Document:

Exhibit 10.5

 

METROPOLITAION COMMERCIAL BANK

EXECUTIVE ANNUAL INCENTIVE PLAN

 

ARTICLE I

Establishment and Purpose

 

1.1           Establishment.
This Executive Annual Incentive Plan (the “Plan”) is adopted by Metropolitan Commercial Bank (the “Bank”)
effective as of January 1, 2017.

 

1.2           Purpose.
The objective of the Plan is to align the interests of Participants (as defined below) with the interests of the Bank to obtain
superior financial results for the Bank. The Plan is intended to optimize the profitability and growth of the Bank, including Metropolitan
Bank Holding Corp. (the “Company”) and its affiliates, through incentives consistent with the Bank’s goals. This
Plan is further intended to encourage Participants to remain in the employ of the Bank by providing Participants with an opportunity
to earn an annual bonus incentive equal to a percentage of their base salary upon attainment of specified performance goals.

 

ARTICLE II

Definitions

 

Definitions. Whenever used in this Plan,
the following words and phrases shall have the meanings specified:

 

2.1           “Award”
means an annual bonus paid as a cash lump sum under the Plan or in common stock of the Company (the “Stock”). Notwithstanding
anything in the Plan to the contrary, the Committee may elect to pay an Award solely in cash, solely in Stock, provided such shares
are granted under the Metropolitan Bank Holding Corp. 2009 Equity Incentive Plan, or in a combination of cash and Stock.

 

2.2           “Base
Salary” means the Participant’s base salary paid during each calendar year, excluding bonuses and other forms of
variable income, fringe benefits, reimbursements, etc.

 

2.3           “Committee”
means the Compensation Committee of the Bank’s Board of Directors.

 

2.4           “Eligible
Employee” means employees of the Bank who are selected by the Committee, in its sole discretion, to participate in this
Plan. Being selected to participate in this Plan for one Plan Year does not guarantee selection for participation in the Plan for
any other Plan Year.

 

2.5           “Plan
Year” means the Bank’s fiscal year, which is the calendar year.

 

2.6           “Participant”
means an Eligible Employee who has been notified by the Committee that he or she has been selected to participate in this Plan
for the current Plan Year.

 

     

     

    

 

ARTICLE III

Annual Bonuses

 

3.1          Bonus
Award.

 

(a)          Each
year, the Committee shall set performance targets for each Participant in writing, which shall be shared with each Participant
and included as an exhibit to this Plan. If the performance objectives defined by the Committee for such Participant are accomplished,
the Participant shall receive an Award under the Plan equal to a designated percentage of the Participant’s Base Salary,
as determined each Plan Year by the Committee in its sole discretion.

 

(b)          In
addition to the attainment of the performance objectives set forth by the Committee for the Participant each year, payment of the
Award is also contingent on the Participant’s overall performance level achieving a “satisfactory rating” or
higher at the time of his or her annual performance review. The Committee shall have the final authority to determine whether any
Participant has satisfied these requirements.

 

(c)          To
be eligible to receive an Award, a Participant must be employed as of the payout date of such Award, unless the Committee determines
otherwise; provided, however, that if the Participant’s employment is terminated for “Cause” then the Participant
shall forfeit all of the Award. “Cause” shall have the same meaning as set forth in the President and Chief Executive
Officer’s employment agreement with the Bank.

 

(d)          If
an Eligible Employee becomes a Participant at any time after the beginning of a Plan Year, the Award payable to that Participant
shall be pro-rated, such that, the percentage of Base Salary that constitutes the Award for that Plan Year shall be multiplied
by a fraction, where the numerator is the number of full calendar months that the individual was a Participant in the Plan and
the denominator is 12.

 

3.2          Performance
Objectives. Payment of Awards in any Plan Year is contingent upon the performance objectives specified by the Committee for
any Participant being met by that Participant. The specific goals are determined annually by the Committee and are subject to change
by the Committee, but must be based on any one or more of the following:

 

		(1)	basic earnings per share;

		(2)	basic cash earnings per share;

		(3)	diluted earnings per share;

		(4)	core earnings per share;

		(5)	diluted cash earnings per share;

		(6)	net income;

		(7)	cash earnings;

		(8)	net interest income;

		(9)	non-interest income;

		(10)	general and administrative expense to average assets ratio;

		(11)	cash general and administrative expense to average assets
ratio;

		(12)	efficiency ratio;

		(13)	cash efficiency ratio;

		(14)	return on average assets;

 

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		(15)	core return on average assets;

		(16)	cash return on average assets;

		(17)	return on average stockholders’ equity;

		(18)	cash return on average stockholders’ equity;

		(19)	core return on stockholders’ equity;

		(20)	return on average tangible stockholders’ equity;

		(21)	cash return on average tangible stockholders’ equity;

		(22)	core earnings;

		(23)	operating income;

		(24)	operating efficiency;

		(25)	core operating efficiency ratio;

		(26)	net interest margin;

		(27)	growth in assets, loans (including home equity lines of
credit), or deposits;

		(28)	loan production volume;

		(29)	non-performing loans;

		(30)	cash flow;

		(31)	capital preservation (core or risk-based);

		(32)	interest rate risk exposure-net portfolio value;

		(33)	interest rate risk-sensitivity;

		(34)	liquidity parameters;

		(35)	strategic business objectives, consisting of one or more
objectives based upon meeting specified cost targets, business expansion goals, and goals relating to acquisitions or divestitures,
or goals relating to capital raising and capital management;

		(36)	stock price (including, but not limited to, growth measures
and total shareholder return);

		(37)	operating expense as a percentage of average assets;

		(38)	core deposits as a percentage of total deposits;

		(39)	net charge-off percentage;

		(40)	average percentage past due;

		(41)	classified assets to total assets;

		(42)	compliance/audit exam findings;

		(43)	capital ratio;

		(44)	management achievement of strategic plan goals;

		(45)	system knowledge & utilization of core applications;

		(46)	customer service survey;

		(47)	tangible book value; or

		(47)	any combination of the foregoing.

 

Performance measures may
be based on the performance of the Company, Bank (including its affiliates) as a whole or business units of the Company, Bank (including
its affiliates) and may be measured relative to a peer group, an index or a business plan and may be considered as absolute measures
or changes in measures. The terms of an Award may provide that partial achievement of performance measures may result in partial
payment of the Award or that the achievement of the performance measures may be measured over more than one period or fiscal year.
In establishing any performance measures, the Committee may provide for the exclusion of the effects of the following items, to
the extent the exclusion is set forth in the Participant’s award agreement and identified in the audited financial statements
of the Company, including footnotes, or in the Management’s Discussion and Analysis section of the Company’s annual
report or in the Compensation Discussion and Analysis section, if any, of the Company’s annual proxy statement: (i) extraordinary,
unusual, and/or nonrecurring items of gain or loss; (ii) gains or losses on the disposition of a business; (iii) changes in tax
or accounting principles, regulations or laws; or (iv) expenses incurred in connection with a merger, branch acquisition or similar
transaction. To the extent not specifically excluded, such effects shall be included in any applicable performance measure.

 

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3.3           Annual
Award and Accrual of Costs. The Committee will establish a targeted Award level for each Participant at the beginning of each
Plan Year based on the stated performance objectives for that year. Unless the Committee determines otherwise, if the minimum (i.e.,
threshold) performance objectives for a Plan Year are not satisfied, no Award shall be paid under the Plan for that Plan Year.
The Bank will accrue the cost of this Award during the course of the year in accordance with generally accepted accounting principles.

 

3.4           Time
of Payout. No later than two and one half (2 1⁄2) months after the close of the Plan Year (i.e., by the March 15 that
immediately follows the end of the Plan Year for which the performance is measured), the Award will be paid to the Participant
in a cash lump sum (unless it is paid partially in the form of Stock), through regular payroll practices, including all applicable
withholdings. Awards under the Plan are intended to be exempt from Section 409A of the Internal Revenue Code under the “short
term deferral rule” set forth in Treasury Regulations Section 1.409A-1(b)(4).

 

ARTICLE IV

Amendments and Termination

 

4.1           Right
to Amend or Terminate. The Committee may amend or terminate this Plan at any time without the consent of any Participants,
provided, however, that the Committee may not reduce the amount of Award already earned by any Participant in any year without
the Participant’s consent.

 

ARTICLE V

Miscellaneous

 

5.1           Binding
Effect. This Plan shall be binding on the Participants, the Bank, and their beneficiaries, survivors, executors, successors,
administrators and transferees.

 

5.2           No
Guarantee of Employment. This Plan is not an employment policy or contract. It does not give any Participant the right to remain
an employee of the Bank, nor does it interfere with the Bank’s right to discharge the Participant. It also does not interfere
with the Participant’s right to terminate employment at any time.

 

5.3           Non-Transferability.
Benefits under this Plan cannot be sold, transferred, assigned, pledged, attached, or encumbered in any manner.

 

5.4           Applicable
Law. The Plan and all rights hereunder shall be governed by the laws of the State of New York, except to the extent preempted
by the laws of the United States of America.

 

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5.5           Entire
Agreement. This Plan constitutes the entire agreement between the Bank and each Participant as to the subject matter hereof.
No rights are granted to the Participant by virtue of this Plan other than those specifically set forth herein.

 

5.6           Administration.
The Committee shall have powers which are necessary to administer this Plan, including but not limited to:

 

(a)          Interpreting
the provisions of the Plan;

 

(b)          Establishing
and revising the method of accounting for the Plan;

 

(c)          Maintaining
a record of benefit payments; and

 

(d)          Establishing
rules and prescribing any forms necessary or desirable to administer the Plan.

 

IN WITNESS WHEREOF,
the Bank has executed this Plan on the date set forth below.

 

	 	 	METROPOLITAN COMMERCIAL BANK
	 	 	 
	October 19, 2017	By:	/s/ David M. Gavrin
	Date	 	Chairman, Compensation Committee

 

    	 	5Exhibit
10.6

 

EXHIBIT I

 

METBANK HOLDING CORP.

 

1999 STOCK OPTION PLAN

 

1.            Purpose. The Purpose of this 1999 Stock Option Plan (“Plan”) of MetBank Holding Corp., a New York corporation,
is to encourage certain officers, employees directors and consultants of the Company (as hereinafter defined) to acquire and hold
stock in the Company as an added incentive to remain with the Company, to increase their efforts in promoting the interests of
the Company and to enable the Company to attract and retain persons of competence.

 

2.            Definitions. Capitalized terms not otherwise defined herein shall have the following meanings:

 

“Company”
shall mean MetBank Holding Corp., Metropolitan National Bank (the “Bank”), and any other present or future Subsidiary
of MetBank Holding Corp.

 

“Employee”
shall mean any employee of the Company and shall include any salaried officer and any salaried person who is also a director provided,
however, that a director who is not a salaried employee shall not be entitled to receive or hold an ISO under the Plan. Whether
military government or public service shall constitute termination of employment for purposes of this Plan or any Option granted
hereunder shall be determined in each case by the Committee or the Board, as applicable.

 

“Employment”
shall mean employment by the Company.

 

“Offer”
shall mean any tender offer or exchange offer for Shares, other than one made by the Company, provided that the corporation, person
or other entity making the Offer acquires Shares pursuant to such Offer.

 

“Optionee”
shall mean a person to whom an award is granted under the Plan.

 

“Restricted
Shares” shall mean Shares that are made subject to restrictions on the transferability thereof until the recipient has remained
in the employ of the Company or a Subsidiary for a specified period of time.

 

“Shares”
as used herein, shall mean shares of the common stock, $.01 par value, MetBank Holding Corp.

 

     

     

    

 

“Subsidiary”
shall mean Metropolitan National Bank and any other corporation in an unbroken chain of corporations beginning with and
including MetBank Holding Corp., if each of the corporations other than the last corporation in the unbroken chain owns stock
 possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

 

3.            Stock Options. Awards under the Plan shall be granted in the form of stock options (“Option” or “Options”),
which may either qualify for treatment as Incentive Stock Options (“ISOs”) within the meaning of Section 422A of the
Internal Revenue Code of 1986, as amended, (the “IRC”) or not so qualify (“Non-Qualifying Stock Options”
or “NQSOs”).

 

The
maximum number of Shares which may be issued and sold under the Plan shall not, except as such number may be adjusted pursuant
to Section 9, exceed 200,000 (Two Hundred Thousand) Shares, which may be either authorized and unissued Shares or treasury shares.
The total number of Shares subject to Options authorized under the Plan shall be subject to increase or decrease to give effect
to the adjustment provisions of Section 9 hereof and to give effect to any amendment adopted pursuant to Section 11. Notwithstanding
the above limitation, any Shares subject to an Option which terminates, is canceled or expires for any reason without being either
exercised in full may again be subjected to an Option under the Plan, unless the Plan shall have been terminated.

 

4.            Eligibility. ISO
awards shall be granted only to officers (including those who are also directors) and other employees who, at the time of the
grant of the award (a) are employees of the Company and (b) shall be selected by the Committee (as hereinafter defined) or
the Board (as hereinafter defined), as applicable. NQSO awards shall be granted only to officers, employees, directors and
consultants of the Company who, at the time of grant of the award (a) serve in one or more of such capacities with the
Company and (b) shall be selected by the Committee or the Board, as applicable.

 

Optionees
are eligible to receive more than one Option grant during the life of the Plan and such Option may be in addition to or in substitution
for, an Option or Options previously granted under the Plan, under another stock option plan of the Company or under a plan of
another corporation assumed by the Company. No Options shall be granted under the Plan after June 22, 2009.

 

Each
Option granted pursuant to the Plan shall be evidenced by a written Option Agreement between the Company and the Optionee which
shall contain such provisions, terms and conditions, including, without limitation, the term during which the Option is exercisable
and whether it is exercisable in installments or otherwise which need not be uniform for all Options, as the Committee or the Board,
as applicable, shall determine to be appropriate and within the contemplation of the Plan.

 

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5.            Administration of the Plan. In its sole and absolute discretion, the Board of Directors of MetBank Holding Corp.
(“Board”) may appoint a committee (“Committee”) to administer the Plan. In lieu of the Committee, the Board
may administer the Plan directly.

 

If
a Committee is appointed, the Committee shall consist of not less than two  persons, none of whom shall be employees of
the Company or its Subsidiaries are or who shall have been for at least one year prior to such appointment eligible to participate
in the Plan or any other stock plan of the Company or its Subsidiaries. If a Committee is appointed, vacancies in the Committee
shall be filled by the Board. If appointed, the Committee may act by a majority of its members either at a meeting, by written
consent, or conference telephone meeting. The Board may at any time remove one of more members of the Committee and substitute
others, and a majority of disinterested members of the Board shall at all times have the right to exercise any and all rights and
powers of the Committee.

 

Subject
to the express provisions of the Plan, the Committee or the Board, as applicable, shall have the authority, exercisable in its
discretion, to administer the Plan and to exercise all the powers and authorities either specifically granted to it hereunder or
necessary or advisable in the administration of the Plan including, without limiting the generality of the foregoing, to grant
Options; to determine the purchase price of the Shares covered by each Option, the persons to whom, and the time or times at which
Options shall be granted and the number of Shares to be covered by each Option; to interpret the Plan; to determine, in the case
of employees, whether Options shall be ISO or NQSOs; to prescribe, amend and rescind rules and regulations relating to the Plan;
to determine the terms and provisions of the Option Agreements (which need not be identical) entered into in connection with awards
hereunder; and to make all other determinations deemed necessary or advisable for the administration of the Plan.

 

No
member of the Board or of the Committee shall be liable for any action taken or determination made in good faith with respect to
the Plan or any Option.

 

6.            Option Price. The purchase price of the Shares covered by each Option shall be established by the Committee or the
Board, as applicable, but in no event shall be less than 50% of the Fair Market Value of the Shares on the date the Option is granted.
The term “Fair Market Value” shall mean (i) if the Shares are listed on a national securities exchange or the NASDAQ
system, the mean between the highest and lowest sales prices for the Shares on such date, ‘or, if no such prices are reported
for such day, then on the next preceding day on which there were reported prices or (ii) if the Shares are not listed on a national
securities exchange or the NASDAQ system, the mean between the bid and asked prices for the shares on such date, or if no such
prices are reported for such day, then on the next preceding day on which there were reported prices or (iii) if the Shares are
not publicly traded, the value as determined by the Committee or the Board, as applicable. In the case of an ISO, in no event shall
the purchase price of the Shares covered by the ISO be less than 100% of the Fair Market Value of the Shares on the date the ISO
is granted. If an ISO is granted to an employee who owns, directly or through attribution, more than 10 percent of the total voting
power of all classes of stock of the Company (an “Insider ISO”), the purchase price of the Shares shall not be less
than 110% of the  Fair Market Value of the Shares on the date the ISO is granted. The Option price may be subject to adjustment
in accordance with the provisions of Section 9 hereof. The date on which the Committee or the Board, as applicable, adopts a resolution
expressly granting an Option shall be considered the date on which such Option is granted.

 

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7.            Period
of Option and Certain Limitations on Right to Exercise.

 

(a)          Options
shall be exercisable over the Option period as, and at the times and installments the Committee or the Board, as applicable, determines.
The Option period shall be determined by the Committee or the Board, as applicable, but shall not exceed ten years from the date
of the grant of such option (except as provided in (e) below). The Option period of an Insider ISO shall not exceed five years
from the date of the grant of such Option. The Committee or the Board, as applicable, shall have the right to accelerate the date
that any installment of an Option becomes exercisable.

 

(b)          Except
as provided in (d) and (e) below, however, an ISO may not be exercised unless the Optionee is then employed by the: Company and
shall have been continuously so employed since the date of the grant of the Option. Absence on leave approved by the Committee
or the Board, as applicable, shall not be considered a termination of employment for any purpose of the Plan. The Committee or
the Board, as applicable, may, if it or counsel for the Company shall deem it necessary or desirable for any reason, require as
a condition of exercise, that the Optionee (or the purchaser acting under (c) or (e) below) represent in writing to the Company
at the time of the exercise of such Option that it is the Optionee’s then intention to acquire the Shares as to which the
Option is then being exercised for investment and not with a view to the distribution thereof.

 

(c)          Options
granted under the Plan to an Optionee shall not be transferable otherwise than by will or by the laws of descent and
distribution, and such Option shall be exercisable, during the Optionee’s lifetime, only by him or his legal guardian
or legal representative. A transfer of an Option by will or by the laws of descent and distribution shall not be effective
unless the Committee or the Board, as applicable, shall have been furnished with such evidence as it may deem necessary to
establish the validity of the transfer.

 

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(d)          Unless
earlier terminated in accordance with their terms, all Options of an Optionee shall terminate ninety days after any of the following
and may be exercised within such ninety (90) day period only if and to the extent that the Optionee was entitled to exercise such
Option at the date of termination, except that the number of shares may be adjusted in accordance with the provisions of Section
9 hereof:

 

(i)          voluntary
termination of employment by the Optionee, with or without Company consent, or

 

(ii)         termination
of the Optionee’s employment by the Company other than for cause, or

 

(iii)        termination
of the Optionee’s employment because of disability, retirement, or because the employing Subsidiary has ceased to be a Subsidiary
and the Optionee did not, prior thereto or contemporaneously therewith, become an Employee of the Company or of another Subsidiary,
or

 

(iv)        termination
of the Optionee as a director or consultant of the Company (other than for cause), unless Optionee remains thereafter an Employee;

 

provided that, except as otherwise
set forth in a written Option Agreement with a particular Optionee, if the Employment of an Optionee (or service as a
director and consultant) shall be terminated for cause (which shall be determined by the Committee or the Board, as
applicable), all of such Optionee’s Options shall terminate as of the date of such termination for cause; and
further provided that the Committee or the Board, as applicable, shall have authority to provide, in the grant of an Option
to a director or consultant, that the Option does not terminate on the termination of such Optionee’s service with the
Company.

 

(e)          If
an Optionee dies while employed by the Company or in the service of the Company as a director or consultant, or within ninety days
after the date on which the Optionee ceased to be an Employee, director or consultant of the Company (other than by reason of termination
for cause), the Option theretofore granted to the Optionee shall be exercisable by the Optionee’s estate, or by a person
who acquired the right to exercise such option by bequest or inheritance or by reason of the death of the Optionee, but only within
a period of twelve calendar months next succeeding such death and then only if and to the extent that the Optionee was entitled
to exercise such Option at the date of death, except that the number of shares may be adjusted in accordance with the provisions
of Section 9 hereof.

 

(f)          An
ISO granted under the Plan to remain qualified as such, shall be subject to all other limitations on exercise imposed by the IRC
to qualify for treatment as an ISO.

 

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8.            Payment
of Option Price and Cancellation of Options. An Option granted under the Plan shall be exercised by giving written notice
of such exercise to the Secretary of  MetBank Holding Corp. The Option price for the Shares with respect to which any Option is
exercised shall be paid in full at the time of exercise.

 

The
Option price shall be paid in cash or, with the approval of the Committee or the Board, as applicable, (which may be withheld
by the Committee or the Board, as applicable in its sole discretion), Shares having a fair market value, as determined by the Committee
or the Board, as applicable, at least equal to the option price or a combination of cash and Shares, and, with the approval of
the Committee or the Board, as applicable (which may be withheld in its sole discretion), may be effected wholly or in part by
monies borrowed from the Company pursuant to repayment terms and conditions as shall be determined from time to time by the Committee
or the Board, as applicable, in its discretion, separately with respect to each exercise of Options and each Optionee, provided
that each such method and time for payment and each such borrowing and terms and conditions of repayment shall then be permitted
by and be in compliance with applicable law. An Option may not be exercised for a fractional Share. No Optionee nor legal representatives,
legatees or distributees thereof, will be, or will be deemed to be, a holder of any Shares covered by an Option unless and
until certificates for the Shares are issued to the Optionee or the Optionee’s representative, legatee or distributee under
the Plan.

 

9.            Effect of Change in Shares. If there is any change in the Shares of the Company through the declaration of stock
dividends, or through recapitalization resulting in stock splits, or combinations or exchanges of Shares, or otherwise, the number
of Shares available for Options and the number of Shares thereof covered by outstanding Options, shall be proportionately adjusted
for any increase or decrease in the number of issued Shares by the Board provided, however, that any fractional Shares resulting
from such adjustment shall be eliminated.

 

If there is a
proposed dissolution or liquidation of the Company, an Offer, a proposed sale of substantially all of the assets of the
Company, any merger or consolidation of the Company with or into another corporation, or any corporate separation or
division, including, but not limited to, split-up, split-off or spin-off (an “Event”), the Committee or the
Board, as applicable, may provide that the holder of each Option then exercisable shall have the right to exercise such
Option, at its then aggregate exercise price, solely for the kind and amount of shares of stock and other securities,
property, cash or any combination thereof receivable upon the Event by a holder of the number of Shares for which such Option
might have been exercised immediately prior to such Event; or the Committee may provide, in the alternative, that each Option
shall terminate as of a date to be fixed by the Committee or the Board, as applicable; provided, however, that
no less than thirty days written notice of the date so fixed shall be given to each holder of Options, and each holder of
Options shall have the right, during the thirty days preceding such termination, to exercise the Options as to all or any
part of the Shares covered thereby, including Shares as to which such Options would not otherwise be exercisable; and further provided,
that in lieu of such thirty day exercise period, the holders of such Options shall  receive, upon the consummation of such
Event, payment in the same type or types of consideration as the shareholders of the Company shall receive in such Event, but
only to the  extent, if any, such consideration per share is in excess of the exercise price per share of the Options of
such holder, including Shares as to which such Options would not otherwise be exercisable. By way of example, if each Common
Shareholder were to receive $ 1.00 in cash in a merger of the Company, and the exercise price of an Option were 25¢ per
share, the holder of such Option would receive 75¢ in cash on the consummation of the merger. If the exercise price of
an Option were $ 1.75, the holder would not receive any payment. In both cases, the Options would be canceled on the
consummation of Event or other date fixed by the Committee or the Board, as applicable.

 

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The
preceding paragraph shall not apply to a merger or consolidation in which the Company is the surviving corporation and Shares are
not converted into or exchanged for stock, securities of any other corporation, cash or any other thing of value. Notwithstanding
the preceding sentence, if there is any consolidation or merger of any corporation into the Company in which the Company is the
continuing corporation and in which there is a reclassification or change {including a change to the right to receive cash or other
property) of the Shares (other than a change in par value, or from par value to no par value, or as a result of a subdivision or
combination, but including any change in the Shares into two or more classes or series of shares), the Committee or the Board,
as applicable, may provide that the holder of each Option then exercisable shall have the right to exercise such Option solely
for the kind and amount of shares of stock and other securities (including those of any new direct or indirect parent of the Corporation),
property, cash or any combination thereof receivable upon such reclassification, change, consolidation or merger by a holder of
the number of shares for which such Option might have been exercised.

 

10.          Substitute Awards.
If an employee of a corporation, other than the Company, holds a stock option granted by such employee’s
employer-corporation (meaning thereby the corporation which actually employs the employee and any corporation which directly
or indirectly controls the employee’s actual employer), and the employee becomes an eligible employee of the Company by
reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the
Company and the employee’s employer- corporation (a “Reorganization”), then the Committee or the Board, as
applicable, may select such employee as an Optionee and direct the granting to the employee of Options in substitution for
the stock options held by the employee. The Committee or the Board, as applicable, shall determine the terms and conditions
of the substitute awards which may vary from the terms and conditions required by the Plan. At the time of any substitute
award, the Committee or the Board, as applicable, shall determine the number of Shares to be taken into account and the
exercise price per Share consistent with the provisions hereof.

 

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11.          Amendment
and Discontinuance of the Plan. The Board may at any time amend, modify, suspend or terminate the Plan, but except in accordance
with the provisions of Section 9, no change shall be made which will have a material adverse effect upon-any Option previously
granted unless the consent of the Optionee is obtained; provided, however,
that, except in the case of adjustments made
pursuant to Section 9, the Board may not, without further approval of the shareholders, (a) increase the maximum number of Shares
for which Options may be granted under the Plan, or (b) change the class of persons eligible to receive Options.

 

12.          Approval
by Shareholders. The Plan shall become effective upon approval by the shareholders of MetBank Holding Corp. within one
year following its adoption by the Board.

 

13.          Use
of Proceeds. The proceeds from the sale of Shares pursuant to Options shall constitute general funds of the Company and
may be used for its corporate purposes as the Board may determine.

 

14.          Agreement
by Optionee Regarding Withholding Taxes. If the Committee or the Board, as applicable, shall so require, as a condition
of exercise, each Optionee shall agree, that:

 

(i)          no
later than the date of exercise of any Option, the Optionee will pay to the Company or make arrangements satisfactory to the Committee
or the Board, as applicable, regarding payment of, any federal, state or local taxes of any kind required by law to be withheld
with respect to the Shares subject to Options; and

 

(ii)         to
the extent permitted or required by law, the Company shall have the right to deduct from any payment of any kind otherwise due
to the Optionee federal, state or local taxes of any kind required by law to be withheld with respect to the Shares subject to
Options.

 

15.          Restricted
Shares. In its discretion the Committee or the Board, as applicable, may issue Shares subject to certain restrictions upon
exercise of Options pursuant to Section 8.

 

    	8

     

    

 

(a)          All Restricted Shares shall be subject to (i) such restrictions on the transferability and encumbrance thereof until the recipient
has remained an Employee for the period of time specified by the Committee or the Board, as applicable, (ii) such provisions relating
to the forfeiture of and right of the Company to reacquire the Shares if the recipient’s Employment terminates within such
period of time, (iii) such provisions relating to the lapse of such restrictions, and (iv) such other terms and conditions, as
may be determined by the Committee or the Board, as applicable, and are set forth in the Option Agreement. All stock certificates
for such Shares shall bear a legend that the Shares represented thereby are subject to such restrictions, provisions, terms and
conditions. If the Committee or the Board, as applicable, so determines, the stock certificates representing Restricted Shares
shall be deposited by the recipient with a third party designated by the Committee or the Board,, as applicable, until the restrictions
thereon have lapsed.

 

(b)          The ownership of Restricted Shares shall not affect the rights of the recipient as a stockholder of the Company including the right
to receive dividends on and to vote such Restricted Shares except that any Shares issued as a stock dividend on or in a stock split-up
of the Restricted Shares or any other securities issued in exchange for the Restricted Shares shall be subject to the same restrictions,
provisions, terms and conditions that are applicable to the Restricted Shares.

 

    	9

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