 Equity Incentive Plan.

    PARTICIPANT

     

    

    ________________________

    

     

    

     

    

     

    

    

    

  

  4

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