Document:

Exhibit 10.1

    

     

      

     

      

     

      

     

      

     

      

    

      

     

      

     

      

    MID-SOUTHERN BANCORP, INC.

      

    

    2019 EQUITY INCENTIVE PLAN

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    TABLE OF CONTENTS

    
      	
               

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	ARTICLE I PURPOSE 

            	
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	     Section 1.1     General Purpose of the Plan	
               

            
	
               

            	
               

            
	ARTICLE II DEFINITIONS 

            	
              1 

              

            
	
               

            	
               

            
	ARTICLE III AVAILABLE SHARES 

            	
              5

              

            
	
               

            	
               

            
	     Section 3.1     Shares Available Under the Plan	
              5 

              

            
	     Section 3.2     Shares Available for Options	
              5 

              

            
	     Section 3.3     Shares Available for Restricted Stock Awards	
              5 

              

            
	     Section 3.4     Computation of Shares Issued	
              5 

              

            
	
               

            	
               

            
	ARTICLE IV ADMINISTRATION 

            	
              6 

              

            
	
               

            	
               

            
	     Section 4.1     Committee. 

              	
              6 

              

            
	     Section 4.2     Committee Powers	
              6 

              

            
	
               

            	
               

            
	ARTICLE V STOCK OPTIONS 

            	
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	     Section 5.1     Grant of Options	
              7 

              

            
	     Section 5.2     Size of Option	7
	     Section 5.3     Exercise Price	7 

            
	     Section 5.4     Exercise Period	7 

            
	     Section 5.5     Vesting Date	8 

            
	     Section 5.6     Additional Restrictions on Incentive Stock Options.	8 

            
	     Section 5.7     Method of Exercise	
              9 

              

            
	     Section 5.8     Limitations on Options	
              10 

              

            
	     Section 5.9     Prohibition Against Option Repricing	
              11 

              

            
	
               

            	
               

            
	ARTICLE VI RESTRICTED STOCK AWARDS	
              11 

              

            
	 	 
	     Section 6.1     In General	11 

            
	     Section 6.2     Vesting Date	11 

            
	     Section 6.3     Dividend Rights	13 

            
	     Section 6.4     Voting Rights	
              14 

              

            
	     Section 6.5     Designation of Beneficiary	14 

            
	     Section 6.6     Manner of Distribution of Awards	14 

            
	 	 
	ARTICLE VII ADDITIONAL TAX PROVISION 	14 

            
	 	 
	     Section 7.1     Tax Withholding Rights	14 

            
	 	 
	ARTICLE VIII AMENDMENT AND TERMINATION 	15 

            
	 	 
	     Section 8.1     Termination	15 

            
	     Section 8.2     Amendment	15 

            
	     Section 8.3     Adjustments in the Event of Business Reorganization	15 

            
	  

            	 
	ARTICLE IX MISCELLANEOUS	16 

            
	 	 
	     Section 9.1     Status as an Employee Benefit Plan; Non-Application of Section 409A	16 

            
	     Section 9.2     No Right to Continued Service	16 

            
	     Section 9.3     Construction of Language	16 

            
	     Section 9.4     Severability	16 

            
	     Section 9.5     Governing Law	17 

            
	     Section 9.6     Headings	17 

            
	     Section 9.7     Non-Alienation of Benefits	17 

            
	     Section 9.8     Notices	17 

            

      

      

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      	     Section 9.9     Approval of shareholders	17 

            
	     Section 9.10   Clawback	18 

            
	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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    Mid-Southern Bancorp, Inc.

      2019 Equity Incentive Plan

    ARTICLE I

      PURPOSE

    Section 1.1 General

      Purpose of the Plan.

    The purpose of the Plan is to promote the long-term growth and profitability of Mid-Southern Bancorp, Inc., to provide Plan Participants with an incentive to
      achieve corporate objectives, to attract and retain individuals of outstanding competence and to provide Plan Participants with incentives that are closely linked to the interests of all shareholders of Mid-Southern Bancorp, Inc.  The Plan is not
      intended to expose the Company to imprudent risks.

    
      The Plan was originally adopted effective as of July 24, 2019 by the Board, and became effective on
        September 25, 2019 (the “Effective Date”), the date the Plan was approved by the Company’s shareholders.

      

      

    

    As of the Effective Date, this Plan shall be treated as a new plan for purposes of Section 422 of the Code (as herein defined), so that an Option granted
      hereunder on a date that is not more than ten years after the Effective Date, and that is intended to qualify as an Incentive Stock Option under Section 422 of the Code, complies with the requirements of Section 422(b)(2) of the Code and the
      applicable regulations thereunder.

    ARTICLE II

      DEFINITIONS

    The following definitions shall apply for the purposes of this Plan, unless a different meaning is plainly indicated by the context:

    Affiliate means any “parent corporation” or “subsidiary corporation” of the Company, as those terms are defined in
      Section 424(e) and (f) respectively, of the Code.

    Award means the grant by the Committee of an Incentive Stock Option, a Non-Qualified Stock Option or a Restricted Stock
      Award.

    Award Agreement means a written instrument evidencing an Award under the Plan and establishing the terms and conditions
      thereof.

    Beneficiary means the Person designated by a Participant to receive any Shares subject to a Restricted Stock Award made
      to such Participant that become distributable, to have the right to exercise any Options granted to such Participant that are exercisable or to receive any cash paid out under a Cash Award to such Participant where such payout is made, following the
      Participant’s death.

    Board means the Board of Directors of Mid-Southern Bancorp, Inc. and any successor thereto.

     

    

    
      
        

    

    Change in Control means any of the following events:

    (a) any third
        Person, including a "group" as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the beneficial owner of Shares with respect to which 25% or more of the total number of votes that may be cast for the election of the Board
        (other than a tax-qualified plan of the Company or its Affiliate);

    (b) consummation
        of a plan of reorganization, merger, acquisition, consolidation, sale of all or substantially all of the assets of the Company or a similar transaction in which the Company is not the resulting entity;

    (c) as a result
        of, or in connection with, any cash tender offer, merger or other business combination, sale of assets or contested election(s), or combination of the foregoing, the individuals who were members of the Board of Directors on the date of adoption of
        this Plan (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date of adoption of this Plan whose election was approved by a vote of at least
        three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s shareholders was approved by the nominating committee serving under an Incumbent Board, shall be considered a member of the Incumbent
        Board; or

    (d) a tender offer
        or exchange offer for 25% or more of the total outstanding Shares is completed (other than such an offer by the Company).

    Code means the Internal Revenue Code of 1986, as amended from time to time.

    Committee means the Committee described in Article IV.

    Company means Mid-Southern Bancorp, Inc., an Indiana corporation, and any successor thereto.

    Disability means a total and permanent disability, within the meaning of Code Section 22(e)(3), as determined by the
      Committee in good faith, upon receipt of sufficient competent medical advice from one or more individuals, selected by the Committee, who are qualified to give professional medical advice.

    Domestic Relations Order means a domestic relations order that satisfies the requirements of Section 414(p)(1)(B) of the
      Code, or any successor provision, as if such section applied to the applicable Award.

    Effective Date means the date on which the Plan is approved by the shareholders of Mid-Southern Bancorp, Inc.

    Exchange Act means the Securities Exchange Act of 1934, as amended.

    Exercise Period means the period during which an Option may be exercised.

     

    

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    Exercise Price means the price per Share at which Shares subject to an Option may be purchased upon exercise of the
      Option.  If the Fair Market Value for Exercise Price purposes is determined to be less than fair market value of the underlying Shares as determined under Section 409A (the “Section 409A Fair Market Value”), then the Exercise Price shall
      automatically adjusted to be the Section 409A Fair Market Value.  The Committee may take such actions as it determines necessary to carry out the preceding sentence.

    Fair Market Value means, with respect to a Share on a specified date:

    (a) If the Shares
        are listed on any U.S. national securities exchange registered under the Securities Exchange Act of 1934 (“National Exchange”), the closing sales price for such stock (or the closing bid, if no sales were reported) as reported on that exchange on
        the applicable date, or if the applicable date is not a trading day, on the trading day immediately preceding the applicable date;

    (b) If the Shares
        are not listed on a National Exchange but are traded on the over-the-counter market or other similar system, the mean between the closing bid and the asked price for the Shares at the close of trading in the over-the-counter market or other similar
        system on the applicable date, or if the applicable date is not a trading day, on the trading day immediately preceding the applicable date; and

    (c) In the absence
        of such markets for the Shares, the Fair Market Value shall be determined in good faith by the Committee.

    In no event shall the Fair Market Value for Exercise Price purposes be less than fair market value of the underlying Shares as determined under Section 409A.

    Family Member means with respect to any Participant, any child, stepchild, grandchild, parent, stepparent, grandparent,
      spouse, former spouse, sibling, niece, nephew, mother-in-law, father- in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or
      employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the
      Participant) own more than fifty percent of the voting interests.

    Incentive Stock Option means a right to purchase Shares that is granted to an employee of the Company or any Affiliate
      that is designated by the Committee to be an Incentive Stock Option and that is intended to satisfy the requirements of Section 422 of the Code.

    Involuntary Separation from Service means the first to occur of the following:

    (a) The Participant’s Service is unilaterally terminated by the Company or an Affiliate;

    (b) The Participant voluntarily terminates Service after the Company or the Affiliate reduces the Participant’s base salary to a rate that is lower than the rate in effect immediately prior to the Change in Control, or as the same may have been
        increased thereafter; or

     

      

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    (c) The Participant voluntarily terminates Service after the Company or an Affiliate requires the Participant to change the Participant's job location or office, so that such Participant will be based at a location more than thirty-five (35)
        miles from the location of the Participant's job or office immediately prior to the Change in Control, provided that such new location is not closer to Participant's home.

    For the avoidance of doubt, an Involuntary Separation from Service does not include a Termination for Cause.

    Non-Qualified Stock Option means a right to purchase Shares that is not intended to qualify as an Incentive Stock Option
      or does not satisfy the requirements of Section 422 of the Code.

    Option means either an Incentive Stock Option or a Non-Qualified Stock Option.

    Option Holder means, at any relevant time with respect to an Option, the person having the right to exercise the Option.

    Participant means any director, emeritus director, officer, employee or advisory director of the Company or any Affiliate
      who is selected by the Committee to receive an Award.

    Permitted Transferee means, with respect to any Participant, a Family Member of the Participant to whom an Award has been
      transferred as permitted hereunder.

    Person means an individual, a corporation, a partnership, a limited liability company, an association, a joint-stock
      company, a trust, an estate, an unincorporated organization and any other business organization or institution.

    Plan means the Mid-Southern Bancorp, Inc. 2019 Equity Incentive Plan, as amended from time to time.

    Restricted Stock Award means an award of Shares pursuant to Article VI.

    Retirement means the termination of a Participant’s employment with the Company and its Affiliates, other than a
      Termination for Cause, after the Participant has attained age 591⁄2.

    Section 409A means Section 409A of the Code and any regulations or guidance of general applicability thereunder.

    Service means, unless the Committee provides otherwise in an Award Agreement, service in any capacity as a director,
      emeritus director, officer, employee or advisory director of the Company or any Affiliate.

    Share means a share of common stock, par value $.01 per share, of Mid-Southern Bancorp, Inc.

    Termination for Cause means termination upon an intentional failure to perform stated duties, a breach of a fiduciary
      duty involving personal dishonesty which results in material loss 

     

    

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    to the Company or one of its Affiliates or a willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or a final cease-and-desist order
      which results in material loss to the Company or one of its Affiliates.  No act or failure to act on Participant’s part shall be considered willful unless done, or omitted to be done, not in good faith and without reasonable belief that the action or
      omission was in the best interest of the Company.  Notwithstanding the above, if a Participant is subject to a different definition of termination for cause in an employment or severance or similar agreement with the Company or any Affiliate, such
      other definition shall control.

    Vesting Date means the date or dates on which the grant of an Option is eligible to be exercised or the date or dates on
      which a Restricted Stock Award ceases to be forfeitable.

    ARTICLE III

      AVAILABLE SHARES

    Section 3.1 Shares

      Available Under the Plan.

    Subject to adjustment under Article VIII, the aggregate number of Shares representing Awards shall not exceed 358,382 Shares.

    Section 3.2 Shares

      Available for Options.

    Subject to adjustment under Article XI, the maximum aggregate number of Shares with respect to which Options may be granted under the Plan shall be 255,987
      Shares. The maximum aggregate number of Shares with respect to which Incentive Stock Options may be granted under the Plan shall be 255,987 Shares.

    Section 3.3 Shares

      Available for Restricted Stock Awards.

    Subject to adjustment under Article XI, the maximum aggregate number of Shares with respect to which Restricted Stock Awards may be granted under the Plan shall
      be 102,395 Shares

    Section 3.4 Computation

      of Shares Issued.

    For purposes of this Article III, Shares shall be considered issued pursuant to the Plan only if actually issued upon the exercise of an Option or in connection
      with a Restricted Stock Award.  Any Award subsequently forfeited, in whole or in part, shall not be considered issued. If any Award granted under the Plan terminates, expires, or lapses for any reason, any Shares subject to such Award again shall be
      available for the grant of an Award under the Plan.  Shares used to pay the Exercise Price of an Option and Shares used to satisfy tax withholding obligations shall not be available for future Awards under the Plan.  To the extent that Shares are
      delivered pursuant to the exercise of an Option, the number of underlying Shares as to which the exercise related shall be counted against the number of Shares available for Awards, as opposed to only counting the Shares issued.

     

    

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    ARTICLE IV

      ADMINISTRATION

    Section 4.1 Committee.

    (a) The Plan shall be administered by a Committee appointed by the Board for that purpose and consisting of not less than two (2) members of the Board.  Each member of the Committee shall be a “Non-Employee Director” within the meaning of Rule
        16b-3(b)(3)(i) under the Exchange Act or a successor rule or regulation and an “Independent Director,” and shall satisfy any other membership requirements, under the corporate governance rules and regulations imposing independence and other
        membership standards on committees performing similar functions promulgated by any national securities exchange or quotation system on which Shares are listed.

    (b) The act of a majority of the members present at a meeting duly called and held shall be the act of the Committee.  Any decision or determination reduced to writing and signed by all members shall be as fully effective as if made by unanimous
        vote at a meeting duly called and held.

    (c) The Committee’s decisions and determinations under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated.

    Section 4.2 Committee

      Powers.

    Subject to the terms and conditions of the Plan and such limitations as may be imposed by the Board, the Committee shall be responsible for the overall
      management and administration of the Plan and shall have such authority as shall be necessary or appropriate in order to carry out its responsibilities, including, without limitation, the authority:

    (a) to interpret
        and construe the Plan, and to determine all questions that may arise under the Plan as to eligibility for participation in the Plan, and the number of Shares subject to Awards to be issued or granted;

    (b) with the
        consent of the Participant, to the extent deemed necessary by the Committee, to amend or modify the terms of any outstanding Award or accelerate or defer the Vesting Date thereof;

    (c) to adopt rules
        and regulations and to prescribe forms for the operation and administration of the Plan; and

    
      (d) to take any other action not
          inconsistent with the provisions of the Plan that it may deem necessary or appropriate.

    

    All decisions, determinations and other actions of the Committee made or taken in accordance with the terms of the Plan shall be final and conclusive and binding upon all parties
      having an interest therein.

     

    

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    ARTICLE V

      STOCK OPTIONS

    Section 5.1 Grant

      of Options.

    (a) Subject to the limitations of the Plan, the Committee may, in its discretion, grant to a Participant an Option to purchase Shares.  An Option must be designated as either an Incentive Stock Option or a Non-Qualified Stock Option and, if not
        designated as either, shall be a Non-Qualified Stock Option.  Only employees of the Company or its Affiliates may receive Incentive Stock Options.

    (b) Any Option granted shall be evidenced by an Award Agreement which shall:

         (i)         specify the number of Shares covered by the Option;

         (ii)        specify the Exercise Price;

         (iii)      specify the Exercise Period;

         (iv)      specify the Vesting Date; and

         (v)       contain such other terms and conditions not inconsistent with the Plan as the Committee may, in its discretion,
        prescribe.

    Section 5.2 Size

      of Option.

    Subject to the restrictions of the Plan, the number of Shares as to which a Participant may be granted Options shall be determined by the Committee, in its
      discretion.

    Section 5.3 Exercise

      Price.

    The price per Share at which an Option may be exercised shall be determined by the Committee, in its discretion; provided,
        however, that the Exercise Price shall not be less than the Fair Market Value of a Share on the date on which the Option is granted.

    Section 5.4 Exercise

      Period.

    The Exercise Period during which an Option may be exercised shall commence on the Vesting Date.  It shall expire on the earliest of:

    (a) the date
        specified by the Committee in the Award Agreement;

    (b) unless
        otherwise determined by the Committee and set forth in the Award Agreement, the last day of the three-month period commencing on the date of the Participant’s termination of Service, other than on account of death, Disability, Retirement or a
        Termination for Cause;

     

      

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    (c) unless
        otherwise determined by the Committee and set forth in the Award Agreement, the last day of the one-year period commencing on the date of the Participant’s termination of Service due to death, Disability or Retirement;

    (d) as of the time
        and on the date of the Participant’s termination of Service due to a Termination for Cause; or

    (e) the last day
        of the ten-year period commencing on the date on which the Option was granted.

    An Option that remains unexercised at the close of business on the last day of the Exercise Period shall be canceled without consideration at the close of business on that date.

    Section 5.5 Vesting

      Date.

    (a) Subject to any restrictions set forth in this Plan, the Vesting Date for each Option Award shall be determined by the Committee and specified in the Award Agreement.

    (b) Unless otherwise determined by the Committee and specified in the Award Agreement:

         (i)        if the Participant of an Option Award terminates Service prior to the Vesting Date for any reason other than
        death or Disability, or prior to a Change in Control, any unvested Option shall be forfeited without consideration;

         (ii)       if the Participant of an Option Award terminates Service prior to the Vesting Date on account of death or
        Disability, the Vesting Date shall be accelerated to the date of the Participant’s termination of Service; and

         (iii)      if a Change in Control occurs prior to the Vesting Date of an Option Award that is outstanding on the date of the
        Change in Control, and the Participant experiences an Involuntary Separation from Service other than a Termination for Cause during the 365-day period following the date of such Change in Control, then the Vesting Date for any non-vested Option
        Award shall be accelerated to the date of the Participant’s Involuntary Separation from Service.  Notwithstanding the preceding sentence, if at the effective time of the Change in Control the successor to the Company’s business and/or assets does
        not either assume the outstanding Option Award or replace the outstanding Option Award with an award that is determined by the Committee to be at least equivalent in value to such outstanding Option Award on the date of the Change in Control, then
        the Vesting Date of such outstanding Option Award shall be accelerated to the effective date of the Change in Control.

    Section 5.6 Additional

      Restrictions on Incentive Stock Options.

    An Option designated by the Committee to be an Incentive Stock Option shall be subject to the following provisions:

    (a) Notwithstanding

        any other provision of this Plan to the contrary, no Participant may receive an Incentive Stock Option under the Plan if such Participant, at the time the award is 

     

      

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    granted, owns (after application of the rules contained in Section 424(d) of the Code) stock possessing more than ten (10) percent of the total combined voting power of all classes of
        stock of the Company or its Affiliates, unless (i) the option price for such Incentive Stock Option is at least 110 percent of the Fair Market Value of the Shares subject to such Incentive Stock Option on the date of grant and (ii) such Option is
        not exercisable after the date five (5) years from the date such Incentive Stock Option is granted.

    (b) Each
        Participant who receives Shares upon exercise of an Option that is an Incentive Stock Option shall give the Company prompt notice of any sale of Shares prior to a date which is two years from the date the Option was granted or one year from the
        date the Option was exercised.  Such sale shall disqualify the Option as an Incentive Stock Option.

    (c) The aggregate
        Fair Market Value (determined with respect to each Incentive Stock Option at the time such Incentive Stock Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any
        calendar year (under this Plan or any other plan of the Company or an Affiliate) shall not exceed $100,000 and the term of the Incentive Stock Option shall not be more than ten years.

    (d) Any Option
        under this Plan which is designated by the Committee as an Incentive Stock Option but fails, for any reason, to meet the foregoing requirements shall be treated as a Non-Qualified Stock Option.

    Section 5.7 Method

      of Exercise.

    (a) Subject to the limitations of the Plan and the Award Agreement, an Option Holder may, at any time on or after the Vesting Date and during the Exercise Period, exercise his or her right to purchase all or any part of the Shares to which the
        Option relates; provided, however, that the minimum number of Shares which may be purchased at any time shall be 100, or, if less, the total number of Shares relating to the Option which remain
        un-purchased.  An Option Holder shall exercise an Option to purchase Shares by:

        (i)      giving written notice to the Committee, in such form and manner as the Committee may prescribe, of his or her intent
        to exercise the Option;

        (ii)     delivering to the Committee full payment for the Shares as to which the Option is to be exercised; and

        (iii)    satisfying such other conditions as may be prescribed in the Award Agreement.

    (b) The Exercise Price of Shares to be purchased upon exercise of any Option shall be paid in full:

        (i)      in cash (by certified or bank check or such other instrument as the Company may accept); or

     

      

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        (ii)     if and to the extent permitted by the Committee, in the form of Shares already owned by the Option Holder as of the
        exercise date and having an aggregate Fair Market Value on the date the Option is exercised equal to the aggregate Exercise Price to be paid; or

        (iii)    if and to the extent permitted by the Committee, by the Company withholding Shares otherwise issuable upon the
        exercise having an aggregate Fair Market Value on the date the Option is exercised equal to the aggregate Exercise Price to be paid; or

        (iv)     by a combination thereof.

    Payment for any Shares to be purchased upon exercise of an Option may also be made by delivering a properly executed exercise notice to the Company, together
      with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the purchase price and applicable tax withholding amounts (if any), in which event the Shares acquired shall be
      delivered to the broker promptly following receipt of payment.

    (c) When the
        requirements of this Section have been satisfied, the Committee shall take such action as is necessary to cause the issuance of a stock certificate or cause Shares to be issued by book-entry procedures, in either event evidencing the Option
        Holder's ownership of such Shares. The Person exercising the Option shall have no right to vote or to receive dividends, nor have any other rights with respect to the Shares, prior to the date the Shares are transferred to such Person on the stock
        transfer records of the Company, and no adjustments shall be made for any dividends or other rights for which the record date is prior to the date as of which the transfer is effected.

    Section 5.8 Limitations

      on Options.

    (a) An Option by its terms shall not be transferable by the Option Holder other than by will or the laws of descent and distribution, or pursuant to the terms of a Domestic Relations Order, and shall be exercisable, during the life of the Option
        Holder, only by the Option Holder or an alternate payee designated pursuant to such a Domestic Relations Order; provided, however, that a Participant may, at any time at or after the grant of a
        Non-Qualified Stock Option under the Plan, apply to the Committee for approval to transfer all or any portion of such Non-Qualified Stock Option which is then unexercised to such Participant’s Family Member. The Committee may approve or withhold
        approval of such transfer in its sole and absolute discretion. If such transfer is approved, it shall be effected by written notice to the Company given in such form and manner as the Committee may prescribe and actually received by the Company
        prior to the death of the person giving it. Thereafter, the transferee shall have, with respect to such Non-Qualified Stock Option, all of the rights, privileges and obligations which would attach thereunder to the Participant. If a privilege of
        the Option depends on the life, Service or other status of the Participant, such privilege of the Option for the transferee shall continue to depend upon the life, Service or other status of the Participant. The Committee shall have full and
        exclusive authority to interpret and apply the provisions of the Plan to transferees to the extent not specifically addressed herein.

     

      

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    (b) The Company's
        obligation to deliver Shares with respect to an Option shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Option Holder to whom such Shares are to be delivered, in such
        form as the Committee shall determine to be necessary or advisable to comply with the provisions of applicable federal, state or local law. It may be provided that any such representation shall become inoperative upon a registration of the Shares
        or upon the occurrence of any other event eliminating the necessity of such representation. The Company shall not be required to deliver any Shares under the Plan prior to:

         (i)     the admission of such Shares to listing on any stock exchange or trading on any automated quotation system on which
        Shares may then be listed or traded; or

         (ii)    the completion of such registration or other qualification under any state or federal law, rule or regulation as the
        Committee shall determine to be necessary or advisable.

    (c) An Option Holder may designate a Beneficiary to receive any Options that may be exercised after his death. Such designation and any change or revocation of such designation shall be made in writing in the form and manner prescribed by the
        Committee. In the event that the designated Beneficiary dies prior to the Option Holder, or in the event that no Beneficiary has been designated, any Options that may be exercised following the Option Holder's death shall be transferred to the
        Option Holder's estate. If the Option Holder and his or her Beneficiary shall die in circumstances that cause the Committee, in its discretion, to be uncertain which shall have been the first to die, the Option Holder shall be deemed to have
        survived the Beneficiary.

    Section 5.9 Prohibition

      Against Option Repricing.

    Except as provided in Section 8.3 and notwithstanding any other provision of this Plan, neither the Committee nor the Board shall have the right or authority
      following the grant of an Option pursuant to the Plan to amend or modify the Exercise Price of any such Option, or to cancel the Option at a time when the Exercise Price is greater than the Fair Market Value of the Shares in exchange for another
      Option, Award or other form of compensation (e.g., a cash payment).

    ARTICLE VI

      RESTRICTED STOCK AWARDS

    Section 6.1 In

      General. 

    (a) Each Restricted Stock Award shall be evidenced by an Award Agreement which shall specify:

        (i)       the number of Shares covered by the Restricted Stock Award;

        (ii)      the amount, if any, which the Participant shall be required to pay to the Company in consideration for the issuance
        of such Shares;

        (iii)     the date of grant of the Restricted Stock Award;

     

      

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       (iv) the
        Vesting Date for the Restricted Stock Award and the performance conditions, if any, which must be satisfied in order for the Vesting Date to occur;

       (v) the rights
        of the Participant with respect to dividends, voting rights and other rights and preferences associated with such Shares; and

    such other terms and conditions not inconsistent with the Plan as the Committee may, in its discretion, prescribe.

    (b) All Restricted Stock Awards shall be in the form of issued and outstanding Shares that shall be registered in the name of the Participant, subject to written transfer restriction instructions issued to the Company’s stock transfer agent,
        together with an irrevocable stock power executed by the Participant in favor of and held by the Committee or its designee, pending the vesting or forfeiture of the Restricted Stock Award.  The Shares shall at all times prior to the applicable
        Vesting Date be subject to the following restriction, communicated in writing to the Company’s stock transfer agent:

    These shares of common stock are subject to the terms of an Award Agreement between Mid-Southern Bancorp, Inc. and
      [Name of Participant] dated [Award Date] made pursuant to the terms of the Mid-Southern Bancorp, Inc. 2019 Equity Incentive Plan, copies of which are on file at the executive offices of Mid-Southern Bancorp, Inc. and may not be sold, encumbered,
      hypothecated or otherwise transferred, except in accordance with the terms of such Plan and Award Agreement.

    or such other restrictive communication or legend as the Committee, in its discretion, may specify.

    (c) Unless
        otherwise set forth in the Award Agreement, a Restricted Stock Award by its terms shall not be transferable by the Participant other than by will or by the laws of descent and distribution, or pursuant to the terms of a Domestic Relations Order; provided, however, that a Participant may, at any time at or after the grant of a Restricted Stock Award under the Plan, apply to the Committee for approval to transfer all or any portion of such Restricted
        Stock Award which is then unvested to such Participant’s Family Member.  The Committee may approve or withhold approval of such transfer in its sole and absolute discretion. If such transfer is approved, it shall be effected by written notice to
        the Company given in such form and manner as the Committee may prescribe and actually received by the Company prior to the death of the person giving it. Thereafter, the transferee shall have, with respect to such Restricted Stock Award, all of the
        rights, privileges and obligations which would attach thereunder to the Participant. If a privilege of the Restricted Stock Award depends on the life, Service or other status of the Participant, such privilege of the Restricted Stock Award for the
        transferee shall continue to depend upon the life, Service or other status of the Participant. The Committee shall have full and exclusive authority to interpret and apply the provisions of the Plan to transferees to the extent not specifically
        addressed herein.

     

      

    12

  

  
    
      

  

  

    
    Section 6.2 Vesting

      Date.

    (a) Subject to any restrictions set forth in the Plan the Vesting Date for each Restricted Stock Award shall be determined by the Committee and specified in the Award Agreement.

    (b) Unless otherwise determined by the Committee and specified in the Award Agreement:

        (i)     if the Participant of a Restricted Stock Award terminates Service prior to the Vesting Date for any reason other than
        death or Disability, or prior to a Change in Control, any unvested Shares shall be forfeited without consideration;

       (ii)     if the Participant of a Restricted Stock Award terminates Service prior to the Vesting Date on account of death or
        Disability, the Vesting Date shall be accelerated to the date of termination of the Participant’s Service with the Company; and

       (iii)    if a Change in Control occurs prior to the Vesting Date of a Restricted Stock Award that is outstanding on the date
        of the Change in Control, and the Participant experiences an Involuntary Separation from Service other than a Termination for Cause during the 365-day period following the date of such Change in Control, then the Vesting Date for any non-vested
        Restricted Stock Award shall be accelerated to the date of the Participant’s Involuntary Separation from Service.  Notwithstanding the preceding sentence, if at the effective time of the Change in Control the successor to the Company’s business
        and/or assets does not either assume the outstanding Restricted Stock Award or replace the outstanding Restricted Stock Award with an award that is determined by the Committee to be at least equivalent in value to such outstanding Restricted Stock
        Award on the date of the Change in Control, then the Vesting Date of such outstanding Restricted Stock Award shall be accelerated to the earliest date of the Change in Control.

    Section 6.3 Dividend

      Rights.

    Any dividends or distributions (collectively referred to herein as “Dividends”) declared and paid with respect to Shares subject to a Restricted Stock Award,
      whether or not in cash, shall be held by the Company on behalf of the Participant.  If the Participant becomes vested in his Shares that are subject to the Restricted Stock Award, then the Company shall pay the Dividends related to those Shares to
      the Participant or his Beneficiary in a lump sum, without interest, no later than thirty (30) days following the Vesting Date of those Shares.   The Participant and his Beneficiaries heirs, successors or assigns shall have no legal or equitable
      rights, interests or claims in any property or assets of the Company or an Affiliate with respect to held Dividends, and such Dividends shall, until paid, remain general, unpledged and unrestricted assets of the Company.  The Company’s obligation
      under the Plan with respect to held Dividends shall be merely of an unfunded and unsecured promise to pay money in the future.

     

    

     

    

    13

    

    
      
        

    

    Section 6.4 Voting

      Rights.

    Unless otherwise specified in the Award Agreement, voting rights appurtenant to the Shares subject to the Restricted Stock Award shall be exercised by the
      Participant. 

    Section 6.5 Designation

      of Beneficiary.

    A Participant who has received a Restricted Stock Award may designate a Beneficiary to receive any unvested Shares that become vested on the date of the
      Participant’s death.  Such designation (and any change or revocation of such designation) shall be made in writing in the form and manner prescribed by the Committee.  In the event that the Beneficiary designated by a Participant dies prior to the
      Participant, or in the event that no Beneficiary has been designated, any vested Shares that become available for distribution on the Participant’s death shall be paid to the executor or administrator of the Participant’s estate.

    Section 6.6 Manner

      of Distribution of Awards.

    The Company's obligation to deliver Shares with respect to a Restricted Stock Award shall, if the Committee so requests, be conditioned upon the receipt of a
      representation as to the investment intention of the Participant or Beneficiary to whom such Shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of applicable federal,
      state or local law. It may be provided that any such representation shall become inoperative upon a registration of the Shares or upon the occurrence of any other event eliminating the necessity of such representation. The Company shall not be
      required to deliver any Shares under the Plan prior to (i) the admission of such Shares to listing on any stock exchange or trading on any automated quotation system on which Shares may then be listed or traded, or (ii) the completion of such
      registration or other qualification under any state or federal law, rule or regulation as the Committee shall determine to be necessary or advisable.

    ARTICLE VII

      ADDITIONAL TAX PROVISION

    Section 7.1 Tax

      Withholding Rights.

    The Company shall have the power and the right to deduct or withhold, or require a Person to remit to the Company, an amount sufficient to satisfy Federal, state
      and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any grant, exercise or payment made under or as a result of the Plan.  In this regard, where any Person is entitled to receive Shares, the
      Company shall have the right to require such Person to pay to the Company the amount of any tax which the Company is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a sufficient number of
      Shares to cover the minimum amount required to be withheld, provided, however, that (a) no Shares are withheld with a value exceeding the
        maximum amount of tax that may be required to be withheld by law (or such other amount as may be permitted while still avoiding classification of the Award as a liability for financial accounting purposes), and (b) with respect to an Award held by
        any Participant who is subject to the filing requirements of Section 16 of the Exchange Act, any such share withholding must be specifically approved by the Compensation Committee

     

      

     14

      

    
      
        

    

     as the applicable method that must be used to satisfy the tax withholding obligation or such share withholding procedure must otherwise
        satisfy the requirements for an exempt transaction under Section 16(b) of the Exchange Act.

    ARTICLE VIII

      AMENDMENT AND TERMINATION

    Section 8.1 Termination

    The Board may suspend or terminate the Plan in whole or in part at any time prior to the tenth anniversary of the Effective Date by giving written notice of such
      suspension or termination to the Committee.  Unless sooner terminated, the Plan shall terminate automatically on the tenth anniversary of the Effective Date.  In the event of any suspension or termination of the Plan, all Awards previously granted
      under the Plan that are outstanding on the date of such suspension or termination of the Plan shall remain outstanding and exercisable for the period and on the terms and conditions set forth in the Award Agreements evidencing such Awards.

    Section 8.2 Amendment.

    The Board may amend or revise the Plan in whole or in part at any time; provided, however, that, to the extent required
      to avoid or comply with the application of Section 409A, or the corporate governance standards imposed under the listing or trading requirements imposed by any national securities exchange or automated quotation system on which the Company lists or
      seeks to list or trade Shares, no such amendment or revision shall be effective if it amends a material term of the Plan unless approved by the holders of a majority of the votes cast on a proposal to approve such amendment or revision.

    Section 8.3 Adjustments

      in the Event of Business Reorganization.

    In the event any recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, exchange of Shares or other
      securities, stock dividend or other special and nonrecurring dividend or distribution (whether in the form of cash, securities or other property), liquidation, dissolution, or other similar corporate transaction or event, affects the Shares such that
      an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of:

    (i)     the number and kind of securities deemed to be available thereafter for grants of Awards in the aggregate to all
        Participants;

    (ii)    the number and kind of securities that may be delivered or deliverable in respect of outstanding Awards; and

    (iii)   the Exercise Price of Options.

    In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including, without limitation,
      cancellation of Awards in exchange for the in-the-money value, if any, of the vested portion thereof, or substitution of 

     

    

     15

    

    
      
        

    

    Awards using stock of a successor or other entity) in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding sentence)
      affecting the Company or any Affiliate or the financial statements of the Company or any Affiliate, or in response to changes in applicable laws, regulations, or accounting principles.

    ARTICLE IX

      MISCELLANEOUS

    Section 9.1 Status

      as an Employee Benefit Plan; Non-Application of Section 409A.

    This Plan is not intended to satisfy the requirements for qualification under Section 401(a) of the Code or to satisfy the definitional requirements for an
      “employee benefit plan” under Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. It is intended to be a non-qualified incentive compensation program that is exempt from the regulatory requirements of the Employee
      Retirement Income Security Act of 1974, as amended. The Plan shall be construed and administered so as to effectuate this intent.  Since only Options and Restricted Stock Awards that qualify for the exemption under Section 409A may be awarded under
      the Plan, Section 409A shall not apply to Awards granted hereunder.  Accordingly, no Award may granted hereunder that is subject to Section 409A, and any Award so granted shall be void ab initio.  It is also
      intended that Dividends that are held as described in Section 6.3 shall, if payable, be paid promptly enough to cause such payment to qualify as a “short-term deferral” that is exempt from the application of Section 409A.

    Section 9.2 No

      Right to Continued Service.

    Neither the establishment of the Plan nor any provisions of the Plan nor any action of the Board or Committee with respect to the Plan shall be held or construed
      to confer upon any Participant any right to a continuation of his or her position as a director, emeritus director, officer, employee or advisory director of the Company or any Affiliate.  The Company reserves the right to remove any participating
      member of the Board or dismiss any Participant or otherwise deal with any Participant to the same extent as though the Plan had not been adopted.

    Section 9.3 Construction

      of Language.

    Whenever appropriate in the Plan, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words importing the masculine gender
      may be read as referring equally to the feminine or the neuter. Any reference to an Article or Section number shall refer to an Article or Section of this Plan unless otherwise indicated.

    

    

    Section 9.4 Severability.

    In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan
      shall be construed and enforced as if the illegal or invalid provision had not been included.

     

    

     

    

    16

    

    
      
        

    

    

    

    Section 9.5 Governing

      Law.

    The Plan shall be construed, administered and enforced according to the laws of the State of Indiana without giving effect to the conflict of laws principles
      thereof.  The federal and state courts located in the County or contiguous counties in which the Company’s headquarters are located shall have exclusive jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By
      accepting any Award granted under this Plan, the Participant, and any other person claiming any rights under the Plan, agrees to submit himself, and any such legal action as he shall bring under the Plan, to the sole jurisdiction of such courts for
      the adjudication and resolution of any such disputes.

    Section 9.6 Headings.

    The headings of Articles and Sections are included solely for convenience of reference.  If there is any conflict between such headings and the text of the Plan,
      the text shall control.

    Section 9.7 Non-Alienation

      of Benefits.

    The right to receive a benefit under the Plan shall not be subject in any manner to anticipation, alienation or assignment, nor shall such right be liable for or
      subject to debts, contracts, liabilities, engagements or torts.

    Section 9.8 Notices.

    Any communication required or permitted to be given under the Plan, including any notice, direction, designation, comment, instruction, objection or waiver,
      shall be in writing and shall be deemed to have been given at such time as it is delivered personally or three (3) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at
      the address listed below, or at such other address as one such party may by written notice specify to the other party:

    (a)             If to the Committee:

       Mid-Southern Bancorp, Inc.

       300 North Water Street

       Salem, Indiana 47167

          Attention:  Corporate Secretary

    

    

    (b)            If to a Participant, to such person’s address as shown in the Company’s records.

    Section 9.9 Approval

      of Shareholders.

    The Plan shall be subject to approval by the Company’s shareholders within twelve (12) months before or after the date the Board adopts the Plan.

     

    

    17

    

    
      
        

    

    Section 9.10 Clawback.

    All Awards (whether vested or unvested) shall be subject to such clawback (recovery) as may be required to be made pursuant to law, rule, regulation or stock
      exchange listing requirement or any policy of the Company adopted pursuant to any such law, rule, regulation or stock exchange listing requirement.

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      18Exhibit 10.2

  

   

  

  
    

    

    MID-SOUTHERN BANCORP, INC.

      2019 EQUITY INCENTIVE PLAN

    

    

    INCENTIVE STOCK OPTION AWARD AGREEMENT

    

    

    

    

    ISO No. _______________ Grant Date: _______________

    

    

    This Incentive Stock Option Award (“ISO”) is granted by Mid-Southern Bancorp, Inc. (“Corporation”) to [Name] (“Option Holder”) in accordance with the terms of this Incentive Stock Option Award Agreement (“Agreement”) and subject to
      the provisions of the Mid-Southern Bancorp, Inc. 2019 Equity Incentive Plan, as amended from time to time (“Plan”).  The Plan is incorporated herein by reference.

    

    

    
      	
              1.

            	
              ISO
                    Award.  The Corporation grants to Option Holder ISOs to purchase [Number] Shares at an Exercise Price of $[Number] per Share. 
                These ISOs are subject to forfeiture until they vest and to limits on transferability, as provided in Sections 5 and 6 of this Agreement and in Article V of the Plan.

            

    

    
      	
              2.

            	
              Vesting
                    Dates.  The ISOs shall vest as follows, subject to earlier vesting in the event of a termination of Service as provided in Section 6 or a Change in Control as provided in Section 7:

            

    

    	Vesting Date	
            ISOs for 

            Number of Shares Vesting

          
	 	 
	 	 

    

    

    
      	
              3.

            	
              Exercise. 
                The Option Holder (or in the case of the death of the Option Holder, the designated legal representative or heir of the Option Holder) may exercise the ISOs during the Exercise Period by giving written notice to the [____________________] [include appropriate
                  officer] in the form required by the Committee (“Exercise Notice”).  The Exercise Notice must specify the number of Shares to be purchased, which shall be at least 100 unless fewer shares remain unexercised.  The exercise date is
                the date the Exercise Notice is received by the Corporation.  The Exercise Period commences on the Vesting Date and expires at 5:00 p.m., EST on the date 10 years [five years for over 10% owners of Corporation on the Grant Date] after the Grant Date, such later time and date being hereinafter referred to as the “Expiration Date,” subject to earlier
                expiration in the event of a termination of Service as provided in Section 6.  Any ISOs not exercised as of the close of business on the last day of the Exercise Period shall be cancelled without consideration at that time.

            

    

    The Exercise Notice shall be accompanied by payment in full of the Exercise Price for the Shares
      being purchased.  Payment shall be made: (a) in cash, which may be in the form of a check, money order, cashier's check or certified check, payable to the 

     

    

    
      
        

    

    Corporation, or (b) by delivering Shares of the Corporation already owned by the Option Holder
      having a Fair Market Value on the exercise date equal to the aggregate Exercise Price to be paid, or (c) by instructing the Corporation to withhold Shares otherwise issuable upon the exercise having an aggregate Fair Market Value on the exercise date
      equal to the aggregate Exercise Price to be paid or (d) by a combination of thereof.  Payment for the Shares being purchased upon exercise of the Option may also be made by delivering a properly executed Exercise Notice to the Corporation, together
      with a copy of irrevocable instructions to a broker to deliver promptly to the Corporation the amount of sale or loan proceeds to pay the aggregate Exercise Price and applicable tax withholding amounts (if any), in which event the Shares acquired
      shall be delivered to the broker promptly following receipt of payment.

    
      	
              4.

            	
              Related
                    Awards.  These ISOs are not related to any other Award under the Plan.

            

    

    
      	
              5.

            	
              Transferability. 
                The Option Holder may not sell, assign, transfer, pledge or otherwise encumber any ISOs, except in the event of the Option Holder’s death, by will or by the laws of descent and distribution or pursuant to a Domestic Relations Order.

            

    

    
      	
              6.

            	
              Termination of Service.  If the Option Holder
                terminates Service for any reason other than in connection with a Change in Control or the death or Disability of the Option Holder, any ISOs that have not vested as of the date of that termination shall be forfeited to the Corporation, and
                the Exercise Period of any vested ISOs shall expire three months after that termination of Service (but in no event after the Expiration Date), except where that termination of Service is due to Retirement, in which case the Exercise Period
                of any vested ISOs shall expire one year after that termination of Service (but in no event after the Expiration Date), or in the case of a Termination for Cause, in which case all ISOs held by the Option Holder shall expire immediately. 
                If the Option Holder’s Service terminates on account of the Option Holder’s death or Disability, the Vesting Date for all ISOs that have not vested or been forfeited shall be accelerated to the date of that termination of Service, and the
                Exercise Period of all ISOs shall expire one year after that termination of Service (but in no event after the Expiration Date).  [Post-termination exercise period may be modified at Committee’s election except with respect to a Termination for Cause.]

            

    

    
      	
              7.

            	
              Effect
                    of Change in Control.  In accordance with Plan Section 5.5(b)(iii), if a Change in Control occurs and the Participant experiences an Involuntary Separation from Service other than a Termination for Cause during the 365-day
                period following the date of such Change in Control, then the Vesting Date for any non-vested ISO will be accelerated to the date of the Participant’s Involuntary Separation from Service (unless the acquirer does not assume the outstanding
                ISOs or replaces them with a benefit that the Committee determines to be of equivalent value, in which case any nonvested ISOs will be become vested upon the effective date of the Change in Control).

            

    

    
      	
              8.

            	
              Option
                    Holder’s Rights.  The ISOs awarded hereby do not entitle the Option Holder to any rights of a stockholder of the Corporation.

            

    

    
       

      

       2

      

      
        
          

      

      	
              9.

            	
              Delivery
                    of Shares to Option Holder.  Promptly after receipt of an Exercise Notice and full payment of the Exercise Price for the Shares being acquired, the Corporation shall issue and deliver to the Option Holder (or other person
                validly exercising the ISO) a certificate or certificates representing the Shares of Common Stock being purchased, or evidence of the issuance of such Shares in book-entry form, registered in the name of the Option Holder (or such other
                person), or, upon request, in the name of the Option Holder (or such other person) and in the name of another person in such form of joint ownership as requested by the Option Holder (or such other person) pursuant to applicable state law. 
                The Corporation’s obligation to deliver a stock certificate or evidence of the issuance of Shares in book-entry form for Shares purchased upon the exercise of an ISO can be conditioned upon the receipt of a representation of investment
                intent from the Option Holder (or the Option Holder’s Beneficiary) in such form as the Committee requires.  The Corporation shall not be required to deliver stock certificates or evidence of the issuance of Shares in book-entry form for
                Shares purchased prior to: (a) the listing of those Shares on the Nasdaq; or (b) the completion of any registration or qualification of those Shares required under applicable law.

            

    

    
      	
              10.

            	
              Notice
                    of Sale of Shares.  The Option Holder (or other person who received Shares from the exercise of the ISOs) shall give written
                  notice to the Corporation promptly in the event of the sale or other disposition of Shares received from the exercise of the ISOs within either: (a) two years from the Grant Date; or (b) one year from the exercise date for the ISOs
                  exercised.

            

    

    
      	
              11.

            	
              Adjustments
                    in Shares.  In the event of any recapitalization, forward or reverse stock split, reorganization, merger, consolidation, spin-off, combination, exchange of Shares or other securities, stock dividend, special or recurring
                dividend or distribution, liquidation, dissolution or other similar corporate transaction or event, the Committee, in its sole discretion, shall adjust the number of Shares or class of securities of the Corporation covered by the ISOs or
                the Exercise Price of the ISOs.  The Option Holder agrees to execute any documents required by the Committee in connection with an adjustment under this Section 11.

            

    

    
      	
              12.

            	
              Tax
                    Withholding.  The Corporation shall have the right to require the Option Holder to pay to the Corporation the amount of any tax that the Corporation is required to withhold with respect to such Shares, or in lieu thereof, to
                retain or sell without notice, a sufficient number of Shares to cover the minimum amount required to be withheld, provided,
                  however, that (a) no Shares are withheld with a value exceeding the maximum amount of tax that may be required to be withheld
                  by law (or such other amount as may be permitted while still avoiding classification of the ISO as a liability for financial accounting purposes), and (b) with respect to an ISO held by any Participant who is subject to the filing
                  requirements of Section 16 of the Exchange Act, any such share withholding must be specifically approved by the Compensation Committee as the applicable method that must be used to satisfy the tax withholding obligation or such share
                  withholding procedure must otherwise satisfy the requirements for an exempt transaction under Section 16(b) of the Exchange Act.  The Corporation shall have the right to deduct from all dividends paid with respect to the Shares the
                amount of any taxes that the Corporation is required to withhold with respect to such dividend payments.

            

    

    
       

      

      3

      

      
        
          

      

      	
              13.

            	
              Plan
                    and Committee Decisions are Controlling.  This Agreement, the award of ISOs to the Option Holder and the issuance of Shares upon the exercise of the ISOs are subject in all respects to the provisions of the Plan, which are
                controlling.  Capitalized terms herein not defined in this Agreement shall have the meaning ascribed to them in the Plan.  All decisions, determinations and interpretations by the Committee respecting the Plan, this Agreement, the award of
                ISOs or the issuance of Shares upon the exercise of the ISOs shall be binding and conclusive upon the Option Holder, any Beneficiary of the Option Holder or the legal representative thereof.

            

    

    
      	
              14.

            	
              Option
                    Holder’s Employment.  Nothing in this Agreement shall limit the right of the Corporation or any of its Affiliates to terminate the Option Holder’s service or employment as a director, advisory director, director emeritus,
                officer or employee, or otherwise impose upon the Corporation or any of its Affiliates any obligation to employ or accept the services or employment of the Option Holder.

            

    

    
      	
              15.

            	
              Amendment. 
                The Committee may waive any conditions of or rights of the Corporation or modify or amend the terms of this Agreement; provided, however, that the Committee may not amend, alter, suspend, discontinue or terminate any provision of this
                Agreement if such action may adversely affect the Option Holder without the Option Holder’s written consent.  To the extent permitted by applicable laws and regulations, the Committee shall have the authority, in its sole discretion but
                with the permission of the Option Holder, to accelerate the vesting of the Shares or remove any other restrictions imposed on the Option Holder with respect to the Shares, whenever the Committee may determine that such action is
                appropriate.

            

    

    
      	
              16.

            	
              Loss of
                    ISO Status.  If any of the ISOs fail, for any reason, to qualify for the special tax treatment afforded the ISOs, they shall be treated as Non-Qualified Stock Options under the Plan.  The ISOs will lose ISO status: (a) if the
                Option Holder is not an employee of the Corporation or its Affiliates from the Grant date through the date three months before the exercise date; or (b) if the Shares acquired upon the exercise of the ISO are sold or disposed of within one
                of the time periods described in Section 10.

            

    

    
      	
              17.

            	
              Option
                    Holder Acceptance.  The Option Holder shall signify acceptance of the terms and conditions of this Agreement and acknowledge receipt of a copy of the Plan by signing in the space provided below and returning the signed copy
                to the Corporation.

            

    

     

    

     

    

    4

    

    
      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
      first above written.

    

    

    
      	
               

            	
              MID-SOUTHERN BANCORP, INC. 

              

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	By ________________________________
	
               

            	Its  ________________________________
	
               

            	
               

            
	
               

            	
               

            
	
               

            	ACCEPTED BY OPTION HOLDER
	 	 
	 	___________________________________
	 	(Signature)
	 	 
	 	___________________________________ 

            
	 	(Print Name)
	 	 
	
               

            	
              ___________________________________ 

              

            
	 	(Street Address)
	 	 
	 	___________________________________ 

            
	
               

            	(City, State & Zip Code)

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