Document:

EXHIBIT 10.3

  

  

  

  

  

  
     
      [FORM OF]

       

      

      Restricted Stock Unit Award

    

    

    Granted by

    

    

    METROPOLITAN BANK HOLDING CORP.

    

    

    under the

    

    

    METROPOLITAN BANK HOLDING CORP.

    2019 EQUITY INCENTIVE PLAN

    

    

  

  

  This restricted stock unit agreement (“Award Agreement”) is and shall be subject in every respect to the provisions of the 2019 Equity Incentive Plan (the “Plan”)

    of Metropolitan Bank Holding Corp. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of
    this Award Agreement.  A copy of the Plan has been provided to each Participant granted a restricted stock unit award (“Restricted Stock Unit” or “Restricted Stock Unit Award”) pursuant to the
    Plan.  The holder of this Restricted Stock Unit Award (the “Participant”) hereby accepts this Restricted Stock Unit Award, subject to all the terms
    and provisions of the Plan and this Award Agreement, and agrees that all decisions under and interpretations of the Plan and this Award Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board shall be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context
    otherwise requires, the term “Company” shall include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined shall have the same meaning as in the Plan.

  1.   Name of Participant:
        ________________________________________________________________ 

        

   
  
    
      2.   Date of Grant: 
          ______________________________________________________________________

    

  

   
  
    
      3.   Total number of Restricted Stock Units covered by the Award:______________________________

    

  

   
   
    
      4.   Vesting Schedule; Issuance of Stock.  Except as otherwise provided in
          this Award Agreement, this Restricted Stock Unit Award first 

          becomes earned in accordance with the following vesting schedule:

    

  

  	
          Date

        	
          Vested Portion of Award

        	
          Number of Shares Vesting

        
	 	 	 
	 	 	 
	 	 	 

  

  

  Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of
      death, Disability or Involuntary Termination at or following a Change in Control).

  

  

  
    
      

  

  
  5.   Restricted Stock Units.

  

  

  A Restricted Stock Unit is an Award denominated in shares of Stock, except that no shares of Stock
      are actually awarded to the recipient on the date of grant.  The Restricted Stock Units will be credited to the Participant’s account, subject to the terms of the Plan and this Award Agreement.  A Restricted Stock Unit will be settled as and when the
      Restricted Stock Unit vests.

  
    
      
        6.   Dividend Equivalent Rights and Voting Rights.

      

    

  

  
    
      	

            	6.1	
              Dividend Equivalent Rights.  Subject to the restrictions, limitations
                  and conditions described in the Plan and/or this Award Agreement, Restricted Stock Units will earn dividend equivalent rights during the vesting period at the rate of dividends per share paid by the Company on its outstanding shares of
                  common stock.  Dividend equivalent rights will be accrued but not paid until the Restricted Stock Units are earned, vested and issued.  Dividend equivalent rights will be forfeited if the Restricted Stock Units are forfeited.

            

    

  

  
    
      	

            	6.2	
              No Voting Rights.  The Participant shall have no voting rights with
                  respect to any Restricted Stock Units granted hereunder.

            

    

  

  
    
      
        7.   Change in Control.

      

    

  

  
    
      	

            	7.1	
              In the event of the Participant’s Involuntary Termination following a Change in Control, all Restricted Stock Unit Awards held by the Participant will become
                  fully vested.

            

    

  

  

  

  
    
      	

            	7.2	
              A “Change in Control” will be deemed to have occurred as
                  provided in Section 4.2 of the Plan.

            

    

  

   

  

  8.   Adjustment Provisions.

  This Restricted Stock Unit Award, including the number of shares subject to
      the Restricted Stock Unit Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

  
    
      
        9.   Effect of
            Termination of Service on Restricted Stock Unit Award.

      

    

  

  
    
      	

            	9.1	
              Death.  The Restricted Stock Unit Awards will become
                  fully vested as to all shares subject to an outstanding Award, whether or not then vested, as of the date of the Participant’s Termination of Service by reason of the Participant’s death.

            

    

  

  
    
      	

            	9.2	
              Disability.  The Restricted Stock Unit Awards will become
                  fully vested as to all shares subject to an outstanding Award, whether or not then vested, as of the date of the Participant’s Termination of Service by reason of the Participant’s Disability.

            

    

  

  
    
      	

            	9.3	
              Retirement.  [TBD].

            

    

  

  
    
      	
              

              

            	9.4	
              Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock Unit Awards that have not vested will expire and be forfeited.

            

    

  

  
    
      	

            	9.5	
              Other Termination.  If the Participant’s Service terminates for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control
                  or for Cause, all shares of  Restricted Stock Units awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

            

    

  

   

    

  
    2

    
      

  

  10.   Miscellaneous.

  
    
      	

            	10.1	
              No Restricted Stock Unit Award shall confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills
                  all conditions for receipt of such rights and the Stock is issued to the Participant.

            

    

  

  
    
      	

            	10.2	
              This Award Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

            

    

  

  
    
      	

            	10.3	
              Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

            

    

  

  
    
      	

            	10.4	
              This Restricted Stock Unit Award shall be governed by and construed in accordance with the laws of the State of New York, without regard to its principles of
                  conflicts of laws, except as superseded by federal law.

            

    

  

  
    
      	

            	10.5	
              This Restricted Stock Unit Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and,
                  notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of Stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision
                  thereof.

            

    

  

  
    
      	

            	10.6	
              The granting of this Restricted Stock Unit Award does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

            

    

  

   [Signature Page Follows]

  
    3

    
      

  

  IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf
      as of the date of grant of this Restricted Stock Unit Award set forth above.

  METROPOLITAN BANK HOLDING CORP.

  

  

  By:____________________________________ 

  Title:___________________________________

  

  

  

    

  

  PARTICIPANT’S ACCEPTANCE

  The undersigned hereby accepts the foregoing Restricted Stock Unit Award and agrees to the terms and
      conditions hereof, including the terms and provisions of the 2019 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2019 Equity Incentive Plan and related Prospectus.

  PARTICIPANT

   

    

  ___________________________________________

    

  

  

   

  

  

  

  

  

  4EXHIBIT 10.4

  

  

  

  

  

  
    [FORM OF]

    

    

    

    Time-Based

    Restricted Stock Award Agreement

    

    

    Granted by

    

    

    METROPOLITAN BANK HOLDING CORP.

    

    

    under the

    

    

    METROPOLITAN BANK HOLDING CORP.

    2019 EQUITY INCENTIVE PLAN

    

    

    
      This restricted stock award agreement (“Restricted Stock Award” or “Agreement”) is and shall be subject in every respect to the provisions of the 2019 Equity Incentive Plan (the “Plan”) of Metropolitan Bank Holding Corp. (the “Company”) which are
        incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted Stock
        Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
        interpretations of the Plan and this Agreement by the committee appointed to administer the Plan (“Committee”) or the Board shall be final,
        binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” shall include the parent and all present and future
        subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

        Capitalized terms used herein but not defined shall have the same meaning as in the Plan.

    

    1.   Name of Participant: __________________________________

        

    2.   Date of Grant:      ___________________________________

    
      
        3.   Total number of Restricted Stock Awards covered by the Award:___________________

         (subject to adjustment pursuant to Section 9 hereof).

          

      

    

    
      
        4.   Vesting Schedule.  Except as otherwise provided in
            this Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.

      

    

    	
            Date

          	
            Vested Portion of Award

          	
            Number of Shares Vesting

          
	 	 	 
	 	 	 
	 	 	 

    

    

    
      Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death, Disability or
        Involuntary Termination at or following a Change in Control).

    

    

  

  

  

  

  
    
      

  

  
  
    5.   Grant of Restricted Stock Award.

    

    

    The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either
      registered in the name of the Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered
      to the Participant.  Notwithstanding the foregoing, the Company may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

    If certificated, the certificates evidencing the Restricted Stock Award will bear a legend
        restricting the transferability of the Restricted Stock.  The Restricted Stock awarded to the Participant will not be sold, encumbered, hypothecated or otherwise
        transferred except in accordance with the terms of the Plan and this Agreement.

    
      
        
          6.   Terms and Conditions.

        

      

    

    
       

    

    
      
        	

              	
                 6.1

                  

                 

                  

                6.2

              	
                The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require a shareholder vote.

                 

                  

                Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be retained and distributed to the
                    Participant within thirty (30) days after the Restricted Stock vests.  If the Stock does not vest, the dividends will be forfeited by the Participant.  Any stock dividends declared on shares of Stock subject to a Restricted Stock Award
                    will be subject to the same restrictions and will vest at the same time as the shares of Restricted Stock from which said dividends were derived.

              

      

    

    
      
        
          This Option may not be exercised at any time on or after the Option’s expiration date. Vesting will automatically accelerate pursuant to Section 2.9 and 4.1 of the Plan (in the event of death or Disability or an
            Involuntary Termination at or following a Change in Control).

           

            

          7.   Delivery of Shares.

        

      

    

    Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the
        requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

    

    

    8.   Change in Control.

    

    

    
      
        	

              	8.1	
                In the event of an Involuntary Termination at or following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.

              

      

    

    

    

    
      
        	

              	8.2	
                A “Change in Control” will be deemed to have occurred
                    as provided in Section 4.2 of the Plan.

              

      

    

    

    

    9.   Adjustment Provisions.

    This Restricted Stock Award, including the number of shares subject to the
        Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

    
      2

      
        

    

    10.   Effect of Termination of Service on Restricted Stock Award.

    10.1 This Restricted Stock Award will vest as follows:

    
      
        	
                (i)

              	
                Death.  In the event of
                    the Participant’s Termination of Service by reason of the Participant’s death, all Restricted Stock will vest as to all shares subject to an outstanding Award at the date of Termination of Service.

                 

                  

              

      

      
        	
                (ii)

              	
                Disability.  In the event of the Participant’s Termination of Service by reason of
                      Disability, all Restricted Stock will vest as to all shares subject to an outstanding Award at the date of Termination of Service.

                 

                  

              

      

      
        	
                (iii)

              	
                Retirement.  In the event
                    of the Participant’s Termination of Service by reason of the Participant’s Retirement, any Restricted Stock award that has not vested as of the date of Termination of Service will expire and be forfeited.  The term “Retirement” shall
                    have the meaning set forth in Section 8.1(aa) of the Plan.

                 

                  

              

      

      
        	
                (iv)

              	
                Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock granted to a Participant that has not vested will
                    expire and be forfeited.

                 

                  

              

      

      
        	
                (iv)

              	
                Other
                      Termination.  If a Participant terminates Service for any reason other than due to death, Disability, Retirement,
                    Involuntary Termination at or following a Change in Control or for Cause, all shares of  Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

              

      

       

    11.   Miscellaneous.

    
      
        	

              	11.1	
                No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the Participant fulfills all
                    conditions for receipt of such rights.

              

      

    

    
      
        	

              	11.2	
                This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

              

      

    

    
      
        	

              	11.3	
                Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

              

      

    

    
      
        	

              	11.4	
                This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of New York.

              

      

    

    
      
        	

              	11.5	
                This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding
                    any of the provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

              

      

    

    [Signature page follows]

    
      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its
        behalf as of the date of grant of this Restricted Stock Award set forth above.

    METROPOLITAN BANK HOLDING CORP.

    

    

    By:____________________________________ 

    Title:___________________________________

    

    

    

    

    

    

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and
        conditions hereof, including the terms and provisions of the 2019 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2019 Equity Incentive Plan and related Prospectus.

    PARTICIPANT

     

      

    _______________________________________

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