Document:

ex_116612.htm

Exhibit 4.4: Form of Stock Option Agreement

 

FORM OF

 

STOCK OPTION AWARD AGREEMENT

 

OTTAWA BANCORP, INC. 2018 EQUITY INCENTIVE PLAN

 

This Stock Option Grant is awarded to _______________ (the “Participant”) by Ottawa Bancorp, Inc. (the “Company”) as of __________________ (the “Grant Date”), the date the Committee of the Board of Directors of the Company (the “Committee”) granted the Participant the right and option to purchase ________________Shares pursuant to the Ottawa Bancorp, Inc. 2018 Equity Incentive Plan (the “Plan”), subject to the terms and conditions of the Plan and this Award Agreement:

 

	Type of Option(s):	 	___ Incentive Stock Option (ISO)
	 	 	____ Non-Qualified Stock Option (NQO)
	Shares Subject to the ISO Portion	 	 
	of this Stock Option Award:	 	______________shares of Common Stock.
	 	 	 
	Shares Subject to the NQO Portion	 	 
	of this Stock Option Award:	 	___________ shares of Common Stock.
	 	 	 
	Date of Grant:	 	_______________, 20____
	 	 	 
	Exercise Price:	 	$________
	 	 	 
	Expiration Date:	 	_______________, unless sooner as set forth in this Award Agreement
	 	 	 
	Vesting Schedule: 	 	Unless sooner vested in accordance with Section 2 of the Terms and Conditions (attached hereto) the Options shall vest (become exercisable) in accordance with the following schedule:

          

	 	ISO Schedule	 	NQO Schedule
	 	Installment	Vesting Date	 	Installment	Vesting Date

          

 

         

 

IN WITNESS WHEREOF, Ottawa Bancorp, Inc., acting by and through the Committee, has caused this Award Agreement to be executed as of the Grant Date set forth above.

 

	
			 

				
			OTTAWA BANCORP, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			On behalf of the Committee

				
			 

			
	
			Accepted by Participant:

				
			 

				
			 

				
			 

			
	 	 	 	 
	___________________________	 	 	 
	Date:_______________________	 	 	 

 

 

 

 

TERMS AND CONDITIONS

 

	
			1.

				
			Grant of Option. The Grant Date, Exercise Price and number of Shares subject to your Option are stated on page 1 of this Award Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.

			

 

	
			2.

				
			Vesting of Options. The Option shall vest (become exercisable) in accordance with the vesting schedule shown on page 1 of this Award Agreement. Notwithstanding the vesting schedule on page 1, the Option will also vest and become exercisable upon your death or Disability during your Continuous Status as a Participant upon a Change in Control.

			

 

	
			3.

				
			Term of Options and Limitations on Right to Exercise. The term of the Option will be for a period of ten (10) years, expiring at 5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the “Expiration Date”). To the extent not previously exercised, the vested portion of your Option will lapse prior to the Expiration Date upon the earliest to occur of the following circumstances:

			

 

	 	
			(a)

				
			Three (3) months after the termination of your Continuous Status as a Participant for any reason other than your death or Disability.

			

	 	
			(b)

				
			Twelve (12) months after termination of your Continuous Status as a Participant by reason of Disability.

			

	 	
			(c)

				
			Twelve (12) months after the date of your death, if you die while employed, or during the three-month period described in subsection (a) above or during the twelve-month period described in subsection (b) above and before the Option would otherwise lapse. Upon your death, your beneficiary (designated pursuant to the terms of the Plan) may exercise your Option.

			

	 	
			(d)

				
			At the end of the remaining original term of the Option if your employment is involuntarily or constructively terminated within twelve (12) months of a Change in Control.

			

 

	 	If you or your beneficiary exercises an Option after your termination of service, the Option may be exercised only with respect to the Shares that were otherwise vested on the date of your termination of service.
	 	 
	
			4.

				
			Exercise of Option. You may exercise your Option by providing:

			

 

	 	
			(a)

				
			a written notice of intent to exercise to the address and in the form specified by the Committee from time to time; and

			

	 	
			(b)

				
			payment to the Company in full for the Shares subject to the exercise (unless the exercise is a cashless exercise). Payment for the Shares can be made in cash, Company common stock (“stock swap”), a combination of cash and Company common stock or by means of a cashless exercise (if permitted by the Committee).

			

 

	
			5.

				
			Beneficiary Designation. You may, in a manner determined by the Committee, designate a beneficiary to exercise your rights under the Plan and to receive any distribution with respect to this Option upon your death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of this Award Agreement and the Plan, and to any additional restrictions deemed necessary or appropriate by the Committee. If you have not designated a beneficiary or none survives you, the Option may be exercised by the legal representative of your estate, and payment shall be made to your estate. You may change or revoke a beneficiary designation at any time provided the change or revocation is filed with the Company.

			

 

 

 

 

	
			6.

				
			Withholding. The Company or any employer Affiliate has the authority and the right to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy federal, state, and local (if any) withholding taxes and employment taxes (i.e., FICA and FUTA).

			

 

	
			7.

				
			Limitation of Rights. This Option does not confer on you or your beneficiary designated pursuant to Paragraph 5 any rights as a shareholder of the Company unless and until the Shares are in fact issued in connection with the exercise of the Option. Nothing in this Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate your employment at any time, nor confer upon you any right to continue in the service of the Company or any Affiliate.

			

 

	
			8.

				
			Restrictions on Transfer and Pledge. You may not pledge, encumber, or hypothecate your right or interest in this Option to or in favor of any party other than the Company or an Affiliate, and this Option shall not be subject to any lien, obligation, or liability of the Participant to any other party other than the Company or an Affiliate. You may not assign or transfer this Option other than by will or the laws of descent and distribution or pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Option under the Plan; provided, however, that the Committee may (but need not) permit other requested transfers. Only you or any permitted transferee may exercise this Option during your lifetime.

			

 

	
			9.

				
			Plan Controls. The terms contained in the Plan are incorporated into and made a part of this Award Agreement and this Award Agreement shall be governed by and construed in accordance with the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Award Agreement, the provisions of the Plan will control.

			

 

	
			10.

				
			Successors. This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Award Agreement and the Plan.

			

 

	
			11.

				
			Severability. If any one or more of the provisions contained in this Award Agreement is invalid, illegal or unenforceable, the other provisions of this Award Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in this Award Agreement.

			

 

	
			12.

				
			Notice. Notices and communications under this Award Agreement must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to:

			

 

Ottawa Bancorp, Inc.

925 LaSalle Street

Ottawa, Illinois 61350

Attn: Corporate Secretary

 

	 	or any other address designated by the Company in a written notice to the Participant. Notices to you will be directed to your address, as then currently on file with the Company, or to any other address that you provide in a written notice to the Company.ex_116613.htm

Exhibit 4.5: Form of Restricted Stock Award Agreement 

 

FORM OF 

 

RESTRICTED STOCK AWARD AGREEMENT

 

OTTAWA BANCORP, INC. 2018 EQUITY INCENTIVE PLAN

 

This Award Agreement is provided to __________________(the “Participant”) by Ottawa Bancorp, Inc. (the “Company”) as of____________________, the date the Compensation Committee of the Board of Directors of the Company awarded the Participant a Restricted Stock Award pursuant to the Ottawa Bancorp, Inc. 2018 Equity Incentive Plan (the “Plan”), subject to the terms and conditions of the Plan and this Award Agreement (hereinafter referred to as the “Award”):

 

	1.	Number of shares subject 	 
	 	to your Restricted Stock Award:	________________ shares
	 	 	 
	2.	Grant Date:	_____________, 20___

                   

Time-Based

 

Unless sooner vested in accordance with the Terms and Conditions (attached hereto) or otherwise in the discretion of the Committee, the Company common stock underlying your Restricted Stock Award will vest in accordance with the schedule below, provided you are then still employed by or in service with Clifton Savings Bank or any Affiliate.

 

	
			Percentage of

			Shares Vesting

				Number of Shares Vesting	Vesting Date

 

 

 

 

Performance-Based

 

Unless sooner vested in accordance with the Terms and Conditions (attached hereto) or otherwise in the discretion of the Committee, the restrictions imposed under Section 2 of the Terms and Conditions will expire upon the satisfaction of the following performance criteria:

 

[Insert Performance Criteria]

 

In the event a Vesting Date falls on a weekend or Bank holiday, your Restricted Stock Award will vest on the next business day.

 

IN WITNESS WHEREOF, Ottawa Bancorp, Inc., acting by and through the Compensation Committee of the Board of Directors of the Company has caused this Award Agreement to be executed as of the date set forth above.

 

	
			 

				
			OTTAWA BANCORP, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			On Behalf of the Compensation Committees  

				
			 

			
	
			Accepted by Participant:

				
			 

				
			 

				
			 

			
	 	 	 	 
	___________________________________________________	 	 	 

 

 

 

 

TERMS AND CONDITIONS

 

The following terms and conditions apply to the Award:

 

1.      Award of Shares. Under the terms of the Plan, the Company has granted to the Participant an Award, effective on the Grant Date. To evidence the Award and the terms, conditions and restrictions thereof, the Company and the Participant have signed this Agreement.

 

2.      Award Restrictions. The unvested shares of Company common stock covered by this Award are subject to the following restrictions until they expire or terminate.

 

	 	
			(a)

				
			The Participant may not sell, transfer, exchange, assign, pledge, hypothecate or otherwise encumber Award Shares.

			
	 	 	 
	 	(b)	If the Participant’s service or employment with the Bank or any Affiliate terminates for any reason other than as set forth in Paragraph 3(b) below, the Participant will forfeit all rights, title and interest in and to the Award as of the date of termination, and the Award Shares will revert to the Company under the terms of the Plan.
	 	 	 
	 	(c)	Award Shares are subject to the vesting schedule set forth on Page 1 of this Award Agreement.

 

 The restrictions imposed under Section 2(a)-(c) will expire on the earliest to occur of the following:

 

	 	
			(a)

				
			On the respective dates, specified on Page 1 of this Award Agreement, provided you are then still in the service of the Company or an Affiliate; or

			
	 	 	 
	 	(b)	Upon termination of your service by reason of death or Disability; or
	 	 	 
	 	(c)	Upon a Change in Control (as defined in the Plan).

 

3.      Stock Issuance.

 

(a)     The Company shall issue the shares of Company common stock subject to this Award (the “Award Shares”) either: (i) in certificate form, (ii) in book-entry form or (iii) in trust, in each case with notations as to any restrictions on transfer imposed under this Agreement.

 

(b)     Any certificates representing any of the Award Shares shall be held by the Company (or as otherwise directed by the Company) until all restrictions with respect to any such Award Shares lapses (“Restricted Period”) or until the Award Shares are forfeited hereunder.

 

(c)     As soon as administratively practicable after the Restricted Period lapses for any of the Award Shares, the Company shall either remove the relevant notations for such Award Shares issued in book-entry form and deliver such shares as directed by the Participant or deliver to the Participant a certificate(s) evidencing the number of Award Shares as to which the Restricted Period has lapsed.

 

4.       Voting Rights. During the Restricted Period, the Participant may exercise full voting rights with respect to all of the Award Shares.

 

5.      Dividends and Other Distributions. During the Restricted Period, subject to Paragraph 10, all dividends and other distributions paid with respect to the Award Shares in the Company’s common stock shall be held by the Company until payable or forfeited pursuant hereto. Such stock dividends and other stock distributions shall be subject to the same restrictions on transferability and vesting as the Award Shares with respect to which they were paid and shall, to the extent vested, be paid when and to the extent the underlying Award Shares are vested and freed of restrictions. Unless otherwise determined by the Committee prior to the time a dividend is paid, dividends paid in cash shall be paid to the Participant at the same time as they are paid to other shareholders of the Company and shall not be subject to any restrictions under this Agreement.

 

 

 

 

6.      Forfeiture on Termination of Employment or Service. If the Participant’s employment or service with the Company and its Subsidiaries terminates for any reason prior to the end of the Restricted Period, subject to Paragraph 2, any portion of the Award Shares then subject to restrictions, then any Award Shares subject to restrictions at the date of such termination of the Participant’s employment or service shall be forfeited to the Company immediately upon such termination. For purposes of this Agreement, transfer of employment among the Company and its Subsidiaries shall not be considered a termination of employment.

 

7.      Withholding Taxes. The Company, or any of its Subsidiaries, shall have the right to retain and withhold the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to the Award Shares. The Committee may require the Participant or any successor in interest to pay or reimburse the Company, or any of its Subsidiaries, for any such taxes required to be withheld by the Company, or any of its Subsidiaries, and to withhold any distribution in whole or in part until the Company, or any of its Subsidiaries, is so paid or reimbursed. In lieu thereof, the Company, or any of its Subsidiaries, shall have the right to withhold from any other cash amounts due or to become due from the Company, or any of its Subsidiaries, to or with respect to Participant an amount equal to such taxes required to be withheld by the Company, or any of its Subsidiaries, to pay or reimburse the Company, or any of its Subsidiaries, for any such taxes or to retain and withhold a number of shares of the Company’s Common Stock having a market value not less than the amount of such taxes and cancel any such shares so withheld in order to pay or reimburse the Company, or any of its Subsidiaries, for any such taxes. Employee or any successor in interest is authorized to deliver shares of the Company’s Common Stock in satisfaction of minimum statutorily required tax withholding obligations.

 

8.     Plan. The Award is granted pursuant to the Plan and is subject to the terms thereof (including all applicable vesting, forfeiture, settlement and other provisions).

 

9.      Construction and Capitalized Terms. This Agreement shall be administered, interpreted and construed in accordance with the applicable provisions of the Plan. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides, or the context requires, otherwise.

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