Document:

Exhibit 10.5

 

PROFESSIONAL BANK

 

2012 SHARE APPRECIATION RIGHTS PLAN

 

Professional Bank, a Florida
commercial bank (“Professional Bank” or the “Bank”), previously adopted the Stock Option Plan (the “Prior
Plan”). The Board of Directors adopted an amendment to the Prior Plan and adopted this 2012 Share Appreciation Rights Plan
(the “SAR Plan”), effective upon approval by the Board of Directors of Professional Bank, for the benefit of its eligible
employees.

 

The purposes of the amendment
to the Prior Plan and of the SAR Plan are to directly benefit the interests of Professional Bank’s stockholders as follows:

		a)	To further the growth, development and financial success
of Professional Bank by providing appropriate incentives to certain key employees who have been or will be given responsibility
for the management or administration of the business affairs of the Bank;

 

		b)	To provide for distinct plans for board and for management
in order to maximize incentives offered while minimizing expenses; and

 

		c)	To enable Professional Bank to obtain and retain the
services of the type of professional, technical and managerial employees considered essential to Professional Bank’s long-range
success.

 

1.             Definitions.
Wherever used herein, the following words and phrases shall have the meanings hereinafter set forth:

 

		a.	“Award” means the grant of a Unit to a Participant;
	 	 	 

		b.	“Base Price” shall have the meaning set out in Section 8;
	 	 	 

		c.	“Board” means the Board of Directors of the Bank;
	 	 	 

		d.	“Code” means the Internal Revenue Code of 1986, as amended from
time to time, or any successor statute thereto;
	 	 	 

		e.	“Committee” means the Compensation Committee of the Board;
	 	 	 

		f.	“Common Stock” means the shares of common stock of the Bank;
	 	 	 

		g.	“Fair Market Value”, wherever used to refer to the price of a
share of Common Stock, means the greater of the most recent offered price or book value.
	 	 	 

		h.	“Liquidity Event” means an event that triggers an exit opportunity for holders of
Common Stock of the Bank to liquidate their holdings through a reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets
of the Bank, or exchange of Common Stock or other securities of the Bank, issuance of warrants or other rights to purchase Common
Stock or other securities of the Bank, going public transaction or other similar corporate transaction or event that results in
the ability of holders of Common Stock to receive a cash payment in exchange for their shares of Common Stock; provided, however,
that the formation of a holding company with shareholders consisting substantially of the shareholders
of the Bank shall not be considered a Liquidity Event.

 

     

     

    

 

		i.	“Participant” means any employee or officer of the Bank who has been selected to receive an Award under the SAR Plan;
	 	 	 

		j.	“Unit” means a right granted under this SAR Plan to a Participant, which entitles
the Participant to receive at the time of exercise a cash amount equal to the difference between the Fair Market Value of a single
share of Common Stock and the Base Price of a single share of Common Stock;
	 	 	 

		k.	“Unit Agreement” means an agreement between the Bank and a Participant setting out
the terms and conditions for an Award of Units.

 

2.            
Effective Date and Termination Date. The SAR Plan was approved by the Board on December 18, 2012. The Plan shall
terminate on December 17, 2022].

 

3.            
Administration. The Plan shall be administered by the Committee. Subject to the provisions of the SAR Plan, the
Committee shall have full authority to determine the number and type of Awards granted under the SAR Plan, to interpret the SAR
Plan, to enact, amend and rescind any rules and regulations relating to the SAR Plan, to determine the provisions of each Unit
Agreement, and to take such other action and make such other determinations as the Committee deems necessary or advisable for
the administration of the Plan. The decisions of the Committee under the SAR Plan, in its sole and absolute discretion, shall
be conclusive and binding. No member of the Board or the Committee shall be liable for any action relating to the affairs governing
the SAR Plan.

 

4.            
Available Units. The maximum number of Units available for issuance under the SAR Plan is equal to 50% of the share
options available under the Prior Plan. In the event that any Unit granted under the SAR Plan is not exercised before its expiry
date, or is terminated, or ceases to be exercisable for any other reason prior to the end of the period during which Units may
be granted under the SAR Plan, such unexercised Units shall become available for new Awards to be granted under the SAR Plan to
any eligible employee, including the original holder of such Units.

 

5.            
Awards. Awards may be made to any of the employees or officers of the Bank who, in the opinion of the Committee,
have already made or are in a position to make a significant contribution to the success of the Bank. Subject to the provisions
of the SAR Plan, the Committee shall determine at what time(s) Units are to be granted, which key employees are to be granted
Units, the number of Units, the duration of each Unit, the Base Price for each Unit, and the time or times within which all or
portions of each Unit may be exercised. In making such determinations, the Committee shall consider the nature of the services
rendered by the employee, the employee’s present and potential future contributions and such other factors as the Committee,
in its sole discretion, deems relevant. Notwithstanding the above, the Committee may delegate certain powers relating to the granting
of Awards as it deems appropriate to executive officers of the Bank, including the power to determine certain terms and conditions
of such Awards.

 

6.            
Consideration. In consideration of the granting of an Award under the SAR Plan, the Participant shall agree, in
the Unit Agreement, to a noncompetition provision for a period of at least one (1) year (or such shorter period as may be fixed
in the Unit Agreement or by action of the Committee following grant of the Award) after the Award is granted and to penalties,
including but not limited to nullification of the Award in the event of a breach of the Unit Agreement. The Committee may also
require the Participant to amend their employment agreement to participate in the SAR Plan and forego participation in the Prior
Plan and, at the discretion of the Committee, may consider a Participant’s willing waiver of options under the Prior Plan.

 

     

     

    

 

7.          
At Will Employment. Nothing in the SAR Plan or in any Unit Agreement hereunder shall confer upon any Participant
any right to continue in the employ of the Bank, or shall interfere with or restrict in any way the rights of the Bank, which
are hereby expressly reserved, to discharge any Participant at any time for any reason whatsoever, with or without cause, except
to the extent expressly provided otherwise in a written employment agreement between the Participant and the Bank.

 

8.          
Base Price. The Base Price for each Unit shall be the Fair Market Value at the time of the Award, provided, however,
that the Fair Market Value is subject to a high water mark such that a reduction in the Fair Market Value does not lower the Base
Price below its highest level to date.

 

9.          
Vesting and Exercise. Subject to a one (1) year minimum period from Award to the right to exercise, a Unit granted
to a Participant vests, in whole or in part, upon a Liquidity Event. If the Liquidity Event results in only a partial cash distribution
to shareholders, then the Unit vests in proportional part and the remainder continues subject to a Liquidity Event. The Committee,
in its sole discretion, may determine that an Award may not be exercised in whole or in part for a specified period after it is
granted. No portion of an Award granted to a Participant which is not exercisable at termination of employment, as applicable,
shall thereafter become exercisable provided, however, that if a there shall be a six month look-back period if a Participant
is terminated without cause less than six months before the Liquidity Event.

 

10.        
Summary of Calculations. As set forth herein, each Unit represents a share of Common Stock. The Participant’s
Award is a number of shares with the value measured as the Fair Market Value at the time the Award is granted (the Base Price
– as of the date hereof $10). Upon a Liquidity Event whereby the shareholders have the right to liquidate their Common Stock,
the Unit vests (subject to the minimum periods set forth above) and the Bank shall pay the Participant an amount equal to the
increase of the Fair Market Value at the Liquidity Event above the Base Price then multiplied by the number of Units.

 

11.        
Compliance with Laws. The SAR Plan, the granting and vesting of Awards under the SAR Plan and the payment of money
under the SAR Plan or under Awards granted hereunder are subject to compliance with all applicable federal and state laws, rules
and regulations and to such approvals by any regulatory or governmental authority as may, in the opinion of counsel for the Bank,
be necessary or advisable in connection therewith. To the extent permitted by applicable law, the SAR Plan and Awards granted
or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

Unless otherwise determined by the
Committee, in each Unit Agreement, the Participant will acknowledge and agree with the Bank as follows: (a) the SAR Plan serves
as part of the compensation package for key employees and provides a mechanism to monetize executive performance consistent with
adding shareholder value; (b) the Award expires if the Participant is not an employee at the time of the Liquidity Event, subject
to a six month look-back in the event the Participant is terminated without cause; (c) the issuance of Units is not a security
and does not provide rights as a holder of Common Stock; (d) the SAR Plan is intended to be outside of ERISA and is provided to
key employee participants and is not available to all employees; (e) no award under the SAR Plan may be sold, pledged, assigned
or transferred in any way; and (f) the Bank shall be entitled to require appropriate taxes be withheld at the time of the payment
to the Participant.

 

     

     

    

 

The SAR Plan is intended to comply with
Section 409A of the Code and shall be construed and interpreted in accordance with such intent. Any provision of the SAR Plan that
would cause a grant or any other payment under the Plan to fail to satisfy Section 409A of the Code shall have no force and effect
until amended to comply with Code Section 409A (which amendment may be retroactive to the extent permitted by the Guidance). If
the Committee at any time determines that the SAR Plan or Awards granted under the SAR Plan are or may be subject to, and fail
or may fail to comply with, the requirements of Section 409A of the Code, the Committee may make such modifications to the SAR
Plan and to the terms of any Unit Agreements as it deems advisable to comply. Notwithstanding the foregoing, nothing herein shall
create any obligation by the Bank to any participant should any grant or other payment fail to satisfy Section 409A of the Code.
The SAR Plan is not intended to be deferred compensation under Code Section 409A because there is no right to payment until the
Liquidity Event occurs and there is no grant of stock – instead there is a cash bonus measured by an increase in value for
shareholders.

 

The SAR Plan and any agreements
hereunder shall be administered, interpreted and enforced under the laws of the State of Florida without regard to conflicts of
law issues.

 

12.           WAIVER
OF JURY TRIAL. THE BANK AND EACH PERSON WHO IS A PARTICIPANT EXPRESSLY WAIVES ALL RIGHTS TO ANY TRIAL BY JURY IN ALL LITIGATION
RELATING TO OR ARISING OUT OF THE SUBJECT MATTER OF THIS SAR PLAN.Exhibit 10.6

 

PROFESSIONAL HOLDING CORP.

2014 ASSOCIATE STOCK PURCHASE PLAN

 

1.                 
Purpose. The purpose of the Plan is to provide Associates of the Company and its Designated Subsidiaries with an
opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company
to have the Plan qualify as an "Employee Stock Purchase Plan" under Section 423 of the Internal Revenue Code of 1986,
as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent
with the requirements of that section of the Code.

 

2.                 
Definitions.

 

(a)              
"Associate" shall mean any individual who is an employee of the Company or a Designated Subsidiary for
purposes of tax withholding under the Code and who is not an owner of five percent (5%) or more of all outstanding Common Stock
on a fully diluted basis (i.e., after taking into account outstanding stock options and other Common Stock equivalents) except
that the Chief Executive Officer of the Company shall not be an Associate for purposes of this Plan provided that the Chief Executive
Officer is a highly compensated employee as defined in §414(q) of the Code.

 

(b)              
"Board" shall mean the Board of Directors of the Company.

 

(c)              
"Code" shall mean the Internal Revenue. Code of 1986, as amended.

 

(d)              
"Committee" shall mean a committee appointed by the Board which shall be the administrative committee for
the Plan (the “Committee”); provided, that to the extent required by Rule 16b-3 of the Securities and Exchange Commission
under the Exchange Act, such Committee shall be comprised solely of two or more Non-Employee Directors, as defined in Rule 16b-3(b)(3)
under the Exchange Act. All references in this Plan to the “Committee” shall mean the Board if no Committee has been
appointed.

 

(e)              
"Common Stock" shall mean the Class A Common Stock of the Company, $0.01 par value per share.

 

(f)               
"Company" shall mean Professional Holding Corp., a Florida corporation.

 

(g)              
"Compensation" shall mean all base gross earnings, salary, wages, annual bonuses and commissions paid to
the Associate by the Company or a Designated Subsidiary as compensation for services to the Company or Designated Subsidiary, before
deduction for any salary deferral contributions made by the Associate to any tax-qualified or nonqualified deferred compensation
plan, including overtime, vacation pay, holiday pay, jury duty pay and funeral leave pay, but excluding education or tuition reimbursements,
imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses, and income
received in connection with stock options or other equity-based awards.

 

(h)             
"Designated Subsidiaries" shall mean the Subsidiaries which have been designated by the Board from time
to time in its sole discretion as eligible to participate in the Plan.

 

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(i)               
"Enrollment Date" shall mean the first day of each Offering Period.

 

(j)               
"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

 

(k)              
"Exercise Date" shall mean the last day of each Offering Period.

 

(l)               
"Fair Market Value" shall mean (1) the closing price of the Common Stock on the principal national securities
exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (2) the
closing price of the Common Stock on the Nasdaq National Market, if the Common Stock is not then traded on a national securities
exchange; or (3) the closing bid price last quoted by an established quotation service for over-the-counter securities, if the
Common Stock is not reported on the Nasdaq National Market. However, if the Common Stock is not publicly-traded, "Fair Market
Value" shall be deemed to be the fair value of the Common Stock as determined by the Committee after taking into consideration
all factors which it deems appropriate, including, without limitation, recent sale and offer prices of the Common Stock in private
transactions negotiated at arm’s length.

 

(m)            
"Offering Period" shall mean, subject to the second sentence of Section 4 hereof, a period of twelve months,
commencing on January 1 of each calendar year and terminating on December 31 of that calendar year.

 

(n)             
"Parent" shall mean a corporation which is a "parent corporation" of the Company within the meaning
of Section 424(e) of the Code.

 

(o)              
"Plan" shall mean this Professional Holding Corp. 2014 Associate Stock Purchase Plan.

 

(p)              
"Purchase Price" shall mean an amount equal to ninety-five percent (95%) of the Fair Market Value of a
share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower, as determined in the sole discretion
of the Committee. Subject to the limitations imposed under Section 423 of the Code, the Committee may adjust the Purchase Price
to such other percentage of Fair Market Value as determined by the Committee.

 

(q)             
"Reserves" shall mean the number of shares of Common Stock covered by each option under the Plan which
have not yet been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but
not yet placed under option.

 

(r)              
"Subsidiary" shall mean a corporation which is a "subsidiary corporation" of the Company within
the meaning of Section 424(f) of the Code.

 

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3.                 
Eligibility.

 

(a)              
Each person who is an Associate on a given Enrollment Date shall be eligible to participate in the Plan for the Offering
Period containing such Enrollment Date, subject to the requirements of Section 423 of the Code.

 

(b)              
Any provisions of the Plan to the contrary notwithstanding, no Associate shall be granted an option under the Plan (i) if,
immediately after the grant, such Associate would own stock (together with stock owned by any other person or entity that would
be attributed to such Associate pursuant to Section 424(d) of the Code) of the Company (including, for this purpose, all shares
of stock subject to any outstanding options to purchase such stock, whether or not currently exercisable and irrespective of whether
such options are subject to the favorable tax treatment of Section 421(a) of the Code) possessing five percent (5%) or more of
the total combined voting power or value of all classes of stock of the Company or of any Parent or Subsidiary, or (ii) which permits
his or her rights to purchase stock under all employee stock purchase plans (within the meaning of Section 423 of the Code) of
the Company and its Parents and Subsidiaries to accrue at a rate which exceeds twenty-five thousand dollars ($25,000) worth of
stock (determined at the Fair Market Value of the stock at the time such option is granted) for each calendar year in which such
option is outstanding at any time. The limitation described in clause (ii) of the preceding sentence shall be applied in a manner
consistent with Section 423(b)(8) of the Code.

 

4.                 
Offering Periods. The Plan shall be implemented by consecutive Offering Periods continuing from the first Offering
Period until terminated in accordance with Section 19 hereof. The Committee shall have the power to change the duration of Offering
Periods (including the commencement dates thereof) with respect to future offerings without shareowner approval if such change
is announced at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be affected thereafter.

 

5.                 
Participation.

 

(a)              
An Associate may become a participant in the Plan for an Offering Period by completing a subscription agreement authorizing
payroll deductions in the form of Exhibit A to this Plan (or in such other form as the Committee shall approve and which shall
contain substantially the same terms as Exhibit A) and filing it with the human resources office of the Company or applicable Designated
Subsidiary at least fifteen (15) business days prior to the applicable Enrollment Date, unless a later time for filing the subscription
agreement is set by the Committee for all Associates with respect to a given Offering Period.

 

(b)              
Payroll deductions for a participant shall commence on the first payroll date following the Enrollment Date and shall end
on the last payroll date in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant
as provided in Section 10 hereof.

 

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6.                 
Payroll Deductions.

 

(a)              
At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made
on each pay day during the Offering Period in an amount (expressed as a whole number percentage or a fixed dollar amount) of the
Compensation he or she receives on each pay day during the Offering Period.

 

(b)              
All payroll deductions made for a participant shall be credited to his or her account under the Plan. Subject to the limitations
set forth in Section 7, the Committee may, in its sole discretion, determine whether or not to permit participants to make any
additional payments into such account and, if so, upon such terms as the Committee may determine. However, in all events, all employees
shall have the same rights and privileges with respect to their right to make such additional payments.

 

(c)              
A participant may discontinue his or her participation in the Plan, as provided in Section 10 hereof, at any time during
the Offering Period prior to the Exercise Date. Once an Offering Period has commenced, a participant may not increase or decrease
the rate or amount of his or her payroll deductions for that Offering Period, but may, during that Offering Period, increase or
decrease the rate or amount of his or her payroll deductions for the next succeeding Offering Period, by completing or filing with
the Company or applicable Designated Subsidiary a new subscription agreement, at least fifteen (15) business days prior to the
end of that Offering Period, authorizing a change in payroll deduction rate or amount. A participant’s subscription agreement
shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.

 

(d)              
Notwithstanding the foregoing, a participant’s payroll deductions may be decreased to 0% at any time, to the extent
necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof. Subject to the preceding sentence, payroll deductions
shall recommence at the rate or amount provided in such participant’s subscription agreement at the beginning of the next
succeeding Offering Period, unless terminated by the participant as provided in Section 10 hereof.

 

(e)              
At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the
Plan is disposed of, the participant must make adequate provisions for the federal, state, or other tax withholding obligations
of the Company or applicable Designated Subsidiary, if any, which arise upon the exercise of the option or the disposition of the
Common Stock. At any time, the Company or applicable Designated Subsidiary may, but will not be obligated to, withhold from the
participant’s compensation the amount necessary for the Company or applicable Designated Subsidiary to meet applicable withholding
obligations, including any withholding required to make available to the Company or applicable Designated Subsidiary any tax deductions
or benefits attributable to sale or early disposition of Common Stock by the Associate.

 

7.                 
Grant of Option. On the Enrollment Date of each Offering Period, each Associate participating in such Offering Period
shall be granted an option to purchase on the Exercise Date of such Offering Period (at the applicable Purchase Price) up to a
number of shares of the Company’s Common Stock determined by dividing such Associate’s payroll deductions accumulated
prior to such Exercise Date and retained in the participant’s account as of the Exercise Date by the applicable Purchase
Price; provided, however, that in no event shall an Associate be permitted to purchase during any calendar year more than $25,000
in Fair Market Value of Common Stock (with Fair Market Value to be determined on each Enrollment Date) within such calendar year
and, provided further, that such purchase shall be subject to the limitations set forth in Sections 3(b) and 12 hereof. Exercise
of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof,
and shall expire on the last day of the Offering Period.

 

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8.                 
Exercise of Option. Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option
for the purchase of shares will be exercised automatically on the Exercise Date and, subject to the limitations set forth in Sections
3(b) and 12 hereof, the maximum number of full shares subject to option shall be purchased for such participant at the applicable
Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares will be purchased; any payroll
deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in
the participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided
in Section 10 hereof. During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable
only by the participant.

 

9.                 
Delivery. As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall
arrange the delivery to or for the account of each participant, as appropriate, a certificate representing the shares purchased
upon exercise of his or her option; provided, however, that the Committee may instead determine to hold such shares in an account
for each such participant until the participant either ceases participation in the Plan or requests delivery of such shares.

 

10.                
Withdrawal; Termination of Employment.

 

(a)              
A participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used
to exercise his or her option under the Plan at any time prior to the last business day of an Offering Period (or such earlier
date established by the Committee in its discretion) by giving written notice to the Company or applicable Designated Subsidiary
in the form of Exhibit B to this Plan. All of the participant’s payroll deductions credited to his or her account will be
paid to such participant promptly after receipt of notice of withdrawal and such participant’s option for the Offering Period
will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offering
Period. If a participant withdraws from the Plan during an Offering Period, he or she may not resume participation until the next
Offering Period. He or she may resume participation for any other Offering Period by delivering to the Company or applicable Designated
Subsidiary a new subscription agreement at least fifteen (15) days prior to the Enrollment Date for such Offering Period.

 

(b)              
Upon a participant’s ceasing to be an Associate for any reason, he or she will be deemed to have elected to withdraw
from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used
to exercise the option will be returned to such participant or, in the case of his or her death, to the person or persons entitled
thereto under Section 14 hereof, and such participant’s option will be automatically terminated.

 

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(c)              
A participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participant
in any similar plan which may hereafter be adopted by the Company.

 

11.             
Interest. No interest shall accrue or be payable with respect to any of the payroll deductions of a participant in
the Plan.

 

12.             
Stock.

 

(a)              
The maximum number of shares of Common Stock which shall be made available for sale under the Plan shall be Two Million
(2,000,000) shares, subject to adjustment upon changes in capitalization of the Company as provided in Section 18 hereof. If on
a given Exercise Date the number of shares with respect to which options are to be exercised exceeds the number of shares then
available under the Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform
a manner as shall be practicable and as it shall determine to be equitable.

 

(b)              
No participant will have an interest or voting right in shares covered by his or her option until such option has been exercised.

 

(c)              
Shares to be issued to a participant under the Plan will be registered in the record or beneficial name of the participant
or in the record or beneficial name of the participant and his or her spouse.

 

13.             
Administration. The Plan shall be administered by the Committee. The Committee shall have full and exclusive discretionary
authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims
filed under the Plan. Every finding, decision and determination made by the Committee shall, to the full extent permitted by law,
be final and binding upon all parties. Members of the Board who are Associates are permitted to participate in the Plan, provided
that members of the Board who are eligible to participate in the Plan may not vote on any matter affecting the administration of
the Plan or the grant of any option pursuant to the Plan.

 

14.             
Payments Upon Death of Participant. In the event of a participant’s death subsequent to an Exercise Date on
which the option is exercised but prior to delivery to such participant of such shares (or cash, if applicable), the Company shall
deliver such shares or cash to the participant’s estate. In addition, in the event of a participant’s death prior to
the exercise of an option, the Company shall remit any cash from the participant’s account under the Plan to his estate.

 

15.             
Transferability. Neither payroll deductions credited to a participant’s account nor any rights with regard
to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of
in any way (other than by will, the laws of descent and distribution or as provided in Section 14 hereof) by the participant. Any
such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such
act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof.

 

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16.             
Use of Funds. All payroll deductions received or held by the Company or applicable Designated Subsidiary under the
Plan may be used by the Company or such Subsidiary for any corporate purpose, and the Company or applicable Designated Subsidiary
shall not be obligated to segregate such payroll deductions.

 

17.             
Reports. Individual accounts will be maintained for each participant in the Plan. Statements of account will be given
to participating Associates at least annually, within such time as the Committee may reasonably determine, which statements will
set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance,
if any.

 

18.             
Adjustments Upon Changes in Capitalization.

 

(a)              
Changes in Capitalization. Unless the Committee specifically determines otherwise, the Reserves as well as the price
per share of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted
for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split,
stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of shares
of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible
securities of the Company shall not be deemed to have been "effected without receipt of consideration." Such adjustment
shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly
provided herein, no issuance by the Company of 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 an option. Any adjustment accomplished
as a result of a change in capitalization shall be subject to any required action by the shareowners of the Company.

 

(b)              
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering
Period will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Committee.

 

(c)              
Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or
the merger of the Company with or into another corporation, each option under the Plan shall be assumed or an equivalent option
shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation, unless the Committee
determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten the Offering Period
then in progress by setting a new Exercise Date (the "New Exercise Date"). If the Committee shortens the Offering
Period then in progress in lieu of assumption or substitution in the event of a merger or sale of assets, the Committee shall notify
each participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for his or
her option has been changed to the New Exercise Date and that his or her option will be exercised automatically on the New Exercise
Date, unless prior to such date he or she has withdrawn from the Offering Period as provided in Section 10 hereof. For purposes
of this paragraph, an option granted under the Plan shall be deemed to be assumed if, following the sale of assets or merger, the
option confers the right to purchase, for each share of option stock subject to the option immediately prior to the sale of assets
or merger, the consideration (whether stock, cash or other securities or property) received in the sale of assets or merger by
holders of Common Stock for each share of Common Stock held on the effective date of the transaction (and if such holders were
offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common
Stock); provided, however, that if such consideration received in the sale of assets or merger was not solely common stock of the
successor corporation or its parent (as defined in Section 424(e) of the Code), the Committee may, with the consent of the successor
corporation and the participant, provide for the consideration to be received upon exercise of the option to be solely common stock
of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Common
Stock in the sale of assets or merger.

 

    7

     

    

 

The Committee may,
if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price
per share of Common Stock covered by each outstanding option, in the event the Company effects one or more reorganizations, recapitalizations,
rights offerings or other increases or reductions of shares of its outstanding Common Stock, and in the event of the Company being
consolidated with or merged into any other corporation.

 

19.             
Amendment or Termination.

 

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

 

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

 

(i)       
increasing the number of shares of Common Stock to be issued under the Plan (other than pursuant to Section 18); and

 

(ii)       changing
the corporations whose employees may be offered purchase rights under the plan.

 

In addition to the foregoing,
the Committee shall seek shareowner approval for amendments that require shareowner approval under Section 423 of the Code (or
any successor provision or any other applicable law or regulation).

 

(c)              
Except as provided in Sections 18 and 19(a) hereof, no termination may, without the consent of an affected Associate, adversely
affect options previously granted; provided, that an Offering Period may be terminated by the Committee on any Exercise Date if
the Committee determines that the termination of the Plan is in the best interests of the Company and its shareowners. Except as
provided in Sections 18 and 19(a) hereof, no amendment may adversely affect the rights of any options previously granted. The Committee
shall determine in its sole discretion for purposes of this Section 19 whether or not a participant’s rights have been "adversely
affected."

 

    8

     

    

 

20.             
Notices. All notices or other communications by a participant to the Company under or in connection with the Plan
shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated
by the Company for the receipt thereof.

 

21.             
Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such
option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic
or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder and the requirements of any stock exchange upon which the shares may then be listed.

 

22.             
Term of Plan. The Plan shall be effective as of October 21, 2014 upon its adoption by the Board. It shall continue
in effect for a term of ten (10) years thereafter unless sooner terminated under Section 19 hereof.

 

23.             
Additional Restrictions of Section 16 of the Exchange Act. The terms and conditions of options granted hereunder
to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions
of the rules and regulations promulgated under such Section 16. This Plan shall be deemed to contain, and such options shall contain,
and the shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions as may be required
by such rules and regulations to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

 

*                    *                    *

 

As adopted by the Board of Directors of

Professional Holding Corp.

Effective as of October 21, 2014

 

	By:  	 	 

 

    9

     

    

 

EXHIBIT A

 

PROFESSIONAL HOLDING CORP.

2014 ASSOCIATE STOCK PURCHASE PLAN

SUBSCRIPTION AGREEMENT

 

	___	Original
    Application	Enrollment
    Date:_________________
	 	 	 
	___	Change
    in Payroll Deduction Rate	 
	 	 	 
	___	Change
    of Beneficiary(ies)	 

 

1.                 
_____________________________________ hereby elects to participate in the Professional Holding Corp. 2014 Associate Stock
Purchase Plan (the "Associate Stock Purchase Plan") and subscribes to purchase shares of the Company’s Common Stock
in accordance with this Subscription Agreement and the Associate Stock Purchase Plan.

 

2.                 
I hereby authorize payroll deductions from each paycheck in the amount of (please complete one or the other) (i) _______%
(a whole number) of my Compensation, or (ii) $_______, on each payday during the Offering Period in accordance with the Associate
Stock Purchase Plan. (Please note that no fractional percentages are permitted.)

 

3.                 
I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at applicable Purchase
Price determined in accordance with the Associate Stock Purchase Plan. I understand that if I do not withdraw from an Offering
Period, any accumulated payroll deductions will be used to automatically exercise my option on the Exercise Date.

 

4.                 
I have received a copy of the complete "Professional Holding Corp. 2014 Associate Stock Purchase Plan." I understand
that my participation in the Associate Stock Purchase Plan is in all respects subject to the terms of the Associate Stock Purchase
Plan.

 

5.                 
Shares purchased for me under the Associate Stock Purchase Plan should be issued in the name(s) of (Associate or Associate
and Spouse Only):______________________

 

____________________________________________________________________________.

 

6.                 
I understand that, under current federal income tax law, if I dispose of any shares received by me pursuant to the Plan
before the later of the expiration of (i) two (2) years after the first day of the Offering Period during which I purchased such
shares, or (ii) one (1) year after the date I purchased any Common Stock under the Associate Stock Purchase Plan, I will be treated
for federal income tax purposes as having made a "disqualifying disposition" under Section 421(b) of the Code and as
having received ordinary income at the time of such disposition in an amount equal to the excess of fair market value of the shares
at the time such shares were delivered to me over the price which I paid for the shares. The remainder of the gain, if any, recognized
on such disqualifying disposition will be taxed as capital gain. I hereby agree to notify the Company in writing within thirty
(30) days after the date of any disqualifying disposition of my shares and I will make adequate provision for federal, state or
other tax withholding obligations, if any, which arise upon such disqualifying disposition. The Company or applicable Designated
Subsidiary may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding
obligation including any withholding necessary to make available to the Company or such Subsidiary any tax deductions or benefits
attributable to sale or disqualifying disposition of Common Stock by me. If I dispose of such shares at any time after the expiration
of the two-year holding period, I understand that I will be treated for federal income tax purposes as having received income only
at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to
the lesser of (a) the excess of the fair market value of the shares at the time of such disposition over the purchase price which
I paid for the shares, or (b) the excess of the fair market value of the shares over the Purchase Price on the first day of the
Offering Period in which the shares were purchased. The remainder of the gain, if any, recognized on such disposition will be taxed
as capital gain.

 

    10

     

    

 

7.                 
I hereby agree to be bound by the terms of the Associate Stock Purchase Plan. The effectiveness of this Subscription Agreement
is dependent upon my eligibility to participate in the Associate Stock Purchase Plan.

 

	Associate’s
    Social Security Number:	 
	 	 
	 	 
	Associate’s
    Address:	 
	 	 
	 	 

 

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT
SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

 

	 	 
	Dated:_______________________________	 
	 	Signature of Associate

 

    11

     

    

 

EXHIBIT B

 

PROFESSIONAL HOLDING CORP.

2014 ASSOCIATE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL

 

The undersigned participant
in the Offering Period of the Professional Holding Corp. 2014 Associate Stock Purchase Plan (the "Plan") which began
on ______________, 2014 (the "Enrollment Date") hereby notifies the Company that he or she hereby withdraws from the
Offering Period. The undersigned hereby directs the Company or applicable Designated Subsidiary to pay to the undersigned as promptly
as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned
understands and agrees that his or her option for such Offering Period will be automatically terminated. The undersigned understands
further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned
shall thereafter be eligible to participate in succeeding Offering Periods only by delivering to the Company or applicable Designated
Subsidiary a new Subscription Agreement within the time period set forth in Section 5 of the Plan.

 

	 	Name
    and Address of Participant
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	 
	 	Date:_______________________________________________________

 

    12

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