Document:

ex10-3.htm

STOCK OPTION AGREEMENT

FOR NON-STATUTORY STOCK OPTIONS

PURSUANT TO THE

TECHE HOLDING COMPANY

2011 STOCK-BASED INCENTIVE PLAN

NON-EMPLOYEE DIRECTORS

STOCK OPTIONS for a total of ___________ shares of Common Stock of Teche Holding Company (the "Company") is hereby granted to _____________ (the "Optionee") at the price determined as provided in, and in all respects subject to the terms, definitions and provisions of the 2011 Stock-Based Incentive Plan (the "Plan") adopted by the Company which is incorporated by reference herein, receipt of which is hereby acknowledged.  Such Stock Options do not comply with Options granted under Section 422 of the Internal Revenue Code of 1986, as amended.

1.           Option Exercise Price.  The Option Exercise Price is $____ for each Share, being 100% of the fair market value, as determined by the Committee, of the Common Stock on the date of grant of this Option (________ __, 20__).

2.           Exercise of Option.  This Option shall be first exercisable during periods of continued service as a director in accordance with provisions of the Plan as follows:

	
(a)  

	
Schedule of Rights to Exercise.

	
 

 

Date

	
 

 

Options First Exercisable(*)

	
Percentage of Total Shares 

Awarded Which Are

Non-forfeitable

	
 

As of ________ __, 20__

	
 

___

	
 

20%

	
As of ________ __, 20__

	
___

	
40%

	
As of ________ __, 20__

	
___

	
60%

	
As of ________ __, 20__

	
___

	
80%

	
As of ________ __, 20__

	
___

	
100%

*Notes:

	
  

	
A.

	
Options granted to non-employee directors will remain exercisable for up to ten years from the date of grant without regard to the continued services of such director to the Company.

	
  

	
B.

	
Upon Disability, all Options will be deemed exercisable as if the director had attained the next applicable vesting event.

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C.

	
Upon death, all Options shall be deemed exercisable by the estate as if the director had attained the next applicable vesting event.

	
  

	
D.

	
Notwithstanding anything herein to the contrary, stock options previously awarded shall vest immediately upon a Change in Control of the Company or the Bank.

	
  

	
E.

	
In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, re-capitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares, or other similar corporate change, or other increase or decrease in such shares without receipt or payment of consideration by the Company, or in the event an extraordinary capital distribution is made, the Committee will make such adjustments to previously granted Awards to prevent dilution, diminution, or enlargement of the rights of the Participant.

(b)           Method of Exercise.  This Option shall be exercisable by a written notice which shall:

(i)          State the election to exercise the Option, the number of Shares with respect to which it is being exercised, the person in whose name the stock certificate or certificates for such Shares of Common Stock is to be registered, his address and Social Security Number (or if more than one, the names, addresses and Social Security Numbers of such persons);

(ii)           Contain such representations and agreements as to the holder's investment intent with respect to such shares of Common Stock as may be satisfactory to the Company's counsel;

(iii)            Be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the Option; and

(iv)           Be in writing and delivered in person or by certified mail to the Treasurer of the Company.

No shares of Common Stock shall be issued until full payment of the Option Exercise Price has been received by the Company. The certificate or certificates for shares of Common Stock as to which the Option shall be exercised shall be registered in the name of the person or persons exercising the Option.

(c)           Restrictions on Exercise.  This Option may not be exercised if the issuance of the Shares upon such exercise would constitute a violation of any applicable 

 

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federal or state securities or other law or valid regulation.  As a condition to the Optionee's exercise of this Option, the Company may require the person exercising this Option to make any representation and warranty to the Company as may be required by any applicable law or regulation.

3.           Non-transferability of Option.  This Option may not be transferred in any manner otherwise than by will or the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee.  The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.  Notwithstanding the foregoing, such Options may be transferred for estate planning purposes in connection with Section 7(c) of the Plan.

4.           Term of Option.  This Option may not be exercised more than ten (10) years from the date of grant of this Option, as set forth below, and may be exercised during such term only in accordance with the Plan and the terms of this Option.

5.           Method of Payment.  The Optionee may make payment of the Option Exercise Price by delivery of cash or Common Stock having a Fair Market Value on the day immediately preceding the exercise date equal to the total Option Exercise Price, or by any combination of cash and shares of Common Stock, including exercise by means of a cashless exercise arrangement with a qualifying broker-dealer in accordance with procedures approved by the Company. Payment of the Option Exercise Price in full or partial payment in the form of Common Stock shall be made utilizing Common Stock that has been owned by the party exercising such Option for not less than six months prior to the date of exercise of such Option.

6.           Related Matters.  Notwithstanding anything herein to the contrary, additional conditions or restrictions related to such Options may be contained in the Plan or the resolutions of the Plan Committee authorizing such grant of Options.

	  	  	  	  	
Teche Holding Company

	  	  	  	  	  	  
	  	  	  	  	  	  
	
Date of Grant:

	  	
____________ __, 20__

	  	
By:

	  
	  	  	  	  	  	  
	  	  	  	  	  
	
Attest:

	  	  	  	  	  
	  	  	  	  	  	  
	
[SEAL]

	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	  	  	  
	
Optionee Acknowledgement

	  	  	  
	  	  	  	  	  	  
	  	  	  	  	  	  
	
Optionee

	  	  	  	
Date

	  	  	  

 

 

 

3ex10-4.htm

STOCK AWARD AGREEMENT

PURSUANT TO THE

TECHE HOLDING COMPANY

2011 STOCK-BASED INCENTIVE PLAN

FOR OFFICERS AND EMPLOYEES

This Agreement shall constitute an award of Restricted Stock (“Award”) for a total of _____ shares of Common Stock of Teche Holding Company (the “Corporation”), which is hereby granted to __________________ (the “Participant”) at the price determined as provided herein, and in all respects subject to the terms, definitions and provisions of the 2011 Stock-Based Incentive Plan (the “Plan”) adopted by the Corporation which is incorporated by reference herein, receipt of which is hereby acknowledged.

 

1.           Purchase Price.  The purchase price for each share of Common Stock awarded by this Agreement is $0.00.

 

2.           Vesting of Plan Awards.  The Award of such Common Stock shall be deemed earned and non-forfeitable in accordance with the provisions of the Plan, provided the holder of such Award is an employee or director of the Corporation or Teche Federal Bank (the “Bank”) as of such date, as follows:

 

(a)           Schedule of Vesting of Awards.

	
 

 

Date

	
 

 

Options First Exercisable(*)

	
Percentage of Total Shares 

Awarded Which Are

Non-forfeitable

	  	  	  
	
Upon Grant

	
0

	
__%

	
As of ________ __, 20__

	
____

	
20%

	
As of ________ __, 20__

	
____

	
40%

	
As of ________ __, 20__

	
____

	
60%

	
As of ________ __, 20__

	
____

	
80%

	
As of ________ __, 20__

	
____

	
100%

*Notwithstanding anything herein to the contrary, such Awards shall be immediately 100% earned and non-forfeitable in the case of the death, Retirement or Disability of the Participant or upon a Change in Control of the Corporation or the Bank.

 

(b)           Restrictions on Awards.  This Award may not be delivered to the Participant if the issuance of the Shares pursuant to the Award would constitute a violation of any applicable federal or state securities or other law or valid regulation.  As a condition to the Participant's receipt of this Award, the Corporation may require the person receiving this Award to make any representation and warranty to the Corporation

 

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as may be required by any applicable law or regulation.

 

3.           Non-transferability of Award.  This Award may not be transferred in any manner prior to such Award, or portion thereof, being deemed earned and non-forfeitable.

 

4.           Withholdings and Reporting.  The Corporation shall make such withholdings for taxes as it may be required prior to the distribution of such Award.  The Participant shall be responsible for filing SEC Form 4 reports, if applicable, with respect to each such Award.

 

5.           Restrictions on Awards.  The Award may not be delivered to the Participant if the issuance of the common stock pursuant to the Award would constitute a violation of any applicable federal or state securities or other law or valid regulation.  As a condition to the Participant’s receipt of this Award, the Corporation may require the Executive to make any representation and warranty to the Corporation as may be required by any applicable law or regulation.

 

6.           Voting of Stock Awards. Shares represented by an Award that have not yet been vested, earned and distributed to the Participant shall not be voted by such Participant.

 

7.           Disability of the Participant.  “Disability” with respect to this Award shall mean the “permanent and total disability” of the Participant as such term is defined at Section 22(e)(3) of the Code.

 

8.           Compliance with Section 409A of the Code.  Notwithstanding anything herein to the contrary, any payments or distributions to be made to the Participant in accordance with this Agreement and the related Plan as a result of a termination of employment shall be administered in a manner consistent with the definition of “separation of service” as such term is defined at Section 409A of the Code and regulations promulgated thereunder, and such payments or distributions, if applicable, shall not be made prior to the date that is 184 calendar days from the date of such separation of service, or such later date as determined in good faith by the Bank or Corporation (“Payment Date”), if it is determined by the Bank or the Corporation in good faith that the Participant is a “specified employee” within the meaning of Section 409A of the Code, that such payments or distributions to be made to such Participant are subject to the limitations at Section 409A of the Code and regulations promulgated thereunder, and if payments or distributions made in advance of such Payment Date would result in the requirement for the Participant to pay additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B) of the Code. Notwithstanding anything herein to the contrary, any payments or distributions to be made to the Participant in accordance with this Agreement and the related Plan as a result of a Change in Control shall be administered in a manner consistent with the definition of “change in control” as such term is defined at Section 409A of the Code and regulations promulgated thereunder, and such payments or distributions, if applicable, shall not be made at such time, if such payments or distributions would result in the requirement for the Participant to pay 

 

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additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B) of the Code.

 

9.            Other Restrictions on Awards.  This Award shall be subject to such other restrictions and limitations as are contained in the Plan or as determined by the Plan Committee administering such Plan.

 

10.           In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, re capitalization, merger, consolidation, spin off, reorganization, combination or exchange of shares, or other similar corporate change, or other increase or decrease in such shares without receipt or payment of consideration by the Corporation, or in the event an extraordinary capital distribution is made, the Committee will make such adjustments to previously granted Awards to prevent dilution, diminution, or enlargement of the rights of the Participant.

 

**THE REMAINDER OF THIS PAGE IS INTENTIONAL BLANK**

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Authorized by action of the Plan Committee for the Teche Holding Company 2011 Stock-Based Incentive Plan.

	  	  	  	  	
Teche Holding Company

	  	  	  	  	  	  
	  	  	  	  	  	  
	
Date of Grant:

	  	
____________ __, 20__

	  	
By:

	  
	  	  	  	  	  	  
	  	  	  	  	  
	
Attest:

	  	  	  	  	  
	  	  	  	  	  	  
	
[SEAL]

	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	  	  	  
	
Recipient Acknowledgement

	  	  	  
	  	  	  	  	  	  
	  	  	  	  	  	  
	
Recipient

	  	  	  	
Date

	  	  	  

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STOCK AWARD AGREEMENT

PURSUANT TO THE

TECHE HOLDING COMPANY

2011 STOCK-BASED INCENTIVE PLAN

FOR NON-EMPLOYEE DIRECTORS

This Agreement shall constitute an award of Restricted Stock (“Award”) for a total of _____ shares of Common Stock of Teche Holding Company (the “Corporation”), which is hereby granted to ___________________ (the “Participant”) at the price determined as provided herein, and in all respects subject to the terms, definitions and provisions of the 2011 Stock-Based Incentive Plan (the “Plan”) adopted by the Corporation which is incorporated by reference herein, receipt of which is hereby acknowledged.

 

1.           Purchase Price.  The purchase price for each share of Common Stock awarded by this Agreement is $0.00.

 

2.           Vesting of Plan Awards.  The Award of such Common Stock shall be deemed earned and non-forfeitable in accordance with the provisions of the Plan, provided the holder of such Award is an employee or director of the Corporation or Teche Federal Bank (the “Bank”) as of such date, as follows:

 

(a)           Schedule of Vesting of Awards.

	
 

 

 

Vesting Date

	  	
 

Number

of

Shares

	  	
Percentage of

Total Shares

which are

Non-forfeitable

	  	  	  	  	  
	
Upon Grant

	  	
0

	  	
0

	
As of ____________ __, 20__

	  	
___

	  	
20%

	
As of ____________ __, 20__

	  	
___

	  	
40%

	
As of ____________ __, 20__

	  	
___

	  	
60%

	
As of ____________ __, 20__

	  	
___

	  	
80%

	
As of ____________ __, 20__

	  	
___

	  	
100%

 

*Notwithstanding anything herein to the contrary, such Awards shall be immediately 100% earned and non-forfeitable upon a Change in Control of the Corporation or the Bank. Upon the death or disability of the Director, such Awards, will be deemed earned and non-forfeitable as if the Director had attained the next applicable vesting event.

 

(b)           Restrictions on Awards.  This Award may not be delivered to the Participant if the issuance of the Shares pursuant to the Award would constitute a violation of any applicable federal or state securities or other law or valid regulation.  As

 

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a condition to the Participant's receipt of this Award, the Corporation may require the person receiving this Award to make any representation and warranty to the Corporation as may be required by any applicable law or regulation.

 

3.           Non-transferability of Award.  This Award may not be transferred in any manner prior to such Award, or portion thereof, being deemed earned and non-forfeitable.

 

4.           Withholdings and Reporting.  The Corporation shall make such withholdings for taxes as it may be required prior to the distribution of such Award.  The Participant shall be responsible for filing SEC Form 4 reports, if applicable, with respect to each such Award.

 

5.           Restrictions on Awards.  The Award may not be delivered to the Participant if the issuance of the common stock pursuant to the Award would constitute a violation of any applicable federal or state securities or other law or valid regulation.  As a condition to the Participant’s receipt of this Award, the Corporation may require the Executive to make any representation and warranty to the Corporation as may be required by any applicable law or regulation.

 

6.           Voting of Stock Awards. Shares represented by an Award that have not yet been vested, earned and distributed to the Participant shall not be voted by such Participant.

 

7.           Disability of the Participant.  “Disability” with respect to this Award shall mean the “permanent and total disability” of the Participant as such term is defined at Section 22(e)(3) of the Code.

 

8.           Compliance with Section 409A of the Code.  Notwithstanding anything herein to the contrary, any payments or distributions to be made to the Participant in accordance with this Agreement and the related Plan as a result of a termination of employment shall be administered in a manner consistent with the definition of “separation of service” as such term is defined at Section 409A of the Code and regulations promulgated thereunder, and such payments or distributions, if applicable, shall not be made prior to the date that is 184 calendar days from the date of such separation of service, or such later date as determined in good faith by the Bank or Corporation (“Payment Date”), if it is determined by the Bank or the Corporation in good faith that the Participant is a “specified employee” within the meaning of Section 409A of the Code, that such payments or distributions to be made to such Participant are subject to the limitations at Section 409A of the Code and regulations promulgated thereunder, and if payments or distributions made in advance of such Payment Date would result in the requirement for the Participant to pay additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B) of the Code. Notwithstanding anything herein to the contrary, any payments or distributions to be made to the Participant in accordance with this Agreement and the related Plan as a result of a Change in Control shall be administered in a manner consistent with the definition of “change in control” as such term is defined at Section 409A of the Code and regulations promulgated thereunder, 

 

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and such payments or distributions, if applicable, shall not be made at such time, if such payments or distributions would result in the requirement for the Participant to pay additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B) of the Code.

 

9.            Other Restrictions on Awards.  This Award shall be subject to such other restrictions and limitations as are contained in the Plan or as determined by the Plan Committee administering such Plan.

 

10.           In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, re capitalization, merger, consolidation, spin off, reorganization, combination or exchange of shares, or other similar corporate change, or other increase or decrease in such shares without receipt or payment of consideration by the Corporation, or in the event an extraordinary capital distribution is made, the Committee will make such adjustments to previously granted Awards to prevent dilution, diminution, or enlargement of the rights of the Participant.

 

**THE REMAINDER OF THIS PAGE IS INTENTIONAL BLANK**

 

 

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