Document:

Exhibit 10.13

 

RESTRICTED STOCK AWARD AGREEMENT

 

This Restricted Stock
Award Agreement (this “Agreement”) sets forth the terms of a Restricted Stock award granted on __________________
(the “Effective Date”) by Professional Holding Corp., a Florida corporation (the “Company”),
to _________________________ (the “Participant”). Capitalized terms used but not defined in this Agreement have
the meanings ascribed to them in the Professional Holding Corp. 2019 Equity Incentive Plan (the “Plan”).

 

RECITALS

 

A.       The
Company adopted Plan pursuant to which the Company may grant Restricted Stock awards to certain Employees, Consultants and Directors
or those persons expected to become Employees, Consultants or Directors.

 

B.       The
Committee has determined that it is in the best interests of the Company and its shareholders to grant Restricted Stock to the
Participant in accordance with the terms and conditions of this Agreement.

 

C.       Participant
wishes to accept such grant of Restricted Stock on the terms and subject to the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual promises set forth in this Agreement, and for other good and valuable consideration, the adequacy
of which is acknowledged by the parties’ execution of this Agreement, the Company and the Participant agree as follows:

 

1.      
Grant of Restricted Stock. Pursuant to Section 7 of the Plan, the Company has granted to the Participant on
the Effective Date a Restricted Stock award consisting of, in the aggregate, _____________ shares of Class A Voting Common Stock
of the Company, subject to the terms and conditions and subject to the restrictions set forth in this Agreement and the Plan. This
grant of Restricted Stock is made in consideration of the services rendered and to be rendered by the Participant to the Company.

 

2.      
Restricted Period; Vesting.

 

a.      
Vesting Schedule. Except as otherwise provided in this Agreement, provided that the Participant remains in Continuous
Service (as defined below) through the applicable vesting date, and further provided that any additional conditions and Performance
Goals set forth in Schedule A have been satisfied, if any, the Restricted Stock will vest in accordance with the
following schedule:

 

	Vesting Date	Shares of Class A Voting Common Stock
	 	 
	[DATE]	[NUMBER OR % OF SHARES]
	 	 
	[DATE]	[NUMBER OR % OF SHARES]
	 	 
	[DATE]	[NUMBER OR % OF SHARES]
	 	 
	[DATE] (the “Final Vesting Date”)	[NUMBER OR % OF SHARES]

 

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The period from the Effective
Date through the Final Vesting Date is referred to as the “Restricted Period.” For purposes of this Agreement,
 “Continuous Service” means that the Participant’s service with the Company, whether as an Employee, Consultant
or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Participant renders service to the Company as an employee, consultant or
director or a change in the entity for which the Participant renders such service, provided that there is no interruption
or termination of the Participant’s Continuous Service; and provided further that if any Award is subject to Section
409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. The Committee,
in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence
by the Participant, including sick leave, military leave or any other personal or family leave of absence.

 

b.      
Termination of Continuous Service. Except as set forth in this Agreement and subject to the Plan, the foregoing vesting
schedule notwithstanding, if the Participant’s Continuous Service terminates for any reason at any time before all of his
or her Restricted Stock has vested, the Participant’s unvested Restricted Stock shall be automatically forfeited upon such
termination of Continuous Service and the Company shall have no further obligations to the Participant under this Agreement. Neither
the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an Employee, Consultant
or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company
to terminate the Participant’s Continuous Service at any time, with or without Cause.

 

c.      
Change in Control. The foregoing vesting schedule notwithstanding, upon the occurrence of a Change in Control, 100%
of the unvested Restricted Stock shall vest as of the date of the Change in Control.

 

d.      
Death or Disability. The foregoing vesting schedule notwithstanding, if the Participant’s Continuous Service
terminates as a result of death or Disability of the Participant, then any unvested Restricted Stock that would have vested within
one (1) year from the date of termination (or within such other period as determined by the Committee) shall vest as of the date
of termination and all other unvested shares shall be automatically forfeited as of the date of termination.

 

e.      
Termination without Cause. The foregoing vesting schedule notwithstanding, if the Participant’s Continuous
Service terminates as a result of voluntary resignation by the Participant or termination by the Company without Cause, then any
unvested Restricted Stock that would have vested within thirty (30) days from the date of termination (or within such other period
as determined by the Committee) shall vest as of the date of termination and all other unvested shares shall be automatically forfeited
as of the date of termination.

 

		3.	Restrictions.

 

a.      
Transfer Restriction. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period,
the Restricted Stock or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted
Stock or the rights relating thereto during the Restricted Period shall be wholly ineffective and, if any such attempt is made,
the Restricted Stock will be forfeited by the Participant and all of the Participant’s rights to such shares shall immediately
terminate without any payment or consideration by the Company.

 

b.      
Effect of Prohibited Transfer. The Company shall not be required to (i) transfer on its books any shares of Restricted
Stock that have been transferred in violation of any of the provisions set forth in this Agreement, or (i) treat as owner of such
Restricted Stock or to pay dividends or other distributions to any transferee to whom any such Restricted Stock shall have been
so sold or transferred.

 

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		4.	Rights as a Shareholder; Dividends.

 

a.      
Shareholder Rights. The Participant shall be the record owner of the Restricted Stock (including unvested Restricted
Stock) granted under this Agreement until the shares are sold or otherwise disposed of, and shall be entitled to all of the rights
of a shareholder of the Company including, without limitation, the right to vote such shares and receive all dividends or other
distributions paid with respect to such shares. Notwithstanding the foregoing, (i) any dividends or other distributions shall be
subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid; and
(ii) any dividends or other distributions paid by the Company with respect to any shares of Restricted Stock shall accrue but shall
not be payable unless and until vesting of such Restricted Stock occurs, at which time the accumulated dividends shall be paid
by the Company.

 

b.      
Stock Certificates. The Company may, but need not, issue stock certificates or evidence the Participant’s interest
by using a restricted book entry account with the Company’s transfer agent.

 

c.      
Forfeiture. If the Participant forfeits any rights he or she has under this Agreement pursuant to Section 3, the
Participant shall, on the date of such forfeiture, no longer have any rights as a shareholder with respect to any unvested Restricted
Stock and shall no longer be entitled to vote or receive dividends on such shares.

 

5.      
Tax Liability and Withholding.

 

a.      
Payment of Taxes. The Participant shall be required to pay to the Company, and the Company shall have the right to
deduct from any compensation paid to the Participant pursuant to this Agreement, the amount of any required withholding taxes in
respect of the Restricted Stock granted under this Agreement and to take all such other action as the Committee deems necessary
to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Participant to satisfy any federal,
state or local tax withholding obligation by any of the following means, or by a combination of such means: (i) tendering a cash
payment; (ii) authorizing the Company to withhold shares from those otherwise issuable or deliverable to the Participant as a result
of the vesting of the Restricted Stock; provided, however, that no shares of Class A Voting Common Stock shall be withheld with
a value exceeding the minimum amount of tax required to be withheld by law; or (iii) delivering to the Company previously owned
and unencumbered shares of Class A Voting Common Stock.

 

b.      
Liability. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance,
payroll tax, or other tax-related withholding (the “Tax-Related Items”), the ultimate liability for all Tax-Related
Items is and remains the Participant’s responsibility and the Company (a) makes no representation or undertakings regarding
the treatment of any Tax-Related Items in connection with the grant or vesting of the Restricted Stock or the subsequent sale of
any shares; and (b) does not commit to structure the Restricted Stock to reduce or eliminate the Participant’s liability
for Tax-Related Items.

 

6.      
Section 83 Election. The Participant may make an election under Code Section 83(b) (a “Section 83(b)
Election”) with respect to the Restricted Stock granted under this Agreement. Any such election must be made within thirty
(30) days after the Effective Date. If the Participant elects to make a Section 83(b) Election, the Participant shall provide the
Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with
the U.S. Internal Revenue Service. The Participant agrees to assume full responsibility for ensuring that the Section 83(b) Election
is actually and timely filed with the U.S. Internal Revenue Service and for all tax consequences resulting from the Section 83(b)
Election.

 

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		7.	Compliance with Law.

 

a.      
Compliance. The issuance and transfer of shares of Restricted Stock granted under this Agreement shall be subject
to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws and with
all applicable requirements of any stock exchange on which the Company’s shares of Class A Voting Common Stock may be listed.
No shares of Restricted Stock granted under this Agreement shall be issued or transferred unless and until any then applicable
requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company
and its counsel. The Participant understands that the Company is under no obligation to register the shares of Class A Voting Common
Stock with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

 

b.      
Legend. A legend may be placed on any certificate(s) or other document(s) delivered to the Participant indicating
restrictions on transferability of the shares of Restricted Stock pursuant to this Agreement or any other restrictions that the
Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any
applicable federal or state securities laws or any stock exchange on which the shares of Class A Voting Common Stock are then listed
or quoted.

 

		8.	Miscellaneous.

 

a.      
Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant
or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant
and the Company. In the event of any inconsistency between the terms and conditions of this Agreement and any existing employment
agreement, service contract or other agreement between the Participant and the Company (each, a “Service Agreement”),
the terms and conditions of the Service Agreement shall control.

 

b.      
Restricted Stock Subject to the Plan. This Agreement is subject to the Plan as approved by the Company’s shareholders,
as the Plan may be amended from time to time, and the terms and provisions of the Plan, as it may be amended from time to time,
are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term
or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

 

c.      
Discretionary Nature of the Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company
at any time, in its discretion. The grant of the Restricted Stock in this Agreement does not create any contractual right or other
right to receive any Restricted Stock or other Awards in the future. Future Awards, if any, will be at the sole discretion of the
Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions
of the Participant’s employment or engagement with the Company.

 

d.      
No Impact on Other Benefits. The value of the Participant’s Restricted Stock granted under this Agreement is
not part of his normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar
employee benefit.

 

e.      
Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant
has read and understands the terms and provisions this Agreement and the Plan, and accepts the Restricted Stock granted under this
Agreement subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may
be tax consequences upon the grant or vesting of the Restricted Stock granted under this Agreement and/or the disposition of the
underlying shares and that the Participant has been advised to consult a tax advisor prior to such grant, vesting or disposition.

 

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f.       
Gunster, Yoakley & Stewart, P.A. Represents the Company. The Participant acknowledges and agrees that Gunster,
Yoakley & Stewart, P.A., a Florida professional association (“Gunster”) represents the Company and not the
Participant. Participant acknowledges that Gunster has not represented him or her in connection with this Agreement and that he
or she has been advised to engage legal counsel to advise him or her regarding this Agreement.

 

g.      
Further Instruments. The Company and the Participant agree to execute such further instruments and to take such further
action as may reasonably be necessary to carry out the intent of this Agreement.

 

h.      
Notices. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed
to the Chief Financial Officer of the Company at the Company’s principal corporate offices. Any notice required to be delivered
to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant’s address
as shown in the records of the Company. Either party may designate another address by delivering notice of such designation in
accordance with this Section.

 

i.       
Governing Law, Venue and Jurisdiction. This Agreement shall be governed in all respects by the laws of the State
of Florida without regard to conflicts-of-law principles. Any civil action or legal proceeding arising out of or relating to this
Agreement shall be brought in the courts of record of the State of Florida in Miami-Dade County, Florida. Each party consents to
the jurisdiction of such Florida court in any such civil action or legal proceeding and waives any objection to the laying of venue
of any such civil action or legal proceeding in such Florida court. Service of any court paper may be affected on such party by
mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws, rules of procedure or local
rules.

 

j.       
Assignment. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and
inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement,
this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the
person(s) to whom the Restricted Stock may be transferred by will or the laws of descent or distribution.

 

k.      
Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock granted
under this Agreement, prospectively or retroactively; provided, that, no such amendment, nor any amendment to the Plan, shall adversely
affect the Participant’s material rights under this Agreement without the Participant’s consent.

 

l.       
Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect
the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement
shall be severable and enforceable to the extent permitted by law.

 

m.    
Waiver. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver
of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance
and shall not be construed as a bar or waiver of any right on any other occasion.

 

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n.      
JURY WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF,
CONCERNS, OR RELATES TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT,
OR THE RELATIONSHIP CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL
BE TO A COURT OF COMPETENT JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT
OF THE COMPANY AND PARTICIPANT OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS
TO OR BY ANY OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS
JURY WAIVER PROVISION. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION GOVERNED
BY THIS AGREEMENT AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS SECTION.

 

o.      
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, and a complete
set of which, when taken together, shall constitute one and the same document. Confirmation of execution by electronic transmission
of a facsimile or .pdf signature page shall be binding, and each party hereby irrevocably waives any objection that it has or may
have in the future as to the validity of any such electronic transmission of a signature page.

 

p.      
Entire Agreement. This Agreement, together with the attached Schedule A and the Plan, constitutes the sole and entire
agreement of the parties with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter.

 

The Company and the
Participant have executed this Restricted Stock Award Agreement as of the Effective Date.

 

	COMPANY:	 	PARTICIPANT:
	 	 	 	 
	PROFESSIONAL HOLDING CORP.	 	[NAME]
	 	 	 	 
	By:		 	
	Name:	            	 	 
	Title: 		 	 

 

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Schedule A

 

Additional Conditions and Performance
Goals

 

    7Exhibit 10.14 

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (“Agreement”) is made as of _____________________, 20___, by and among PROFESSIONAL HOLDING
CORP., a registered bank holding company organized under the laws of the State of Florida (the “Company”),
PROFESSIONAL BANK, a bank chartered under the laws of the State of Florida (the “Bank”) and ____________________________________________
(“Indemnitee”).

 

RECITALS

 

WHEREAS, highly
competent persons have become more reluctant to serve corporations and banks as directors or in other capacities unless they are
provided with adequate protection through insurance, adequate indemnification, or both, against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation or bank;

 

WHEREAS, the
Company and the Bank have determined that, in order to attract and retain qualified individuals to serve as directors or in other
capacities, the Company and the Bank will attempt to maintain on an ongoing basis, at their sole expense, liability insurance to
protect persons serving, in any capacity, the Company, the Bank or any other part of the Enterprise (as hereinafter defined) from
certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based
corporations, banks and other business enterprises, the Company and the Bank believe that, given current market conditions and
trends, such insurance may be available in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations, banks or business enterprises are being increasingly subjected to expensive
and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against
the business enterprise itself. The Bylaws of the Company (the “Company Bylaws”) permit indemnification by the
Company of its officers and directors. The Bylaws of the Bank (the “Bank Bylaws”) require indemnification by
the Bank of its officers and directors. Indemnitee may also be entitled to indemnification pursuant to the Act (as hereinafter
defined). The Act expressly provides that the indemnification provisions set forth therein and in the Bank Bylaws are not exclusive,
and thereby contemplate that contracts may be entered into between the Company, the Bank and the members of their respective boards
of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the
Company and the Bank have determined that the increased difficulty in attracting and retaining such persons is detrimental to the
best interests of the Company and the Bank and that the Company and the Bank should act to assure such persons that there will
be increased certainty of such protection in the future;

 

WHEREAS, it
is reasonable, prudent and necessary for the Company and the Bank contractually to obligate themselves to indemnify, and to advance
expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve
the Company, the Bank, or both, free from undue concern that they will not be so indemnified;

 

    

     

    

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the indemnification provided in the Act, the Company Bylaws, the Bank Bylaws
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
is concerned that the protection available under the Company Bylaws, Bank Bylaws and insurance may not be adequate in the present
circumstances, and in consideration of serving as a director of the Company, the Bank or both, desires to be assured of adequate
protection, and the Company and the Bank desire Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue
to serve and to take on additional service for or on behalf of the Company and/or the Bank, on the condition that Indemnitee be
so indemnified.

 

NOW, THEREFORE,
in consideration of the premises and the covenants contained herein, the Company and the Bank, jointly and severally, and Indemnitee
do hereby covenant and agree as follows:

 

Section 1.               
Services to the Company, the Bank or Both. Indemnitee agrees to continue to serve as a director of the Company or
the Bank or both, as the case may be. Indemnitee may at any time and for any reason resign from such position or positions (subject
to any contractual or other obligation or any obligation imposed by operation of law), in which event the Company or the Bank,
as applicable, shall have no obligation under this Agreement to cause Indemnitee to continue to serve in such position. This Agreement
shall not be deemed an employment contract between the Company, the Bank (or any of their respective subsidiaries or any other
part of the Enterprise) and Indemnitee. Notwithstanding the foregoing, this Agreement shall continue in force after Indemnitee
has ceased to serve as a director of the Company or the Bank, as the case may be.

 

Section 2.               
Definitions.

 

As used in this Agreement:

 

(a)              
“Act” shall mean the Florida Business Corporation Act, as amended from time to time.

 

(b)              
“Bank” shall have the meaning in the preamble to this Agreement.

 

(c)              
“Bank Bylaws” shall have the meaning in the recitals to this Agreement.

 

(d)              
“Board” shall mean the Board of Directors of the Company or the Bank, as the case may be.

 

(e)              
“Company” shall have the meaning in the preamble to this Agreement.

 

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(f)               
“Company Bylaws” shall have the meaning in the recitals to this Agreement.

 

(g)              
“Corporate Status” describes the status of a person who is or was a director, officer, employee, agent
or fiduciary of the Company, the Bank or any other corporation, partnership or joint venture, trust, employee benefit plan or other
entity or enterprise which such person is or was serving at the request of the Company or the Bank.

 

(h)              
“Enterprise” shall mean the Company, the Bank and any other corporation, partnership, joint venture,
trust, employee benefit plan or other entity or enterprise of which Indemnitee is or was serving at the request of the Company
or the Bank as a director, officer, employee, agent, fiduciary, or any other capacity.

 

(i)                “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, paralegal
and investigative fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service
fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses
also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
The parties agree that for the purposes of any advancement of Expenses for
which Indemnitee has made written demand to the Company or the Bank, as the case may be, in accordance with this Agreement, all
Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed
conclusively to be reasonable.

 

(j)               
“FDI Act” shall mean the Federal Deposit Insurance Act, as amended from time to time.

 

(k)              
“Indemnitee” shall have the meaning in the preamble to this Agreement.

 

(l)              
“Losses” means any and all Expenses, damages, losses,
liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement,
including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt
of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a
witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Proceeding.

 

(m)            
“Part 359” shall mean Part 359 of the Rules and Regulations of the Federal Deposit Insurance Corporation,
as amended from time to time.

 

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(n)              
The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding
(including on appeal), whether brought in the right of the Company, the Bank or otherwise and whether of a civil, criminal, administrative
or investigative nature, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee
is or was a director of the Company, the Bank, or both, as the case may be, by reason of any action taken or omitted by him or
of any action on Indemnitee’s part while acting as director of the Company or the Bank, as the case may be, or by reason
of the fact that Indemnitee is or was serving at the request of the Company, the Bank, or both, as a director, officer, employee,
agent, fiduciary, or other capacity of another corporation, partnership, joint venture, trust, employee benefit plan or other entity
or enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement; except one initiated by Indemnitee
to enforce Indemnitee’s rights under this Agreement.

 

(o)              
“Prohibited Indemnification Payment” shall mean any payment (or any agreement or arrangement to make
any payment, including under this Agreement) by the Company or the Bank, as the case may be, for the benefit of Indemnitee, to
pay or reimburse Indemnitee for any civil money penalty or judgment resulting from any Proceeding instituted by any federal banking
agency, or any other liability or legal expense with regard to any Proceeding instituted by any federal banking agency which results
in a final order or settlement pursuant to which Indemnitee:

 

(i)              is
assessed a civil money penalty;

 

(ii)             is removed from office or prohibited from participating in the conduct of the affairs of the Company or the Bank; or

 

(iii)           
is required to cease and desist from or take any affirmative action described in section 8(b) of the FDI Act with respect
to the Company or the Bank;

 

provided, however, that “Prohibited
Indemnification Payment” shall not include any reasonable payment by the Company or the Bank:

 

(i)              used to purchase any commercial insurance policy or fidelity bond, provided that such insurance policy or bond shall not
be used to pay or reimburse Indemnitee for the cost of any judgment or civil money penalty assessed against Indemnitee in a Proceeding
commenced by any federal banking agency, but may be used to pay any Expenses incurred in connection with such Proceeding or the
amount of any restitution to the Company, the Bank or a receiver; or

 

(ii)             that
represents partial indemnification for Expenses specifically attributable to particular charges for which there has been a formal
and final adjudication or finding in connection with a settlement that Indemnitee has not violated certain banking laws or regulations
or has not engaged in certain unsafe or unsound banking practices or breaches of fiduciary duty (as more fully defined or described
in or pursuant to the FDI Act), unless the Proceeding has resulted in a prohibition against Indemnitee from participating in the
conduct of the affairs of the Company or the Bank, as the case may be.

 

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Section 3.               
Indemnity in Third-Party Proceedings. The Company or the Bank, as applicable, shall indemnify Indemnitee in accordance
with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding,
other than a Proceeding by or in the right of the Company or the Bank to procure a judgment in the favor of the Company or the
Bank or a Proceeding by a federal banking agency. Pursuant to this Section 3, Indemnitee shall be indemnified against all Losses
incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests
of the Company or the Bank, as applicable, and, in the case of a criminal action or proceeding, had no reasonable cause to believe
that Indemnitee’s conduct was unlawful. Indemnitee shall not enter into any settlement in connection with a Proceeding without
the prior written consent of the Company or the Bank, as applicable, which consent shall not be unreasonably withheld or delayed.

 

Section 4.               
Indemnity in Proceedings by or in the Right of the Company or the Bank. The Company or the Bank, as applicable, shall
indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party
to or a participant in any Proceeding by or in the right of the Company or the Bank to procure a judgment in favor of the Company
or the Bank. Pursuant to this Section 4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding or any claim, issue or matter therein, if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of
the Company or the Bank, as applicable. No indemnification for Expenses shall be made under this Section 4 in respect of any claim,
issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, the Bank, or both,
as the case may be, unless and only to the extent that the court in which the Proceeding was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification for such Expenses as such court shall deem proper.

 

Section 5.               
Indemnification in Proceeding by Federal Banking Agency. The Company or the Bank, as applicable, shall indemnify
Indemnitee in accordance with this Section 5 if Indemnitee is, or is threatened to be made, a party to or a participant in any
Proceeding initiated by any federal banking agency. Pursuant to this Section 5, Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with a Proceeding initiated by any
federal banking agency, or any claim, issue or matter therein, if the Board of the Company or the Bank, as applicable, in good
faith, determines and confirms in writing after due investigation and consideration (a) that Indemnitee acted in good faith and
in a manner Indemnitee believed to be in the best interests of the Company or the Bank, as the case may be; (b) that the indemnification
will not materially adversely affect the safety and soundness of the Company or the Bank, as the case may be; (c) that payment
of such indemnification does not constitute a Prohibited Indemnification Payment; and (d) Indemnitee agrees in writing to reimburse
the Company or the Bank, as applicable, for any indemnification payments or any portion thereof, which subsequently become Prohibited
Indemnification Payments (to the extent that the Company or the Bank, as the case may be, is not reimbursed for such payments by
any insurance policy or bonds).

 

    5

     

    

 

Section 6.               
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions
of this Agreement (but subject to Section 5 hereof), to the extent that Indemnitee is a party to or a participant in and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company
or the Bank, as applicable, shall indemnify Indemnitee against all Losses incurred by Indemnitee in connection therewith and no
standard of conduct determination (as set forth in Section 11) shall be required. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company or the Bank, as applicable, shall indemnify Indemnitee against all Losses incurred by Indemnitee or on
Indemnitee’s behalf in connection with (a) each successfully resolved claim, issue or matter and (b) any claim, issue or
matter related to any such successfully resolved claim, issue or matter, provided that no indemnification payment shall be made
if it would constitute a Prohibited Indemnification Payment and no standard of conduct determination (as set forth in Section 11)
shall be required. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 7.               
Indemnification For Losses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is not a party,
Indemnitee shall be indemnified against all Losses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith
and no standard of conduct determination (as set forth in Sections 11 and 12) shall be required.

 

Section 8.               
Additional Indemnification.

 

(a)              
Notwithstanding any limitation in Sections 3, 4, 5 or 6, the Company or the Bank, as applicable, shall indemnify Indemnitee
to the fullest extent permitted by law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including
a Proceeding by or in the right of the Company or the Bank, as applicable, to procure a judgment in its favor) against all Losses
incurred by Indemnitee in connection with the Proceeding.

 

(b)              
For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by law” shall include,
but not be limited to:

 

(i)              to
the fullest extent permitted by the provisions of the Act, Part 359, the FDI Act, and any other applicable statutes and regulations
that authorize or contemplate additional indemnification by agreement, or the corresponding provision of any amendment to or replacement
of the Act, Part 359 or the FDI Act, and

 

    6

     

    

 

(ii)             to the fullest extent authorized or permitted by any amendments to or replacements of the Act, Part 359 or the FDI Act adopted
after the date of this Agreement that increase the extent to which a corporation or a bank, as the case may be, may indemnify its
officers and directors.

 

Section 9.               
Exclusions. Notwithstanding any provision in this Agreement to the contrary, the Company and the Bank shall not be
obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)              
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b)              
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
or common law, to the extent applicable;

 

(c)              
for which payment is prohibited by applicable law, including without limitation Section 607.0850 of the Act.

 

Section 10.           
Advances of Expenses. The Company or the Bank, as applicable, shall advance, to the extent not prohibited by law,
the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within 30 days after
the receipt by the Company or the Bank, as applicable, of a statement or statements requesting such advances (which shall include
invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services,
any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable
law shall not be included with the invoice) from time to time, whether prior to or after final disposition of any Proceeding. Advances
shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses
and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement,
including the standard of conduct determination (as set forth in Section 11). Advances shall include any and all Expenses incurred
pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the
Company or the Bank, as applicable, to support the advances claimed. The Indemnitee shall qualify for advances upon the execution
and delivery to the Company and the Bank of this Agreement, which shall constitute an undertaking providing that the Indemnitee
undertakes to the fullest extent permitted by law to repay the advance if and to the extent that it is ultimately determined that
Indemnitee is not entitled to be indemnified by the Company or the Bank, as applicable. This Section 10 shall not apply to any
claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

    7

     

    

  

Section 11.           
Procedure for Notification and Defense of Claim.

 

(a)              
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company or the Bank, as applicable, a written
request therefor.

 

(b)               Indemnitee
requesting indemnification shall not participate in any way in the discussion and approval of indemnification; provided,
however, that Indemnitee may present Indemnitee’s request to the Board of the Company, the Bank, or both,
as applicable, and respond to any inquiries from the Board of the Company or the Bank, as applicable, concerning Indemnitee’s
involvement in the circumstances giving rise to the Proceeding.

 

(c)              
The Company or the Bank, as applicable, will be entitled to participate in the Proceeding at its own expense.

 

Section 12.           
Procedure Upon Application for Indemnification.

 

(a)              
Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in good faith by a majority vote of the directors of
the Company or the Bank, as applicable, not party to the action, suit or proceeding (the “disinterested directors”).
Such determination shall be contained in a written opinion, a copy of which shall be delivered to Indemnitee. If it is determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall cooperate with the disinterested directors making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any reasonable costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating
with the disinterested directors shall be borne by the Company or the Bank, as applicable (irrespective of the determination as
to Indemnitee’s entitlement to indemnification unless it is a Prohibited Indemnification Payment), and the Company and the
Bank, as applicable, hereby indemnify and agree to hold Indemnitee harmless therefrom.

 

(b)              
In the event that a majority of the Board of the Company or the Bank, as applicable, are, or threatened to be made, parties
to or participants to the Proceeding and request indemnification, the remaining members of the Board of the Company or the Bank,
as applicable, may authorize independent legal counsel to review the indemnification request and provide the remaining members
of the Board of the Company or the Bank, as applicable, with a written opinion of counsel as to whether Indemnitee is entitled
to indemnification. If independent legal counsel opines that Indemnitee is entitled to indemnification, the remaining members of
the Board of the Company or the Bank, as applicable, may rely on such opinion in authorizing the requested indemnification of Indemnitee.

 

    8

     

    

 

(c)              
In the event that all of the members of the Board of the Company or the Bank, as applicable, are named as respondents in
a Proceeding and request indemnification, the Board of the Company or the Bank, as applicable, shall authorize independent legal
counsel to review the indemnification request and provide the Board of the Company or the Bank, as applicable, with a written opinion
of counsel as to whether Indemnitee is entitled to indemnification. If independent legal counsel opines that Indemnitee is entitled
to indemnification, the Board of the Company or the Bank, as applicable, may rely on such opinion in authorizing the requested
indemnification of Indemnitee.

 

Section 13.           
Presumptions and Effect of Certain Proceedings.

 

(a)              
Except as otherwise provided in Section 2(o), the Company acknowledges that a settlement or other disposition short of final
judgment may be successful on the merits or otherwise for purposes of Section 6 if it permits a party to avoid expense, delay,
distraction, disruption and uncertainty. In the event that any Proceeding
to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration), it shall be
presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 6. The
Company shall have the burden of proof to overcome this presumption. 

 

(b)              
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
or the Board of the Company or the Bank, as applicable, or counsel selected by any committee of the Board of the Company or the
Bank, as applicable, or on information or records given or reports made to the Enterprise by an independent certified public accountant
or by an appraiser, investment banker or other expert selected with reasonable care by the Company, the Bank or the Board or any
committee of the Board of the Company or the Bank, as applicable. The provisions of this Section 13(b) shall not be deemed to be
exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard
of conduct set forth in this Agreement.

 

(c)              
The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section 14.           
Remedies of Indemnitee.

 

(a)              
Subject to Section 14(e), in the event that (i) a determination is made pursuant to Sections 11 and 12 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant
to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification has been made pursuant to Sections 11
and 12 of this Agreement within 30 days after receipt by the Company or the Bank, as applicable, of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Sections 6, 7 or 12 of this Agreement within ten (10) days after receipt
by the Company or the Bank, as applicable, of a written request therefor, or (v) payment of indemnification pursuant to Sections
3, 4, 5 or 8 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled
to indemnification, Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification
of Losses and advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration,
in which event Indemnitee and the Company shall each appoint one (1) arbitrator, and within twenty (20) days after the appointment
of the second arbitrator, the two (2) appointed arbitrators shall select a third arbitrator. No arbitrator shall be affiliated,
directly or indirectly, with Indemnitee, the Company or the Bank. The three arbitrators shall render a written decision upon the
matter presented to them by a majority vote. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration
within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section
14(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee
to enforce Indemnitee’s rights under Section 6 of this Agreement. The Company or the Bank, as applicable, shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    9

     

    

 

(b)              
In the event that a determination has been made pursuant to Sections 11 and 12 of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in
all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14, the Company or the Bank, as applicable,
shall have the burden of proving Indemnitee is not entitled to indemnification of Losses or advancement of Expenses, as the case
may be.

 

(c)              
If a determination has been made pursuant to Sections 11 and 12 of this Agreement that Indemnitee is entitled to indemnification,
the Company or the Bank, as applicable, shall be bound by such determination in any judicial proceeding or arbitration commenced
pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law.

 

(d)              
The Company and the Bank shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant
to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
in any such court or before any such arbitrator that the Company and the Bank are bound by all the provisions of this Agreement.
Except as otherwise provided in Section 2(o), the Company or the Bank, as applicable, shall indemnify Indemnitee against any and
all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company or the Bank, as applicable,
of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company or the
Bank, as applicable, under this Agreement or under any directors’ and officers’ liability insurance policies maintained
by the Company or the Bank, as applicable, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be.

 

    10

     

    

 

(e)              
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under
this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

Section 15.           
Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)              
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s Articles of Incorporation,
the Bank’s Articles of Incorporation, the Company Bylaws, the Bank Bylaws, any agreement, a vote of shareholders or a resolution
of directors of the Company or the Bank, as applicable, or otherwise. No amendment, alteration or repeal of this Agreement or of
any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in Florida law, Part 359 or the FDI Act, or other applicable law or regulations, whether by statute or judicial decision, permits
greater indemnification or advancement of Expenses than would be afforded under the Company’s Articles of Incorporation,
the Bank’s Articles of Incorporation, the Company Bylaws, the Bank Bylaws and this Agreement, it is the intent of the parties
hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

 

(b)              
For the duration of Indemnitee’s service as a director of the
Company and/or the Bank, and thereafter for as long as Indemnitee may be made a party
to or a participant in any Proceeding, the Company and the Bank shall use commercially
reasonable efforts (taking into account the scope and amount of coverage
available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’ liability
insurance providing coverage that is at least substantially comparable in scope and amount to the greater of that provided by the
directors’ and officers’ liability insurance maintained by the Company and the Bank (i) on the date of this Agreement,
and (ii) on the date the Proceeding is instituted.  In all policies of directors’
and officers’ liability insurance maintained by the Company and Bank, Indemnitee shall be named as an insured in such a manner
as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the directors of the Company
and the Bank, but only to the extent that payments pursuant thereto do not constitute Prohibited Indemnification Payments. Upon
request, the Company and Bank will provide to Indemnitee copies of all directors’ and officers’ liability insurance
applications, binders, policies, declarations, endorsements and other related materials. Upon receipt of a notice of a claim
pursuant to the terms hereof, the Company or the Bank, as applicable, shall give prompt notice of the commencement of such proceeding
to the insurers in accordance with the procedures set forth in the respective policies. The Company or the Bank, as applicable,
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts
payable as a result of such proceeding in accordance with the terms of such policies.

 

    11

     

    

 

(c)              
In the event of any payment under this Agreement, the Company and the Bank, as applicable, shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary
to secure such rights, including execution of such documents as are necessary to enable the Company or the Bank, as the case may
be, to bring suit to enforce such rights.

 

(d)              
The Company and the Bank shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
(or for which advancement is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received
such payment under any insurance policy, contract, agreement or otherwise.

 

(e)              
The Company and the Bank’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company or the Bank, as applicable, as a director, officer, employee or agent of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of Expenses from such other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise.

 

Section 16.           
Duration of Agreement. This Agreement shall continue during the period that
Indemnitee is a director or officer of the Company or the Bank, as applicable (or is serving at the request of the Company or Bank
as a director, officer, employee, member, trustee or agent of another entity or Enterprise) and shall continue thereafter (i) so
long as Indemnitee may be made a party to or a participant in any Proceeding and (ii) throughout the pendency of any Proceeding
commenced by Indemnitee to enforce or interpret Indemnitee’s rights under this Agreement, even if, in either case, Indemnitee
may have ceased to serve in such capacity at the time of any such Proceeding. This Agreement shall be binding upon the Company,
the Bank and their respective successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs,
permitted assigns, legal and personal representatives, executors and administrators.

 

Section 17.           
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

    12

     

    

 

Section 18.           
Enforcement.

 

(a)              
The Company and the Bank expressly confirm and agree that they have entered into this Agreement and assumed the obligations
imposed on them hereby in order to induce Indemnitee to serve as a director of the Company and/or the Bank, as applicable, and
the Company and the Bank acknowledge that Indemnitee is relying upon this Agreement in serving as a director of the Company and/or
the Bank, as applicable.

 

(b)               This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s Articles of
Incorporation, the Bank’s Articles of Incorporation, the Company Bylaws, the Bank Bylaws and applicable law, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 19.           
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

Section 20.           
Notice by Indemnitee. Indemnitee agrees promptly to notify the Company or the Bank, as applicable, in writing upon
being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding
or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so
notify the Company or the Bank, as applicable, shall not relieve the Company or the Bank, as applicable, of any obligation which
they may have to the Indemnitee under this Agreement or otherwise, except to the extent that the Company or the Bank, as applicable,
has been prejudiced in any material respect by such failure or from any liability that the Company or the Bank may have to Indemnitee
otherwise than under this Section 20.

 

Section 21.           
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given if (a) delivered by hand to whom said notice or other communication shall have been directed,
(b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed,
(c) mailed by reputable overnight courier to whom said notice or other communication shall have been directed, or (d) sent by facsimile
transmission with confirmation (electronic or otherwise) of receipt:

 

    13

     

    

 

(a)              If
to Indemnitee, at such address as Indemnitee shall provide to the Company;

 

(b)              If to the Company or the Bank, to:

 

Professional
Holding Corp.

396 Alhambra
Circle, Suite 255

Coral Gables,
FL 33134

Attn: Chief
Executive Officer

 

or to any other address as may have been
furnished to Indemnitee by the Company or the Bank.

 

Section 22.           
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company or the Bank, as applicable, in lieu of indemnifying
Indemnitee, shall, to the extent permitted under applicable law, contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating
to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company or the Bank, as applicable, and Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company
or the Bank, as applicable (and their respective directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s).

 

Section 23.           
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Florida, without regard to its conflict of laws rules,
except to the extent superseded by applicable Federal law. Except with respect to any arbitration commenced by Indemnitee pursuant
to Section 14(a) of this Agreement, the Company, the Bank and Indemnitee hereby irrevocably and unconditionally (i) agree that
any action or proceeding arising out of or in connection with this Agreement shall be brought only in a court of the State of Florida
in Miami-Dade County or the United States District Court, Southern District of Florida, and not in any other state or federal court
in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of such
Florida court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection
to the laying of venue of any such action or proceeding in such Florida court, and (iv) waive, and agree not to plead or to make,
any claim that any such action or proceeding brought in such Florida court has been brought in an improper or inconvenient forum.

 

Section 24.           
Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed
by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. Confirmation
of execution by electronic transmission of a facsimile signature page shall be binding upon any party so confirming.

 

    14

     

    

 

Section 25.           
Miscellaneous. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be
deemed to constitute part of this Agreement or to affect the construction thereof.

 

Section 26.           
JURY WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF,
CONCERNS, OR RELATES TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT,
OR THE RELATIONSHIP CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL
BE TO A COURT OF COMPETENT JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT
OF THE PARTIES TO THIS AGREEMENT OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL
REPRESENTATIONS TO OR BY ANY OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE
EFFECT OF THIS JURY WAIVER PROVISION. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION
GOVERNED BY THIS AGREEMENT AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS SECTION.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	 	Professional Holding Corp.
	 	 
	 	By:	 
	 	Print Name:	 
	 	Its:	 
	 	 
	 	Professional Bank
	 	 
	 	By:	 
	 	Print Name:	 
	 	Its:	 
	 	 
	 	INDEMNITEE:
	 	 
	 	By:	 
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    15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]