Document:

Form of Performance Based Non-Qualified Stock Option Award Terms

 Exhibit 10.4 
 BANKFINANCIAL CORPORATION 
 2006
EQUITY INCENTIVE PLAN 
 PERFORMANCE-BASED 
 NON-QUALIFIED
STOCK OPTION AWARD TERMS 
 The Participant specified
below has been granted this Option by BANKFINANCIAL CORPORATION, a Maryland corporation (the “Company”), under the terms of the
BANKFINANCIAL CORPORATION 2006 EQUITY INCENTIVE PLAN (the “Plan”). The Option shall be subject to the Plan as well
as the following terms and conditions (the “Option Terms”): 
 Section 1. Award. In accordance with the
Plan, the Company hereby grants an Option for the number of Covered Shares set forth in Section 2 to the Participant, subject to the Option Terms. 
 Section 2. Terms of Option Award. The following words and phrases relating to the grant of the Option shall have the following meanings: 
  

	 	(a)	The “Participant” is
[                                       
         ]. 

  

	 	(b)	The “Grant Date” is [                    ].

  

	 	(c)	The number of “Covered Shares” is
[                    ]. 

  

	 	(d)	The “Exercise Price” is $[            ] per share. 

 Except where the context clearly implies to the contrary, any capitalized term in this Option award shall have the meaning ascribed to that term under
the Plan. 
 Section 3. Non-Qualified Stock Option. The Option is not intended to constitute an “incentive stock
option” as that term is used in Code section 422. 
 Section 4. Vesting. Subject to the limitations of the
Option Terms, each installment of Covered Shares of the Option (“Installment”) shall become vested and exercisable on and after the “Vesting Date” for such Installment as described in the following schedule if, and
only if, both (i) the Participant’s Termination from Service has not occurred prior to the Vesting Date and (ii) the [To Be Determined] goals of the Company have been attained or maintained pursuant to the following
Schedule [Schedule to be modified per performance goals]: 

					
	 INSTALLMENT
	  	 VESTING DATE*
	  	CUMULATIVE [TBD] GOALS
	[        ] Covered Shares	  	[Insert Date]	  	([TBD] for [Insert year] only)
	[        ] Covered Shares	  	[Insert Date]	  	([TBD] for [Insert year] only)
	[        ] Covered Shares	  	[Insert Date]	  	([TBD] for [Insert year] only)
	Remaining Covered Shares	  	[Insert Date]	  	

 (a) Notwithstanding the foregoing provisions of this Section 4, the Option shall
become fully exercisable upon the earliest of the following events to occur, whether or not the cumulative [TBD] Goals have been met: (i) a Change of Control that occurs on or before the Participant’s Termination of Service; or
(ii) Participant’s Termination of Service as a result of the Participant’s Death, Disability or Retirement. 
 (b) The Option
may only be exercised on or after the Participant’s Termination of Service only as to that portion of the Covered Shares for which it was exercisable immediately prior to the Participant’s Termination of Service, or became exercisable on
the date of the Participant’s Termination of Service. 
 (c) In the event that any Installment of Covered Shares does not vest as of the
date scheduled above such shares shall be [forfeited] [included with the next Installment subject to vesting]. 
 Section 5.
Expiration. The Option shall not be exercisable after the Company’s close of business on the last business day that occurs prior to the Expiration Date. The “Expiration Date” shall be the earliest to occur
of: 
  

	 	(a)	the date of the Participant’s Termination of Service due to Cause; 

  

	 	(b)	the [            ] anniversary of the Grant Date; 

 (c) the twelve (12) month anniversary of the Participant’s Termination of Service if the Termination of Service occurs due to Death, Disability
or Retirement; or 
 (d) the three (3) month anniversary of the Participant’s Termination of Service if the Termination of Service
occurs for reasons other than Death, Disability, Retirement or Cause; provided, however, that if the Participant returns to employment with, or as a director or consultant to, the Company, within three (3) months after the Termination of
Service, such termination shall have no effect on the Option and the Participant shall have the same number of shares and the same vesting schedule as set forth in this Agreement. 
  

	*	Provided Cumulative [TBD] Goals are achieved. 

  

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 Notwithstanding the foregoing provisions of this Section 5, in the event a Participant dies during
the period provided for in subsection (d) above, the Option shall not expire, and shall remain exercisable, until the one (1) year anniversary of the date of Death, but in no event beyond the expiration date provided in subsection
(b) above. 
 Section 6. Option Exercise.
 (a) Method of Exercise. Subject to the Option Terms and the Plan, the Option may be exercised in whole or in part by filing an exercise notice with
the Secretary of the Company at its corporate headquarters prior to the Company’s close of business on the last business day that occurs prior to the Expiration Date. The notice requirement may only be satisfied by (i) the proper use
of a specified electronic medium (phone, intranet, internet or other), whether or not such medium is the property of, or maintained, by the Company or a third party service provider, or (ii) any other method prescribed by the Committee;
provided, however, the Committee shall retain the right to limit or expand the method of exercise to any one or more of the above methods with respect to any individual Participant or group or class of Participants. Such notice shall specify
the number of Covered Shares which the Participant elects to purchase, and shall be accompanied by payment of the Exercise Price for such Covered Shares indicated by the Participant’s election. 
 (b) Payment of Exercise Price. Payment may be by cash or, subject to limitations imposed by applicable law, by such means as the Committee from
time to time may permit, including, (i) by tendering, either actually or by attestation, Stock acceptable to the Committee, valued at Fair Market Value on the date of exercise; (ii) by irrevocably authorizing a third party, acceptable to
the Committee, to sell Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price; (iii) by personal, certified or
cashiers’ check; (iv) by other property deemed acceptable by the Committee; or (v) any combination of the above. If payment is made pursuant to clauses (i) or (ii) above, the Participant’s election must be made on or
prior to the date of exercise of the Option and must be irrevocable. The Option shall not be exercisable if and to the extent the Company determines that such exercise would violate applicable state or federal securities laws or the rules and
regulations of any securities exchange on which the Stock is traded and shall not be exercisable during any blackout period established by the Company from time to time. 
 Section 7. Withholding. The exercise of the Option, and the Company’s obligation to issue shares upon exercise, is subject to withholding of all applicable taxes. At the election of
the Participant, and subject to such rules and limitations as may be established by the Committee from time to time, such withholding obligations may be satisfied (i) through cash payment by the Participant; (ii) by irrevocably authorizing
a third party, acceptable to the Committee, to sell shares of the Common Stock (or a sufficient portion of the Shares) acquired upon exercise of the Option and to remit to the Company a sufficient portion of the sale proceeds to pay any tax and
withholding resulting from such exercise (iii) by tendering, actually or by attestation, shares of Common Stock acceptable to the Committee; or (iv) subject to the Committee’s discretion, through the surrender of Covered Shares to
which the Participant is otherwise entitled under the Plan; provided, however, that such shares under 
  

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 this clause (iv) may be used to satisfy not more than the Company’s minimum statutory withholding obligation
(based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). 
 Section 8. Transferability. The Option, or a portion thereof, may be transferable or assignable to a member or members of the Participant’s “immediate family,” as such term is
defined in Rule 16a-1(e) under the Exchange Act, or to a trust for the benefit solely of a member or members of the Participant’s immediate family, or to a partnership or other entity whose only owners are members of the Participant’s
immediate family (such transferee being a “Participant”), subject to the terms and conditions of the Plan. It may not be assigned, transferred (except as aforesaid), pledged or hypothecated by the Participant in any way whether by
operation of law or otherwise, and shall not be subject to execution, attachment or similar process. Any attempt at assignment, transfer, pledge or hypothecation, or other disposition of this Option contrary to the provisions hereof, and the
levy of any attachment or similar process upon this option, shall be null and void and without effect. Notwithstanding the above, an Option may be assigned, transferred, pledged or hypothecated by will or the laws of descent and distribution or
pursuant to a qualified domestic relations order. 
 Section 9. Heirs and Successors. The Option Terms shall be
binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and
business. If any rights of the Participant or benefits distributable to the Participant under this Agreement have not been exercised or distributed, respectively, at the time of the Participant’s Death, such rights shall be exercisable by the
Designated Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries
designated by the Participant in a writing filed with the Committee on the Beneficiary Designation Form, or such other form as the Committee may require. The Beneficiary Designation Form may be amended or revoked from time to time by the
Participant. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the
Participant shall be exercised by or distributed to the legal representative of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the Designated
Beneficiary’s exercise of all rights under this Agreement or before the complete distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by the Designated Beneficiary shall
be exercised by the legal representative of the estate of the Designated Beneficiary, and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.

 Section 10. Administration. The authority to manage and control the operation and administration of the Option
Terms and the Plan shall be vested in the Committee, and the Committee shall have all powers with respect to the Option Terms as it has with respect to the Plan. Any interpretation of the Option Terms or the Plan by the Committee and any decision
made by it with respect to the Option Terms or the Plan are final and binding on all persons. 
  

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 Section 11. Plan Governs. Notwithstanding anything in the Option Terms to the
contrary, the Option Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company; and the Option Terms are subject to all interpretations, amendments, rules and
regulations promulgated by the Committee from time to time pursuant to the Plan. 
 Section 12. Not An Employment Contract.
The Option will not confer on the Participant any right with respect to continuance of employment or other service with the Company, nor will it interfere in any way with any right the Company would otherwise have to terminate or modify the
terms of such Participant’s employment or other service at any time. 
 Section 13. No Rights As
Shareholder. The Participant shall not have any rights of a shareholder with respect to the Covered Shares, until a stock certificate has been duly issued following exercise of the Option as provided herein. 
 Section 14. Amendment. The Option Terms may be amended in accordance with the provisions of the Plan, and may otherwise be
amended by written agreement of the Participant and the Company without the consent of any other person. 
 Section 15.
Section 409A Amendment. The Committee reserves the right (including the right to delegate such right) to unilaterally amend this Agreement without the consent of the Participant in order to maintain an exclusion from the application
of, or to maintain compliance with, Code Section 409A. Participant’s acceptance of this Option award constitutes acknowledgement and consent to such rights of the Committee. 
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its
behalf, all as of the Grant Date and the Participant acknowledges acceptance of the terms and conditions of this Agreement. 
  

			
	BANKFINANCIAL CORPORATION
		
	By:	 	  

	Its:	 	  

	
	[PARTICIPANT]
	
	  

	Date:	 	  

  

 6Form of Restricted Stock Unit Award Agreement

 Exhibit 10.5 
 BANKFINANCIAL CORPORATION 
 2006 Equity Incentive
Plan 
 RESTRICTED STOCK UNIT AWARD AGREEMENT

 The Participant specified below has been granted these Restricted Stock Units (“RSUs”) by
BANKFINANCIAL CORPORATION, a Maryland corporation (the “Company”), under the terms of the BANKFINANCIAL CORPORATION
2006 EQUITY INCENTIVE PLAN (the “Plan”). The RSUs shall be subject to the terms of the Plan as well as the following terms and conditions set forth herein (the
“RSU Terms”). 
 Section 1. Award. In accordance with the Plan, the Company hereby grants to the
Participant these RSUs where each unit represents the right to receive one share of Common Stock in the future. These RSUs are in all respects limited and conditioned as provided herein. Except where the context clearly implies to the contrary, any
capitalized terms in this award shall have the meaning ascribed to them in the Plan. 
 Section 2. Terms of
Award. The following words and phrases relating to the grant of the RSUs shall have the following meanings: 
 (a) The
“Participant” is [                        ]. 
 (b) The “Grant Date” is
[                    ]. 
 (c) The number of “Units” is [                    ]. 
 (d) The “Delivery Date” shall be the end of the Restricted Period, with respect to the applicable Units. 
 Section 3. Restricted Period. This Agreement evidences the Company’s grant to the Participant as of the Grant Date, on the terms
and conditions described in this Agreement and in the Plan, RSUs, as well as the right of the Participant to become entitled to receive Stock with respect to that portion of the Units no longer covered by a Restricted Period. Subject to the
limitations of the RSU Terms, the “Restricted Period” for each installment of Units (“Installment”) shall begin on the Grant Date and end as described in the following schedule (but only if the Participant has not
had a Termination of Service before the end of the Restricted Period): 

			
	 INSTALLMENT
	  	 RESTRICTED PERIOD WILL END ON:

	[    ] of Covered Units	  	[    ]
	[    ] of Covered Units	  	[    ]
	[    ] of Covered Units	  	[    ]

 (a) Notwithstanding the foregoing provisions of this Section 3, the Restricted Period
shall cease immediately upon the earliest of the following events to occur: (i) a Change in Control that occurs on or before the Participant’s Termination of Service; or (ii) the Participant’s Termination of Service as a result
of the Participant’s Death, Disability or Retirement. 
 (b) In the event the Participant’s Termination of Service other than due
to Death, Disability or Retirement occurs prior to the expiration of one or more Restricted Periods, the Participant shall forfeit all rights, title and interest in and to that portion of Units which have not vested as of the Participant’s
Termination of Service date. 
 Section 4. Settlement of Units. As soon as administratively practicable following the
end of a Restricted Period or upon immediate vesting as described in Section 3, the Company shall deliver to the Participant one share of the Company’s Stock free and clear of any restrictions in settlement of each of the
unrestricted Units. 
 Notwithstanding the foregoing provisions of Sections 3 or 4, in the event that the settlement of the
Units (or the payment of any dividend equivalents pursuant to Section 9, below) would generate taxable income to the Participant that would not be deductible to the Company due to the application of the limitations of section 162(m) of
the Code, such delivery shall be deferred until the earlier of (i) such time as Company reasonably anticipates that the limitations of Code section 162(m) on the Company’s deduction for amounts paid to the Participant no longer apply or
(ii) January 15th of the year following the year in which the Participant’s Termination of Service occurs. 
 Section 5. Withholding. All deliveries of Common Stock pursuant to this Agreement shall be subject to withholding of all applicable taxes. The Company shall have the right to require the Participant (or if
applicable, permitted assigns, heirs or Designated Beneficiaries) to remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery of any certificate or certificates for Stock under this Agreement. At the
election of the Participant, subject to the rules and limitations as may be established by the Committee, such withholding obligations may be satisfied through the surrender of shares of Common Stock which the Participant already owns, or to which
Participant is otherwise entitled under the Plan. 
 Section 6. Heirs and Successors. The RSU Terms shall be binding
upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. If
any rights of the Participant or 
  

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 benefits distributable to the Participant under this Agreement have not been settled or distributed, respectively, at the
time of the Participant’s Death, such rights shall be settled and payable to the Designated Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan. The
“Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee on a Beneficiary Designation Form, or such other form as the Committee may require. The
Beneficiary Designation Form may be amended or revoked from time to time by the Participant. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have
been payable to the Participant and shall be payable to the legal representative of the estate of the Participant. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any
rights that would have been payable to the Participant and shall be payable to the legal representative of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but
dies before the settlement of Designated Beneficiary’s rights under this Agreement, then any rights that would have been payable to the Designated Beneficiary shall be payable to the legal representative of the estate of the Designated
Beneficiary. 
 Section 7. Non-Transferability of RSU. During the Restricted Period, the Participant shall not sell,
assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of any Units awarded under this Agreement. 
 Section 8.
Dividend Equivalents. Subject to the application of Section 4, the Participant shall be entitled to receive a payment of additional Units equal in value to any cash dividends and property distributions paid with respect to the
RSUs (other than dividends or distributions of securities of the Company which may be issued with respect to its shares by virtue of any stock split, combination, stock dividend or recapitalization – to the extent covered in
Section 2.3(d) of the Plan) that become payable during the Restricted Period (“Dividend Equivalents”); provided, however, that no Dividend Equivalents shall be payable to or for the benefit of the Participant with
respect to record dates for such dividends or distributions occurring prior to the Grant Date, or with respect to record dates for such dividends or distributions occurring on or after the date, if any, on which the Participant has forfeited the
Units. Dividend Equivalents shall be paid at such times as the Committee shall determine in its discretion and shall be subject to the same restrictions applicable to the underlying Units. 
 Section 9. No Voting Rights. The Participant shall not be a shareholder of record with respect to the Units during the Restricted
Period and shall have no voting rights with respect to the Units during the Restricted Period. 
 Section 10. Securities
Laws. The Participant acknowledges that certain restrictions under state or federal securities laws may apply with respect to the Units granted pursuant to this Award, even after they have been delivered as shares of Common Stock to the
Participant. Specifically, Participant acknowledges that, to the extent he or she is an “affiliate” of the Company (as that term is defined by the Securities Act of 1933), the Common Stock granted 
  

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 pursuant to this Award are subject to certain trading restrictions under applicable securities laws (including
particularly the Securities and Exchange Commission’s Rule 144). Participant hereby agrees to execute such documents and take such actions as the Company may reasonably require with respect to state and federal securities laws and any
restrictions on the resale of such shares which may pertain under such laws. 
 Section 11. Administration. The
authority to manage and control the operation and administration of the RSU Terms and the Plan shall be vested in the Committee, and the Committee shall have all powers with respect to the RSU Terms as it has with respect to the Plan. Any
interpretation of the RSU Terms or the Plan by the Committee and any decision made by it with respect to the RSU Terms or the Plan are final and binding on all persons. 
 Section 12. Plan Governs. Notwithstanding anything in the RSU Terms to the contrary, the RSU Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from
the office of the Secretary of the Company; and the RSU Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. 
 Section 13. Not An Employment Contract. The RSUs will not confer on the Participant any right with respect to continuance of
employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other
service at any time. 
 Section 14. Amendment. The RSU Terms may be amended in accordance with the provisions of the
Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person. 
 Section 15. Section 409A Amendment. The Committee reserves the right (including the right to delegate such right) to unilaterally amend this Agreement without the consent of the Participant in order to maintain an
exclusion from the application of, or to maintain compliance with, Code Section 409A. Participant’s acceptance of this Award constitutes acknowledgement and consent to such rights of the Committee. 
 [Remainder of page intentionally left blank] 
  

 4 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its
behalf, all as of the Grant Date and the Participant acknowledges acceptance of the terms and conditions of this Agreement. 
  

			
	BANKFINANCIAL CORPORATION
		
	By:	 	  

	Its:	 	  

	
	 [PARTICIPANT]

	  

		
	Date:	 	  

  

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