SEC Contract Filing

Filing Date: 2019-03-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>2
<FILENAME>ex_136590.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
<html>
<head>
	<title>ex_136590.htm</title>

	<!-- Created by RDG HTML Converter v1.1.0.0 3/5/2019 7:46:42 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/>
</head>
<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding: 0in 0.1in; cursor: auto;">
<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.11</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<div class="PGBRDR" style="border: 1px solid rgb(0, 0, 0); width: 98%; padding: 11px;">
<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>LIMESTONE BANCORP, INC.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>2018 OMNIBUS EQUITY COMPENSATION PLAN</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:center;"><b>Restricted Stock Award Agreement </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Limestone Bancorp, Inc. (&ldquo;Limestone&rdquo; &ldquo;&rdquo;) grants as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] (the &ldquo;Grant Date&rdquo;) to [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] (the &ldquo;Employee&rdquo; or &ldquo;you&rdquo;) the number of common shares of Limestone set forth below under the Limestone Bancorp, Inc. 2018 Omnibus Equity Compensation Plan (the &ldquo;Plan&rdquo;). A copy of the Plan is attached, and any capitalized terms used but not defined in this Agreement shall have the meaning given them in the Plan.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><font style="font-variant:small-caps;"><b>Grant of Award</b></font><b>. </b>Subject to the terms and conditions of this Agreement and the Plan, Limestone hereby grants to you a Restricted Stock Award in the amount of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]<b> </b>shares (the &ldquo;Restricted Shares&rdquo;). Your Restricted Shares will be issued to you after you sign this Agreement, but are subject to forfeiture if you terminate employment with Limestone or Limestone Bank (the &ldquo;Bank&rdquo;).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b><font style="font-variant:small-caps;">Restriction Period</font>. </b> The Restricted Shares vest at the rate of 1/3<sup>rd</sup> each one-year anniversary of the Grant Date stated above, provided you are still employed by the Bank, Limestone&#39;s subsidiary, at the vesting date. However, your Restricted Shares will become 100% vested if there is a Change in Control of Limestone, as defined in the Plan, or in the event of your death or Disability, as defined in the Plan.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><font style="font-variant:small-caps;"><b>Taxation of Award</b></font>. Your Restricted Shares will be taxable when they vest, at the value on the vesting date. See the attachment to this Agreement explaining your option to include the value of the Restricted Shares in income within 30 days of the Grant Date. You may only choose this option if you make arrangements satisfactory to Limestone to pay the required withholding taxes due now if the election is made. Check below if you wish to make this election:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">___ I elect to make an 83(b) tax election to include the value of the Restricted Shares granted to me in income now.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><font style="font-variant:small-caps;"><b>Transfer Restrictions</b></font><b>. </b> Until such time as the Restricted Shares become vested in accordance with the schedule set forth above, the Restricted Shares shall not be transferred, pledged or disposed of except by will or the laws of descent and distribution, and are subject to forfeiture in accordance with this Agreement and the Plan.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><font style="font-varian