Document:

Form of Non-qualified Stock Option Agreement

 Exhibit 10.2 
                                  
    
 NAME         

SBM FINANCIAL, INC. 
 NONSTATUTORY STOCK OPTION PURCHASE AGREEMENT 
 (Equity Incentive Plan)

 THIS AGREEMENT is entered into by and between SBM Financial, Inc., a Maryland corporation with its principal office at
190 Water Street, Gardiner, ME 04345 (hereinafter the ”Company”), and the undersigned director of the Company (hereinafter the ”Optionee”). 

WHEREAS, the Optionee renders important services to the Company of the type specified on the signature page below (such services are
defined in the Equity Incentive Plan (the “Plan”) as “ Continuous Service”), and the Company desires to grant a nonstatutory stock option to the Optionee; 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, the parties hereto hereby agree as follows:

 1. Grant, Exercisability and Term of Option. 
 (a) The Company hereby grants to the Optionee pursuant to the Equity Incentive Plan (the ”Plan”), a copy of which is attached as Exhibit 1, the option (the
“Option”) to purchase from the Company upon the terms and conditions hereinafter set forth the number of shares (“Shares”) of the common stock, $0.01 par value, (“Common Stock”) of the Company set
forth on the signature page below at the purchase price per Share so set forth (the “Option Price”). The date of grant of this Option (the “Grant Date”) is set forth on the signature page of this Agreement.

 (b) This Option may be exercised only as to Shares which are “Vested Shares”, as defined in Section 5,
at the time of exercise, and such exercise is subject to all of the other restrictions provided in Section 5 including the time period set forth therein . Only whole Shares may be purchased pursuant to this Option. 

2. Conditions and Limitations. 
 (a) The Option is granted on the condition that the purchase of shares hereunder shall be for investment purposes and not with a view to resale or distribution, except that such condition shall be
inoperative if the offering of Shares subject to the Option is registered under the Securities Act of 1933, as amended, or if in the opinion of counsel for the Company such Shares may be resold without registration. At the time of the exercise of
the Option or any installment thereof, the Optionee will execute a Nonqualified Stock Option Exercise Form in the form attached as Exhibit 2 and such further agreements as the Company may require to implement the foregoing condition and
to acknowledge the Optionee’s familiarity with restrictions on the resale of the Shares under applicable securities laws, and the Company may 

 
stamp such legend on the certificate representing the Shares as may be necessary or appropriate in light of the foregoing condition. 

(b) The Company will furnish upon request of the Optionee copies of the charter (“Charter”), and bylaws of the Company,
as amended (the “Bylaws”), such publicly available financial and other information concerning the Company and its business and prospects as may be reasonably requested by the Optionee in connection with exercise of this Option (and
such other financial and other information concerning the Company as may be required to be delivered to Optionees from time to time pursuant to applicable laws). 
 (c) The Option shall not be transferable otherwise than by will or by the laws of descent and distribution, and except as provided in Section 4 the Option shall be exercisable during the lifetime of
the Optionee by the Optionee only. Notwithstanding the foregoing, however, if the Optionee is determined to be mentally incompetent and a guardian or conservator (or other similar person) is appointed by a court of competent jurisdiction to manage
the Optionee’s affairs, the guardian or conservator (or other similar person) may exercise the Option on behalf of the Optionee, provided that such exercise is made within the time limits prescribed herein. 

(d) The Option granted in this Agreement is subject to the terms, conditions and definitions of the Plan. To the extent that the terms,
conditions and definitions of this Agreement are inconsistent with those of the Plan, those of the Plan shall govern. Capitalized terms not otherwise defined herein shall have the meanings defined in the Plan. The Optionee hereby accepts this Option
subject to all such provisions of the Plan and agrees that all decisions under, and interpretations of, such provisions of the Plan by the Board, as defined in the Plan, shall be final, binding and conclusive upon the Optionee and the
Optionee’s heirs and transferees. 
 (e) In the event that the Company, upon the advice of counsel, deems it necessary to
list upon official notice of issuance any shares to be issued pursuant to the Plan on a national securities exchange or market system or to register under the Securities Act of 1933 or other applicable federal or state statute any shares to be
issued pursuant to the Plan, or to qualify any such shares for exemption from the registration requirements of the Securities Act of 1933 under the rules and regulations of the Securities and Exchange Commission or for similar exemption under state
law, then the Company shall notify the Optionee to that effect and no Shares shall be issued until such registration, listing or exemption has been obtained. The Company shall make prompt application for any such registration, listing or exemption
pursuant to federal or state law or rules of such securities exchange which it deems necessary and shall make reasonable efforts to cause such registration, listing, or exemption to become and remain effective. 

3. Exercise of Option; Withholding Taxes. 
 (a) Written notice of the exercise of the Option or any installment thereof shall be given to the Company in the form attached as Exhibit 2, specifying the number of shares for which the
Option is exercised and accompanied by (i) payment in full of the Option Price or (ii) if the Common Stock is registered under the Exchange Act, irrevocable instructions to a broker to promptly deliver to the Company full payment in
accordance with this Section of the 

  
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amount necessary to pay the aggregate exercise price. Payment shall be made (a) in cash, (b) by check, or (c) by such other consideration and method of payment approved by the
Board. 
 (b) The Company’s obligation to deliver Shares upon exercise of an Option shall be subject to the Optionee’s
satisfaction of all applicable income and employment tax withholding obligations. Without limiting the generality of the foregoing, the Company shall have the right to deduct from payments of any kind otherwise due to the Optionee any taxes of any
kind required by law to be withheld with respect to any Shares issued upon exercise of the Option. Payment of withholding taxes may be made (i) by cash, (ii) by check, or (iii) by such other method of payment approved by the
Board. 
 4. Termination of Option. In the event that the Optionee ceases to perform Continuous Service for the Company
or any parent or subsidiary of the Company (collectively, the “Company Group”) at any time prior to the exercise of this Option in full, this Option shall terminate according to the following provisions: 

(a) If the Optionee ceases to perform Continuous Service for any reason other than death or disability (as defined in
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the ”Code”)), the Optionee may at any time within a period of 90 days after the date of such cessation of Continuous Service exercise the Option to the
extent that the Option was exercisable on the date of such cessation; 
 (b) If the Optionee ceases to perform Continuous
Service because of disability (as defined in Section 22(e)(3) of the Code), the Optionee may at any time within a period of 180 days after the date of such cessation of Continuous Service exercise the Option to the extent that the Option was
exercisable on the date of such cessation; and 
 (c) If the Optionee ceases to perform Continuous Service because of death, the
Option, to the extent that the Optionee was entitled to exercise it on the date of death, may be exercised within a period of 180 days after the Optionee’s death by the person or persons to whom the Optionee’s rights under the Option shall
pass by will or by the laws of descent and distribution; provided, however, that this Option may not be exercised to any extent by anyone after the date of its expiration. 
 5. Exercisability of Option. So long as the Optionee performs Continuous Service, this Option may be exercised at any time after the Vesting Date specified on the signature page below. Shares as to
which this Option may be exercised at any time are herein referred to as “Vested Shares”. 
 The right of
exercise shall be cumulative so that to the extent the Option is not exercised it shall continue to be exercisable, in whole or in part, with respect to all unpurchased Vested Shares until the earlier of the tenth anniversary of the Grant Date or
the termination of this Option under Section 4 hereof or the Plan. 
 In the event of a Change in Control (as defined in
the Plan), your Option under this Agreement will automatically and individually vest to the extent not then vested. 

  
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 6. “Market Stand Off” Agreement. 

(a) The Optionee, if requested by the Company or any managing underwriter of the Company’s securities, shall agree not to sell or
otherwise transfer or dispose of any shares of the Company held by the Optionee during the period up to 180 days, as requested by the Company or such underwriter, following the effective date of a registration statement of the Company filed under
the Securities Act of 1933 (except for any Company securities held by the Optionee sold pursuant to such registration statement). Such agreement shall be in writing in form satisfactory to the Company or such underwriter. The Company may impose
stop-transfer instructions with respect to the Shares subject to the foregoing restriction until the end of such period. 
 (b)
The provisions contained in this Section 6 shall not apply to any transfer of Shares to or in trust for the sole benefit of the Optionee, or any member of the immediate family of the Optionee, including for this purpose the undersigned’s
spouse, domestic partner, parents, parents-in-law, issue, nephews, nieces, god-children, brothers, brothers-in-law, sisters, sisters-in-law, children-in-law and grandchildren-in-law, provided that such transferee agrees in writing to be subject to
the terms of this Agreement. 
 7. Notices. All notices or demands given pursuant to this Agreement shall be in writing
and shall be deemed to have been sufficiently given if delivered by hand or sent by certified or registered mail, postage prepaid, addressed to the Company at its principal office or to the Optionee (or the Optionee’s legal representatives) at
the address stated in the Optionee’s (or their) notice or at the Optionee’s address appearing on the books of the Company. 
 8. No Service Commitment; Tax Treatment. Nothing herein contained shall be deemed to be or constitute an agreement or commitment by the Company or any other member of the Company Group to continue
the Optionee in Continuous Service. The Option granted hereunder is not intended to qualify as an incentive stock option under Section 422 of the Code, and the Company makes no representation about the tax treatment to the Optionee with respect
to receipt or exercise of the Option or acquiring, holding or disposing of the Shares. The Optionee represents that the Optionee has had the opportunity to discuss such treatment with the Optionee’s tax adviser. The Optionee shall have no
rights as a stockholder with respect to the Shares subject to the Option until the exercise of the Option and the issuance of a stock certificate for the Shares with respect to which the Option shall have been exercised. 

9. Adjustment in Shares. In the event of any stock dividends, stock splits, stock combinations, recapitalizations and other
similar changes in the capital structure of the Company after the Grant Date, the number of shares of Common Stock deliverable upon the exercise of this Option shall be appropriately increased or decreased proportionately, and appropriate
adjustments shall be made in the Option Price to reflect such subdivision, combination or stock dividend. In the event of a change of the Common Stock resulting from a merger or similar reorganization as to which the Company is the surviving
corporation after the Grant Date the number and kind of Shares subject to this Option and the Option Price thereof shall be appropriately adjusted in such manner as the Board may deem equitable to prevent dilution or enlargement of the rights
available or granted hereunder. The Board’s determination in any 

  
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specific situation shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to this Option. 
 10. Restrictions on Transfer. Any restrictions on transfer of shares of the capital stock of the Company contained in the Charter or Bylaws of the Company shall also apply to the Shares.

 11. Miscellaneous. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of Maryland applicable to contracts made in and to be wholly performed within Maryland. This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of the Optionee and the successors and assigns of the
Company, but shall not be assigned by the Optionee at any time without the prior written permission of the Company, and any such attempted assignment shall be void. 
 {Remainder of page intentionally left blank.} 

  
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 IN WITNESS WHEREOF the parties have executed this Nonstatutory Stock Option Agreement as of
the Grant Date set forth below. 
  

			
	OPTIONEE:
	
	  
	
	Grant Date:
	
	Vesting Date:
	
	No. of Shares:
	
	Option Price: $100.00 per share
	
	Type of Service:
	
	SBM FINANCIAL, INC.
	
	 
	By:	 	John W. Everets
	Its:	 	CEO and Chairman

  
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 Exhibit 1 

Equity Incentive Plan 

  
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 Exhibit 2 

 

	
	Name of Optionee:
	
	Date of Exercise:
                                         
   

 NONSTATUTORY STOCK OPTION EXERCISE FORM 
 SBM Financial, Inc. 
 190 Water Street 
 Gardiner, ME 04345 
 Dear Sir/Madam: 

The undersigned optionee (the “Optionee”), presently a director of SBM Financial, Inc. (the “Company”)
was granted a nonstatutory stock option (the “Option”) to purchase [            ] shares of common stock of the Company at an exercise price of $100.00 per share on
[            ] pursuant to the Company’s Equity Incentive Plan (the ”Plan”) and an Nonstatutory Stock Option Agreement dated
[                    ] (the “Option Agreement”). 
 The Optionee hereby elects to exercise the Option as to                      shares of common
stock of the Company (the “Shares”). 
 Enclosed herewith is full payment in the amount of
$                     for the Shares in the manner set forth in the Option Agreement. The Optionee will make adequate provision for any
federal and state income tax withholding obligations of the Company, if any, as more fully set forth in the Option Agreement. 

The Optionee represents and warrants that the Optionee is acquiring the Shares for the Optionee’s own account for investment and not
with a view to, or for sale in connection with, any distribution of the Shares. The Optionee also represents that the Optionee does not have any present intention of selling, offering to sell or otherwise disposing of or distributing the Shares or
any portion thereof; and that, subject to the right of the Optionee to register the Shares in the joint names of the Optionee and the Optionee’s spouse, the entire legal and beneficial interest of the Shares is being purchased for, and will be
held for the account of, the Optionee only and not for any other person. 
 The Optionee further represents and warrants that at
no time was the Optionee presented with or solicited by any form of general solicitation or any general advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine, or
similar media or broadcast over television or radio or presented at any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 

  
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 The Optionee acknowledges and understands that the purchase of the Shares is a highly
speculative investment, and the Optionee represents and warrants that the Optionee is able, without impairing the Optionee’s financial condition, to hold the Shares for an indefinite period of time and to suffer a complete loss of the
investment. 
 The Optionee further acknowledges and understands that the Shares have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), and that consequently the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The
Optionee further acknowledges and understands that the Company is under no obligation to register the Shares, that, in the absence of registration, the Shares may be transferred only under limited circumstances, and that transfer of the Shares is
subject to restrictions contained in the Certificate of Incorporation and Bylaws of the Company, as amended from time to time, and restrictions contained in the Option Agreement. The Optionee understands that the instrument evidencing the Shares
will be imprinted with legends which prohibit the transfer of the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company. The Optionee does not have any contract, agreement or
arrangement with any person to sell, transfer or grant participations, to such person or to any third person with respect to any of the Shares. 
 The Optionee is aware of the adoption of Rule 144 by the Securities and Exchange Commission, promulgated under the Securities Act, which permits limited public resale of securities acquired in a
non-public offering subject to the satisfaction of certain conditions, including, among other things: the availability of certain public information about the Company, the resale occurring not less than one year after the party has purchased and
paid for the securities to be sold, the sale being through a broker in an unsolicited “brokers’ transaction,” and the amount of securities being sold during any three-month period not exceeding specified limitations (generally, 1% of
the total amount outstanding). 
 The Optionee agrees further that said Shares are being acquired by the Optionee in accordance
with and subject to the terms, provisions and conditions of the Plan and the Option Agreement, to each of which the Optionee hereby expressly assents. Such terms, provisions and conditions shall bind and inure to the benefit of the Optionee’s
heirs, legal representatives, successors and assigns. 
 The Optionee agrees to obtain the consent of the Optionee’s spouse
to any such agreement which may be required by the Company. 

  
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 The Optionee’s address of record is: 

 

	
	 

 and the Optionee’s Social Security Number is:
                                         
                
  

	
	Very truly yours,
	
	  

 {Spouse of the Optionee to sign below if the Shares are to be registered in joint names or if the Optionee
resides in a community property state:} 
 The undersigned, being the spouse of the Optionee exercising the Option as set
forth above, does hereby acknowledge that the undersigned has read and is familiar with the provisions of the above Nonqualified Stock Option Exercise Form, the Plan, and the Option Agreement, and the undersigned hereby agrees thereto and joins
therein to the extent, if any, that the agreement and joinder of the undersigned may be necessary. 
  

	
	  
	Signature of Spouse of Optionee
	
	Dated:
                                        

  

			
	Receipt of the above is hereby acknowledged.
	
	 
	By:	 	John W. Everets
	Its:	 	CEO and Chairman

 Dated:
                                        

  
 -3-Form of Restricted Stock Units Agreement

 Exhibit 10.3 
 SBM FINANCIAL, INC. 
 RESTRICTED STOCK UNITS AGREEMENT

 SBM Financial, Inc. (the “Company”) hereby grants to the Participant named below a Restricted Stock Unit
award (“Award”), each Restricted Stock Unit (“Restricted Stock Unit” or “RSU”) representing the right to receive one share of common stock of the Company, par value $0.01 per share (“Common Shares”) in
accordance with the subject to the terms and restrictions of this Agreement (the “Agreement”) and the SBM Financial Equity Plan (the “Plan”), which is incorporated by reference and made a part of this Agreement. This is the first
page of the Agreement, which describes in detail your rights with respect to the Restricted Stock Units granted to you hereby and which constitutes a legal agreement between you and the Company. 

 

							
	1.	 	Participant Name:	  	 	  	
				
		 	Employee ID:	  	 	  	
				
	2.	 	Award Date:	  	 	  	
				
	3.	 	Number of Restricted Stock Units:	  	 	  	
				
	4.	 	Vesting Date(s):	  	 50% on _________________ and

50% on _________________
	  	

 IN WITNESS WHEREOF, SBM Financial, Inc. and the Participant agree to be bound by the terms and
provisions of this Agreement, as of the date noted below. 
  

			
	SBM FINANCIAL, INC.
	
	 
	By: 	 	 
	Title: 	 	 
	Date: 	 	 

			
		
	RECIPIENT:  	 	 

 ARTICLE I 
 RESTRICTED STOCK UNITS 
 Section 1.1 Restricted Stock Unit.
“Restricted Stock Unit” means the right to receive one share of common stock of the Company, par value $0.01 per share (“Common Shares”) subject to the terms of this Agreement. 

Section 1.2 Vesting. Subject to the terms and conditions of this Award, your Restricted Stock Units will vest on the vesting dates
indicated on page one of this Agreement, provided that you remain employed by the Company until such vesting dates. No consideration shall be payable by Participant upon the Award Date or the Vesting Date. 

Section 1.3 Termination of Employment. If your employment with the Company terminates prior to a Vesting Date your unvested
Restricted Stock Units shall be forfeited and you shall have no rights thereunder or hereunder with respect to such unvested Restricted Stock Units. 
 Section 1.4 Change in Control. In the event of a Change in Control (as defined in the Plan), your Restricted Stock Units under this Agreement will automatically and individually vest to the extent
not then vested. 
 ARTICLE II 
 RIGHTS AND SETTLEMENT 
 Section 2.1 Rights as a Shareholder. Your
Restricted Stock Units will not give you any right to vote on any matter submitted to the Company’s stockholders. You will have voting rights with respect to the Common Shares represented by your Restricted Stock Units only after the shares
have actually been issued to you. 
 Section 2.2 Restrictions on Transferability. You will not have any right to sell,
assign, transfer, pledge, hypothecate or otherwise encumber your Restricted Stock Units. Any attempt to effect any of the preceding in violation of this Section 2.2, whether voluntarily or involuntary, will be void. 

Section 2.3 Settlement of Your Restricted Stock Units. Promptly after the date your Restricted Stock Units vest pursuant to
Section 1.2 or 1.4, the Company will deliver to you the number of Common Shares then represented by your vested Restricted Stock Units. 
 Section 2.4 Adjustment Due to Change in Capitalization. If any Capitalization Adjustment occurs, the number of Common Shares represented by your Restricted Stock Units may be appropriately and
equitably adjusted as provided in the Plan. 
 ARTICLE III 

ADMINISTRATION 
 Section 3.1 Administration. The Committee is authorized to interpret your Award and this Agreement and to make all other determinations necessary or advisable for the administration and
interpretation of your Award to carryout its provisions and purposes. 

 
Determinations, interpretations or other actions made or taken by the Committee pursuant to the provisions of this Agreement shall be final, binding and conclusive for all purposes and upon all
persons. The Committee may consult with legal counsel, who may be regular counsel to the Committee, and shall not incur any liability for any action taken in good faith in reliance upon the advice of counsel. 

ARTICLE IV 

MISCELLANEOUS 
 Section 4.1 Tax Withholding. The Company will have the power to withhold, or require you to remit to the Company promptly upon notification of the amount due, an amount sufficient to satisfy
Federal, state and local withholding tax requirements with respect to your Award (or settlement thereof), and delivery of Common Shares shall not occur until such requirements are satisfied. You shall have the right to elect (a) to have Common
Shares deliverable in respect of your Award withheld by the Company or (b) to deliver to the Company previously acquired Common Shares, in each case, having a fair market value sufficient to satisfy your statutory minimum Federal, state and
local tax obligation associated with the transaction. 
 Section 4.2 IRC Section 409A. Notwithstanding anything in
this Agreement to the contrary, it is the intention of the parties that this agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and all regulations or other guidance issued thereunder,
and this agreement and the payments of any benefits hereunder will be operated and administered accordingly. However, neither the Company nor the Committee shall have any liability to any person in the event Code Section 409A applies to this
award or any payments hereunder in a transaction that results in adverse tax consequences to the award holder or any beneficiaries or transferees. 
 Section 4.3 Requirements of Law. The granting of your Award and the issuance of Common Shares will be subject to all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. 
 Section 4.4 No Impact on Benefits. Your
Award will not be compensation for purposes of calculating your rights under any employee benefit plan. 
 Section 4.5
Securities Law Compliance. The Company shall have the authority to determine the instruments by which your Award shall be evidenced. Instruments evidencing your Award may contain such other provisions as the Company deems advisable.

 Section 4.6 Trading Black Out Periods. By entering into this Agreement you expressly agree that: (i) during all
periods of your employment with the Company or its affiliates, or while you are otherwise maintained on the payroll of the Company or its affiliates, you agree to abide by any applicable trading “black out” periods with respect to
purchases or sales of Company stock or exercises of stock options for the Company’s stock established from time to time by the Company (“Trading Black Out Periods”) and (ii) upon any cessation or termination of your employment
with the Company and its affiliates for any reason, you agree that for a period of three (3) months following the effective date of any such termination or 

  
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cessation of your employment or, if later, for a period of three (3) months following the date as of which you are no longer on the payroll of the Company and its affiliates, you agree to
continue to abide by all such Trading Black Out Periods established from time to time by the Company. 
 Section 4.7
Other. This Agreement is binding on you and your executors, administrators, heirs and personal and legal representatives and on the Company and its successors or assigns. 

This Agreement, including the Cover Page and the Plan, contains the entire Agreement and all terms between you and the Company with
respect to this Award, and there are no other understandings, warranties or representations with respect to this Award. Terms used but not defined herein are defined in the Plan. 

Nothing in this Agreement gives you the right to continue working for or with the Company nor changes the right which the Company has to
terminate your employment at any time. 
 This Agreement and your Award shall be governed by the laws of the State of Maryland
(other than its conflict of law principles). 
 Any determination or interpretation by the Committee under or pursuant to this
Agreement shall be final, binding and conclusive for all purposes and upon all persons affected hereby. In the event of a conflict between any provision of this Agreement and the provisions of the Plan, the provisions of the Plan shall control.

  
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