Document:

Exhibit 10.11

 

PROFESSIONAL
HOLDING CORP.

 

2016
AMENDED AND RESTATED stock OPTION PLAN

 

ARTICLE
1

GENERAL PROVISIONS

 

1.1          Purpose.

 

This Stock Option Plan
(the “Plan”) of PROFESSIONAL HOLDING CORP. (the “Company”) is adopted for the following purposes:
(1) to closely associate the interests of certain Key Persons (as hereinafter defined) with the interests of the Company; (2) to
encourage the Key Persons to focus on the growth and development of the Company, as reflected in increased shareholder value; (3)
to maintain competitive compensation levels; and (4) to provide an incentive for the Key Persons to maintain association or employment
with the Company so that the Company may retain the services of the most highly qualified individuals in high level capacities.

 

1.2          Administration.

 

(a)         
The Plan shall be administered by the Committee. The Committee shall at all times consist of at least three members. If
the Stock is registered under Section 12 of the Securities Exchange Act of 1934, as amended, then each member of the Committee
shall be a director who is a “non-employee director” within the meaning of Rule 16(b)-3 and, if necessary for any Options
to qualify for any tax or other material benefit to Optionee under applicable regulations under Section 162(m) of the Code, each
shall be an “outside director” (as defined in applicable regulations). The Committee shall be appointed by, and serve
at the pleasure of, the Board.

 

(b)          The Committee shall have the authority, in its sole discretion and from time to time to:

 

(i)                
grant awards to such employees, officers and directors of the Company as the Committee shall select, provided that the Committee
may grant Incentive Stock Options only to eligible employees of the Company or its subsidiaries (as defined for this purpose in
Section 424(f) of the Code or any successor thereto);

 

(ii)             
make all determinations necessary or desirable for the administration of the Plan including, within any applicable limits
specifically set out in the Plan, the number of shares of Stock that may be subject to Options, the Option Price, and the period
during which an Optionee must remain an employee, officer or director of the Company prior to the exercise of an Option;

 

(iii)            
impose such limitations, restrictions and conditions upon any such award as the Committee shall determine;

 

     

     

    

 

(iv)            
interpret the Plan, adopt, amend, and rescind rules and regulations relating to the Plan, and

 

(v)              
make all other determinations and take all other actions necessary or advisable for the implementation and administration
of the Plan.

 

(c)           The Committee may select one of its members as its chair, and shall hold meetings at such times and places as it may determine.
Acts by a majority of the Committee, or acts reduced to or approved in writing by a majority of the members, shall be the valid
acts of the Committee.

 

(d)           The
Committee’s interpretation of the Plan or any Awards granted pursuant thereto and all decisions and determinations by the
Committee with respect to the Plan shall be final, binding, and conclusive on all parties unless otherwise determined by the Committee.
Nothing in this Section 1.2(d) shall give the committee the right to increase the Total Authorized Shares or to
extend the term of the Plan.

 

1.3          Eligibility
for Participation.

 

Only Key Persons shall
be eligible for participation in the Plan. For purposes of the Plan, “Key Persons” shall be individuals selected
by the Committee for grants of Awards under this Plan.

 

1.4          Types
of Awards Under Plan.

 

Awards that are available
under the Plan shall be as follows:

 

(a)           Nonqualified Stock Options (as described in Article 3);

 

(b)           Incentive
Stock Options (as described in Article 4); or

 

(c)           Any
combination of the foregoing Awards.

 

1.5          Aggregate
Limitation on Awards.

 

(a)           Shares
of Stock which may be issued under the Plan shall be authorized and unissued or treasury shares of the Common Stock of the Company;
provided, however, that treasury shares shall not be used unless the Company has total capital accounts in excess of eight (8)
percent of total assets. The shares of Common Stock which may be issued under the Plan shall not exceed 265,000 of the issued
and outstanding Common Stock; provided however, that if there shall be a prospective reduction in the outstanding Common Stock,
any previously issued Awards shall remain valid and exercisable in Common Stock notwithstanding that Common Stock subsequently
issued pursuant to the prior Awards may exceed such limit.

 

(b)          For
purposes of calculating the maximum number of shares of Common Stock which may be issued under the Plan, the following shall apply:

 

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(i)                
All the shares issued (including the shares, if any, withheld for tax withholding requirements) shall be counted when cash
is used as full payment for the shares issued for any Award; and

 

(ii)             
Only the net shares issued (including the shares, if any, sold for withholding tax requirements as provided herein) shall
be counted when shares of Common Stock are used as full or partial payment for the shares issued for any Award.

 

(c)           Shares tendered by a Participant as payment for shares issued upon exercise of any Award shall be available for issuance
under the Plan. If any Award granted under the Plan terminates for any reason without being wholly exercised, then the Committee
shall have the discretion to grant new Awards to Participants covering the number of shares of Common Stock to which such Awards
related. Any shares of Common Stock issued pursuant to an Award which are subsequently reacquired by the Company shall again be
available for issuance under the Plan.

 

1.6         
Effective Date and Term of Plan.

 

The Plan shall become
effective on the date it is approved by the shareholders of the Company. Subject to the applicable provisions in Section
6 below, the Plan shall continue in effect from the Effective Date until the day before the tenth anniversary of the Effective
Date (the “Termination Date”), provided that the terms of the Plan shall continue in effect after the Termination
Date for so long as is necessary to the enforcement of the rights and obligations of the Company and of any Optionee under the
Plan or any Option. In no event shall any Options be granted under the Plan after the Termination Date. Options granted prior to
the Termination Date shall remain in effect until the exercise, surrender, cancellation or expiration in accordance with their
terms and the terms of the Plan.

 

ARTICLE
2

Definitions

 

The following definitions
shall be applicable throughout the Plan.

 

2.1          “Award”
shall mean, individually or collectively, any Incentive Stock Option or Nonqualified Stock Option granted to a Participant pursuant
to the terms of the Plan.

 

2.2         “Board”
or “Board of Directors” shall mean the Board of Directors of the Company.

 

2.3         “Change
in Control” shall, unless the Committee otherwise directs by resolution adopted prior thereto, be deemed to occur if
(i) any “person” (as that term is used in Sections 13 and 14(d)(2) of the Exchange Act (as defined herein) is or becomes
the beneficial owner (as that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of fifty percent (50%)
or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (“Voting Stock”); or (ii) during any period of twelve moths, individuals who at the beginning
of such period constitute the Board cease for any reason to constitute at least a majority thereof, unless the election or the
nomination for election by the Company’s shareholders of each new Director was approved by a vote of at least three-quarters
(3/4) of the Directors then still in office who were Directors at the beginning of the period.

 

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2.4          “Code” shall mean the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section
of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section.

 

2.5         
“Committee” shall have the meaning set forth in Section 1.2(a) of the Plan.

 

2.6        
“Common Stock” shall mean the Class A Voting Common Stock of the Company, $0.01 par value per share.

 

2.7         
“Company” shall mean PROFESSIONAL HOLDING CORP. and its successors.

 

2.8         
“Director” shall mean a member of the Board of Directors.

 

2.9        
“Disability” shall mean any of the following: (a) the Participant’s inability to perform each of
the essential duties of such Participant’s position by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months;
or (b) the incurrence by the Participant of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months.

 

2.10      
“Effective Date” shall mean April 16, 2009.

 

2.11      
“Employee” shall mean a statutory employee of the Company as defined in Code Section 1402(d).

 

2.12      
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.13      
“Fair Market Value” shall have the following meaning:

 

(a)           Company’s
Common Stock is Publicly Traded.

 

For purposes of the Plan, if the Company’s
Common Stock is publicly traded at the time of determination, “Fair Market Value” as of any date and in respect of
any share of Common Stock shall mean:

 

(i)               the
average of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock
is traded, or if no sales of Common Stock occur on the date in question, on the last preceding date on which there was a sale
on such market, if the Common Stock is then traded on a national securities exchange; or

 

(ii)             
the mean between the closing bid and ask prices last quoted by an established quotation service for over-the-counter securities,
or if no sales of Common Stock occur on the date in question, on the last preceding date on which there was a sale on such market,
if the Common Stock is not reported on a national securities exchange.

 

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The above definition
shall be interpreted consistent with Treas. Reg. §1.409A-1(b)(5)(iv)(A).

 

(b)           Company’s Common Stock is Not Publicly Traded.

 

For purposes of the Plan, if the Company’s
Common Stock is not publicly traded at the time of determination, “Fair Market Value” as of any date and in respect
of any share of Common Stock shall be deemed to be the fair value of the Common Stock as determined by the Committee after taking
into consideration all factors which it deems appropriate, including, without limitation, recent sale and offer prices of the Common
Stock in private transactions negotiated at arm’s length and taking into account the factors listed in Treas. Reg. §1.409A-1(b)(5)(iv)(B).

 

2.14      
“Holder” shall mean a Participant who has been granted a Nonqualified Stock Option or an Incentive Stock
Option.

 

2.15      
“Incentive Stock Option” shall have the meaning set forth in Section 4.1.

 

2.16      
“Incentive Stock Option Period” shall mean the period described in Section 4.6(a).

 

2.17      
“Initial Public Offering” means the first public offering of the Company’s equity securities registered
under the Securities Act of 1933, as amended, or any successor statute, or such other event as a result of which outstanding equity
securities of the Company (or any successor entity) shall be publicly traded.

 

2.18      
“Key Persons” shall mean any Employee and shall also include any officers or Directors of the Company
whether or not the latter shall be an Employee of the Company.

 

2.19      
“Nonqualified Stock Option” shall mean an Option granted by the Committee to a Participant under the
Plan which is not designated by the Committee as an Incentive Stock Option.

 

2.20      
“Nonqualified Stock Option Period” shall mean the period described in Section 3.5(a).

 

2.21      
“Option” shall mean a Nonqualified Stock Option or an Incentive Stock Option.

 

2.22      
“Optionee” shall mean a participant who has been granted an Option hereunder.

 

2.23      
“Option Period” shall mean a Nonqualified Stock Option Period or an Incentive Stock Option Period.

 

2.24       
“Option Price” shall mean the applicable Stock Option Price or Incentive Option Price.

 

2.25      
“Participant” shall mean a Key Person who shall be granted an Award under the Plan.

 

2.26      
“Plan” shall mean this Stock Option Plan of the Company, as amended from time to time.

 

2.27      
“Stock” shall mean the Common Stock or such other authorized shares of stock of the Company as the Board
may from time to time authorize for use under the Plan.

 

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ARTICLE
3

NONQUALIFIED STOCK OPTIONS

 

3.1          Award of Nonqualified Stock Options.

 

3.2          The Committee may from time to time, and subject to the provisions of the Plan and such other terms and conditions as the
Committee may prescribe, grant to any Key Person one or more Options to purchase for cash or shares, the number of shares of Common
Stock (“Nonqualified Stock Options”) allotted by the Committee. The date a Nonqualified Stock Option is granted
shall mean the date selected by the Committee as of which the Committee shall allot a specific number of shares to a Participant
pursuant to the Plan and when the Participant has a legally binding right constituting the Nonqualified Stock Option; provided
that the grant date may not be a date that occurs prior to the date the Committee takes action to approve the Nonqualified Stock
Option.

 

3.3          Nonqualified Stock Option Agreements.

 

Each Nonqualified Stock
Option granted under the Plan shall be evidenced by a “Nonqualified Stock Option Agreement” between the Company
and the Holder of the Nonqualified Stock Option containing such provisions as may be determined by the Committee, but shall be
subject to the following terms and conditions.

 

(a)           Each
Nonqualified Stock Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof,
except as otherwise determined by the terms of the Nonqualified Stock Option Agreement.

 

(b)           Each share of Common Stock purchased through the exercise of a Nonqualified Stock Option shall be paid for in full at the
time of the exercise. Each Nonqualified Stock Option shall cease to be exercisable as to any share of Common Stock, at the earlier
of: (i) the Holder purchases the share; or (ii) when the Nonqualified Stock Option lapses.

 

(c)           Nonqualified
Stock Options shall not be assignable or transferable by the Holder except by (i) will or the laws of descent and distribution,
or (ii) a domestic relations order, and shall be exercisable during the Holder’s lifetime only by him or her or his or her
guardian or legal representative.

 

(d)           Each
Nonqualified Stock Option shall become exercisable by the Holder in accordance with the vesting schedule (if any) established
by the Committee for the Award.

 

(e)           Each
Nonqualified Stock Option Agreement may contain an agreement that, upon demand by the Committee for such a representation, the
Holder shall deliver to the Committee at the time of any exercise of a Nonqualified Stock Option a written representation that
the shares to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution
thereof. Upon such demand, delivery of such representation prior to the delivery of any shares issued upon exercise of a Nonqualified
Stock Option shall be a condition precedent to the right of the Holder or such other person to purchase any shares. In the event
certificates for Common Stock are delivered under the Plan with respect to which such investment representation has been obtained,
the Committee may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation
and to restrict transfer in the absence of compliance with applicable federal or state securities laws.

 

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3.4          Nonqualified
Stock Option Price.

 

The exercise price
per share of Common Stock (the “Nonqualified Stock Option Price”) shall be set by the Committee at the time
of grant subject to the following: (i) the Nonqualified Stock Option Price shall never be less than the greater of the Fair Market
Value of the underlying stock on the date the Nonqualified Stock Option is granted or the par value of the stock; (ii) the number
of shares subject to the Nonqualified Stock Option Price must be fixed on the original date of grant; and (iii) the Nonqualified
Stock Option Price may not include any additional feature for the deferral of compensation.

 

3.5          Manner
of Exercise and Form of Payment.

 

(a)           Nonqualified
Stock Options which have become exercisable may be exercised by delivery of written notice of exercise (“Notice of Exercise”)
to the Committee accompanied by payment of the Nonqualified Stock Option Price. The Nonqualified Stock Option Price shall be payable
in cash or such other means as set forth in the Nonqualified Stock Option Agreement plus the amount (if any) of federal and/or
other taxes which the Company may, in its judgment, be required to withhold with respect to an Award. If a Participant shall fail
to pay the Nonqualified Stock Option Price at the time of exercise, the Nonqualified Stock Option(s) which are being exercised
shall become null and void.

 

(b)           Notwithstanding
Section 3.4(a), at the time the Notice of Exercise pertaining to the Nonqualified Stock Option is given to the Committee
with respect to the exercise of any Nonqualified Stock Option, if the Company’s shares of Common Stock are traded on a national
securities exchange, a Participant may elect in writing to pay the Nonqualified Stock Option Price through a “cashless”
feature. Upon such election, the Committee shall sell a sufficient number of shares of Common Stock on behalf of the electing
Participant which would otherwise be a part of the shares exercised through the Nonqualified Stock Option in the Notice of Exercise.
The sale price shall be the closing price of the shares as quoted on the exchange or market as of the trading day immediately
preceding the date of the Notice of Exercise. The proceeds from such sale(s) shall be used to pay any and all applicable state
and federal withholding or other employment or payroll taxes, if any, applicable to the taxable income of the Participant resulting
from such exercise together with any sales, transfer or similar taxes imposed with respect to the issuance or transfer of shares
of Common Stock in connection with such exercise. The exercising Participant shall then receive the balance of the shares net
of those sold in order for the Company to pay such taxes.

 

(c)           Any
state or federal withholding taxes attributable to the portion of the Non Qualified Stock Option payable in cash shall be withheld
from the cash that would otherwise be paid to the Participant hereunder.

 

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3.6          Nonqualified
Stock Option Period; Termination.

 

(a)           Each
Nonqualified Stock Option shall be exercisable by the Holder in accordance with such terms as shall be established by the Committee
for the Nonqualified Stock Option, and unless a shorter period is provided by the Committee or by another section of the Plan,
may be exercised during a period of ten (10) years from the date of grant thereof (the “Nonqualified Stock Option Period”).
No Nonqualified Stock Option shall be exercisable after the expiration of its Nonqualified Stock Option Period.

 

(b)          If
the Holder dies within the Nonqualified Stock Option Period (or such other period as may have been established by the Committee),
any rights to the extent exercisable on the date of death may be exercised by the Holder’s estate, or by a person who acquires
the right to exercise such Nonqualified Stock Option by bequest or inheritance or by reason of the death of the Holder, provided
that such exercise occurs within both the Nonqualified Stock Option Period and twelve (12) months after the Holder’s death.

 

(c)           If the Holder’s relationship as an Employee, officer or Director of the Company terminates by reason of Disability
within the Nonqualified Stock Option Period, the Holder may, within twelve (12) months from the date of termination (or within
such other period as determined by the Committee), exercise any Nonqualified Stock Options to the extent such options are exercisable
during such twelve (12) month period.

 

(d)           If
the Holder’s relationship with the Company terminates for any reason other than death or Disability, all unvested Nonqualified
Stock Options shall, except as set forth in the Holder’s Nonqualified Stock Option Agreement or as otherwise determined
by the Committee at the time of the grant, terminate at the time of the termination of such relationship or employment, as the
case may be.

 

3.7          Effect
of Exercise.

 

As soon as practicable
after receipt of payment, the Company shall deliver to the Participant a certificate or certificates for such shares of Common
Stock. The Participant shall become a shareholder of the Company with respect to Common Stock represented by share certificates
so issued and as such shall be fully entitled to receive dividends, to vote and to exercise all other rights of a shareholder.

 

3.8          Order
of Exercise.

 

Options granted under
the Plan may be exercised in any order, regardless of the date of the grant or the existence of any other outstanding Nonqualified
Stock Option awarded to the Participant.

 

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ARTICLE
4

INCENTIVE STOCK OPTIONS

 

4.1          Award
of Incentive Stock Options.

 

The Committee may,
from time to time and subject to the provisions of the Plan and such other terms and conditions as the Committee may prescribe,
grant to any Key Person who is an Employee of the Company one or more “incentive stock options” (intended to qualify
as such under the provisions of Section 422 of the Code (“Incentive Stock Options”) to purchase for cash or
shares, the number of shares of Common Stock allotted by the Committee. The date an Incentive Stock Option is granted shall mean
the date selected by the Committee as of which the Committee allots a specific number of shares to a Participant pursuant to the
Plan; provided that the grant date may not be a date that occurs prior to the date the Committee takes action to approve the Nonqualified
Stock Option.

 

4.2          Incentive
Stock Option Agreements.

 

Each Incentive Stock
Option granted under the Plan shall be evidenced by an “Incentive Stock Option Agreement” between the Company
and the Holder of the Incentive Stock Option, stating the number of shares of Common Stock subject to the Incentive Stock Option
evidenced thereby and containing such other provisions as may be determined by the Committee from time to time, but shall be subject
to the following terms and conditions.

 

(a)           Each
Incentive Stock Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof,
except as otherwise determined by the terms of the Incentive Stock Option Agreement.

 

(b)          Each
share of Common Stock purchased through the exercise of an Incentive Stock Option shall be paid for in full at the time of the
exercise. Each Incentive Stock Option shall cease to be exercisable, as to any share of Common Stock, at the earlier of: (i) the
Holder purchases the share; or (ii) when the Incentive Stock Option lapses.

 

(c)           Incentive
Stock Options shall not be assignable or transferable by the Holder except by (i) will or the laws of descent and distribution,
or (ii) a domestic relations order, and shall be exercisable during the Holder’s lifetime only by him or her or his or her
guardian or legal representative.

 

(d)          Each
Incentive Stock Option shall become exercisable by the Holder in accordance with the vesting schedule (if any) established by
the Committee for the Award.

 

(e)           Each
Incentive Stock Option Agreement may contain an agreement that, upon demand by the Committee for such a representation, the Holder
shall deliver to the Committee at the time of any exercise of an Incentive Stock Option a written representation that the shares
to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof.
Upon such demand, delivery of such representation prior to the delivery of any shares issued upon exercise of an Incentive Stock
Option shall be a condition precedent to the right of the Holder or such other person to purchase any shares. In the event certificates
for Common Stock are delivered under the Plan with respect to which such investment representation has been obtained, the Committee
may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict
transfer in the absence of compliance with applicable federal or state securities laws.

 

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4.3          Incentive
Stock Option Price.

 

The option price per
share of Common Stock deliverable upon the exercise of an Incentive Stock Option shall be the greater of the Fair Market Value
of a share of Common Stock on the date the Incentive Stock Option is granted or the par value of the stock.

 

4.4          Special
Rule for Ten Percent Shareholder.

 

Notwithstanding Sections
4.2 and 4.3, if Incentive Stock Options are issued to an individual who owns stock possessing more than ten percent (10%)
of the total combined voting power of all classes of stock of the Company, then (a) the option price per share of Common Stock
deliverable upon the exercise of an Incentive Stock Option shall be at least the greater of one hundred and ten percent (110%)
of the Fair Market Value of a share of Common Stock on the date the Incentive Stock Option is granted or the par value of the stock;
and (b) such option, by its terms, shall not be exercisable after the expiration of five (5) years from the date such option is
granted.

 

4.5          Maximum Amount of Incentive Stock Option Grant.

 

To the extent required
for “Incentive Stock Option” status under Section 422 of the Code, the aggregate Fair Market Value (determined as of
the Date of Grant) of the Common Shares with respect to which Incentive Stock Options are exercisable for the first time by the
Optionee during any calendar year under the Plan and/or any other stock option plan of the Company (within the meaning of Section
424 of the Code) shall not exceed $100,000 (or such other amount set forth in section 422 of the Code) (the “ISO Limitation
Amount”). To the extent the aggregate Fair Market Value (determined on the date the option is granted) of Common Stock
for which Incentive Stock Options are exercisable for the first time during any calendar year (under all plans of the Company)
exceeds the ISO Limitation Amount, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options.

 

4.6          Incentive
Stock Option Period; Termination.

 

(a)           Each
Incentive Stock Option shall be exercisable by the Holder in accordance with such terms as shall be established by the Committee
for the Incentive Stock Option, and, unless a shorter period is provided by the Committee or by another section of the Plan, may
be exercised during a period of ten (10) years from the date of grant thereof (the “Incentive Stock Option Period”).
No Incentive Stock Option shall be exercisable after the expiration of its Incentive Stock Option Period.

 

(b)           If the Holder dies within the Incentive Stock Option Period (or such other period as may have been established by the Committee),
any rights to the extent exercisable on the date of death may be exercised by the Holder’s estate, or by a person who acquires
the right to exercise such Incentive Stock Option by bequest or inheritance or by reason of the death of the Holder, provided that
such exercise occurs within both the Incentive Stock Option Period and twelve (12) months after the Holder’s death.

 

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(c)           If the Holder’s relationship as an Employee officer or Director of the Company terminates by reason of Disability
within the Incentive Stock Option Period, the Holder may, within twelve (12) months from the date of termination (or within such
other period as determined by the Committee), exercise any Incentive Stock Options to the extent such options are exercisable during
such twelve (12) month period (or such other period as determined by the Committee).

 

(d)          Notwithstanding
the foregoing, the tax treatment available pursuant to Section 422 of the Code upon the exercise of an Incentive Stock Option
will not be available to a Holder who exercises any Incentive Stock Options more than (i) twelve (12) months after the date of
termination of employment due to Disability or (ii) three (3) months after the date of termination of employment due to death.

 

(e)           If
the Holder’s employment or relationship with the Company terminates for any reason other than death or Disability, all unvested
Incentive Stock Options shall, except as set forth in the Holder’s Incentive Stock Option Agreement or as otherwise determined
by the Committee at the time of the grant, terminate at the time of the termination of such relationship.

 

4.7          Notice
of Disposition.

 

Participants shall
give prompt notice to the Committee of any disposition of Common Stock acquired upon exercise of an Incentive Stock Option if such
disposition occurs within either two (2) years after the date of the grant of such Incentive Stock Option and/or one (1) year after
the receipt of such Common Stock by the Holder.

 

4.8          Applicability of Nonqualified Stock Options Sections.

 

Sections 3.4
(Manner of Exercise and Form of Payment), 3.6 (Effect of Exercise) and 3.7 (Order of Exercise) applicable to Nonqualified Stock
Options, shall apply equally to Incentive Stock Options. These sections are incorporated by reference in this Article 4
as though fully set forth herein.

 

ARTICLE
5

vesting

 

Vesting. Unless
otherwise designated by the Committee, the Options granted hereunder may initially be unvested or subject to forfeiture. The Committee
shall determine the timing, terms and conditions of the vesting of any Options acquired hereunder, and in its discretion, may accelerate
the vesting of the Option or any part thereof from time to time. Notwithstanding anything herein to contrary, if the Participant
is terminated for Cause (as defined below), the Participant’s interest in such Stock Option Award, and the shares of Common
Stock underlying such Stock Option Award, shall terminate at the time the Participant is terminated for Cause without regard to
whether the Participant has satisfied any applicable vesting period before the Participant’s termination date. Cause is defined
as: (i) violation of any standard of conduct or ethics applicable generally for officers, directors, employees or associates of
the Company and its subsidiaries; (ii) the Participant is convicted of, or pleads guilty or no contest to, any crime punishable
as a felony; (iii) conduct by the Participant which by the standard of clear and convincing evidence, in the Committee’s
sole discretion, is unprofessional or unethical or behavior that is materially detrimental to the financial well-being or reputation
of the Company; or (iv) any other for “Cause” reason for termination, as set forth in any employment agreement of Participant
with the Company, that causes Participant’s employment to terminate with the Company. The terms of this Article 5
shall supercede and control anything to the contrary contained in any Nonqualified Stock Option Agreement or Incentive Stock Option
Agreement between the Participant and the Company.

 

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ARTICLE
6

mISCELLANEOUS

 

6.1          General Restriction.

 

Each Award under the
Plan shall be subject to the requirement that, if at any time the Committee shall determine that (a) the listing, registration
or qualification of the shares of Common Stock subject or related thereto upon any securities exchange or under any state or Federal
law, or (b) the consent or approval of any government regulatory body, or (c) an agreement by the grantee of an award with respect
to the disposition of shares of Common Stock, is necessary or desirable as a condition of, or in connection with, the granting
of such Award or the issue or purchase of shares of Common Stock thereunder, such Award may not be consummated in whole or in part
unless such listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee.

 

6.2          Additional
Provisions of an Award.

 

The award of any benefit
under the Plan may also be subject to such other provisions (whether or not applicable to the benefit awarded to any other Participant)
as the Committee determines appropriate, including, without limitation, provisions to assist the Participant in financing the purchase
of Common Stock through the exercise of Options, provisions for the forfeiture of or restrictions on resale or other disposition
of shares acquired under any form of benefit, provisions giving the Company the right to repurchase shares acquired under any form
of benefit in the event the Participant elects to dispose of such shares, and provisions to comply with Federal and state securities
laws and Federal and state income tax withholding requirements.

 

6.3          Restrictions
on Transferability.

 

No Award under the
Plan shall be assignable or transferable by the recipient thereof, except by will or by the laws of descent and distribution. During
the life of the recipient, such Award shall be exercisable only by such person or by such person’s guardian or legal representative.
No right or benefit under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge
and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or benefit hereunder
shall in any manner be liable for or subject to any debts, contracts, liabilities or torts of the person entitled to such benefits.
If any Participant or beneficiary hereunder shall become bankrupt or attempt to anticipate, alienate, assign, pledge, sell, encumber
or charge any right or benefit hereunder, then such right or benefit shall in the discretion of the Committee cease. Such Units
shall thereupon become null and void.

 

    12

     

    

 

6.4          Withholding
Taxes.

 

Notwithstanding any
other provision of the Plan, the Company shall have the right in general and in addition to any other specific procedure for the
payment of taxes attributable to any Award to deduct from all Awards, to the extent paid in cash, all federal, state or local taxes
as required by law to be withheld with respect to such Awards and, in the case of Awards paid in Common Stock, the Holder or other
person receiving such Common Stock may be required to pay to the Company prior to delivery of such stock, the amount of any such
taxes which the Company is required to withhold, if any, with respect to such Common Stock. Subject in particular cases to the
approval of the Committee, the Company may accept shares of Common Stock of equivalent Fair Market Value in payment of such withholding
tax obligations if the Holder of the Award elects to make payment in such manner at least six (6) months prior to the date such
tax obligation is determined.

 

6.5          Compliance
with Section 409A of the Code.

 

The Plan is intended
to comply with Section 409A of the Code and shall be construed and interpreted in accordance with such intent. Grants under this
Plan shall be treated in a manner that will comply with Section 409A of the Code, including proposed, temporary or final regulations
or any other guidance issued by the Secretary of Treasury and the Internal Revenue Service with respect thereto (the “Guidance”).
Any provision of the Plan that would cause a grant or any other payment under the Plan to fail to satisfy Section 409A of the Code
shall have no force and effect until amended to comply with Code Section 409A (which amendment may be retroactive to the extent
permitted by the Guidance). If the Committee at any time determines that the Plan or Options granted under the Plan are or may
be subject to, and fail or may fail to comply with, the requirements of Section 409A of the Code, the Committee may make such modifications
to the Plan and to the terms of any awards under the Plan, including without limitation, modifications with respect to the exercisability
of Options, as it deems advisable either to ensure that the Plan and Options granted under the Plan comply with any applicable
requirements of Section 409A of the Code. Notwithstanding the foregoing, nothing herein shall create any obligation by the Company
to any participant should any grant or other payment fail to satisfy Section 409A of the Code.

 

6.6          Fractional
Shares.

 

The Company shall not
be required to issue any fractional Common Stock pursuant to this Plan. The Committee may provide for the elimination of fractional
Common Shares or for the settlement of fractional Common Shares for cash.

 

    13

     

    

 

6.7          Lock-Up
Agreement.

 

The Company may, in
its discretion, require in connection with an Initial Public Offering that a Participant agree that any Option not be sold, offered
for sale, or otherwise disposed of for a period of time as determined by the Board, provided at least a majority of the Company’s
Directors and officers who hold Options or Common Stock at such time are similarly bound.

 

6.8          Employment
Not Affected.

 

Nothing in the Plan
or in any agreement entered into pursuant to the Plan shall confer upon any Participant the right to continue to serve on the Committee
or Board or in the employment of the Company or affect any right which the Company, or its shareholders, may have to terminate
the relationship or employment or service of such Participant.

 

6.9          Acceleration
Events.

 

If an event occurs
which in the opinion of the Board is likely to lead to a Change in Control of the Company, whether or not such Change in Control
actually occurs, the Board may direct the Committee to declare that all Nonqualified Stock Options and Incentive Stock Options
granted under the Plan shall become immediately vested; provided, however, that to the extent that so accelerating the time an
Incentive Stock Option may first be exercised would cause the limitation provided in Section 4.5 to be exceeded,
such Options shall instead first become exercisable in so many of the next following years as is necessary to comply with such
limitation. In addition, to the extent provided in the applicable Stock Option Agreement between the Participant and the Company,
the vesting of Options granted hereunder may be accelerated if the Participant’s employment or service to the Company terminates
by reason of the Participant’s death or Disability.

 

6.10       
Payments to Persons Other than Participants.

 

If the Committee shall
find that any person to whom any amount is payable under the Plan is unable to care for his or her affairs because of illness or
accident, or is a minor, or has died, then any payment due to such person or his or her estate (unless a prior claim therefor has
been made by a duly appointed legal representative), may, if the Committee so directs the Company, be paid to his or her spouse,
child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be
a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the
liability of the Committee and the Company therefor.

 

6.11       
Non-Uniform Determinations.

 

The Committee’s
determinations under the Plan (including, without limitation, determinations of the persons to receive Awards, the form, amount
and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and
may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such
persons are similarly situated.

 

    14

     

    

 

6.12       
Rights as a Shareholder.

 

Except as otherwise
specifically provided in the Plan, no person shall be entitled to the privileges of stock ownership in respect of shares of Common
Stock which are subject to Options hereunder until such shares have been issued to that person.

 

6.13       
Leaves of Absence.

 

The Committee shall
be entitled to make such rules, regulations and determinations as it deems appropriate under the Plan in respect of any leave of
absence taken by the recipient of any award. Without limiting the generality of the foregoing, the Committee shall be entitled
to determine (a) whether or not any such leave of absence shall constitute a termination of employment within the meaning of the
Plan and (b) the impact, if any, of any such leave of absence on awards under the Plan previously made to any recipient who takes
such leave of absence.

 

6.14       
Newly Eligible Employees.

 

The Committee shall
be entitled to make such rules, regulations, determinations and awards as it deems appropriate in respect of any person who becomes
eligible to participate in the Plan or any portion thereof after the commencement of an Award or incentive period.

 

6.15       
Adjustments.

 

Unless the Committee
specifically determines otherwise, Options and any agreements evidencing such Awards shall be subject to adjustment or substitution
as to the number, price or if applicable, kind of a shares of stock or other consideration subject to such Awards or as otherwise
determined by the Committee to be equitable (a) in the event of changes in the outstanding Common Stock or in the capital structure
of the Company, or of any other corporation whose performance is relevant to the attainment of performance goals hereunder, if
any, by reason of stock dividends, stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges
or other relevant changes in capitalization occurring after the date of the grant of any such Award or (b) in the event of any
change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement
of the rights granted to, or available for, Participants in the Plan, or which otherwise warrants equitable adjustment because
it interferes with the intended operation of the Plan. In addition, unless the Committee specifically determines otherwise, in
the event of any such adjustments or substitution, the aggregate number of shares of Common Stock available under the Plan shall
be appropriately adjusted by the Committee, whose determination shall be conclusive. Any adjustment in Incentive Stock Options
under this Section shall be made only to the extent not constituting a “modification” within the meaning of Section
424(h)(3) of the Code, and any adjustments under this Section shall be made in a manner which does not adversely affect the exemption
provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder
and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

    15

     

    

 

6.16       
Effect of Change in Control.

 

(a)           In
the event a Change in Control occurs and notwithstanding any vesting schedule provided for hereunder or by the Committee with
respect to an Award of Options, such Option shall become immediately exercisable with respect to one hundred percent (100%) of
the shares subject to such Option; provided, however, that to the extent that so accelerating the time an Incentive Stock Option
may first be exercised would cause the limitation provided in Section 4.5 to be exceeded, such Options shall instead
first become exercisable in so many of the next following years as is necessary to comply with such limitation.

 

(b)           The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially
all of the assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation
of a Participant’s rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger,
consolidation, reorganization or transfer of assets.

 

6.17       
Funding.

 

Except as otherwise
provided in the Plan, no provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the
Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate
any assets, nor shall the Company maintain separate bank accounts, books, records, or other evidence of the existence of a segregated
or separately maintained or administered fund for such purposes. Holders shall have no rights under the Plan other than as unsecured
general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by
performance of services, they shall have the same rights as other employees under general law.

 

6.18       
Reliance on Reports.

 

Each member of the
Committee shall be fully justified in relying, acting or failing to act, and shall not be liable for having so relied, acted or
failed to act in good faith, upon any report made by the independent public accountant of the Company and upon any other information
furnished in connection with the Plan by any person or persons other than himself or herself.

 

6.19       
Relationship to Other Benefits.

 

No payment under the
Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or
other benefit plan of the Company except as otherwise specifically provided.

 

6.20       
Expenses.

 

The expenses of administering
the Plan shall be borne by the Company.

 

    16

     

    

 

6.21       
Titles and Headings.

 

The titles and headings
of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather
than such titles or headings, shall control.

 

6.22       
No Presumption.

 

The fact that this
Agreement was prepared by counsel for the Company shall create no presumptions and specifically shall not cause any ambiguities
to be construed against the Company.

 

6.23       
Nonexclusivity of the Plan.

 

Neither the adoption
of this Plan by the Board nor the submission of this Plan to the shareholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including,
without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either applicable
generally or only in specific cases.

 

6.24       
No Liability of Committee Members.

 

No member of the Committee
shall be personally liable by reason of any contract or other instrument executed by such member or on his or her behalf in his
or her capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall defend,
indemnify and hold harmless each member of the Board and each other employee, officer or Director of the Company to whom any duty
or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act
in connection with the Plan unless arising out of such person’s own fraud or bad faith; provided, however,
that approval of the Board shall be required for the payment of any amount in settlement of a claim against any such person. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled
under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company
may have to indemnify them or hold them harmless.

 

6.25       
Governing Law; Construction.

 

The Plan shall be governed
by the laws of the state of Florida without regard to its conflict of laws principles. In case any one or more of the provisions
contained herein are for any reason deemed to be invalid, illegal or unenforceable in any respect by a judicial body having jurisdiction,
such illegality, invalidity or unenforceability shall not effect any other provision of this Plan, and this Plan shall be construed
as if such invalid, unenforceable or illegal provision had never been contained herein. In construing the Plan, the singular shall
include the plural and the masculine gender shall include the feminine and neuter, unless the context otherwise requires.

 

    17

     

    

 

6.26       
Amendment of the Plan.

 

(a)           The
Committee may, without further action by the shareholders and without receiving further consideration from the Participants, amend
this Plan or condition or modify awards under this Plan in response to changes in securities or other laws or rules, regulations
or regulatory interpretations thereof applicable to this Plan or to comply with stock exchange rules or requirements.

 

(b)           The
Committee may at any time and from time to time terminate or modify or amend the Plan in any respect, except that, without shareholder
approval, the Committee may not materially amend the Plan, including, but not limited to, the following:

 

(i)               materially
increase the number of shares of Common Stock to be issued under the Plan (other than pursuant to Sections 6.15
and 6.16);

 

(ii)             
materially increase benefits to Participants, including any material change to (A) permit a re-pricing (or decrease in exercise
price) of outstanding Options, (B) reduce the price at which Options may be offered, or (C) extend the duration of the Plan;

 

(iii)            
materially expand the class of Participants eligible to participate in the Plan; and

 

(iv)            
expand the types of Options or other awards provided under the Plan.

 

(c)            The termination or any modification or amendment of the Plan, except as provided in subsection (a), shall not without the
consent of a Participant, affect his or her rights under an Award previously granted to him or her.

 

6.27       
Binding Effect.

 

This Agreement shall
be legally binding upon and shall operate for the benefit of the parties hereto, their respective heirs, personal and legal representatives,
transferees, successors and assigns.

 

6.28       
Survival.

 

All representations
and other relevant provisions herein shall survive and thereby continue in full force and effect after termination of the Optionee’s
employment with the Company.

 

6.29       
No Waiver of Breach.

 

The waiver or inaction
by any party hereto of a breach of any condition of this Agreement by the other party shall not be construed as a waiver of any
subsequent breach by such party, nor shall it constitute a waiver of that party’s rights, actual or inherent. The failure
of any party hereto in any instance to insist upon a strict performance of the terms of this Agreement or to exercise any option
herein shall not be construed as a waiver or a relinquishment in the future of such term or option, but that the same shall continue
in full force and effect.

 

    18

     

    

 

6.30       
Notices.

 

All notices or communications
provided for herein or incidental to the transactions contemplated hereby shall be in writing and shall be deemed duly given if
delivered personally, sent by facsimile, certified mail and/or by registered mail, return receipt requested or sent by overnight
delivery (i) to any officer of the Company (other than the Participant) at the address of the principal office of the Company and
(ii) to any Participant at his or her address as reflected on the records of the Company for federal income tax purposes or at
such other address as either party may have specified by prior written notice to the other party. Notices shall be effective as
of the date of personal delivery or as of the first day after any other notice procedure.

 

6.31       
WAIVER OF JURY TRIAL.

 

THE COMPANY AND
EACH PERSON WHO IS A PARTICIPANT EXPRESSLY WAIVES ALL RIGHTS TO ANY TRIAL BY JURY IN ALL LITIGATION RELATING TO OR ARISING OUT
OF THE SUBJECT MATTER OF THIS PLAN.

 

    19Exhibit 10.12

 

Professional
Holding Corp.

2019
Equity Incentive Plan

 

1.             
Purpose; Eligibility.

 

1.1              
General Purpose. The name of this plan is the Professional Holding Corp. 2019 Equity Incentive Plan (the “Plan”).
The purposes of the Plan are to (a) enable Professional Holding Corp., a Florida corporation (the “Company”),
and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s
long-term success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders
of the Company; and (c) promote the success of the Company’s business.

 

1.2              
Eligible Award Recipients. The Persons eligible to receive Awards are the Employees, Consultants and Directors of
the Company or its Affiliates and such other individuals designated by the Committee who are reasonably expected to become Employees,
Consultants and Directors of the Company or its Affiliates after the receipt of Awards.

 

1.3              
Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified
Stock Options, (c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other
Equity-Based Awards, or any combination of the foregoing.

 

2.             
Definitions.

 

“Affiliate”
means a Person that, directly or through one or more intermediaries, controls, is controlled by or is under common control with,
the Company.

 

“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate
law, United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common
Stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

 

“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation
Right, a Restricted Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.

 

“Award Agreement”
means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual
Award granted under the Plan which may be transmitted electronically to a Participant. Each Award Agreement shall be subject to
the terms and conditions of the Plan.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that
such Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable
or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned”
have a corresponding meaning.

 

“Board”
means the Board of Directors of the Company, as constituted at any time.

 

     

     

    

 

“Cash Award”
means an Award denominated in cash that is granted under Section 7.4 of the Plan.

 

“Cause”
means:

 

(a)       With
respect to any Employee or Consultant, unless the applicable Award Agreement states otherwise:

 

(i)        If
the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement
provides for a definition of Cause, the definition contained therein; or

 

(ii)        If
no such agreement exists, or if such agreement does not define Cause: (A) the commission of, or plea of guilty or no contest to,
a felony, a crime involving moral turpitude, or the commission of any other act involving willful malfeasance or material fiduciary
breach with respect to the Company or an Affiliate; (B) conduct that results in, or is reasonably likely to result in, harm to
the reputation or business of the Company or any of its Affiliates; (C) gross negligence or willful misconduct with respect to
the Company or any of its Affiliates; (D) a material breach of any employment or similar agreement or any Company policy; and (E)
a material violation of state or federal securities or banking laws.

 

(b)       With
respect to any Director, unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested
Directors that the Director has engaged in any of the following:

 

(i)        malfeasance
during term as a director of the Company or its Affiliates;

 

(ii)        the
commission of, or plea of guilty or no contest to, a felony, a crime involving moral turpitude, or the commission of any other
act involving a material fiduciary breach with respect to the Company or an Affiliate

 

(iii)       gross
misconduct or neglect;

 

(iv)        false
or fraudulent misrepresentation inducing the Director’s appointment;

 

(v)        willful
conversion of corporate funds; or

 

(vi)        repeated
failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The Committee shall determine
the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

 

“Change in Control” means:

 

(a)        One
Person (or more than one Person acting as a group) acquires ownership of stock of the Company that, together with the stock held
by such person or group, constitutes more than 50% of the total Fair Market Value or total voting power of the capital stock of
the Company; provided, that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns
more than 50% of the total Fair Market Value or total voting power of the Company’s capital stock and acquires additional
capital stock;

 

    2

     

    

 

(b)      One
Person (or more than one Person acting as a group) acquires (or has acquired during the 12-month period ending on the date of the
most recent acquisition) ownership of 30% or more of the total voting power of the capital stock of the Company;

 

(c)      A
majority of the Directors are replaced during any 12-month period by Directors whose appointment or election is not endorsed by
a majority of the Board before the date of appointment or election; or

 

(d)      One
Person (or more than one Person acting as a group), acquires (or has acquired during the 12-month period ending on the date of
the most recent acquisition) assets from the Company that have a total gross fair market value equal to or greater than 40% of
the total gross fair market value of all of the assets of the Company immediately before such acquisition(s).

 

“Clawback
Policy” has the meaning set forth in Section 14.2.

 

“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be
deemed to include a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of one or more Directors appointed by the Board to administer the Plan in accordance with Section 3.3
and Section 3.4.

 

“Common Stock”
means the Class A Voting Common Stock, $0.01 par value per share, of the Company, or such other securities of the Company as may
be designated by the Committee from time to time in substitution thereof.

 

“Company”
means Professional Holding Corp., a Florida corporation, and any successor thereto.

 

“Consultant”
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director.

 

“Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant
or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee,
Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption
or termination of the Participant’s Continuous Service; provided further that if any Award is subject to Section 409A of
the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change
in status from an Employee to a director of an Affiliate will not constitute an interruption of Continuous Service. The Committee
may determine whether Continuous Service shall be considered interrupted in the case of any approved leave of absence approved,
including sick leave, military leave or any other personal or family leave of absence. The Committee may determine whether a Company
transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result in a
termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.

 

“Deferred
Stock Units” has the meaning set forth in Section 7.2.

 

“Director”
means a member of the Board.

 

    3

     

    

 

“Disability”
means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining
the term of an Incentive Stock Option pursuant to Section 6.10, the term Disability shall have the meaning ascribed to it
under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures
established by the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an
Incentive Stock Option pursuant to Section 6.10 within the meaning of Section 22(e)(3) of the Code, the Committee may rely
on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by
the Company or any Affiliate in which a Participant participates.

 

“Disqualifying
Disposition” has the meaning set forth in Section 14.10.

 

“Dividend
Equivalents” has the meaning set forth in Section 7.2

 

“Effective
Date” means the date that the Company’s shareholders approve this Plan if such shareholder approval occurs before
the first anniversary of the date the Plan is adopted by the Board.

 

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes
of determining eligibility to receive Incentive Stock Options, an Employee means an employee of the Company or a parent or subsidiary
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a Director’s fee by the Company or
an Affiliate is not sufficient to constitute “employment” by the Company or an Affiliate.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fair Market
Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any
established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the Nasdaq
Stock Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing
price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported
in the Wall Street Journal. If the Common Stock is not listed on an established stock exchange, but is quoted on an OTC
market, then the Fair Market Value shall be the 20-day volume-weighted average price per share on such OTC market. In the absence
of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Committee in accordance
with the requirements of Code Section 409A and such determination shall be conclusive and binding on all Persons.

 

“Fiscal Year”
means the Company’s fiscal year.

 

“Free Standing
Rights” has the meaning set forth in Section 7.1(a).

 

“Good Reason”
means, unless the applicable Award Agreement states otherwise:

 

(a)      If an Employee
or Consultant is a party to an employment or service agreement with the Company or any of its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or

 

(b)      If no such agreement
exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the Participant’s
express written consent, which circumstances are not remedied by the Company within 30 days of its receipt of a written notice
from the Participant describing the applicable circumstances (which notice must be provided by the Participant within 30 days of
the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s
duties, responsibilities, authority, title, status or reporting structure; (ii) a material reduction in the Participant’s
base salary or bonus opportunity; or (iii) a geographical relocation of the Participant’s principal office location by more
than 50 miles.

 

    4

     

    

 

“Grant Date”
means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a
Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then
such date as is set forth in such resolution.

 

“Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of
Section 422 of the Code and that meets the requirements set out in the Plan.

 

“ISO Limit”
has the meaning set forth in Section 4.3.

 

“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

“Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

“Option Exercise
Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

“Other Equity-Based
Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Performance
Share Award that is granted under Section 7.4 and is payable by delivery of Common Stock or which is measured by reference
to the value of Common Stock.

 

“Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.

 

“Performance
Goals” means, for a Performance Period, the one or more goals established by the Committee for the Performance Period
based upon business criteria or other performance measures determined by the Committee.

 

“Performance
Period” means the one or more periods of time as the Committee may select over which the attainment of one or more Performance
Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award
or a Cash Award.

 

“Performance
Share Award” means any Award granted pursuant to Section 7.3.

 

    5

     

    

 

“Performance
Share” means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the
performance of the Company during a Performance Period, as determined by the Committee.

 

“Permitted
Transferee” means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships), any individual sharing the Optionholder’s household (other than a tenant
or employee), a trust in which the foregoing individuals collectively have more than 50% of the beneficial interest, a foundation
in which the foregoing individuals or the Optionholder control the management of assets, and any other Person in which the foregoing
individuals or the Optionholder own more than 50% of the voting interests; (b) third parties designated by the Committee in connection
with a program established and approved by the Committee pursuant to which Participants may receive a cash payment or other consideration
in consideration for the transfer of a Non-qualified Stock Option; and (c) such other transferees as may be permitted by the Committee.

 

“Person”
means a person as defined in Section 13(d)(3) of the Exchange Act.

 

“Plan”
means this Professional Holding Corp. 2019 Equity Incentive Plan, as amended or restated from time to time.

 

“Related Rights”
has the meaning set forth in Section 7.1(a).

 

“Restricted
Award” means any Award granted pursuant to Section 7.2(a).

 

“Restricted
Period” has the meaning set forth in Section 7.2(a).

 

“Restricted
Stock” has the meaning set forth in Section 7.2(a)

 

“Restricted
Stock Unit” has the meaning set forth in Section 7.2(a)

 

“Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Stock Appreciation
Right” means the right pursuant to an Award granted under Section 7.1 to receive, upon exercise, an amount payable
in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the
excess of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price
specified in the Stock Appreciation Right Award Agreement.

 

“Stock for
Stock Exchange” has the meaning set forth in Section 6.4.

 

“Substitute
Award” has the meaning set forth in Section 4.6.

 

“Ten Percent
Shareholder” means a Person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock having more than
10% of the total combined voting power of all classes of capital stock of the Company or of any of its Affiliates.

 

“Total Share
Reserve” has the meaning set forth in Section 4.1.

 

    6

     

    

 

3.             
Administration.

 

3.1              
Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion,
by the Board. Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express
powers and authorization conferred by the Plan, the Committee (or the Board, as applicable) shall have the authority:

 

(a)      
to construe and interpret the Plan and apply its provisions;

 

(b)       to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

 

(c)      
to authorize any Person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

 

(d)      
to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders”
within the meaning of Section 16 of the Exchange Act;

 

(e)      
to determine when Awards are to be granted under the Plan and the applicable Grant Date;

 

(f)        from time to time to select, subject to the limitations set forth in this Plan, those eligible Award recipients to whom
Awards shall be granted;

 

(g)      
to determine the number of shares of Common Stock to be made subject to each Award;

 

(h)      
to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;

 

(i)       
to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment
and vesting provisions, and to specify the provisions of the Award Agreement relating to such grant;

 

(j)       
to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance
measures that will be used to establish the Performance Goals, the Performance Periods and the number of Performance Shares earned
by a Participant;

 

(k)      
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any
outstanding Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s
obligations under an Award or creates or increases a Participant’s federal income tax liability with respect to an Award,
such amendment shall also be subject to the Participant’s consent;

 

(l)       
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination
of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees
under the Company’s employment policies;

 

(m)     
to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an
event that triggers anti-dilution adjustments;

 

    7

     

    

 

(n)     
to exclusively interpret, administer, reconcile any inconsistency in, correct any defect in or supply any omission in the
Plan and any instrument or agreement relating to, or Award granted under, the Plan; and

 

(o)      
to exclusively make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan in its sole and absolute discretion.

 

The Committee (or the
Board, as applicable) may also modify the purchase price or the exercise price of any outstanding Award, provided that if the modification
effects a repricing, shareholder approval shall be required before the repricing is effective.

 

3.2              
Committee Decisions Final. All decisions made by the Committee (or the Board, as applicable) pursuant to the provisions
of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having
jurisdiction to be arbitrary and capricious.

 

3.3              
Delegation. The Committee (or the Board, if applicable) may delegate administration of the Plan to a committee or
committees of one or more Directors, and the term “Committee” shall apply to any Person or Persons to whom such
authority has been delegated. The Committee may delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject,
however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and re-vest in the Board the administration of the Plan. The members of the Committee
shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of
the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor,
and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members
or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or
by the written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall
be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow
such rules and regulations for the conduct of its business as it may determine to be advisable.

 

3.4              
Committee Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or
more Non-Employee Directors. The Board may determine whether to comply with the exemption requirements of Rule 16b-3. However,
if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange
Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee
Directors. The Board or the Committee may delegate the authority to grant Awards to eligible Persons who are not then subject to
Section 16 of the Exchange Act to a committee of one or more Directors who are not Non-Employee Directors. Nothing herein shall
create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by Committee
even though the Committee does not at all times consist solely of two or more Non-Employee Directors.

 

3.5              
Indemnification. To the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against
the reasonable expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or
in connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under
or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement
thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld)
or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as
to which it is adjudged in such action, suit or proceeding that the Committee did not act in good faith and in a manner which the
Committee reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason
to believe that the conduct complained of was unlawful.

 

    8

     

    

 

4.             
Shares Subject to the Plan.

 

4.1              
Number of Shares Available; Automatic Annual Increase. Subject to adjustment in accordance with Section 11,
no more than 300,000 shares of Common Stock shall be available for the grant of Awards under the Plan (the “Total
Share Reserve”), provided that the Total Share Reserve shall automatically increase (but not decrease) on the
first day of each Fiscal Year such that the Total Share Reserve shall be equal to 5% of the Company’s issued and outstanding
shares of capital stock (including without limitation, the Company’s Common Stock and Class B Non-Voting Common Stock) as
of each such date. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common
Stock required to satisfy such Awards.

 

4.2              
Shares Available for Awards. Shares of Common Stock available for Awards under the Plan may consist, in whole or
in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company or its Affiliates in any manner.

 

4.3              
Limit on ISO Shares. Subject to adjustment in accordance with Section 11, no more than 300,000 shares of Common
Stock may be issued in the aggregate pursuant to the exercise of Incentive Stock Options (the “ISO Limit”).

 

4.4              
Limit on Director Awards. The maximum number of shares of Common Stock subject to Awards granted during a single
Fiscal Year to any Director, together with any cash fees paid to such Director during the Fiscal Year, shall not exceed a total
value of $300,000 (calculating the value of any Awards based on the grant date fair value for financial reporting purposes).

 

4.5              
Recycling of Unissued Shares. Any shares of Common Stock subject to an Award that expires or is canceled, forfeited,
or terminated without issuance of the full number of shares of Common Stock to which the Award related will again be available
for issuance under the Plan. Notwithstanding anything to the contrary contained herein, shares subject to an Award under the Plan
shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of
an Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) shares covered by
a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award.

 

4.6              
Substitute Awards. The Committee may grant Awards under the Plan in assumption of, or in substitution for, outstanding
awards previously granted by a Person acquired by the Company or with which the Company combines (“Substitute
Awards”). Substitute Awards shall not be counted against the Total Share Reserve; provided, that, Substitute Awards
issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock
Options shall be counted against the ISO Limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved
plan of a Person directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to
reflect such acquisition or transaction) may be used for Awards under this Plan and shall not count against the Total Share Reserve.

 

    9

     

    

 

5.             
Eligibility.

 

5.1              
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive
Stock Options may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably
expected to become Employees, Consultants and Directors following the Grant Date.

 

5.2              
Ten Percent Shareholders. A Ten Percent Shareholder may not be granted an Incentive Stock Option unless the Option
Exercise Price is at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Incentive Stock Option is
not exercisable after the date that is five years after the Grant Date.

 

6.             
Option Provisions. Each Option granted under the Plan shall be evidenced
by an Award Agreement and shall be subject to the conditions set forth in this Section 6 and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive
Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued upon exercise of an Option,
a separate certificate or certificates will be issued for shares of Common Stock acquired upon exercise of each type of Option.
Notwithstanding the foregoing, the Company will not have any liability to any Participant or any other Person if an Option designated
as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements
of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation
by reference or otherwise) the substance of each of the following provisions:

 

6.1              
Term. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option
shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under
the Plan shall be determined by the Committee; provided, however, no Non-qualified Stock Option may be exercisable after the date
that is 10 years after the applicable Grant Date.

 

6.2              
Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent
Shareholders, the Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of
the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted
with an Option Exercise Price less than the amount set forth in the preceding sentence if such Option is granted pursuant to an
assumption of, or substitution for, another option in a manner satisfying the provisions of Section 424(a) of the Code.

 

6.3              
Exercise Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall
be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the
foregoing, a Non-qualified Stock Option may be granted with an Option Exercise Price less than the amount set forth in the preceding
sentence if such Option is granted pursuant to an assumption of, or substitution for, another option in a manner satisfying the
provisions of Section 409A of the Code.

 

6.4              
Consideration. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent
permitted by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised
or (b) upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of
other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option
Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant
identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation equal
to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between
the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock
Exchange”); (ii) a “cashless” exercise program established with a broker; (iii) by reduction in the number
of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option
Exercise Price at the time of exercise; (iv) by any combination of the foregoing methods; or (v) in any other form of legal consideration
that may be acceptable to the Committee. Notwithstanding the foregoing, during any period for which the Common Stock is publicly
traded (i.e., the Common Stock is listed on any established stock exchange or a national market system), an exercise by a Director
or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the
Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect
to any Award under this Plan.

 

    10

     

    

 

 

6.5              
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will
or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the
Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the
Option.

 

6.6              
Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may be transferable to a Permitted
Transferee upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock Option
does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company in a form satisfactory to the Company, designate
a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.7              
Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments
that may, but need not, be equal. An Option may be subject to such other terms and conditions on the time or times when it may
be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions
of individual Options may vary. The Committee may provide for an acceleration of vesting and exercisability in the terms of any
Award Agreement upon the occurrence of a specified event.

 

6.8              
Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement
the terms of which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other
than upon the Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the
Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on
the earlier of (a) the date three months following the termination of the Optionholder’s Continuous Service or (b) the expiration
of the term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service is
by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable.
If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Award Agreement, the
Option shall terminate.

 

6.9              
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the
Option following the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time
because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act or any other
state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the Option shall
terminate on the earlier of (a) the expiration of the term of the Option in accordance with Section 6.1 or (b) the expiration
of a period after termination of the Participant’s Continuous Service that is three months after the end of the period during
which the exercise of the Option would be in violation of such registration or other securities law requirements.

 

    11

     

    

 

6.10          
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s
Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option
(to the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such
period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of
the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within
the time specified herein or in the Award Agreement, the Option shall terminate.

 

6.11          
Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder
was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a Person who acquired the
right to exercise the Option by bequest or inheritance or by a Person designated to exercise the Option upon the Optionholder’s
death, but only within the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration
of the term of such Option as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised
within the time specified herein or in the Award Agreement, the Option shall terminate.

 

6.12          
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the
time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof
which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options.

 

7.             
Provisions for Awards Other Than Options.

 

7.1              
Stock Appreciation Rights.  

 

(a)     
General. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement and shall
be subject to the conditions set forth in this Section 7.1, and to such other conditions not inconsistent with the Plan
as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free Standing
Rights”) or in tandem with an Option granted under the Plan (“Related Rights”).

 

(b)     
Grant Requirements. Any Related Right that relates to a Non-qualified Stock Option may be granted at the same time
the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates
to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.

 

(c)     
Term of Stock Appreciation Rights. The term of a Stock Appreciation Right granted under the Plan shall be determined
by the Committee; provided, however, no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant
Date.

 

    12

     

    

 

(d)     
Vesting of Stock Appreciation Rights. Each Stock Appreciation Right may, but need not, vest and therefore become
exercisable in periodic installments that may, but need not, be equal. The Stock Appreciation Right may be subject to such other
terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate. The vesting provisions
of individual Stock Appreciation Rights may vary. No Stock Appreciation Right may be exercised for a fraction of a share of Common
Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms
of any Stock Appreciation Right upon the occurrence of a specified event.

 

(e)     
Exercise and Payment. Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the
Company an amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised
multiplied by the excess of (i) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii)
the exercise price specified in the Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock
Appreciation Right shall be made on the date of exercise. Payment shall be made in the form of shares of Common Stock (with or
without restrictions as to substantial risk of forfeiture and transferability, as determined by the Committee), cash or a combination
thereof, as determined by the Committee.

 

(f)      
Exercise Price. The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be
less than 100% of the Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related
Right granted simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto
shall, subject to the requirements of Code Section 409A, have the same exercise price as the related Option, shall be transferable
only upon the same terms and conditions as the related Option, and shall be exercisable only to the same extent as the related
Option; provided, however, that a Stock Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value
per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise price per share thereof
and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements
of Section 7.1(b) are satisfied.

 

(g)     
Reduction in the Underlying Option Shares. Upon any exercise of a Related Right, the number of shares of Common Stock
for which any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right
has been exercised. The number of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any
exercise of any related Option by the number of shares of Common Stock for which such Option has been exercised.

 

7.2                  
Restricted Awards.  

 

(a)   
General. A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”)
or hypothetical Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value
of an identical number of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold,
assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan or as security for the performance
of any obligation or for any other purpose for such period (the “Restricted Period”) as the Committee shall
determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement and shall be subject to the conditions
set forth in this Section 7.2, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable
Award Agreement.

 

    13

     

    

 

(b)     
Restricted Stock and Restricted Stock Units. Each Participant granted Restricted Stock shall execute and deliver
to the Company an Award Agreement with respect to the Restricted Stock setting forth the restrictions and other terms and conditions
applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow
rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant
to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable, and (B)
the appropriate blank stock power with respect to the Restricted Stock covered by such agreement. If a Participant fails to execute
an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be
null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the rights and privileges
of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to receive dividends;
provided that, any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld by the Company for
the Participant’s account, and interest may be credited on the amount of the cash dividends withheld at a rate and subject
to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable
to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash
or in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release
of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.

 

(c)     
Terms of Restricted Stock Units. The terms and conditions of a grant of Restricted Stock Units shall be reflected
in an Award Agreement. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company
will not be required to set aside funds for the payment of any such Award. A Participant shall have no voting rights with respect
to any Restricted Stock Units granted hereunder. The Committee may also grant Restricted Stock Units with a deferral feature, whereby
settlement is deferred beyond the vesting date until the occurrence of a future payment date or event set forth in an Award Agreement
(“Deferred Stock Units”). Each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common
Stock) may be credited with an amount equal to the cash and stock dividends paid by the Company in respect of one share of Common
Stock (“Dividend Equivalents”). In those instances, Dividend Equivalents shall be paid currently (and in no
case later than the end of the calendar year in which the dividend is paid to the holders of the Common Stock or, if later, the
15th day of the third month following the date the dividend is paid to holders of the Common Stock). Dividend Equivalents
shall be withheld by the Company and credited to the Participant’s account, and interest may be credited on the amount of
cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms as determined by the
Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit
or Deferred Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or in shares of Common Stock having a
Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement
of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited, the
Participant shall have no right to such Dividend Equivalents.

 

(d)     
Restrictions. Restricted Stock awarded to a Participant shall be subject to the following restrictions until the
expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement:
(A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the shares
shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture
to the extent provided in the applicable Award Agreement; and (D) to the extent such shares are forfeited, the stock certificates
shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares
shall terminate without further obligation on the part of the Company.

 

    14

     

    

 

(i)    
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the
expiration of the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided
in the applicable Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights
of the Participant to such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part
of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement.

 

(ii)   
The Committee may remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred Stock
Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

 

(e)     
Restricted Period. The Restricted Period for Restricted Awards shall commence on the Grant Date and end at the time
or times set forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted
or settled for a fraction of a share of Common Stock. The Committee may provide for an acceleration of vesting in the terms of
any Award Agreement upon the occurrence of a specified event.

 

(f)      
Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period
for any shares of Restricted Stock, the restrictions set forth in Section 7.2(d) and the applicable Award Agreement shall
be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow
arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge,
the stock certificate evidencing the shares of Restricted Stock that have not then been forfeited and any cash dividends or stock
dividends credited to the Participant’s account with respect to such Restricted Stock. Upon the expiration of the Restricted
Period with respect to any outstanding Restricted Stock Units, or at the expiration of the deferral period with respect to any
outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one
share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit (“Vested Unit”)
and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 7.2(b)
or in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents; provided, however, that, if explicitly
provided in the applicable Award Agreement, the Committee may elect to pay cash or part cash and part Common Stock in lieu of delivering
only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount
of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed
in the case of Restricted Stock Units, or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit.

 

(g)     
Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in
such form as the Company deems appropriate.

 

7.3              
Performance Share Awards.  

 

(a)     
Grant of Performance Share Awards. Each Performance Share Award granted under the Plan shall be evidenced by an Award
Agreement and will be subject to the conditions set forth in this Section 7.3, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. The Committee may determine: (i) the number of shares of Common
Stock or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance Period applicable
to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms, conditions
and restrictions of the Award.

 

    15

     

    

 

(b)     
Earning Performance Share Awards. The number of Performance Shares earned by a Participant will depend on the extent
to which the performance goals established by the Committee are attained within the applicable Performance Period, as determined
by the Committee.

 

7.4              
Other Equity-Based Awards and Cash Awards. The Committee may grant Other Equity-Based Awards, either alone or in
tandem with other Awards, in such amounts and subject to such conditions as the Committee shall determine. Each Equity-Based Award
shall be evidenced by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected
in the applicable Award Agreement. The Committee may grant Cash Awards in such amounts and subject to such Performance Goals, other
vesting conditions, and such other terms as the Committee determines. Cash Awards shall be evidenced in such form as the Committee
may determine.

 

8.             
Securities Law Compliance. Each Award Agreement shall provide that no
shares of Common Stock may be purchased or sold thereunder unless and until (a) any then applicable requirements of state or federal
laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required
to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such form and
containing such provisions as the Committee may require. If, after reasonable efforts, the Company is unable to obtain from any
such regulatory commission or agency having jurisdiction over the Plan or the issuance of Awards under the Plan the authorization
which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall
be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authorization
is obtained.

 

9.             
Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant
to Awards, or upon exercise thereof, shall constitute general funds of the Company.

 

10.           
Miscellaneous.

 

10.1          
Acceleration of Exercisability and Vesting. The Committee may accelerate the time at which an Award may first be
exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions
in the Award stating the time at which it may first be exercised or the time during which it will vest.

 

10.2          
Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and
until such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights
for which the record date is prior to the date such Common Stock certificate is issued, except as provided in Section 11.

 

10.3          
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto
shall confer upon any Participant any right to continue to serve the Company or an Affiliate in any capacity or shall affect the
right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without
Cause or (b) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of
the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

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10.4          
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall
be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate,
or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose
approved by the Company, if the Employee’s right to reemployment is guaranteed either by a statute or by contract or under
the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case,
except to the extent inconsistent with Section 409A of the Code if the applicable Award is subject thereto.

 

10.5          
Withholding Obligations. To the extent provided by the terms of an Award Agreement or as determined by the Committee,
the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common
Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation
paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company
to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise
or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding
the maximum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares
of Common Stock of the Company.

 

11.         
Adjustments Upon Changes in Capital Structure. In the event of
changes in the outstanding Common Stock or in the capital structure of the Company by reason of any stock or extraordinary cash
dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization,
merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date of any
Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Stock Appreciation Rights, the
Performance Goals to which Performance Share Awards and Cash Awards are subject, the maximum number of shares of Common Stock subject
to all Awards stated in Section 4 will be equitably adjusted or substituted, as determined by the Committee, as to the number,
price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the
economic intent of such Award. In the case of adjustments made pursuant to this Section 11, unless the Committee specifically
determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of
Incentive Stock Options, ensure that any adjustments under this Section 11 will not constitute a modification, extension
or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified
Stock Options, ensure that any adjustments under this Section 11 will not constitute a modification of such Non-qualified
Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 11 shall be made in
a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall
give each Participant notice of an adjustment hereunder and such adjustment shall be conclusive and binding for all purposes.

 

12.         
Effect of Change in Control.

 

12.1          
Accelerated Vesting Upon a Change in Control. Unless otherwise provided in an Award Agreement, notwithstanding any
provision of the Plan to the contrary:

 

(a)      
In the event of a Participant’s termination of Continuous Service without Cause or for Good Reason during the 12-month
period following a Change in Control, notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary,
all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with respect to 100% of the shares subject
to such Options or Stock Appreciation Rights, and the Restricted Period shall expire immediately with respect to 100% of the outstanding
shares of Restricted Stock or Restricted Stock Units as of the date of the Participant’s termination of Continuous Service.

 

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(b)     
With respect to Performance Share Awards and Cash Awards, in the event of a Participant’s termination of Continuous
Service without Cause or for Good Reason, in either case, within 12 months following a Change in Control, all Performance Goals
or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met
as of the date of the Participant’s termination of Continuous Service.

 

To the extent practicable,
any actions taken by the Committee under the immediately preceding clauses (a) and (b) shall occur in a manner and at a time which
allows affected Participants the ability to participate in the Change in Control with respect to the shares of Common Stock subject
to their Awards.

 

12.2          
Cancelation of Awards Upon a Change in Control. In addition, in the event of a Change in Control, the Committee may,
upon at least 10 days’ advance notice to the affected Persons, cancel any outstanding Awards and pay to the holders thereof,
in cash or stock, or any combination thereof, the value of such Awards based upon the price per share of Common Stock received
or to be received by other shareholders of the Company in the event. In the case of any Option or Stock Appreciation Right with
an exercise price (or SAR Exercise Price in the case of a Stock Appreciation Right) that equals or exceeds the price paid for a
share of Common Stock in connection with the Change in Control, the Committee may cancel the Option or Stock Appreciation Right
without the payment of consideration therefor.

 

12.3          
Binding Effect Upon Successors. The obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates,
taken as a whole.

 

13.         
Amendment of the Plan and Awards.

 

13.1          
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except
as provided in Section 4.1 relating to annual increases to the Total Share Reserve, Section 11 relating to adjustments
upon changes in Common Stock and Section 13.3, no amendment shall be effective unless approved by the shareholders of the
Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board
shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

 

13.2          
Shareholder Approval. The Board may submit any other amendment to the Plan for shareholder approval.

 

13.3          
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board
deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to
be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or
to the nonqualified deferred compensation provisions of Section 409A of the Code or to bring the Plan or Awards granted under it
into compliance therewith.

 

13.4          
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any
amendment of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

13.5          
Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards;
provided, however, that the Committee may not effect any amendment which would otherwise constitute an impairment of the rights
under any Award unless the Participant consents in writing to such amendment.

 

    18

     

    

 

14.         
General Provisions.

 

14.1          
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments
and benefits with respect to an Award are subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain
events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition,
non-solicitation, non-disparagement, confidentiality, or other restrictive covenants that are contained in the Award Agreement
or otherwise applicable to the Participant, a termination of the Participant’s Continuous Service for Cause, or other conduct
by the Participant that is detrimental to the business or reputation of the Company or its Affiliates.

 

14.2          
Clawback. Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement
of any Award by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan
in accordance with any Company policies that may be adopted or modified from time to time, including, without limitation, to comply
with applicable law or stock exchange listing requirements (“Clawback Policy”). In addition, a Participant may
be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement,
in accordance with the Clawback Policy. By accepting an Award, the Participant agrees to be bound by the Clawback Policy.

 

14.3          
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases.

 

14.4          
Sub-Plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities,
tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations
and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of
the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

 

14.5          
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants
the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or
other event that absent the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration
under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments
of, and accrual of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms,
conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program.

 

14.6          
Unfunded Plan. The Plan shall be unfunded and none of the Company, the Board or the Committee shall be required to
establish any special or separate fund or to segregate any assets to assure the performance of their obligations under the Plan.

 

14.7          
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The
Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional
shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 

    19

     

    

 

14.8          
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent
with this Plan, including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.

 

14.9          
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly,
to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described
in the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be
treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan,
to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise
be payable and benefits that would otherwise be provided pursuant to the Plan during the six-month period immediately following
the Participant’s termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary
of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing,
unless otherwise expressly agreed, neither the Company nor the Committee shall have any obligation to take any action to prevent
the assessment of any additional tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the
Committee will have any liability to any Participant for such tax or penalty.

 

14.10       
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424
of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years
from the Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired
upon exercise of such Incentive Stock Option (a “Disqualifying Disposition”) shall be required to immediately
advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such shares of Common Stock.

 

14.11       
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies,
the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled
to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing
liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with
the intent expressed in this Section 14.11, such provision to the extent possible shall be interpreted or deemed amended
so as to avoid such conflict.

 

14.12       
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries
by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all
prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only
when filed by the Participant in writing with the Company during the Participant’s lifetime.

 

14.13       
Expenses. The costs of administering the Plan shall be paid by the Company.

 

14.14       
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable,
whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity,
illegality or unenforceability and the remaining provisions shall not be affected thereby.

 

14.15       
Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit
the construction of the provisions of the Plan.

 

    20

     

    

 

14.16       
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by
it selectively among Persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing,
the Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into
non-uniform and selective Award Agreements.

 

15.         
Effective Date of Plan. The Plan shall become effective as of the Effective Date, but no Award shall be exercised
(or, in the case of a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company,
which approval shall be within 12 months before or after the date the Plan is adopted by the Board.

 

16.         
Termination or Suspension of the Plan. The Plan shall terminate automatically
on the 10th anniversary of the Effective Date. No Award shall be granted pursuant to the Plan after such date, but Awards
granted prior to the Plan’s termination may extend beyond that date. The Board may suspend or terminate the Plan at any earlier
date pursuant to Section 13.1. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

17.         
Choice of Law. The laws of the State of Florida shall govern all questions
concerning the construction, validity and interpretation of this Plan, without regard to any conflict of law rules.

 

As adopted by the Board of Directors of Professional
Holding Corp. on March 14, 2019.

 

As approved by the shareholders of Professional
Holding Corp. on April 18, 2019.

 

    21

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