Document:

Form of Silver State Bancorp Non-Qualified Stock Option Agreement

 Exhibit 4.7 
 SILVER STATE BANK 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 This Stock Option Agreement (the “Agreement”) dated
                     is between Silver State Bank (the “Bank”) and
                     (the “Grantee”). 
 Whereas, pursuant to the Silver State Bank 2004 Stock Option Plan (the “Plan”), a copy of which is attached hereto, the Board of Directors of the Bank has authorized granting to the Grantee a nonqualified stock option to purchase
all or any part authorized but unissued shares of the Bank’s common stock for cash at the price of per share, such option to be for the term and upon the terms and conditions hereinafter stated. 
  

	 	1.	Definitions 

 Unless the context clearly
indicates otherwise, the following terms, when used in the Agreement, shall have the following meanings: 
  

	 	2.1	“Beneficiary” shall be the person or persons who shall acquire the right to exercise an Option by bequest or inheritance. 

  

	 	2.2	“Board of Directors” or “Board” means the Board of Directors of the Bank. 

  

	 	2.3	“Code” means the Internal Revenue Code of 1986 as amended from time to time. 

  

	 	2.4	“Grantee” means the person to whom an Option has been granted. 

  

	 	2.5	“Option” means an option to purchase shares of the Bank’s common stock. 

  

	 	2.6	“Term” means the period during which the Options may be exercised.  

  

	 	2.	Administration 

 The Agreement will be
administered by the Board. The Board shall have authority to interpret the Agreement, to adopt and revise rules and regulations relating to the Agreement, and to make any other determinations which it believes necessary or advisable for the
administration of the Agreement. The Board’s determinations under the Plan, including without limitation, determinations as to the persons to receive awards, the terms and provisions of such Options, and the agreements evidencing the 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. 

	 	3.	Nonqualified Stock Options 

 It is intended
that the Options granted hereunder will not qualify as incentive stock options under Section 422 (b) of the Code and therefore are nonqualified stock options. 
  

	 	4.	Number and Source of Shares Granted 

 The
Bank hereby grants options under the Agreement for                          shares of common stock (Shares) (subject to
adjustment pursuant to section 10 below) which shall be provided by the issuance of Shares authorized but unissued. 
  

	 	5.	Exercise Price 

 The exercise price for
Options granted under this Agreement will be                      per share. 
  

	 	6.	Term of Options 

 The Term of the Options
will be ten years. Any Options not exercised within ten years will be forfeited. 
  

	 	7.	Vesting 

 This option shall be exercisable as
to twenty-five percent (25%) of the total number of shares acquirable by this option on the first anniversary date of the grant of this stock option, an additional twenty-five percent (25%) of the total number of shares acquirable by this
option on the second anniversary date of the date of the grant of this stock option, an additional twenty-five percent (25%) of the total number of shares acquirable by this option on the third anniversary date of the date of the grant of this
option, and the remaining twenty-five percent (25%) of the total number of shares acquirable by this option on the fourth anniversary date of the date of the grant of this stock option. 
  

	 	8.	Exercise of Options By Grantee 

  

	 	a.	Options shall be exercised by delivering or mailing to the Board; 

  

	 	(1)	a notice, in the form and in the manner substantially as shown in Exhibit A to the Stock Option Plan, specifying the number of Shares to be purchased, and 

 

	 	(2)	payment in full of the exercise price for the Shares purchased. 

  

	 	b.	Upon receipt of the notice of exercise and upon payment of the exercise price, the Bank shall promptly deliver to the Grantee a certificate or certificates for the Shares purchased,
without charge to him for issue or transfer tax. 

	 	c.	An Option may be exercised during the lifetime of the Grantee only by him. 

  

	 	9.	Exercise of Options After Death, Disability, Retirement or Other Termination of Employment 

 In the event of the Grantee’s retirement or disability, such Options may by exercised by the Grantee any time prior to the thirty-first day
immediately following the date of his retirement or the date the Board determined the Grantee is disabled. 
 In the event of the
Grantee’s death, the exercise of any Options under the Plan shall be made by his Beneficiary within the 30 days immediately following the transfer of such Options from the Grantee’s estate to the Beneficiary. 
 In the event of termination of employment of the Grantee for any other reason, all vested Options may be exercised within 30 days of such termination,
unless such termination is “for cause,” in which case Options granted to the Grantee are automatically forfeited as of the date of such termination and are nonexercisable. For the purposes of this Agreement, a termination “for
cause” means a termination due to any of the following events: 
  

	 	(i)	conviction of the Grantee for an acts that constitute embezzlement, theft, misappropriation of funds, or a continuing violation of governmental regulations;

  

	 	(ii)	conviction of the Grantee for the commission of a felony, as defined under Nevada law, or a crime of moral turpitude, in which event the Grantee’s employment shall terminate
upon the initial conviction. 

  

	 	10.	Changes in Capital and Corporate Structure 

 In the event of any change in the outstanding shares of common stock of the Bank by reason of an issuance of additional shares, recapitalization, reclassification, reorganization, stock split, reverse stock split, combination of shares,
stock dividend or similar transaction, the Board shall proportionately adjust, in an equitable manner, the number of Options held by the Grantee under the Agreement. 
  

	 	11.	Effect of Merger of Other Reorganization 

 If
the Bank shall be the surviving corporation in a merger or other reorganization, Option rights shall extend to stock and securities of the Bank to the same extent that a holder of that number of Options immediately before the merger o r
consolidation would be entitled to have. If the Bank (i) dissolves, sells substantially all of its assets, sells more than fifty one percent of the Bank’s outstanding Shares of common stock, or is a party to a merger or other
reorganization in which it is not the surviving corporation or (ii) more than fifty one percent of the Bank’s outstanding shares or common stock or voting rights thereto are purchased or acquired by any person, entity or group of persons
and/or entities acting in concert (“Corporate Event”) then each 

 
Option shall be exercisable in full within the period of 30 days before the date of such dissolution, sale, merger, or Corporate Event without regard to the
vesting provision as described in paragraph 7 above. 
  

	 	12.	Stockholder Rights 

 The Grantee shall not
have any rights of a stockholder by virtue of an Option except with respect to Shares actually issued to him. 
  

	 	13.	Nontransferability 

 Options granted under
the Agreement, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than by will or by the laws of descent and distribution, and shall not
be subject to executive, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of an Option, or levy of attachment or similar process upon the Option not specifically permitted herein shall be
null and void and without effect. 
  

	 	14.	Withholding 

 The Bank shall have the right
to deduct from all Option gains pursuant to the Agreement any taxes required by law to be withheld with respect to such gains. 
  

	 	15.	Miscellaneous Provisions 

  

	 	a.	Neither the Agreement nor any action taken hereunder shall be construed as giving the Grantee any right to be retained in the employ of the Bank. 

  

	 	b.	Except when otherwise required by the context, any masculine terminology in this document shall include the feminine, and any singular terminology shall include the plural.

  

	 	c.	The obligation of the Bank to sell and deliver Common Stock under the Plan shall be subject to all applicable laws, regulations, rules, and approvals, including, but not by way of
limitation, the effectiveness of a registration statement under the Securities Act of 1933 if deemed necessary or appropriate by the Bank. 

  

	 	d.	Nothing in the Plan or any agreement entered into pursuant to the Plan shall confer upon any employee or other optionee the right to continue employment of the Bank or any
subsidiary or affect any right which the Bank or any subsidiary may have to terminate the employment of such key employee or other optionee. 

  

	 	e.	No optionee shall have any right as a shareholder unless and until certificates for shares of Common Stock are issued to him. 

	 	f.	If under any provision of the Plan which requires a computation of the number of shares of common stock subject to an Option, the number so computed is not a whole number of shares
of common stock, such number of shares of common stock shall be rounded down to the next whole number. 

  

	 	16.	Governing Law 

 The Agreement shall be
construed and its provisions enforced and administered in accordance with the laws of the State of Nevada except to the extent that such laws may be superseded by federal law. 
  

							
	GRANTEE	  	SILVER STATE BANK
				
		 		  	By:Form of Silver State Bancorp Incentive Stock Option Agreement

 Exhibit 4.8 
 SILVER STATE BANCORP 
 INCENTIVE
STOCK OPTION AGREEMENT 
 Silver State Bancorp (“Silver State”), a Nevada
corporation, hereby grants to:                      (the “Optionee”) an option (the “Option”) to purchase the total number of
shares of Silver State common stock, par value $0.001 per share, set forth in the attached Notice of Grant effective                      (the
“Notice of Grant”), at the price specified in the Notice of Grant, subject in all respects to the terms, definitions, and provisions of the 2006 Omnibus Equity Plan (the “Plan”) adopted by Silver State, which is incorporated
herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings herein. 
 1.
Nature of the Option. This Option is intended to qualify as an Incentive Stock Option, as defined in section 422 of the Internal Revenue Code of 1986. 
 2. Exercise Price. The exercise price for each share of common stock is set forth in the Notice of Grant and is not less than the fair market value per share of the common stock on the date of grant. The
exercise price for each share of common stock granted to an employee who owns stock possessing more than 10% of the voting power of Silver State may not be less than 110% of the fair market value of a share of common stock on the date of grant.

 3. Exercise of Option. This Option shall be exercisable during its term in accordance with the exercise schedule set out in
the Notice of Grant and in accordance with the terms of the Plan as follows: 
 (a) Right to Exercise. 
 1) this Option may not be exercised for a fraction of a share. 
 2) in the case of the Optionee’s death or other termination of employment, the exercisability of the Option is governed by sections 7
and 8 below, subject to the limitations contained in subsection 3(a)(3). 
 3) this Option may not be exercised after
expiration of its term, as provided by section 10 below. 
 (b) Method of Exercise. This Option shall be exercisable by executing the
Stock Option Notice of Exercise in the form attached hereto as Exhibit A (the “Exercise Notice”), which shall state the Optionee’s election to exercise the Option, the number of shares in respect of which the Option is being
exercised, and such other representations and agreements concerning the holder’s investment intent as may be required by Silver State under the provisions of the Plan. The written notice shall be signed by the Optionee and shall be delivered by
certified mail to the Plan Committee or the Plan Committee’s designee. The Exercise Notice shall be accompanied by payment of the exercise price. This Option shall be deemed to be exercised upon receipt by Silver State of such Exercise Notice
accompanied by payment of the exercise price in full. 
 No Shares will be issued for the exercise of an Option unless the issuance and
exercise comply with all relevant provisions of law and the requirements of any stock exchange upon which Silver State common stock may then be listed. Assuming such compliance, for income tax purposes’ shares shall be considered transferred to
the Optionee on the date the Option is exercised. 
 4. Optionee’s Representations. If this Option and the shares
acquirable by exercise of this Option have not been registered under the Securities Act of 1933 at the time this Option is exercised, the Optionee shall, if required by Silver State, concurrently with the exercise of all or any portion of this
Option deliver to Silver State an investment representation statement in the customary form, a copy of which is available for Optionee’s review from Silver State upon request. Optionee acknowledges and agrees that a certificate or certificates
representing shares acquired by exercise of an Option may bear a restrictive legend or legends noting the restrictions on transfer arising under applicable securities laws and the Plan. 
 5. Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the
committee, in its sole discretion: 
 (a) cash or a cash equivalent; 
 (b) by delivery of other unrestricted shares of Silver State common stock owned for at least six months before the exercise date at a value equal to the
fair market value of a share of Silver State common stock on the exercise date; or 
 (c) a combination of cash and shares of Silver State
common stock. 
 6. Restrictions on Exercise. This Option may not be exercised before the Plan is approved by Silver State
stockholders, or if the issuance of shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable federal or state securities or other law or regulation, including any rule under
Part 207 of Title 12 of the Code of Federal Regulations (“Regulation G”) as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, Silver State may require the Optionee to make any representation and
warranty to Silver State as Silver State in its sole discretion considers necessary or appropriate under applicable law. 
  

 1 

 7. Termination of Status as an Employee for Cause or Other Termination of Employment. If the
Optionee is terminated for cause or if in Silver State’s judgment a basis for termination for cause exists, all rights under any unexercised options shall expire immediately and the unexercised options shall be immediately forfeited, regardless
of whether the options are exercisable and regardless of whether Optionee’s employment with Silver State or a related entity actually terminates. “Termination for cause” includes one or more of the following acts: 
 (a) an act of fraud, intentional misrepresentation, embezzlement, misappropriation, or conversion by the Optionee of the assets or business opportunities
of Silver State, 
 (b) conviction of the Optionee of or plea by the Optionee of guilty or no contest to a felony or a misdemeanor,

 (c) violation by the Optionee of the written policies or procedures of Silver State with which the Optionee is employed, including but not
limited to violation of Silver State’s code of conduct or code of ethics, 
 (d) disclosure to unauthorized persons of any confidential
information not in the public domain relating to Silver State’s business, including all processes, inventions, trade secrets, computer programs, technical data, drawings or designs, information concerning pricing and pricing policies, marketing
techniques, plans and forecasts, new product information, information concerning methods and manner of operations, and information relating to the identity and location of all past, present, and prospective customers and suppliers, 
 (e) intentional breach of any contract with or violation of any legal obligation owed to Silver State, 
 (f) dishonesty relating to the duties owed by the Optionee to Silver State, 
 (g) the Optionee’s willful and continued refusal to substantially perform assigned duties, other than refusal resulting from sickness or illness or
while suffering from an incapacity due to physical or mental illness, including a condition that does or may constitute a disability, 
 (h)
the Optionee’s willful engagement in gross misconduct materially and demonstrably injurious to Silver State, 
 (i) the
Optionee’s breach of any term of the Plan or this Agreement, 
 (j) intentional cooperation with a party attempting a change in control
of Silver State, unless the Board approves or ratifies the Optionee’s action before the change in control or unless the Optionee’s cooperation is required by law, or 
 (k) any action that constitutes cause as defined in any written agreement between the Optionee and Silver State. 
 If the Optionee is terminated for any other reason, all options that are exercisable when termination occurs shall be forfeited if not exercised before
the earlier of (x) the expiration date specified in this Agreement or (y) 90 days after the termination date. Nothing in section 7 shall be construed to permit exercise of an option after the option’s expiration date.

 8. Death of Optionee. The Optionee may name a beneficiary or beneficiaries to receive or to exercise any vested options that are
unpaid or unexercised at the Optionee’s death. Beneficiaries may be named contingently or successively. A beneficiary designation must be made on a form prescribed by the Plan Committee and shall not be effective until filed in writing with the
Plan Committee. 
 9. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the
laws of descent or distribution and may be exercised during the lifetime of the Optionee by the Optionee only. The. terms of this Option shall be binding upon the executors, administrators, heirs, successors, and assigns of the Optionee. 

10. Term of Option. This Option may be exercised on or before the Expiration Date stated in the Notice of Grant and may be exercised during
such term solely in accordance with the Plan and the terms of this Incentive Stock Option Agreement. 
 11. Early Disposition of
Stock. The Optionee understands that if the Optionee disposes of any shares received under this Option within two years after the date of this Incentive Stock Option Agreement or within one year after shares are transferred to the Optionee, the
Optionee will be treated for federal income tax purposes as having received ordinary income at the time of that disqualifying disposition, the amount of income generally being measured by the difference between the price paid for the shares and the
lower of the fair market value of the shares at the date of the exercise or the fair market value of the shares at the date of the disqualifying disposition. But the amount of ordinary income may be measured differently if the Optionee is an
officer, director, or 

  

 2 

 
10% stockholder of Silver State, or if the shares are subject to a substantial risk of forfeiture at the time they are transferred to the Optionee. The
Optionee hereby agrees to notify Silver State in writing within 30 days after the date of any disqualifying disposition by executing the Notice of Disqualifying Disposition in the form attached hereto as Exhibit B, which shall state the number of
shares sold or transferred, the date the shares were sold or transferred, and the sale price, if applicable. The Optionee understands that if the Optionee disposes of shares after the expiration of the two-year and one-year holding periods, the
gain on sale will be taxed as long-term capital gain. 
  

			
	 SILVER STATE BANCORP,

	 a Nevada corporation

		
	 By:
	 	
	 Its:
	 	

 The Optionee acknowledges and agrees that the vesting of shares according to the Notice of
Grant and section 3 of this Incentive Stock Option Agreement is earned solely by continuing employment with Silver State. The Optionee further acknowledges and agrees that nothing in this Incentive Stock Option Agreement or in Silver State’s
2006 Omnibus Equity Plan incorporated herein by reference confers upon the Optionee any right to continued employment by Silver State, nor shall it interfere in any way with’the Optionee’s right or Silver State’s right to terminate
the Optionee’s employment at any time, with or without cause. The Optionee acknowledges receipt of a copy of the Plan and certain related information and represents that the Optionee is familiar with the terms and provisions of those documents.
The Optionee hereby accepts this Option subject to all of those terms and provisions. The Optionee hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the committee upon any questions arising under the Plan.
The Optionee further agrees to notify Silver State of any change in the residence address indicated below. 
  

			
	 Dated:
                    
	  	OPTIONEE
		
		  	 
		
	 Print Name:
	  	 
		
	 Resident’s Address:
	  	 
		
		  	 
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	
		
		  	

  

 3 

 Exhibit A 
 NOTICE OF EXERCISE 
 To: Silver State Bancorp 
 Attn: Plan Committee 
 Subject: Notice of Intention to Exercise Stock
Option 
 This is official notice that the undersigned (the “Optionee”) intends to exercise vested options to purchase shares of
Silver State Bancorp common stock under Silver State Bancorp’s 2006 Omnibus Equity Plan and the undersigned’s Incentive Stock Option Agreement, as follows: 
  

											
	 Option
 grant date
	 	 Type of option
 ISO / NQSO
	 	 Number of shares
 being purchased
	 	 Option price
 (per share)
	 	 Tax due *
 (if applicable)
	 	 Total amount due

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 I am paying the cost to exercise as specified below by method a, b, or c (circle one below)

 (a) Cash Payment. Enclosed is my check
#                 in the amount of $                 . 
 (b) Surrender of Silver State Bancorp Shares. Shares acquired from Silver State Bancorp must have been held for at least six months. 

(c) A Combination of Cash and Silver State Bancorp Shares. As described below: 
  

							
		 	  
	  		  	

 I certify that the stock purchased through the exercise of these options will not be sold in a
manner that would violate Silver State Bancorp’s policy on insider trading. 
 Signed by the Optionee this
     day of                      , 20    . 
 Optionee’s Signature
                                        

 Print Name
                                        

 Home Address
                                        

 City, State, Zip Code
                                        

 Daytime Phone
                                        

 Social Security Number
                                        

 Exhibit B 
 NOTICE OF DISQUALIFYING DISPOSITION 
 To: Silver State
Bancorp 
 Attn: Stock Option Administrator 
 Subject: Notice
of Disqualifying Disposition 
 This is official notice that the undersigned disposed of shares of Silver State Bancorp common stock
acquired by exercise of an Incentive Stock Option under Silver State Bancorp’s 2006 Omnibus Equity Plan as follows: 
  

											
	 Date of grant
	 	 Exercise
 date
	 	 Option price
 (per share)
	 	 Transfer date
	 	 Market value
 (per share)
	 	 Total shares
 transferred /sold

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

 I understand that for Federal income tax purposes Silver State Bancorp must report on a Form W-2
the compensation of employees who dispose of Incentive Stock Options shares within one year from the Date of Exercise or within two years from the date of grant. 
 Optionee’s Signature
                                        

 Print Name
                                        

 Home Address
                                        

 City, State, Zip Code
                                        

 Daytime Phone
                                        

 Social Security Number
                                        

 You must use this form if you dispose of ISO shares within two years after the grant date or within one year after the exercise
date.

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