Document:

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Exhibit 10.5
APTINYX INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
The purpose of this NON-EMPLOYEE DIRECTOR COMPENSATION POLICY of Aptinyx Inc. (the “Company”), is to provide a total compensation package that enables the Company to attract and retain, on a long- term basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries. In furtherance of the purpose stated above, all non-employee directors shall be paid compensation for services provided to the Company as set forth below:
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Cash Retainers
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Annual Retainer for Board Membership: $35,000 for general availability and participation in meetings and conference calls of our Board of Directors, to be paid quarterly in arrears, pro-rated based on the number of actual days served by the director during such calendar quarter.
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	Additional Annual Retainer for Non-Executive Chair of the Board:
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	$
	30,000

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	Additional Retainers for Committee Membership:
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	​

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	Audit Committee Chair:
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	$
	15,000

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	Audit Committee member:
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	$
	7,500

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	Compensation and Management Development Committee Chair:
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	$
	10,000

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	​
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	Compensation and Management Development Committee member:
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	$
	5,000

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	Nominating and Corporate Governance Committee Chair:
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	$
	8,000

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	Nominating and Corporate Governance Committee member:
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	$
	4,000

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	​
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	Science and Medicine Committee Chair:
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	$
	8,000

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	​
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	Science and Medicine Committee member:
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	$
	4,000

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Equity Retainers
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Initial Award: An initial, one-time equity award (the “Initial Award”) of a stock option to purchase 80,000 shares shall be granted to
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each new non-employee director upon his or her election to the Board of Directors, which stock option shall vest over a three-year period with one-third of the option shares vesting on the first anniversary of the date of grant and the remaining two-thirds vesting in ratable monthly installments thereafter; provided, however, that all vesting shall cease if the director resigns from the Board of Directors or otherwise ceases to serve as a director of the Company. Such stock option shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2018 Stock Option and Incentive Plan) of the Company’s common stock on the date of grant expire ten years from the date of grant.
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Annual Award: On each date of the Company’s Annual Meeting of Stockholders (the “Annual Meeting”), each continuing non-employee member of the Board, other than a director receiving an Initial Award, will receive an annual equity award (the “Annual Award”) in the form of a stock option to purchase 40,000 shares of the Company’s common stock, which shall vest in ratable monthly installments over one year from the date of grant; provided, however, that all vesting shall cease if the director resigns from the Board of Directors or otherwise ceases to serve as a director, unless the Board of Directors determines that the circumstances warrant continuation of vesting. Such stock option shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2018 Stock Option and Incentive Plan) of the Company’s common stock on the date of grant and expire ten years from the date of grant.  In the event a member of the Board is appointed to the Board of Directors prior to an Annual Meeting, that member of the Board shall receive, at the time of their appointment and in addition to their Initial Award, an Annual Award pro rated for the portion of the year prior to the Annual Meeting the new member of the Board is expected to serve, which award shall vest in ratable monthly installments from the date of grant over the period from appointment to the Annual Meeting.
Expenses: The Company will reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending meetings of the Board or any Committee.
Adopted May 28, 2018, subject to effectiveness of the Company’s Registration Statement on Form S-1, and as amended on May 15, 2019, August 26, 2020, and February 24, 2022.
2exhibit101changeinctrlse

AMERANT BANCORP INC.  CHANGE IN CONTROL SEVERANCE AGREEMENT  This CHANGE IN CONTROL SEVERANCE AGREEMENT ("Agreement") is entered  into as of [__________], 20[__] ("Effective Date") by and among [_________] ("Employee"),  Amerant Bank, N.A., a national banking association (the "Bank") and Amerant Bancorp, Inc., a  Florida corporation (the "Company").  WHEREAS, in order to assure the continuity, objectivity and dedication of Employee and  to maximize value in the event of a Change in Control, the Bank and the Company desire to  provide Employee the opportunity to receive certain severance protections pursuant to the terms  of this Agreement.   NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations  set forth herein, and other good and valuable consideration, the receipt and sufficiency of which  is hereby acknowledged, the parties agree as follows:   1. Definitions and Term. Capitalized terms not otherwise defined herein shall have  the meanings set forth in Exhibit A. This Agreement will remain in effect for 24 months  following the Effective Date ("Initial Term") and automatically renew for an additional 12  months ("Extended Term") unless the Company notifies the Employee at least 90 days before  such renewal that this Agreement will be terminated (Initial Term and any Extended Term are  collectively referred to as the "Term").  2. Severance Eligibility. In the event of a termination of Employee's employment  during the Covered Period either by the Company or the Bank without Cause or by the Employee  for Good Reason (a "Qualifying Termination"), then, in addition to the Accrued Amounts,  subject to Section 3 of this Agreement, the Company will provide the Employee with the  following:  (a) Severance in an amount equal to the product of 2 times the sum of (i) the  Employee's base salary in effect on the date of the Qualifying Termination, plus (ii) the  Employee's average annual bonuses earned for the three (3) full years preceding the year in  which the Qualifying Termination occurs, or, if less than three (3) years, the greater of (x) the  average of the annual bonuses awarded for all full years preceding the year in which the  Qualifying Termination occurs or (y) if less than one (1) year, the Employee's target annual  bonus in effect for the year in which the Qualifying Termination occurs ("Severance"). Subject  to Section 19, Severance will be paid in a single lump-sum on the first payroll date following the  last day of the Release Execution Period (defined below);   (b)  If the Employee timely and properly elects COBRA continuation  coverage, the Bank shall reimburse the Employee for the portion of the Employee's monthly  COBRA payment that is equal to the amount that the Bank paid as a monthly premium for the  Employee and any of the Employee's dependents' participation in such plan immediately prior to  the Qualifying Termination (the "COBRA Continuation Benefit"). The Bank shall make any  

 

2  such reimbursement within thirty (30) days following receipt of evidence from the Employee of  the Employee's payment of the COBRA Continuation Benefit. The Employee shall be eligible to  receive such COBRA Continuation Benefit for the COBRA Continuation Period. To the extent  the benefits provided for in this Section 2(b) are not permissible after termination of employment  under the terms of the health plans of the Bank then in effect (and cannot be provided through  the Bank's direct payment of the COBRA Continuation Benefit), the Bank shall provide the  Employee with an equivalent monthly cash payment, minus deduction of all amounts required to  be deducted or withheld under applicable law, for the COBRA Continuation Period.  Notwithstanding anything to the contrary in this Agreement: (x) in the event that a Change in  Control occurs and the Employee has an employment agreement with the Company or Bank in  effect on such date, that provides the Employee a severance benefit in connection with such  Change in Control, the terms of the Employee's employment agreement shall control and the  Employee shall not be entitled to any payments or benefits under this Agreement; and (y) any  equity awards granted to the Employee shall vest in accordance with the terms and conditions of  the Equity Plan and the Employee's award agreements.  3. Conditions. Employee's entitlement to any payments and benefits under Section 2  will be subject to:  (a) the Employee experiencing a Qualifying Termination; and  (b) the Employee executing a release of claims in favor of the Company, its  affiliates and their respective officers and directors in a form provided by the Company or the  Bank (the "Release") and such Release becoming effective and irrevocable within either twenty- eight (28) or fifty-two (52) days, as applicable and as specified by the Bank or the Company,  following  the Employee's Qualifying Termination (such 28-day or 52-day period, the "Release  Execution Period");  (c) the Employee's compliance with any restrictive covenant agreement; and  (d) with respect to COBRA Continuation Benefit only, the Employee timely  and properly electing continuation coverage under COBRA.  4. Section 280G.   (a) Employee shall bear all expense of, and be solely responsible for, any  excise tax imposed by Code Section 4999 (or any successor thereto) (such excise tax being the  “Excise Tax”); provided, however, that any payment or benefit received or to be received by the  Employee (whether payable under the terms of this Agreement or any other plan, arrangement or  agreement with the Company, the Bank or an affiliate of the Company or the Bank (collectively,  the “Covered Payments”)) that would constitute a “parachute payment” within the meaning of  Code Section 280G ("Parachute Payments"), shall be either (i) reduced to the extent necessary  so that no portion thereof shall be subject to the Excise Tax ("Reduced Amount") or (ii) payable  

 

3  in full if the Employee's receipt on “net after-tax benefit” (defined below) would result in a  higher amount being received by the Employee than the Reduced Amount.  (b) “Net after-tax benefit” shall mean (i) the payments which the Employee  receives or is then entitled to receive from the Company that would constitute “parachute  payments” within the meaning of Code Section 280G, less (ii) the amount of all federal, state and  local income and employment taxes payable by the Employee with respect to the foregoing  calculated at the highest marginal income tax rate for each year in which the foregoing shall be  paid to the Employee (based on the rate in effect for such year as set forth in the Code as in  effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Tax  imposed with respect to the payments and benefits described in Section 4(a).  (c) All determinations under this Section 4 will be made by an actuarial firm,  accounting firm, law firm, or consulting firm experienced and generally recognized in Code  Section 280G matters (the “280G Firm”) that is chosen by the Company prior to a change in  ownership or control of a corporation (within the meaning of treasury regulations under Code  Section 280G). The 280G Firm shall be required to evaluate the extent to which payments are  exempt from Code Section 280G as reasonable compensation for services rendered before or  after the Change in Control. All fees and expenses of the 280G Firm shall be paid solely by the  Company or its successor. The Company will direct the 280G Firm to submit any determination  it makes under this Section 4 and detailed supporting calculations to both the Employee and the  Company as soon as reasonably practicable.  (d) If the 280G Firm determines that one or more reductions are required  under this Section 4, such Payments shall be reduced in the order that would provide the  Employee with the largest amount of after-tax proceeds (with such order, to the extent permitted  by Code Section 280G and Code Section 409A, designated by the Employee, or otherwise  determined by the 280G Firm) to the extent necessary so that no portion thereof shall be subject  to the Excise Tax, and the Bank or the Company shall pay such reduced amount to the  Employee. The Employee shall at any time have the unilateral right to elect to forfeit any equity  award in whole or in part.  (e) As a result of the uncertainty in the application of Code Section 280G at  the time that the 280G Firm makes its determinations under this Section 4, it is possible that  amounts will have been paid or distributed to the Employee that should not have been paid or  distributed (collectively, the “Overpayments”), or that additional amounts should be paid or  distributed to the Employee (collectively, the Underpayments”). If the 280G Firm determines,  based on either the assertion of a deficiency by the Internal Revenue Service against the  Company, Bank or the Employee, which assertion the 280G Firm believes has a high probability  of success or is otherwise based on controlling precedent or substantial authority, that an  Overpayment has been made, the Employee must repay the Overpayment to the Company,  without interest; provided, however, that no loan will be deemed to have been made and no  amount will be payable by the Employee to the Company unless, and then only to the extent that,  the deemed loan and payment would either (i) reduce the amount on which the Employee is  

 

4  subject to tax under Code Section 4999 or (ii) generate a refund of tax imposed under Code  Section 4999. If the 280G Firm determines, based upon controlling precedent or substantial  authority, that an Underpayment has occurred, the 280G Firm will notify the Employee and the  Company of that determination, and the Company will promptly pay the amount of that  Underpayment to the Employee without interest.  (f) The parties will provide the 280G Firm access to and copies of any books,  records, and documents in their possession as reasonably requested by the 280G Firm, and  otherwise cooperate with the 280G Firm, in connection with the preparation and issuance of the  determinations and calculations contemplated by this Section 4. For purposes of making the  calculations required by this Section 4, the 280G Firm may rely on reasonable, good faith  interpretations concerning the application of Code Sections 280G and 4999.  5. Claims Procedures.   (a) Initial Claim. If the Employee believes the Employee is entitled to a  payment under this Agreement that has not been received, the Employee may submit a written  claim for benefits to the following contact (the "Administrator") within 60 days after the  Employee's Qualifying Termination:  Amerant Bancorp Inc. – Attn. Chair of the Compensation Committee c/o EVP, Chief  Human Resources Officer Human Resources or any of its successors.  220 Alhambra Circle, Coral Gables, FL 33134  If the Employee's claim is denied, in whole or in part, the Employee will be furnished  with written notice of the denial within 90 days after the Administrator's receipt of the  Employee's written claim, unless special circumstances require an extension of time for  processing the claim, in which case a period not to exceed 180 days will apply. If such an  extension of time is required, written notice of the extension will be furnished to the Employee  before the termination of the initial 90-day period and will describe the special circumstances  requiring the extension, and the date on which a decision is expected to be rendered. Written  notice of the denial of the Employee's claim will contain the following information:  (i) the specific reason or reasons for the denial of the Employee's  claim;  (ii) references to the specific Agreement provisions on which the  denial of the Employee's claim was based;  (iii) a description of any additional information or material required by  the Administrator to reconsider the Employee's claim (to the extent applicable)  and an explanation of why such material or information is necessary; and   (iv) a description of this Agreement's review procedures and time  limits applicable to such procedures, including a statement of the Employee's  

 

5  right to bring a civil action under Section 502(a) of ERISA following a claim  denial on review.  (b) Appeal of Denied Claims. If the Employee's claim is denied and the Employee wishes to submit a request for a review of the denied claim, the Employee or  the Employee's authorized representative must follow the procedures described below:  (i) Upon receipt of the denied claim, the Employee (or the Employee's authorized representative) may file a request for review of the claim in writing  with the Administrator. This request for review must be filed no later than 60 days  after the Employee has received written notification of the denial.   (ii) The Employee has the right to submit in writing to the Administrator any comments, documents, records or other information relating to  the Employee's claim for benefits.   (iii) The Employee has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents, records  and other information that is relevant to the Employee's claim for benefits.   (iv) The review of the denied claim will take into account all comments, documents, records and other information that the Employee  submitted relating to the Employee's claim, without regard to whether such  information was submitted or considered in the initial denial of the Employee's  claim.   (c) Administrator's Response to Appeal. The Administrator will provide the Employee with written notice of its decision within 60 days after the Administrator's  receipt of the Employee's written claim for review. There may be special circumstances  which require an extension of this 60-day period. In any such case, the Administrator will  notify the Employee in writing within the 60-day period and the final decision will be  made no later than 120 days after the Administrator's receipt of the Employee's written  claim for review. The Administrator's decision on the Employee's claim for review will  be communicated to the Employee in writing and will clearly state:  (i) the specific reason or reasons for the denial of the Employee's claim;  (ii) reference to the specific Agreement provisions on which the denial of the Employee's claim is based;  (iii) a statement that the Employee is entitled to receive, upon request and free of charge, reasonable access to, and copies of, this Agreement and all  documents, records and other information relevant to the Employee's claim for  benefits; and   

 

6  (iv) a statement describing the Employee's right to bring an action under Section 502(a) of ERISA.  (d) Exhaustion of Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under this  Agreement. As to such claims and disputes:  (i) no claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights under this Agreement under Section  502 or Section 510 of ERISA or under any other provision of law, whether or not  statutory, until these claims procedures have been exhausted in their entirety; and  (ii) in any such legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations as to whether the  claim, or a request for a review of a denied claim, was timely filed) shall be  afforded the maximum deference permitted by law.  (e) Attorney's Fees. Subject to Section 21, the Company and the Employee shall bear their own attorneys' fees incurred in connection with any disputes between  them.  6. Amendment and Termination. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed  by the Employee and by an individual authorized by the Bank Board and the Company Board (or  successors thereto). This Agreement can only be terminated during the Term by written  agreement by the parties; provided that, the Company may unilaterally determine to not extend  the Term pursuant to the notice provisions under Section 1 of this Agreement.  7. At-Will Employment. The Agreement does not alter the status of the Employee as an at-will employee of the Company. Nothing contained herein shall be deemed to give the  Employee the right to remain employed by the Company or to interfere with the rights of the  Company to terminate the employment of the Employee at any time, with or without Cause.  8. Effect on Other Agreements and Benefits. (a) Any severance benefits payable to the Employee under this Agreement will be: (i) reduced by any severance benefits to which the Employee would otherwise be  entitled under any general severance policy or severance plan maintained by the Company or any  agreement between the Employee and the Company that provides for severance benefits (unless  the policy, plan or agreement expressly provides for severance benefits to be in addition to those  provided under this Agreement); and (ii) reduced by any severance benefits to which the  Employee is entitled by operation of a statute or government regulations.  

 

7  (b) Any severance benefits payable to the Employee under this Agreement will not be counted as compensation for purposes of determining benefits under any other benefit  policies or plans of the Company, except to the extent expressly provided therein.  9. Mitigation and Offset. If the Employee obtains other employment, such other employment will not affect the Employee's rights or the Company's obligations under this  Agreement. The Company may reduce the amount of any severance benefits otherwise payable  to or on behalf of the Employee by the amount of any obligation of the Employee to the  Company, and the Employee shall be deemed to have consented to such reduction.  10. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this  Agreement. If any provision of this Agreement is held by a court of competent jurisdiction to be  illegal, invalid, void or unenforceable, such provision shall be deemed modified, amended and  narrowed to the extent necessary to render such provision legal, valid and enforceable, and the  other remaining provisions of this Agreement shall not be affected but shall remain in full force  and effect.  11. Headings and Subheadings. Headings and subheadings contained in this Agreement are intended solely for convenience and no provision of this Agreement is to be  construed by reference to the heading or subheading of any section or paragraph.  12. Unfunded Obligations. The amounts to be paid to the Employee under this Agreement are unfunded obligations of the Company. The Company is not required to segregate  any monies or other assets from its general funds with respect to these obligations. The  Employee shall not have any preference or security interest in any assets of the Company other  than as a general unsecured creditor.  13. Successors. The Agreement will be binding upon any successor to the Company, its assets, its businesses or its interest (whether as a result of the occurrence of a Change in  Control or otherwise), in the same manner and to the same extent that the Company would be  obligated under this Agreement if no succession had taken place. In the case of any transaction in  which a successor would not by the foregoing provision or by operation of law be bound by this  Agreement, the Company shall require any successor to the Company to expressly and  unconditionally assume this Agreement in writing and honor the obligations of the Company  hereunder, in the same manner and to the same extent that the Company would be required to  perform if no succession had taken place. All payments and benefits that become due to the  Employee under this Agreement will inure to the benefit of the Employee's heirs, assigns,  designees or legal representatives.    14. Transfer and Assignment. Neither the Employee nor any other person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate  or convey any amounts payable under this Agreement prior to the date that such amounts are  

 

8  paid, except that, in the case of the Employee's death, such amounts shall be paid to the  Employee's beneficiaries.  15. Waiver. Any party's failure to enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions, nor  prevent any party from thereafter enforcing each and every other provision of this Agreement.  16. Governing Law. To the extent not pre-empted by federal law, this Agreement shall be construed in accordance with and governed by the laws of Florida without regard to  conflicts of law principles. Any action or proceeding to enforce the provisions of this Agreement  will be brought only in a state or federal court of competent jurisdiction in the Federal Southern  District of Florida, and each party consents to the venue and jurisdiction of such court. The  parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the  defense of inconvenient forum to the maintenance of any such action or proceeding in such  venue.  17. Clawback. Any amounts payable under this Agreement are subject to any policy (whether in existence as of the Effective Date or later adopted) established by the Company  providing for clawback or recovery of amounts that were paid to the Employee. The Company  will make any determination for clawback or recovery in its sole discretion and in accordance  with any applicable law or regulation.  18. Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any  withholding tax obligation it may have under any applicable law or regulation.  19. Section 409A. (a) The Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and administered in accordance with Section  409A of the Code. Notwithstanding any other provision of this Agreement, payments provided  under this Agreement may only be made upon an event and in a manner that complies with  Section 409A of the Code or an applicable exemption. Any payments under this Agreement that  may be excluded from Section 409A of the Code either as separation pay due to an involuntary  separation from service or as a short-term deferral shall be excluded from Section 409A of the  Code to the maximum extent possible. For purposes of Section 409A of the Code, each  installment payment provided under this Agreement shall be treated as a separate payment. Any  payments to be made under this Agreement upon a termination of employment shall only be  made upon a "separation from service" under Section 409A of the Code. Notwithstanding the  foregoing, the Company makes no representations that the payments and benefits provided under  this Agreement comply with Section 409A of the Code and in no event shall the Company be  liable for all or any portion of any taxes, penalties, interest or other expenses that may be  incurred by the Employee on account of non-compliance with Section 409A of the Code.  

 

9  (b) Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Employee in connection with the Employee's Qualifying Termination is  determined to constitute "nonqualified deferred compensation" within the meaning of Section  409A of the Code and the Employee is determined to be a "specified employee" as defined in  Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the  first payroll date to occur following the six-month anniversary of the Qualifying Termination or,  if earlier, on the Employee's death (the "Specified Employee Payment Date"). The aggregate of  any payments that would otherwise have been paid before the Specified Employee Payment Date  and interest on such amounts calculated based on the applicable federal rate published by the  Internal Revenue Service for the month in which the Employee's separation from service occurs  shall be paid to the Employee in a lump sum on the Specified Employee Payment Date and  thereafter, any remaining payments shall be paid without delay in accordance with their original  schedule.   (c) To the extent required by Section 409A of the Code, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the  following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided,  during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind  benefits to be provided, in any other calendar year; and (ii) any right to reimbursements or in- kind benefits under this Agreement shall not be subject to liquidation or exchange for another  benefit.  20. Arbitration. Subject to Section 5(d), any dispute, controversy or claim arising out of or related to this Agreement shall be submitted to and decided by binding arbitration  conducted before one arbitrator sitting in the State of Florida, in accordance with the rules for  resolution of employment disputes of JAMS. The determination of the arbitrator shall be made  within thirty days following the close of the hearing on any dispute or controversy and shall be  final and binding on the parties, unless otherwise agreed by the parties. The Company maintains  its rights to pursue and enforce its rights and remedies at law or in equity, including temporary  and permanent injunctive relief and restraining orders. To the extent permitted by applicable law  and the applicable arbitration rules, the non-prevailing party shall reimburse the prevailing party  for all reasonable fees of professionals and experts and other costs and fees incurred by the  prevailing party in connection with any dispute resolution (whether it be litigation or arbitration)  relating to the interpretation or enforcement of any provision of this Agreement.   21. Acknowledgement of Full Understanding. EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS FULLY READ, UNDERSTANDS AND  VOLUNTARILY ENTERS INTO THIS AGREEMENT. EMPLOYEE ACKNOWLEDGES  AND AGREES THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS  AND CONSULT WITH AN ATTORNEY OF EMPLOYEE'S CHOICE BEFORE SIGNING  THIS AGREEMENT  [Signatures on following page]  

 

10  IN WITNESS WHEREOF, Employee and the undersigned duly authorized officers of the  Bank and the Company have executed this Agreement as of the date first above written.  _________________________________   [Employee name]  AMERANT BANK, N.A.  By:______________________________  NAME:  TITLE:  AMERANT BANCORP, INC.  By:_____________________________  NAME:  TITLE:  

 

11  EXHIBIT A  DEFINITIONS  "Accrued Amounts" includes: (i) any accrued but unpaid base salary and any accrued  but unused vacation, in each case as of the date of the Qualifying Termination; (ii)  reimbursement for unreimbursed business expenses properly incurred by the Employee prior to  the date of the Qualifying Termination; (iii) employee benefits, if any, as to which the Employee  may be eligible under the Bank's and the Company's employee benefit plans as of the Qualifying  Termination Date; provided that, in no event will the Employee be eligible for any payments in  the nature of severance or termination payments except as specifically provided under this  Agreement; (iv) any rights, if any, to indemnification provided under Florida or Texas law, as  applicable, the terms and conditions of the Bank's and the Company's articles of association or  incorporation and/or by-laws, and if applicable the Bank's and the Company's standard  indemnification agreement for directors and officers as executed by the Bank or the Company  and the Employee, and Directors' and Officers' insurance policies (that the Company may hold as  of the Effective Date or in the future).  "Bank Board" means the Board of Directors of the Bank.  "Cause" means and of the following: (i) the Employee's willful failure to perform  Employee's material duties (other than any such failure resulting from incapacity due to physical  or mental illness); (ii) the Employee's willful failure to comply with any valid and legal directive  of the Company Board or of the Bank Board or the office to whom the Employee reports; (iii)  the Employee's engagement in dishonesty, illegal conduct or misconduct, which is, in each case,  materially injurious to the Company or its affiliates; (iv) Employee's embezzlement,  misappropriation or fraud, whether or not related to the Employee's employment with the  Company, the Bank or any Subsidiary; (v) the Employee's commission of or plea of guilty or  nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that  constitutes a misdemeanor involving moral turpitude; (vi) the Employee is or becomes a person  described in Federal Deposit Insurance Act ("FDI Act"), Section 19(a)(1)(A) who has not  received the Federal Deposit Insurance Corporation's ("FDIC") prior consent to participate in the  Company's or any Subsidiary's affairs under the "FDIC Statement of Policy for Section 19 of the  FDI Act" or any successor thereto; (vii) the Employee's willful violation of a material policy or  code of conduct of the Company or any Subsidiary, including, but not limited to, any insider  trading policy or code of ethics; or (viii) the Employee's material breach of any material  obligation under any employment agreement or any other written agreement between the  Employee and the Company or any Subsidiary, including, but not limited to, any restrictive  covenant agreement.  Termination of the Employee's employment shall not be deemed to be for Cause unless  and until the Bank delivers to Employee a copy of a resolution duly adopted by the Bank Board  

 

12  and Company Board, finding that the Employee has engaged in the conduct described in any of  clauses (i) through (viii) above, after having afforded the Employee a reasonable opportunity  (i.e., within thirty (30) days of notice to Employee) to appear (with counsel) before the Bank  Board and the Company Board in all cases other than a termination pursuant to clauses (iv), (v)  and (vi). Except for a failure, breach or refusal which, by its nature, cannot reasonably be  expected to be cured, the Employee shall have thirty (30) days from the delivery of the resolution  within which to cure any acts constituting Cause; provided, however, that if the Bank reasonably  expects irreparable injury from a delay of thirty (30) days, the Bank may give the Employee  notice of such shorter period within which to cure as is reasonable under the circumstances,  which may include suspension, or the termination of the Employee's employment without notice  and with immediate effect. The Bank may place the Employee on paid leave for up to sixty (60)  days while it is determining whether there is a basis to terminate the Employee’s employment for  Cause, and any such action by the Bank will not constitute Good Reason.  "Change in Control" shall mean the occurrence of any of the following events:  (a) any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") becomes the beneficial owner (within the meaning of Rule 13d-3  promulgated under the Exchange Act) of 35% or more of either (i) the then-outstanding shares of  the Company's common stock of any class (the "Outstanding Company Common Stock") or (ii)  the combined voting power of the then-outstanding Voting Securities (the "Outstanding  Company Voting Securities"); provided, however, that, for purposes of this definition, the  following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from  the Company, (2) any acquisition by the Company which reduces the number of Outstanding  Company Voting Securities and thereby results in any person acquiring beneficial ownership of  more than 35% of the Outstanding Company Voting Securities; provided, that, if after such  acquisition by the Company such person becomes the beneficial owner of additional Company  Voting Securities that increases the percentage of outstanding Company Voting Securities  beneficially owned by such person, a Change in Control of the Company shall then occur, (3)  any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the  Company or any Subsidiary, (4) an acquisition by an underwriter temporarily holding securities  pursuant to a bona fide public offering of such securities, (5) an acquisition pursuant to a  Business Combination (as defined in paragraph (c) below), or (6) a transaction (other than the  one described in paragraph (c) below) in which Company Voting Securities are acquired from  the Company, if a majority of the Incumbent Directors (defined below) approve a resolution  providing expressly that the acquisition pursuant to this clause (6) does not constitute a Change  in Control of the Company under this paragraph (a); or (7) any acquisition pursuant to a  transaction that complies with paragraph (c) below;  (b) individuals who as of the Effective Date, constitute the Company Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Company Board;  provided, however, that any individual becoming a director subsequent to the Effective Date  whose election, or nomination for election by the Stockholders was approved by a vote of at least  a majority of the directors then comprising the Incumbent Board (either by specific vote or by  

 

13  approval of the proxy statement of the Company in which such individual is named as a nominee  for director, without objection to such nomination) shall be considered as though such individual  was a member of the Incumbent Board, but excluding, for this purpose, any such individual  whose initial assumption of office occurs as a result of an actual or threatened election contest  with respect to the election or removal of directors or other actual or threatened solicitation of  proxies or consents by or on behalf of a Person other than the Company Board;  (c) consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its Subsidiaries, a sale or other  disposition of all or substantially all of the assets of the Company in one or a series of  transactions, or the acquisition of assets or securities of another entity by the Company or any of  its Subsidiaries (each a "Business Combination"), in each case unless, following such Business  Combination, (i) all or substantially all of the individuals and entities that were the beneficial  owners of the Outstanding Company Common Stock and the Outstanding Company Voting  Securities immediately prior to such Business Combination beneficially own, directly or  indirectly, more than 50% of the then-outstanding shares of voting common stock (or, for a non- corporate entity, equivalent securities) and the combined voting power of the then-outstanding  Voting Securities, as the case may be, of the entity resulting from such Business Combination  (including, without limitation, an entity that, as a result of such transaction, owns the Company  or all or substantially all of the Company's assets either directly or through one or more  Subsidiaries) in substantially the same proportions as their ownership immediately prior to such  Business Combination of the Outstanding Company Common Stock and the Outstanding  Company Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting  from such Business Combination or any employee benefit plan (or related trust) of the Company  or such entity resulting from such Business Combination) beneficially owns, directly or  indirectly, 25% or more of, respectively, the then-outstanding shares of common stock (or, for a  non-corporate entity, equivalent securities) of the entity resulting from such Business  Combination or the combined voting power of the then-outstanding voting securities of such  entity, except to the extent that such ownership existed prior to the Business Combination, and  (iii) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the Company Board providing for such Business Combination; or (d) approval by the Stockholders of a complete liquidation or dissolution of the Company.  A Change in Control shall not occur unless such transaction constitutes a change in the  ownership of the Company, a change in effective control of the Company, or a change in the  ownership of a substantial portion of the Company's assets under Code Section 409A.  "COBRA" means the Consolidated Omnibus Budget Reconciliation Act of 1985.  

 

14  "COBRA Continuation Period" means the earliest of: (a) the 12-month anniversary of  the date of the Qualifying Termination; (b) the date that the Employee is no longer eligible to  receive COBRA continuation coverage; and (c) the date on which the Employee either receives   or becomes eligible to receive substantially similar coverage from another employer.  "Code" means the Internal Revenue Code of 1986, as amended. Any reference to a  section of the Code shall be deemed to include a reference to any regulations promulgated  thereunder.  "Company" means Amerant Bancorp Inc., a Florida corporation, and any successor  thereto.  "Company Board" means the Board of Directors of the Company.  "Covered Period" means the period of time beginning on the first occurrence of a  Change in Control and lasting through the 24-month anniversary of the occurrence of the Change  in Control.   "Equity Plan" means the Amerant Bancorp Inc. 2018 Equity and Incentive  Compensation Plan (as amended or amended and restated from time to time).  "ERISA" means the Employee Retirement Income Security Act of 1974, as amended.  "Exchange Act" means the Securities and Exchange Act of 1934, as amended.  "Good Reason" shall mean the occurrence of any of the following, in each case during  the Covered Period, and without the Employee's written consent: (i) a material reduction in the  Employee's base salary; (ii) a relocation of the Employee's principal place of employment by  more than fifty (50) miles; (iii) any material breach by the Company of any material provision of  any agreement between the Employee and the Company as currently in effect; or (iv) a material  diminution in the Employee's title, duties or responsibilities (other than temporarily while  Employee is physically or mentally incapacitated).  Employee cannot terminate Employee's employment for Good Reason unless the  Employee has provided written notice to the Company of the existence of the circumstances  providing grounds for termination for Good Reason within sixty (60) days of the initial existence  of such grounds and the Company has had at least thirty (30) days from the date on which such  notice is provided to cure such circumstances. If the Employee does not terminate the  Employee's employment for Good Reason within one hundred eighty (180) days after the first  occurrence of the applicable grounds, then the Employee will be deemed to have waived the  Employee's right to terminate for Good Reason with respect to such grounds.  "Stockholder" shall have the same meaning as ascribed under the Company's Equity  Plan.  

 

15  "Subsidiary" shall have the same meaning as ascribed under the Company's Equity Plan.

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