Document:

a102formofperformancesto

     55854967;6  AMERANT BANCORP INC.  Performance Based Restricted Stock Unit Agreement for Executives  This PERFORMANCE BASED RESTRICTED STOCK UNIT AGREEMENT (this  “Agreement”) is made as of [___________ __], 2021 (the “Date of Grant”), by and between  Amerant Bancorp, Inc., a Florida corporation (the “Company”), and [_________________] (the  “Grantee”).  1. Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement  will have the meanings given to such terms in the Amerant Bancorp Inc. 2018 Equity and Incentive  Compensation Plan, as the same may be amended from time to time (the “Plan”).  2. Grant of PSUs. Company hereby grants to Grantee a performance stock unit (the “PSUs”)  award consisting of [insert number of granted PSUs at Target] PSUs pursuant to and subject to  and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan. Each  PSU that vests pursuant to the terms of this grant document shall provide Grantee with the right to  receive one share of Common Stock subject to the terms and conditions of this Agreement.  The number of shares of Common Stock subject to the PSUs at Target (as defined below)  performance level is [insert number of shares subject to PSUs at Target] shares. The maximum  number of shares of Common Stock subject to the PSUs is [insert maximum number of shares  subject to PSUs at Maximum] shares, provided, however, that the actual number of shares of  Common Stock that Grantee shall receive pursuant to the PSUs shall be based on the achievement  of the performance goal at a Threshold, Target or Maximum level as set forth in Section 4.  The Grantee shall not be considered a stockholder of record and shall have no voting or  other stockholder rights with respect to shares of Common Stock underlying the PSUs prior to the  Company’s issuance to the Grantee of such shares following the vesting dates set forth herein.  3. PSUs Not Transferrable. None of the PSUs nor any interest therein or in any Common  Stock underlying such PSUs will be transferable other than by will or the laws of descent and  distribution prior to payment. Any purported transfer or encumbrance of any PSU in violation of  the provisions of this Section 3 shall be void, and the other party to any such purported transaction  shall not obtain any rights to or interest in such PSU.  4. Vesting of PSUs.  (a) Subject to the terms and conditions of Section 5 and Section 6 of this Agreement,  the PSUs covered by this Agreement shall become nonforfeitable and payable to the  Grantee pursuant to Section 7, in accordance with this Section 4. The extent to  which the Grantee’s interest in the PSUs becomes vested and non-forfeitable shall  be based upon the satisfaction of the performance goal specified in this Section 4  (the “Performance Goal”), subject to Section 5 and Section 6. The Performance  Goal shall be based upon Relative Total Shareholder Return (defined below) during  the period beginning [January 1, 2021] and ending on [December 31, 2023] (the  “Performance Period”).  (b) The PSUs will become vested and earned in accordance with the following schedule  (the “Earned PSUs”):  

 

     55854967;6  Opportunity  Level  Relative Total   Shareholder Return   for the Performance  Period  Percentage of Earned  PSUs  Threshold 35th Percentile 50%  Target 50th Percentile 100%  Maximum 75th Percentile 150%    To the extent performance falls between two levels in the table above, linear  interpolation shall apply in determining the percentage of the PSUs that are earned.    Notwithstanding the preceding schedule, if the Company’s Relative Total  Shareholder Return for the Performance Period is negative, then the PSUs that vest  will be capped at the Target opportunity level set forth above.   The Earned PSUs, if any, shall vest on the date on which the Committee certifies  whether and to what extent the performance goal has been achieved following the  end of the Performance Period (the “Vesting Date”) provided the Grantee shall have  been in the continuous service through the Vesting Date. For purposes of this  Agreement, “continuous service” means that the Grantee’s service with the  Company or any Subsidiary, whether as an employee, director or consultant, is not  interrupted or terminated. For the avoidance of doubt, the continuous service of the  Grantee with the Company or a Subsidiary shall not be deemed to have been  interrupted, and the Grantee shall not be deemed to have ceased to be in the service  of the Company or any Subsidiary, by reason of (i) the transfer of the Grantee’s  service among the Company and any of its Subsidiaries or (ii) the Grantee’s absence  or leave, which has been approved by the Board or the Board of Directors of  Amerant Bank N.A. (the “Bank”) (the “Bank Board”) or a duly authorized officer  of the Company or any of its Subsidiaries.  The calculations under this Section 4 shall be made as soon as practicable on or after  the end of the Performance Period. The Committee shall have the authority to make  any determinations regarding questions arising from the application of the  provisions of this Section 4, which determination shall be final, conclusive and  binding on the Grantee and the Company.  (c) For the purposes of this Agreement, “Relative Total Shareholder Return” means the  percentile ranking of the Company with the constituents of the Peer Group (listed in  Exhibit “A”) with respect to Total Shareholder Return, which is (Ending Stock Price  – Beginning Stock Price + Dividends Paid) / Beginning Stock Price. Where  “Beginning Stock Price” means the daily average closing price of one share of  common stock for the twenty trading days prior to the first day of the Performance  Period; Where “Ending Stock Price” means the daily average closing price of one  share of common stock for the twenty-trading day prior to and including the last day  

 

     55854967;6  of the Performance Period; Where “Dividends” means the total of all cash dividends  paid on one share of common stock during the Performance Period, assumed to be  reinvested in additional shares of common stock on the ex-dividend date.  5. Accelerated Vesting of PSUs. Notwithstanding the provisions of Section 6 of this  Agreement, and subject to the payment provisions of Section 7 hereof, the PSUs will become  nonforfeitable and payable earlier than the times provided for in Section 4 under the following  circumstances (to the extent the PSUs have not previously become nonforfeitable):  (a) Death or Disability: If the Grantee’s continuous service is terminated as a result of  the Grantee’s death or Disability prior to the Vesting Date, the PSUs covered by this  Agreement will vest and become payable on the Grantee’s termination date based  on the Target opportunity level set forth above (100% of the PSUs).  (b) Termination Without Cause or by Grantee for Good Reason. If the Company  terminates the Grantee’s continuous service without Cause or the Grantee terminates  continuous service for Good Reason, a pro rata portion of the PSUs will vest on the  termination date based on the greater of: (i) the Target opportunity level set forth  above (100% of the PSUs), or (ii) the portion of the Grantee’s PSUs that would  otherwise vest based on the actual level of achievement of the Performance Goal as  of the date of the Grantee’s termination of continuous service. A pro rata portion of  that number of PSUs that will vest will be calculated by multiplying that number by  a fraction, the numerator of which is the number of months from the Date of Grant  through the date of termination of Grantee’s continuous service (rounding any  partial month to the next whole month) and the denominator of which is 36.  (c) Change in Control. Upon a Change in Control that occurs prior to the Vesting Date  while the Grantee remains in continuous service, all of the PSUs will vest pro rata  at the greater of: (i) the Target opportunity level set forth above (100% of the PSUs),  or (ii) the portion of the Grantee’s PSUs that would otherwise vest based on the  actual level of achievement of the Performance Goal for the Performance Period  with the last date of the Performance Period being the date of the Change in Control.  A pro rata portion of that number of PSUs that will vest and be payable as of the  Change in Control will be calculated by multiplying that number by a fraction, the  numerator of which is the number of months from the Date of Grant through the date  of the Change in Control (rounding any partial month to the next whole month) and  the denominator of which is 36.  (d) Definitions. For purposes of this Agreement, unless otherwise defined in an  employment agreement:  (i) “Cause” shall mean any of the following: (i) the Grantee’s willful failure to  perform Grantee’s material duties (other than any such failure resulting from  incapacity due to physical or mental illness); (ii) the Grantee’s willful failure to  comply with any valid and legal directive of the Board or of the Bank Board or the  officer to whom the Grantee reports; (iii) Grantee’s engagement in dishonesty,  illegal conduct or misconduct, which is, in each case, materially injurious to the  Company or its affiliates; (iv) Grantee’s embezzlement, misappropriation or fraud,  whether or not related to Grantee’s employment with the Company, the Bank or any  Subsidiary; (v) Grantee’s commission of or plea of guilty or nolo contendere to a  crime that constitutes a felony (or state law equivalent) or a crime that constitutes a  

 

     55854967;6  misdemeanor involving moral turpitude; (vi) Grantee is or becomes a person  described in Federal Deposit Insurance Act (“FDI Act”), Section 19(a)(1)(A) who  has not received the Federal Deposit Insurance Corporation’s (“FDIC”) prior  consent to participate in the Company’s or any Subsidiary’s affairs under the “FDIC  Statement of Policy for Section 19 of the FDI Act” or any successor thereto; (vii)  Grantee’s willful violation of a material policy or code of conduct of the Company,  including its Insider Trading Policy or Code of Conduct and Ethics or of any  Subsidiary; or (viii) Grantee’s material breach of any material obligation under any  employment agreement or any other written agreement between Grantee and the  Company or any Subsidiary, including, but not limited to any restrictive covenant  agreement.  (ii) “Change in Control” shall mean the occurrence (after the Date of Grant) of any  of the following events:  (A) any individual, entity or group (within the meaning of Section 13(d)(3) or  14(d)(2) of the Exchange Act) (a “Person”) becomes the beneficial owner  (within the meaning of Rule 13d-3 promulgated under the Exchange Act)  of 35% or more of either (i) the then-outstanding shares of Common Stock  of any class (the “Outstanding Company Common Stock”) or (ii) the  combined voting power of the then-outstanding Voting Securities (as  defined below) (the “Outstanding Company Voting Securities”); provided,  however, that, for purposes of this definition, the following acquisitions  shall not constitute a Change in Control: (1) any acquisition directly from  the Company, (2) any acquisition by the Company which reduces the  number of Outstanding Company Voting Securities and thereby results in  any person acquiring beneficial ownership of more than 35% of the  Outstanding Company Voting Securities; provided, that, if after such  acquisition by the Company such person becomes the beneficial owner of  additional Company Voting Securities that increases the percentage of  outstanding Company Voting Securities beneficially owned by such person,  a Change in Control of the Company shall then occur, (3) any acquisition  by any employee benefit plan (or related trust) sponsored or maintained by  the Company or any Subsidiary, (4) an acquisition by an underwriter  temporarily holding securities pursuant to a bona fide public offering of  such securities, (5) an acquisition pursuant to a Business Combination (as  defined in Section 5(d)(ii)(C)(i), (ii) or (iii) below), or (6) a transaction  (other than the one described in paragraph (C) below) in which Company  Voting Securities are acquired from the Company, if a majority of the  Incumbent Directors approve a resolution providing expressly that the  acquisition pursuant to this clause (6) does not constitute a Change in  Control of the Company under this paragraph (A); or (7) any acquisition  pursuant to a transaction that complies with Section 5(d)(ii)(C) below;  (B) individuals who, as of the Date of Grant, constitute the Board (the  “Incumbent Board”) cease for any reason to constitute at least a majority  of the Board; provided, however, that any individual becoming a director  subsequent to the Date of Grant whose election, or nomination for election  by the Stockholders, was approved by a vote of at least a majority of the  

 

     55854967;6  directors then comprising the Incumbent Board (either by specific vote or  by approval of the proxy statement of the Company in which such  individual is named as a nominee for director, without objection to such  nomination) shall be considered as though such individual was a member  of the Incumbent Board, but excluding, for this purpose, any such individual  whose initial assumption of office occurs as a result of an actual or  threatened election contest with respect to the election or removal of  directors or other actual or threatened solicitation of proxies or consents by  or on behalf of a Person other than the Board;  (C) consummation of a reorganization, merger, statutory share exchange or  consolidation or similar transaction involving the Company or the Bank, a  sale or other disposition of all or substantially all of the assets of the  Company in one or a series of transactions, or the acquisition of assets or  securities of another entity by the Company or the Bank (each, a “Business  Combination”), in each case unless, following such Business Combination,  (i) all or substantially all of the individuals and entities that were the  beneficial owners of the Outstanding Company Common Stock and the  Outstanding Company Voting Securities immediately prior to such  Business Combination beneficially own, directly or indirectly, more than  50% of the then-outstanding shares of voting common stock (or, for a non- corporate entity, equivalent securities) and the combined voting power of  the then-outstanding Voting Securities, as the case may be, of the entity  resulting from such Business Combination (including, without limitation,  an entity that, as a result of such transaction, owns the Company or all or  substantially all of the Company’s assets either directly or through one or  more Subsidiaries) in substantially the same proportions as their ownership  immediately prior to such Business Combination of the Outstanding  Company Common Stock and the Outstanding Company Voting Securities,  as the case may be, (ii) no Person (excluding any entity resulting from such  Business Combination or any employee benefit plan (or related trust) of the  Company or such entity resulting from such Business Combination)  beneficially owns, directly or indirectly, 25% or more of, respectively, the  then-outstanding shares of common stock (or, for a non-corporate entity,  equivalent securities) of the entity resulting from such Business  Combination or the combined voting power of the then-outstanding voting  securities of such entity, except to the extent that such ownership existed  prior to the Business Combination, and (iii) at least a majority of the  members of the board of directors (or, for a non-corporate entity, equivalent  governing body) of the entity resulting from such Business Combination  were members of the Incumbent Board at the time of the execution of the  initial agreement or of the action of the Board providing for such Business  Combination; or  (D) approval by the Stockholders of a complete liquidation or dissolution of the  Company.  A Change in Control shall not occur unless such transaction constitutes a change  in the ownership of the Company, a change in effective control of the Company,  

 

     55854967;6  or a change in the ownership of a substantial portion of the Company’s assets  under Section 409A.  (iii)“Disability” shall mean the (i) Grantee’s inability, due to physical or mental  incapacity, to substantially perform the Grantee’s duties and responsibilities with  the Company or any Subsidiary for one hundred eighty (180) days out of any three  hundred sixty-five (365) day period or one hundred twenty (120) consecutive days  or (ii) the Grantee’s eligibility to receive long-term disability benefits under any  Company or Subsidiary long-term disability plan.  (iv) “Good Reason” shall mean, unless otherwise defined in an employment  agreement,  the occurrence of any of the following, in each case following a Change  in Control and during the vesting period without the Grantee’s written consent: (A) a  material reduction in the Grantee’s base salary; (B) relocation of the Grantee’s  principal place of employment as of the Date of Grant by more than fifty (50) miles;  (C) any material breach by the Company or the Bank of any material provision of  this Agreement; or (D) a material diminution in the Grantee’s title, duties or  responsibilities (other than temporarily while the Grantee is physically or mentally  incapacitated). The Grantee cannot terminate the Grantee’s employment for Good  Reason unless the Grantee has provided written notice to the Company of the  existence of the circumstances providing grounds for termination for Good Reason  within 60 days of the initial existence of such grounds and the Company has had at  least 30 days from the date on which such notice is provided to cure such  circumstances. If the Grantee does not terminate the Grantee’s employment for  Good Reason within 180 days after the first occurrence of the applicable grounds,  then the Grantee will be deemed to have waived the Grantee’s right to terminate for  Good Reason with respect to such grounds.  (v) “Voting Securities” shall have the meaning provided in Board of Governors of  the Federal Reserve System Regulation Y, §225.2(q). As of the Date of Grant, the  Company’s only Voting Securities were its outstanding shares of Class A Common  Stock.  6. Forfeiture of PSUs. Except to the extent the PSUs covered by this Agreement have  become nonforfeitable pursuant to Section 4 or Section 5 hereof, the PSUs covered by this  Agreement shall be forfeited automatically and without further notice on the date that the Grantee  ceases to provide continuous service.  7. Form and Time of Settlement of PSUs. Settlement in respect of the PSUs after and to the  extent they have become nonforfeitable shall be made in the form of Common Stock via book  entry. Such delivery shall be made within ten (10) days following the date that the PSUs become  nonforfeitable pursuant to Section 4 or Section 5 hereof.  8. Payment of Dividend Equivalents. With respect to each of the PSUs covered by this  Agreement, the Grantee shall be credited on the records of the Company with dividend equivalents  in an amount equal to the amount per Common Stock of any cash dividends declared by the Board  on the outstanding Common Stock during the period beginning on the Date of Grant and ending  on the date on which the Grantee receives payment for the PSUs pursuant to Section 7 hereof.  These dividend equivalents will accumulate without interest and, subject to the terms and  conditions of this Agreement, will be paid at the same time, to the same extent and in the same  manner, in Common Stock as the PSUs for which the dividend equivalents were credited.  

 

     55854967;6  9. Withholding Taxes. To the extent that the Company is required to withhold federal, state,  local or foreign taxes in connection with the vesting of the PSUs, or any other payment to the  Grantee or any other payment or vesting event under this Agreement, and the amounts available  to the Company for such withholding are insufficient, the Company shall retain a portion of the  shares of Common Stock to be issued pursuant to Section 7 to satisfy such withholding  requirement and the shares so retained shall be credited against such withholding requirement at  the Market Value per Share of such Common Stock on the date of such delivery. In no event will  the market value of the Common Stock to be withheld and/or delivered pursuant to this Section 9  to satisfy applicable withholding taxes exceed the minimum amount of taxes required to be  withheld.  10. Compliance with Law. The Company shall make reasonable efforts to comply with all  applicable federal and state securities laws; provided, however, notwithstanding any other  provision of the Plan and this Agreement, the Company shall not be obligated to issue any  Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of  any such law.  11. Adjustments. The number of PSUs subject to this Agreement and the other terms and  conditions of the grant evidenced by this Agreement are subject to adjustment as provided in  Section 11 of the Plan.  12. No Right to Future Awards or Employment. The grant of the PSUs under this  Agreement to the Grantee is a voluntary, discretionary award being made on a one-time basis and  it does not constitute a commitment to make any future awards. The grant of the PSUs and any  payments made hereunder will not be considered salary or other compensation for purposes of any  severance pay or similar allowance, except as otherwise required by law. Nothing contained in this  Agreement shall confer upon the Grantee any right to be employed or remain employed by the  Bank, the Company or any of its Subsidiaries, nor limit or affect in any manner the right of the  Company or any of its Subsidiaries to terminate the employment or adjust the compensation of the  Grantee.  13. Relation to Other Benefits. Any economic or other benefit to the Grantee under this  Agreement or the Plan shall not be taken into account in determining any benefits to which the  Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan  maintained by the Company or any of its Subsidiaries and shall not affect the amount of any life  insurance coverage available to any beneficiary under any life insurance plan covering employees  of the Company or any of its Subsidiaries.  14. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this  Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) no  amendment shall adversely affect the rights of the Grantee under this Agreement without the  Grantee’s written consent, and (b) the Grantee’s consent shall not be required to an amendment  that is deemed necessary by the Company to ensure compliance with Section 409A of the Code  and Section 10D of the Exchange Act.  15. Severability. In the event that one or more of the provisions of this Agreement shall be  invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall  be deemed to be separable from the other provisions hereof, and the remaining provisions hereof  shall continue to be valid and fully enforceable.  

 

     55854967;6  16. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan and,  in the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan  shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall,  except as expressly provided otherwise herein or in the Plan, have the right to determine any  questions which arise in connection with this Agreement.  17. Electronic Delivery. The Company may, in its sole discretion, deliver any documents  related to the PSUs and the Grantee’s participation in the Plan, or future awards that may be granted  under the Plan, by electronic means or request the Grantee’s consent to participate in the Plan by  electronic means. The Grantee hereby consents to receive such documents by electronic delivery  and, if requested, agrees to participate in the Plan through an on-line or electronic system  established and maintained by the Company or another third party designated by the Company.  18. Governing Law. This Agreement shall be governed by and construed with the internal  substantive laws of the State of Florida, without giving effect to any principle of law that would  result in the application of the law of any other jurisdiction.  19. Compliance with Section 409A of the Code. To the extent applicable, it is intended that  this Agreement and the Plan comply with, or be exempt from, the provisions of Section 409A of  the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply  to the Grantee. This Agreement and the Plan shall be administered in a manner consistent with this  intent. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of  1986, as amended, and will also include any regulations or any other formal guidance promulgated  with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue  Service.  20. Successors and Assigns. Without limiting Section 3 hereof, the provisions of this  Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs,  legal representatives and assigns of the Grantee, and the successors and assigns of the Company  unless terminated in compliance with the terms of the Plan.  21. Acknowledgement. The Grantee acknowledges that the Grantee (a) has received a copy  of the Plan, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c)  understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms  and conditions. Nothing in this Agreement prevents the Grantee from providing, without prior  notice to the Company, information to governmental authorities regarding possible legal violations  or otherwise testifying or participating in any investigation or proceeding by any governmental  authorities regarding possible legal violations.  22. Counterparts. This Agreement may be executed in one or more counterparts, each of  which shall be deemed to be an original but all of which together will constitute one and the same  agreement.    [Signature Page Follows]     

 

     55854967;6  AMERANT BANCORP INC.   By: _________________________________________  Name:   Title:     GRANTEE  By: _________________________________________  Name:   Title:a103formofrestrictedstoc

      55854986;5  AMERANT BANCORP INC.  Restricted Stock Unit Agreement for Executives  This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is made as of [_________  __], 2021 (the “Date of Grant”), by and between Amerant Bancorp, Inc., a Florida corporation  (the “Company”), and [_________________] (the “Grantee”).  1. Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement  will have the meanings given to such terms in the Amerant Bancorp Inc. 2018 Equity and Incentive  Compensation Plan, as the same may be amended from time to time (the “Plan”).  2. Grant of RSUs. Subject to and upon the terms, conditions and restrictions set forth in this  Agreement and in the Plan, the Company has granted to the Grantee, [__________] Restricted  Stock Units (the “RSUs”). Each RSU represents the right of the Grantee to receive one share of  Common Stock subject to the terms and conditions of this Agreement. The Grantee shall not be a  stockholder of record and shall have no voting or other stockholder rights with respect to shares  of Common Stock underlying the RSUs prior to the Company’s issuance to the Grantee of such  shares following the vesting dates set forth herein.  3. RSUs Not Transferrable. None of the RSUs nor any interest therein or in any Common  Stock underlying such RSUs will be transferable other than by will or the laws of descent and  distribution prior to payment. Any purported transfer or encumbrance of any RSU in violation of  the provisions of this Section 3 shall be void, and the other party to any such purported transaction  shall not obtain any rights to or interest in such RSU.  4. Vesting of RSUs. Subject to the terms and conditions of Section 5 and Section 6 of this  Agreement, the RSUs covered by this Agreement shall become nonforfeitable and payable to the  Grantee pursuant to Section 7 in substantially equal installments on each of the first three  anniversaries of the Date of Grant (each such date, a “Vesting Date”), provided that the Grantee  shall have been in the continuous service  through each such date. For purposes of this Agreement,  “continuous service” means that the Grantee’s service with the Company or any Subsidiary,  whether as an employee, director or consultant, is not interrupted or terminated. For the avoidance  of doubt, the continuous service of the Grantee with the Company or a Subsidiary shall not be  deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be in the  service of the Company or any Subsidiary, by reason of (i) the transfer of the Grantee’s service  among the Company and any of its Subsidiaries or (ii) the Grantee’s absence or leave, which has  been approved by the Board or of the Board of Directors of Amerant Bank N.A. (the “Bank”) (the  “Bank Board”)or a duly authorized officer of the Company or any of its Subsidiaries.  5. Accelerated Vesting of RSUs. Notwithstanding the provisions of Section 6 of this  Agreement, and subject to the payment provisions of Section 7 hereof, the RSUs will become  nonforfeitable and payable earlier than the times provided for in Section 4 under the following  circumstances (to the extent the RSUs have not previously become nonforfeitable):  (a) Death or Disability: If the Grantee’s continuous service  is terminated as a result of  the Grantee’s death or Disability prior to any Vesting Date, all of the RSUs covered  by this Agreement that are unvested at such time of termination will vest and become  payable in full.  (b) Termination Without Cause or by Grantee for Good Reason. If the Company  terminates the Grantee’s continuous service without Cause or the Grantee terminates  

 

      55854986;5  continues service for Good Reason, the number of RSUs that will vest on the  termination date shall be the excess of (x) the RSUs granted to the Grantee on the  Date of Grant multiplied by a fraction, the numerator of which is the number of full  months since the Date of Grant during which the Grantee was employed by the  Company and the denominator of which is 36, minus (y) the number of RSUs that  have previously vested under this Agreement prior to the termination of the Grantee’s  continuous service.  (c) Change in Control. Upon a Change in Control that occurs prior to any Vesting Date  while the Grantee remains in continuous service, all of the RSUs covered by this  Agreement that are unvested at such time will vest and become payable in full as of  the Change in Control except to the extent that a Replacement Award is provided to  the Grantee to continue, replace or assume the RSUs covered by this Agreement (the  “Replaced Award”). If, after receiving a Replacement Award, the Grantee  experiences a termination of service with the Company or a Subsidiary (or any of  their successors) (as applicable, the “Successor”) by reason of a termination by  Successor without Cause or by the Grantee for Good Reason, in each case within a  period of twenty-four (24) months after the Change in Control and during the  remaining vesting period for the Replacement Award, the Replacement Award shall  immediately vest and become payable in full.  (d) Definitions. For purposes of this Agreement, unless otherwise defined in an  employment agreement:  (i) “Cause” shall mean any of the following: (i) the Grantee’s willful failure to  perform Grantee’s material duties (other than any such failure resulting from  incapacity due to physical or mental illness); (ii) the Grantee’s willful failure to  comply with any valid and legal directive of the Board or of the Bank Board or  the officer to whom the Grantee reports; (iii) Grantee’s engagement in dishonesty,  illegal conduct or misconduct, which is, in each case, materially injurious to the  Company or its affiliates; (iv) Grantee’s embezzlement, misappropriation or  fraud, whether or not related to Grantee’s employment with the Company or any  Subsidiary; (v) Grantee’s commission of or plea of guilty or nolo contendere to a  crime that constitutes a felony (or state law equivalent) or a crime that constitutes  a misdemeanor involving moral turpitude; (vi) Grantee is or becomes a person  described in Federal Deposit Insurance Act (“FDI Act”), Section 19(a)(1)(A)  who has not received the Federal Deposit Insurance Corporation’s (“FDIC”)  prior consent to participate in the Company’s or any Subsidiary’s affairs under  the “FDIC Statement of Policy for Section 19 of the FDI Act” or any successor  thereto; (vii) Grantee’s willful violation of a material policy or code of conduct  of the Company, including its Insider Trading Policy or Code of Conduct and  Ethics or of any Subsidiary; or (viii) Grantee’s material breach of any material  obligation under any employment agreement or any other written agreement  between Grantee and the Company or any Subsidiary, including, but not limited  to any restrictive covenant agreement.  (ii) “Change in Control” shall mean the occurrence (after the Date of Grant) of  any of the following events:  

 

      55854986;5  (A) any individual, entity or group (within the meaning of Section 13(d)(3) or  14(d)(2) of the Exchange Act) (a “Person”) becomes the beneficial owner  (within the meaning of Rule 13d-3 promulgated under the Exchange Act)  of 35% or more of either (i) the then-outstanding shares of Common Stock  of any class (the “Outstanding Company Common Stock”) or (ii) the  combined voting power of the then-outstanding Voting Securities (as  defined below) (the “Outstanding Company Voting Securities”);  provided, however, that, for purposes of this definition, the following  acquisitions shall not constitute a Change in Control: (1) any acquisition  directly from the Company, (2) any acquisition by the Company which  reduces the number of Outstanding Company Voting Securities and  thereby results in any person acquiring beneficial ownership of more than  35% of the Outstanding Company Voting Securities; provided, that, if  after such acquisition by the Company such person becomes the beneficial  owner of additional Company Voting Securities that increases the  percentage of outstanding Company Voting Securities beneficially owned  by such person, a Change in Control of the Company shall then occur, (3)  any acquisition by any employee benefit plan (or related trust) sponsored  or maintained by the Company or any Subsidiary, (4) an acquisition by an  underwriter temporarily holding securities pursuant to a bona fide public  offering of such securities, (5) an acquisition pursuant to a Business  Combination (as defined in Section 5(d)(ii)(C)(i), (ii) or (iii) below), or  (6) a transaction (other than the one described in paragraph (C) below) in  which Company Voting Securities are acquired from the Company, if a  majority of the Incumbent Directors approve a resolution providing  expressly that the acquisition pursuant to this clause (6) does not  constitute a Change in Control of the Company under this paragraph (A);  or (7) any acquisition pursuant to a transaction that complies with Section  5(d)(ii)(C) below;  (B) individuals who, as of the Date of Grant, constitute the Board (the  “Incumbent Board”) cease for any reason to constitute at least a majority  of the Board; provided, however, that any individual becoming a director  subsequent to the Date of Grant whose election, or nomination for election  by the Stockholders, was approved by a vote of at least a majority of the  directors then comprising the Incumbent Board (either by specific vote or  by approval of the proxy statement of the Company in which such  individual is named as a nominee for director, without objection to such  nomination) shall be considered as though such individual was a member  of the Incumbent Board, but excluding, for this purpose, any such  individual whose initial assumption of office occurs as a result of an actual  or threatened election contest with respect to the election or removal of  directors or other actual or threatened solicitation of proxies or consents  by or on behalf of a Person other than the Board;  (C) consummation of a reorganization, merger, statutory share exchange or  consolidation or similar transaction involving the Company or any of its  Subsidiaries, a sale or other disposition of all or substantially all of the  assets of the Company in one or a series of transactions, or the acquisition  

 

      55854986;5  of assets or securities of another entity by the Company or any of its  Subsidiaries (each, a “Business Combination”), in each case unless,  following such Business Combination, (i) all or substantially all of the  individuals and entities that were the beneficial owners of the Outstanding  Company Common Stock and the Outstanding Company Voting  Securities immediately prior to such Business Combination beneficially  own, directly or indirectly, more than 50% of the then-outstanding shares  of voting common stock (or, for a non-corporate entity, equivalent  securities) and the combined voting power of the then-outstanding Voting  Securities, as the case may be, of the entity resulting from such Business  Combination (including, without limitation, an entity that, as a result of  such transaction, owns the Company or all or substantially all of the  Company’s assets either directly or through one or more Subsidiaries) in  substantially the same proportions as their ownership immediately prior  to such Business Combination of the Outstanding Company Common  Stock and the Outstanding Company Voting Securities, as the case may  be, (ii) no Person (excluding any entity resulting from such Business  Combination or any employee benefit plan (or related trust) of the  Company or such entity resulting from such Business Combination)  beneficially owns, directly or indirectly, 25% or more of, respectively, the  then-outstanding shares of common stock (or, for a non-corporate entity,  equivalent securities) of the entity resulting from such Business  Combination or the combined voting power of the then-outstanding  voting securities of such entity, except to the extent that such ownership  existed prior to the Business Combination, and (iii) at least a majority of  the members of the board of directors (or, for a non-corporate entity,  equivalent governing body) of the entity resulting from such Business  Combination were members of the Incumbent Board at the time of the  execution of the initial agreement or of the action of the Board providing  for such Business Combination; or  (D) approval by the Stockholders of a complete liquidation or dissolution of  the Company.  A Change in Control shall not occur unless such transaction constitutes a  change in the ownership of the Company, a change in effective control of  the Company, or a change in the ownership of a substantial portion of the  Company’s assets under Section 409A.  (iii)“Disability” shall mean (i) the Grantee’s inability, due to physical or mental  incapacity, to substantially perform the Grantee’s duties and responsibilities with  the Company or any Subsidiary for one hundred eighty (180) days out of any  three hundred sixty-five (365) day period or one hundred twenty (120)  consecutive days or (ii) the Grantee’s eligibility to receive long-term disability  benefits under any Company or Subsidiary long-term disability plan.  (iv) “Good Reason” shall mean the occurrence of any of the following, in each  case following a Change in Control and during the vesting period without the  Grantee’s written consent: (A) a material reduction in the Grantee’s base salary;  (B) relocation of the Grantee’s principal place of employment as of the Date of  

 

      55854986;5  Grant by more than fifty (50) miles; (C) any material breach by the Company of  any material provision of this Agreement; or (D) a material diminution in the  Grantee’s title, duties or responsibilities (other than temporarily while the Grantee  is physically or mentally incapacitated). The Grantee cannot terminate the  Grantee’s employment for Good Reason unless the Grantee has provided written  notice to the Company of the existence of the circumstances providing grounds  for termination for Good Reason within 60 days of the initial existence of such  grounds and the Company has had at least 30 days from the date on which such  notice is provided to cure such circumstances. If the Grantee does not terminate  the Grantee’s employment for Good Reason within 180 days after the first  occurrence of the applicable grounds, then the Grantee will be deemed to have  waived the Grantee’s right to terminate for Good Reason with respect to such  grounds.  (v) “Replacement Award” shall mean an award (A) of the same type (e.g., time- based RSUs) as the Replaced Award, (B) that has a value at least equal to the  value of the Replaced Award, (C) that relates to publicly traded equity securities  of the Company or its successor in the Change in Control or another entity that is  affiliated with the Company or its successor following the Change in Control, (D)  if the Grantee holding the Replaced Award is subject to U.S. federal income tax  under the Code, the tax consequences of which to such Grantee under the Code  are not less favorable to such Grantee than the tax consequences of the Replaced  Award, and (E) the other terms and conditions of which are not less favorable to  the Grantee holding the Replaced Award than the terms and conditions of the  Replaced Award (including the provisions that would apply in the event of a  subsequent Change in Control). A Replacement Award may be granted only to  the extent it does not result in the Replaced Award or Replacement Award failing  to comply with or be exempt from Section 409A of the Code. Without limiting  the generality of the foregoing, the Replacement Award may take the form of a  continuation of the Replaced Award if the requirements of the two preceding  sentences are satisfied. The determination of whether a Replacement Award has  been granted will be made by the Committee, as constituted immediately before  the Change in Control, in its sole discretion.  (vi) “Voting Securities” shall have the meaning provided in Board of Governors  of the Federal Reserve System Regulation Y, §225.2(q). As of the Date of Grant,  the Company’s only Voting Securities were its outstanding shares of Class A  Common Stock.  6. Forfeiture of RSUs. Except to the extent the RSUs covered by this Agreement have  become nonforfeitable pursuant to Section 4 or Section 5 hereof, the RSUs covered by this  Agreement shall be forfeited automatically and without further notice on the date that the Grantee  ceases to provide continuous service.  7. Form and Time of Settlement of RSUs. Settlement in respect of the RSUs after and to  the extent they have become nonforfeitable shall be made in the form of Common Stock via book  entry. Such delivery shall be made within ten (10) days following the date that the RSUs become  nonforfeitable pursuant to Section 4 or Section 5 hereof.  

 

      55854986;5  8. Payment of Dividend Equivalents. With respect to each of the RSUs covered by this  Agreement, the Grantee shall be credited on the records of the Company with dividend equivalents  in an amount equal to the amount per Common Stock of any cash dividends declared by the Board  on the outstanding Common Stock during the period beginning on the Date of Grant and ending  on the date on which the Grantee receives payment for the RSUs pursuant to Section 7 hereof.  These dividend equivalents will accumulate without interest and, subject to the terms and  conditions of this Agreement, will be paid at the same time, to the same extent and in the same  manner, in Common Stock as the RSUs for which the dividend equivalents were credited.  9. Withholding Taxes. To the extent that the Company is required to withhold federal, state,  local or foreign taxes in connection with the vesting of the RSUs, or any other payment to the  Grantee or any other payment or vesting event under this Agreement, , and the amounts available  to the Company for such withholding are insufficient, the Company shall retain a portion of the  shares of Common Stock to be issued pursuant to Section 7 to satisfy such withholding  requirement and the shares so retained shall be credited against such withholding requirement at  the Market Value per Share of such Common Stock on the date of such delivery. In no event will  the market value of the Common Stock to be withheld and/or delivered pursuant to this Section 9  to satisfy applicable withholding taxes exceed the minimum amount of taxes required to be  withheld.  10. Compliance with Law. The Company shall make reasonable efforts to comply with all  applicable federal and state securities laws; provided, however, notwithstanding any other  provision of the Plan and this Agreement, the Company shall not be obligated to issue any  Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of  any such law.  11. Adjustments. The number of RSUs subject to this Agreement and the other terms and  conditions of the grant evidenced by this Agreement are subject to adjustment as provided in  Section 11 of the Plan.  12. No Right to Future Awards or Employment. The grant of the RSUs under this  Agreement to the Grantee is a voluntary, discretionary award being made on a one-time basis and  it does not constitute a commitment to make any future awards. The grant of the RSUs and any  payments made hereunder will not be considered salary or other compensation for purposes of any  severance pay or similar allowance, except as otherwise required by law. Nothing contained in this  Agreement shall confer upon the Grantee any right to be employed or remain employed by the  Bank, the Company or any of its Subsidiaries, nor limit or affect in any manner the right of the  Bank, the Company or any of its Subsidiaries to terminate the employment or adjust the  compensation of the Grantee.  13. Relation to Other Benefits. Any economic or other benefit to the Grantee under this  Agreement or the Plan shall not be taken into account in determining any benefits to which the  Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan  maintained by the Company or any of its Subsidiaries and shall not affect the amount of any life  insurance coverage available to any beneficiary under any life insurance plan covering employees  of the Company or any of its Subsidiaries.  14. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this  Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) no  amendment shall adversely affect the rights of the Grantee under this Agreement without the  Grantee’s written consent, and (b) the Grantee’s consent shall not be required to an amendment  

 

      55854986;5  that is deemed necessary by the Company to ensure compliance with Section 409A of the Code  and Section 10D of the Exchange Act.  15. Severability. In the event that one or more of the provisions of this Agreement shall be  invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall  be deemed to be separable from the other provisions hereof, and the remaining provisions hereof  shall continue to be valid and fully enforceable.  16. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan and in  the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan  shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall,  except as expressly provided otherwise herein or in the Plan, have the right to determine any  questions which arise in connection with this Agreement.  17. Electronic Delivery. The Company may, in its sole discretion, deliver any documents  related to the RSUs and the Grantee’s participation in the Plan, or future awards that may be  granted under the Plan, by electronic means or request the Grantee’s consent to participate in the  Plan by electronic means. The Grantee hereby consents to receive such documents by electronic  delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system  established and maintained by the Company or another third party designated by the Company.  18. Governing Law. This Agreement shall be governed by and construed with the internal  substantive laws of the State of Florida, without giving effect to any principle of law that would  result in the application of the law of any other jurisdiction.  19. Compliance with Section 409A of the Code. To the extent applicable, it is intended that  this Agreement and the Plan comply with, or be exempt from, the provisions of Section 409A of  the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply  to the Grantee. This Agreement and the Plan shall be administered in a manner consistent with this  intent. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of  1986, as amended, and will also include any regulations or any other formal guidance promulgated  with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue  Service.  20. Successors and Assigns. Without limiting Section 3 hereof, the provisions of this  Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs,  legal representatives and assigns of the Grantee, and the successors and assigns of the Company  unless terminated in compliance with the terms of the Plan.  21. Acknowledgement. The Grantee acknowledges that the Grantee (a) has received a copy  of the Plan, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c)  understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms  and conditions. Nothing in this Agreement prevents the Grantee from providing, without prior  notice to the Company, information to governmental authorities regarding possible legal violations  or otherwise testifying or participating in any investigation or proceeding by any governmental  authorities regarding possible legal violations.  22. Counterparts. This Agreement may be executed in one or more counterparts, each of  which shall be deemed to be an original but all of which together will constitute one and the same  agreement.  [Signature Page Follows]  

 

      55854986;5     

 

      55854986;5  AMERANT BANCORP INC.   By: _________________________________________  Name:   Title:     GRANTEE  By: _________________________________________  Name:   Title:

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