Document:

EX-10.8

 Exhibit 10.8 

RBB Bancorp 
 2017
Omnibus Stock Incentive Plan 
 Stock Appreciation Rights Award Agreement 

 Contents 
  

 
  

							
	 Article 1.
	  	 Grant and Vesting of SAR
	  	 	3	 
	 Article 2.
	  	 Exercise and Payment of Appreciation
	  	 	4	 
	 Article 3.
	  	 Termination Provisions
	  	 	4	 
	 Article 4.
	  	 Change in Control
	  	 	5	 
	 Article 5.
	  	 Dividends
	  	 	6	 
	 Article 6.
	  	 Rights of the Participant
	  	 	6	 
	 Article 7.
	  	 Withholding
	  	 	6	 
	 Article 8.
	  	 Adjustment
	  	 	6	 
	 Article 9.
	  	 Nontransferability
	  	 	7	 
	 Article 10.
	  	 Administration
	  	 	7	 
	 Article 11.
	  	 Miscellaneous
	  	 	7	 

 RBB Bancorp 

2017 Omnibus Stock Incentive Plan 

Stock Appreciation Rights Award Agreement 

You have been selected to be a participant in the RBB Bancorp 2017 Omnibus Stock Incentive Plan (the “Plan”), as specified below: 

 

			
	Participant:
                                        

	
	Total Number of Stock Appreciation Rights:              shares
		
	Date of Grant:	 	                    
		
	Date of Expiration:	 	                    
		
	Grant Price:	 	                    

 THIS AGREEMENT (the “Agreement”) effective
                    , represents the grant of Stock Appreciation Rights (“SARs”) by RBB Bancorp, a California corporation (the
“Company”), to the Participant named above, pursuant to the provisions of the Plan. SARs represent the right to receive the aggregate dollar value of appreciation (“Appreciation”) in the Fair Market Value, as defined in the Plan,
of the Company’s Common Stock on the number of shares (the “Granted Shares”) set forth above. The Appreciation shall be completed by multiplying (A) the excess, if any of (i) the Fair Market Value of a share of Stock on the
Exercise Date (as defined below), over (ii) the Fair Market Value of a share of Stock on the Grant Date (the “Grant Price”), times (B) the number of Granted Shares exercised. The Appreciation may be payable by the Company in
cash, shares of Stock, or any combination thereof, as determined in this Agreement, or preclude the right of the Participant to receive and the Company to issue shares of Stock or other equity securities in lieu of cash. This SAR is in all respects
limited and conditional as hereinafter provided, and is subject to the terms and conditions of the Plan. 
 The Plan provides a complete
description of the terms and conditions governing the SARs. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this
Agreement. 
 All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

 The parties hereto agree as follows: 
  

	Article 1.	Grant and Vesting of SAR 

 This Agreement evidences the Company’s grant to the
Participant as of the Grant Date, the right to exercise, on the terms and conditions described in this Agreement and in the Plan, all or a portion of the SAR, and become entitled to payment of the Appreciation with respect to the exercised portion
of the SAR. The 

  
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SAR shall become exercisable if, and only if, the employee is employed by the Company at all times from the Grant Date through the relevant vesting date pursuant to the following schedule: 

 

			
	 Cumulative Percentage of

Shares Exercisable
	  	 Vesting Date

	     %
	  	[INSERT DATE]
	     %
	  	[INSERT DATE]
	     %
	  	[INSERT DATE]

 The SAR shall vest and become fully exercisable upon termination of employment as a result of Death,
Disability or attainment of Normal Retirement Age, as defined in the Plan. This SAR shall expire at 5:00 p.m., pacific standard time, on the      anniversary of the Grant Date (the “Expiration Date”). 

 

	Article 2.	Exercise and Payment of Appreciation 

 Upon exercise of all or a portion of this SAR as
required by the Company, the Participant shall be paid that number of shares of Stock equal to the quotient of (i) the Appreciation applicable to the number of Granted Shares to which this SAR is exercised divided by (ii) the Fair Market
Value of a share of Stock on the date such notice was received by the Company (the “Exercise Date”), less any shares of Stock withheld to satisfy obligations for the payment of withholding taxes and other tax obligations relating to this
SAR, as specified in Article 7. The shares of Stock so determined shall be registered in the name of the person or persons so exercising this SAR (or, if this SAR shall be exercised by the Participant and if the Participant shall so request in the
notice exercising this SAR, shall be registered in the name of the Participant and the Participant’s spouse, jointly, with right of survivorship or a trust established by the Participant for estate planning purposes) and shall be delivered as
provided above to or upon the written order of the person or persons exercising this SAR. In the event this SAR is exercised by any person or persons after the legal disability or Death of the Participant, such notice shall be accompanied by
appropriate proof of the right of such person or persons to exercise this SAR. All shares of Stock that shall be delivered upon the exercise of this SAR as provided herein shall be fully paid and
non-assessable by the Company. 
  

	Article 3.	Termination Provisions 

 Except as provided below, a Participant shall be eligible for
payment of awarded SAR only if the Participant’s employment with the Company continues through the end of the Performance Period. 

(a)    Effect of Termination of Employment or Service. This SAR shall terminate upon or following the
Participant’s termination of employment with the Company and its Subsidiaries as follows: 
 (i)     In the event
the Participant’s employment terminates for any reason other than Death, Disability, Cause or Retirement, then the Participant may at any time within three (3) months after his or her termination of employment, exercise this SAR to the
extent, and only to the extent, the SAR or portion thereof was exercisable at the date of such termination. 
 (ii)
    In the event the Participant’s employment terminates, other than as a result of Death, Disability, Normal Retirement or Cause, and the Participant returns to employment with the Company within three (3) months after
the termination, the termination will have no effect on the SAR and the Participant shall have the same number of shares and the same vesting schedule set forth in this Agreement. 

(iii)     In the event the Participant’s employment terminates as a result of Disability, then the Participant may at
any time within one (1) year after such termination exercise such SAR. 
 (iv)     In the event the
Participant’s employment terminates for Cause, the SAR shall terminate immediately and no rights thereunder may be exercised. 

(v)    In the event the Participant dies (x) within three (3) months after termination as described in clause
(i) above, then, to the extent it is not exercisable, the SAR shall become immediately and fully exercisable; or (y) within one (1) year after termination as a result of Disability as described in clause (iii) above or Retirement
under clause (vi) below, then the SAR may be exercised at any time 

  
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within one (1) year after the Participant’s Death by the person or persons to whom the Participant’s rights pass by transfer or Beneficiary Designation, as the case may be, or,
absent such a transfer or Beneficiary Designation, as the case may be, by the person or persons to whom such rights under the SAR shall pass by will or the laws of descent and distribution. 

(vi)     In the event the Participant terminates employment as a result of Retirement, the Participant may at any time
within one (1) year after termination of service by reason of Retirement, exercise such SARs to the extent, and only to the extent, the SAR or portion thereof was exercisable at the date of such termination. 

 

	Article 4.	Change in Control 

 Notwithstanding anything herein to the contrary, upon a Change in
Control, the Participant shall be entitled to exercise all of the SAR shares that such Participant is awarded under this Agreement. Shares or cash shall be paid out to the Participant within thirty (30) days of the effective date of the Change
in Control. 
 “Change in Control” of the Company shall be deemed to have occurred (as of a particular day, as specified by the
Board) upon the occurrence of any of the following events: 
  

	 	(a)	The acquisition in a transaction or series of transactions by any Person of Beneficial Ownership of thirty percent (30%) or more of the combined voting power of the then outstanding shares of common stock of the
Company; provided, however, that for purposes of this Agreement, the following acquisitions will not constitute a Change in Control: (A) any acquisition by the Company; (B) any acquisition of common stock of the Company by an underwriter
holding securities of the Company in connection with a public offering thereof; and (C) any acquisition by any Person pursuant to a transaction which complies with subsections (c) (i), (ii) and (iii), below; 

 

	 	(b)	Individuals who, as of             , 20     [same date as this Agreement] are members of the Board (the “Incumbent Board”), cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that if the election, or nomination for election by the Company’s common shareholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of
the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the Exchange Act) or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest;

  

	 	(c)	 Consummation, following shareholder approval, of a reorganization, merger, or consolidation of the Company and/or
its subsidiaries, or a sale or other disposition (whether by sale, taxable or non-taxable exchange, formation of a joint venture or otherwise) of fifty percent (50%) or more of the assets of the Company and/or
its subsidiaries (each a “Business Combination”), unless, in each case, immediately following such Business Combination, (i) all or substantially all of the individuals and entities who were beneficial owners of shares of the common
stock of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding shares of the entity resulting from the Business
Combination or any direct or indirect parent corporation thereof (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one
(1) or more subsidiaries)(the “Successor Entity”); (ii) no Person (excluding any Successor entity or any employee benefit plan or related trust, of the Company or such Successor Entity) owns, directly or indirectly, thirty percent
(30%) or more of the combined voting power of the then outstanding shares of common stock of the Successor Entity, except to the extent that such ownership existed prior to such Business Combination; and (iii) at least a majority of the members
of the Board of 

  
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Directors of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof were members of the Incumbent Board at the time of the execution of the
initial agreement or action of the Board providing for such Business Combination; or 

  

	 	(d)	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company, except pursuant to a Business Combination that complies with subsections (c) (i), (ii), and (iii) above.

  

	 	(e)	A Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Common Stock as a
result of the acquisition of Common Stock by the Company which, by reducing the number of shares of Common Stock then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in
Control would occur (but for the operation of this sentence) as a result of the acquisition of Common Stock by the Company, and after such stock acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Common
Stock which increases the percentage of the then outstanding Common Stock Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

  

	 	(f)	A Change in Control shall not be deemed to occur unless and until all regulatory approvals required in order to effectuate a Change in Control of the Company have been obtained and the transaction constituting the
Change in Control has been consummated. 

  

	Article 5.	Dividends 

 All dividends and other distributions paid with respect to the shares of
Common Stock shall accrue for the benefit of the Participant to be paid out to the Participant pursuant to Article 8. 
  

	Article 6.	Rights of the Participant 

 No Participant shall be deemed for any purpose to be the
owner of any Granted Shares subject to any SAR unless and until (a) the SAR shall have been exercised pursuant to the terms thereof, (b) the Company shall have issued and delivered the shares of Stock to the Participant and (c) the
Participant’s name shall have been entered as a stockholder of record on the books of the Company. Thereupon, the Participant shall have full voting, dividend and other ownership rights with respect to such Granted Shares. 

 

	Article 7.	Withholding 

 Subject to limitations set forth in the Plan, the Company shall have the
right to deduct from any distribution of shares of Stock to any Participant, an amount equal to the federal, state and local income taxes and other amounts as may be required by law to be withheld (the “Withholding for Taxes”) with respect
to any SAR. If a Participant is entitled to receive shares of Stock upon exercise of a SAR, the Participant shall pay the Withholding for Taxes to the Company prior to the issuance of such shares of Stock. Notwithstanding the preceding sentence, all
or any portion of the taxes required to be withheld by the Company or, if permitted by the Board, desired to be paid by the Participant, in connection with the exercise of a SAR, at the election of the Participant, may be paid by the Company by
withholding shares of Stock otherwise issuable or subject to a SAR. Any such election is subject to such conditions or procedures as may be established by the Board and may be subject to disapproval by the Board. 

 

	Article 8.	Adjustment 

 If the outstanding shares of Stock or other securities of the Company, or
both, for which a SAR is then exercisable or as to which a SAR is to be settled shall at any time be changed or exchanged by declaration of a stock dividend, stock split or reverse stock split, combination of shares, recapitalization, or
reorganization, the number and kind of shares of common stock or other securities which are subject to the Plan or subject to any SARs theretofore granted, and the exercise or settlement prices of such SARs, shall be automatically appropriately and
equitably adjusted so as to maintain the proportionate number of 

  
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shares or other securities without changing the aggregate exercise or settlement price; provided, however, that such adjustment shall be made only to the extent that such adjustment will not
affect the status of a SAR which was intended to qualify as “performance based compensation” under Internal Revenue Code section 162(m) at the time of grant. If the Company recapitalizes or otherwise changes its capital structure, or
merges, consolidates, sells all of its assets or dissolves (each of the foregoing a “Fundamental Change”), then thereafter upon any exercise of a SAR theretofore granted, the Participant shall be entitled to purchase under such SAR, in
lieu of the number of shares of Stock as to which such SAR shall then be exercisable, the number and class of shares of stock, securities, cash, property or other consideration to which the Participant would have been entitled pursuant to the terms
of the Fundamental Change if, immediately prior to such Fundamental Change, the Participant had been the holder of record of the number of shares of Stock as to which such SAR is then exercisable. 

 

	Article 9.	Nontransferability 

 SARs may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, a Participant’s rights under the Plan shall be exercisable during the
Participant’s lifetime only by the Participant or the Participant’s legal representative. 
  

	Article 10.	Administration 

 This Agreement and the rights of the Participant hereunder are subject
to all the terms and conditions of the Plan, as the same may be amended from time to time by the Board of Directors, as well as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the
Board is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, in its sole discretion, all of which shall be binding upon the Participant. 

Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan. 

 

	Article 11.	Miscellaneous 

  

	 	(a)	The selection of any employee for participation in the Plan shall not give such Participant any right to be retained in the employ of the Company. The right and power of the Company to dismiss or discharge any
Participant at-will, is specifically reserved. Such Participant or any person claiming under or through the Participant shall not have any right or interest in the Plan or any Award thereunder, unless and
until all terms, conditions, and provisions of the Plan that affect such Participant have been complied with as specified herein. 

  

	 	(b)	The Board may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Participant’s rights under this Agreement
without the Participant’s written consent. 

  

	 	(c)	Participant shall not have voting rights with respect to the SARs. Participant shall obtain voting rights upon the settlement of SARs and distribution into shares of common stock of the Company. 

 

	 	(d)	The Participant may defer such Participant’s receipt of the payment of cash and the delivery of shares of common stock, that would otherwise be due to such Participant by virtue of the SAR, pursuant to the rules of
the RBB Bancorp Nonqualified Deferred Compensation Plan and the procedures set forth by the Board. If the Participant elects to defer the receipt of the award, the Participant will be required to pay any necessary taxes from their own funds. They
will not be allowed to have their deferred award reduced for tax withholding. 

  

	 	(e)	This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

  
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	 	(f)	To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of California. 

 

	 	(g)	Any awards received by Participant are subject to the provisions of the Stock Ownership Guidelines approved by the Board of Directors. 

The following parties have caused this Agreement to be executed effective as of
                    . 
  

			
	RBB BANCORP
		
	By:	 	  

		 	Chairman of the Board
		
	By:	 	  

		 	Secretary
	
	  

	Participant

  
 8EX-10.9

 Exhibit 10.9 

RBB Bancorp 
 2017
Omnibus Stock Incentive Plan 
 Deferred Share Award 

This Deferred Share Award is made to
                     this      day of             ,
20    , by RBB BANCORP, a California corporation. 
 W I T N E S S E T H: 

WHEREAS, the Company has adopted RBB Bancorp Omnibus Stock Incentive Plan which is administered by the Board; and 

WHEREAS, Executive is an officer and employee of the Company eligible to receive an award of Deferred Shares under the Plan; and 

WHEREAS, the Board conducted its annual review of the Executive’s performance and compensation and approved equity awards for the
Executive at its                      meeting, 

NOW, THEREFORE, the Board makes an award of Deferred Shares under the Plan to Executive pursuant to the following terms and conditions: 

1.     Definitions. As used herein, the following terms shall be defined as set forth below: 

(a)     “Award” means the Deferred Share Award to Executive, as set forth herein, and as may be amended as
provided herein. 
 (b)     “Board” means the Company’s Board of Directors. 

(c)     “Cause” means that Executive has been convicted of a felony involving theft or moral turpitude, or
engaged in conduct that constitutes willful gross neglect or willful gross misconduct with respect to Executive’s employment duties which results in material economic harm to the Company; provided, however, that for purposes of determining
whether conduct constitutes willful gross misconduct, no act on Executive’s part shall be considered “willful” unless it is done by Executive in bad faith and without reasonable belief that his action was in the best interests of the
Company; Cause shall not be deemed to exist for purposes of this Award unless: (1) a determination that Cause exists is made and approved by the Board, (2) Executive is given at least thirty (30) days’ written notice of the Board
meeting called to make such determination, and (3) Executive and his legal counsel are given the opportunity to address such meeting. 

(d)     “Change in Control” of the Company shall be deemed to have occurred (as of a particular day, as
specified by the Board) upon the occurrence of any of the following events: 
 (i)    The acquisition in a transaction
or series of transactions by any Person of Beneficial Ownership of thirty percent (30%) or more of the combined voting power of 

  
 1 

 
the then outstanding shares of common stock of the Company; provided, however, that for purposes of this Agreement, the following acquisitions will not constitute a Change in Control: 

(A) any acquisition by the Company; (B) any acquisition of common stock of the Company by an underwriter holding securities of the Company in connection
with a public offering thereof; and (C) any acquisition by any Person pursuant to a transaction which complies with subsections (iii) (a), (b) and (c), below; 

(ii)    Individuals who, as of             ,
20     are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the election, or nomination for election by the
Company’s common shareholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of
the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as
described in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”)
including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; 

(iii)    Consummation, following shareholder approval, of a reorganization, merger, or consolidation of the Company
and/or its subsidiaries, or a sale or other disposition (whether by sale, taxable or non-taxable exchange, formation of a joint venture or otherwise) of fifty percent (50%) or more of the assets of the Company
and/or its subsidiaries (each a “Business Combination”), unless, in each case, immediately following such Business Combination, (a) all or substantially all of the individuals and entities who were beneficial owners of shares of the
common stock of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more that fifty percent (50%) of the combined voting power of the then outstanding shares of the entity resulting from the Business
Combination or any direct or indirect parent corporation thereof (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one
(1) or more subsidiaries)(the “Successor Entity”); (b) no Person (excluding any Successor entity or any employee benefit plan or related trust, of the Company or such Successor Entity) owns, directly or indirectly, thirty percent
(30%) or more of the combined voting power of the then outstanding shares of common stock of the Successor Entity, except to the extent that such ownership existed prior to such Business Combination; and (c) at least a majority of the members
of the Board of Directors of the entity resulting from such Business Combination or any direct or indirect parent corporation thereof were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board
providing for such Business Combination; or 
 (iv)    Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company, except pursuant to a Business Combination that complies with subsections (iii) (a), (b), and (c) above. 

(v)    A Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”)
acquired Beneficial Ownership of more than the permitted amount of the then outstanding Common Stock as a result of the acquisition of Common Stock by the Company which, by reducing the number of shares of Common Stock then outstanding, increases
the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Common Stock by the Company, and after such
stock acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Common Stock which increases the percentage of the then outstanding Common Stock Beneficially Owned by the Subject Person, then a Change in Control
shall occur. 

  
 2 

 (vi)    A Change in Control shall not be deemed to occur unless and until
all regulatory approvals required in order to effectuate a Change in Control of the Company have been obtained and the transaction constituting the Change in Control has been consummated. 

(e)     “Code” means the Internal Revenue Code of 1986, as amended. 

(f)     “Company” means RBB Bancorp, a California corporation, with offices at 660 South Figueroa Street, Suite
1888, Los Angeles, California 90017. 
 (g)     “Deferred Shares” means the award of the Company’s common
stock to Executive set forth in Section 2. 
 (h)     “Executive” means
                    . 

(i)    “Disability” means Executive’s inability to substantially perform his duties under the Employment
Agreement, with reasonable accommodation, as evidenced by a certificate signed either by a physician mutually acceptable to the Company and Executive or, if the Company and Executive cannot agree upon a physician, by a physician selected by
agreement of a physician designated by the Company and a physician designated by Executive; provided, however, that if such physicians cannot agree upon a third physician within thirty (30) days, such third physician shall be designated by the
American Arbitration Association. 
 (j)     Employment Agreement” means that certain employment agreement entered
into between the Company and Executive effective as of                     . 

(k)     “Grant Date” means
                    . 
 (l)
    “Latest Deferral Date” means the date that is twelve (12) months prior to the date on which the Deferred Shares vest, or such earlier date as may be designated by the Company in order to satisfy the deferral
election requirements of Code Section 409A. 
 (m)    “Plan” means RBB Bancorp Omnibus Stock Incentive Plan,
as amended from time to time. 
 (n)     “Retirement” means termination of employment with the Company and its
subsidiaries on or after Executive’s attainment of age                      (    ) and having at least
                  (    ) years of continuous service with the Company and its subsidiaries. 

2.     Deferred Shares Award. Company hereby grants to Executive an award of Deferred Shares under the Plan for
             (                    ) shares of the no par value common stock of the
Company, subject to the conditions set forth herein. 
 (a)     Vesting. The Deferred Shares shall vest and
become transferable: [OPTION #1: on the fifth anniversary of the Grant Date; provided that, except as provided in Section 2(d), Executive is employed by the Company or an Affiliate on the vesting date.] [OPTION #2: twenty-five percent (25%) on the
third anniversary of the Grant Date, an additional twenty-five percent (25%) on the sixth anniversary of the Grant Date and the remaining fifty percent (50%) on the date Executive attains age sixty-two (62),
provided that, except as provided in Section 2(d), Executive is employed by the Company or an Affiliate on the vesting date.] 

  
 3 

 (b)     Delivery of Shares. Unless Executive has elected to defer
receipt of the Deferred Shares in accordance with Section 2(c), and except as otherwise provided in Section 2(d), the Company shall cause a stock certificate representing the vested portion of the Deferred Shares to be transferred to Executive as
soon as practicable after each vesting date. 
 (c)     Deferral. Executive may elect in writing on or before the
Latest Deferral Date to defer the issuance of all or a part of such vested Deferred Shares. Any such election shall: (1) specify the date of issuance for the Deferred Shares, which shall not be earlier [USE WITH OPTION #1 VESTING: than the
tenth anniversary of the Grant Date] [USE WITH OPTION #2 VESTING: than the fifth anniversary of the vesting date set forth in Section 2(a)] or such other minimum deferral period as may be designated by the Company in order to satisfy the deferral
election requirements of Code Section 409A, and (2) comply with all other applicable deferral election requirements of Code Section 409A. 

(d)     Termination of Employment; Change in Control. Upon termination of Executive’s employment for any
reason other than Retirement before the Deferred Shares have vested, all unvested shares shall be forfeited. Notwithstanding the foregoing, if (1) Executive, upon fifteen (15) days’ prior written notice, terminates his employment for
Good Reason, (2) Executive’s employment terminates due to death or Disability, or (3) a Change in Control occurs while Executive is employed by the Company, any Deferred Shares that have not yet vested shall immediately vest and,
unless Executive has elected pursuant to Section 2(c) to defer issuance to a later date, the Company shall issue such Deferred Shares to Executive within ten (10) days after the termination of Executive’s employment. Upon employment
termination due to Retirement, all Deferred Shares that have not lapsed as of the date of Executive’s Retirement shall continue to vest according to the vesting schedule set forth in Section 2(a) and, unless Executive has elected pursuant to
Section 2(c) to defer issuance to a later date, the Company shall issue such Deferred Shares to Executive as soon as practicable after the Deferred Shares vest. Notwithstanding anything in this Section 2(d) to the contrary, the Deferred Shares shall
not be issued to Executive until six (6) months after his termination of employment to the extent required by Code Section 409A(a)(2)(B)(i). 

3.     Limitation of Rights; Dividend Equivalents. Executive shall not have any right to transfer any rights under
the Deferred Shares except as permitted by Section 4, shall not have any rights of ownership of the shares of the Company’s common stock subject to the Deferred Shares before the issuance of such shares, and shall not have any right to
vote such shares. Executive, however, shall receive a cash payment equal to the cash dividends paid on shares underlying outstanding Deferred Shares when cash dividends are paid to shareholders of the Company. 

4.     Transferability. Except as otherwise provided in this Section 4, the Deferred Shares shall not be sold,
pledged, assigned, hypothecated, transferred or disposed of in any manner, whether by the operation of law or otherwise. Executive may transfer the Deferred Shares, in whole or in part, to a spouse or lineal descendant (a “Family Member”),
a trust for the exclusive benefit of Executive and/or Family Members, a partnership or other entity in which all the beneficial owners are Executive and/or Family Members, or any other entity affiliated with Executive that may be approved by the
Board (a “Permitted Transferee”). Subsequent transfers of the Deferred Shares shall be prohibited except in accordance with this Section 4. All terms 

  
 4 

 
and conditions of the Deferred Shares, including provisions relating to the termination of Executive’s employment with the Company, shall continue to apply following a transfer made in
accordance with this Section 4. Any attempted transfer of the Deferred Shares prohibited by this Section 4 shall be null and void. 

5.     Adjustments. The number of shares covered by the Deferred Shares and, if applicable, the kind of shares
covered by the Deferred Shares shall be adjusted to reflect any stock dividend, stock split, or combination of shares of the Company’s Common Stock. In addition, the Board may make or provide for such adjustment in the number of shares covered
by the Deferred Shares, and the kind of shares covered the Deferred Shares, as the Board in its sole discretion may in good faith determine to be equitably required in order to prevent dilution or enlargement of Executive’s rights that
otherwise would result from (a) any exchange of shares of the Company’s Common Stock, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation,
spin-off, spin-out, split-off, split-up, reorganization, partial or complete liquidation
or other distribution of assets (other than a normal cash dividend), issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event
of any such transaction or event, the Board may provide in substitution for the Deferred Shares such alternative consideration as it may in good faith determine to be equitable under the circumstances and may require in connection therewith the
surrender of the Deferred Shares so replaced. 
 6.     Fractional Shares. The Company shall not be required to
issue any fractional shares pursuant to this Award, and the Board may round fractions down. 
 7.
    Withholding. Executive shall pay all applicable federal, state and local income and employment taxes (including taxes of any foreign jurisdiction) which the Company is required to withhold at any time with respect to
the Deferred Shares and any cash dividend equivalents paid thereon. Such payment shall be made in full, at Executive’s election, in cash or check, by withholding from the Executive’s next normal payroll check, or by the tender of Deferred
Shares payable under this Award. Deferred Shares tendered as payment of required withholding shall be valued at the closing price per share of the Company’s common stock on the date such withholding obligation arises. 

8.    No Impact on Other Benefits and Employment. This Award shall not confer upon Executive any right with respect
to continuance of employment or other service with the Company and shall not interfere in any way with any right that the Company would otherwise have to terminate Executive’s employment at any time, subject to the terms of the Employment
Agreement. Nothing herein contained shall affect Executive’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employment plan or program of the Company or
any of its subsidiaries nor constitute an obligation for continued employment. 
 9.     Plan Provisions. In
addition to the terms and conditions set forth herein, this award of Deferred Shares is subject to and governed by the terms and conditions set forth in the Plan, which is hereby incorporated by reference. Unless the context otherwise requires,
capitalized terms used in this Award and not otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the provisions of the Award and the Plan, the Plan shall control. 

  
 5 

 10.     Notice. Any written notice required or permitted by this Award
shall be mailed, certified mail (return receipt requested) or hand-delivered, addressed to Company’s President at Company’s corporate headquarters in Visalia, California, or to Executive at his most recent home address on record with the
Company. Notices are effective upon receipt. 
 11.     Miscellaneous. 

(a)     Limitation of Rights. The granting of the award of Deferred Shares shall not give Executive any rights to
similar grants in future years or any right to be retained in the employ or service of the Company or to interfere in any way with the right of the Company to terminate Executive’s services at any time or the right of Executive to terminate his
or her services at any time. 
 (b)     Claim and Review Procedures. The claim and review procedures established
by the Company are incorporated herein by reference. 
 (c)     Rights Unsecured. The Company shall remain the
owner of all amounts deferred by Executive pursuant to Section 2(c) and Executive shall have only Company’s unfunded, unsecured promise to pay. The rights of Executive hereunder shall be that of an unsecured general creditor of the Company, and
Executive shall not have any security interest in any assets of the Company. 
 (d)     Limitation of Actions.
Any lawsuit with respect to any matter arising out of or relating to this Award must be filed no later than one (1) year after the date that the Company denies the claim made by Executive or any earlier date that the claim otherwise accrues.

 (e)     Offset. The Company shall have the right to deduct from amounts otherwise payable under this Award all
amounts owed by Executive to Company and its affiliates to the maximum extent permitted by applicable law. 
 (f)
    Controlling Law. This Award shall be governed by, and construed in accordance with, the laws of the State of California (without giving effect to the choice of law principles) and any action arising out of or related
thereto shall be brought in the Tulare County Superior Court. 
 (g)    Severability. If any term, provision,
covenant or restriction contained in the Award is held by a court or a federal regulatory agency of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions contained in the
Award shall remain in full force and effect, and shall in no way be affected, impaired or invalidated. 
 (h)
    Construction. The Award contains the entire understanding between the parties and supersedes any prior understanding and agreements between them representing the subject matter hereof, except that this Award shall be
subject to the terms and conditions set forth in the Employment Agreement between Executive and Company, if any. There are no representations, agreements, arrangements or understandings, oral or written, between and among the parties hereto relating
to the subject matter hereof which are not fully expressed herein. 

  
 6 

 (i)     Headings. Section and other headings contained in the Award
are for reference purposes only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of the Award or any provision hereof. 

(j)     Code Section 409A. This Award is intended to satisfy all applicable requirements of Code Section 409A and
shall be construed accordingly. The Company in its discretion may delay the issuance of Deferred Shares, impose conditions on the timing and effectiveness of any deferral election made by Executive, or take any other action it deems necessary to
comply with the requirements of Code Section 409A, including amending the Award, without Executive’s consent, in any manner it deems necessary to cause the Award to comply with the applicable requirements of Section 409A. 

The undersigned, Chairman of the Company’s Board of Directors and the Company’s Secretary, have executed this Award effective as of
                    . 
  

			
	 THE BOARD OF DIRECTORS OF
 RBB
BANCORP

		
	By:	 	  

		 	Chairman of the Board
		
	By:	 	  

		 	Secretary of the Company

  
 7

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