SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: S-1
Document Type: EX-10.9
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035713
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162828026035713/exhibit109-sx1publicflip.htm

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Date, including any payroll deductions which are not sufficient to purchase a full share, shall be returned to the participant as soon as administratively practicable following the Exercise Date. (b) At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s federal, state, local, foreign or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any time, the Company may, but will not be obligated to, withhold from the participant’s compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefit attributable to sale or early disposition of Common Stock by the participant.

(c)    A participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a stockholder with respect to such participant’s option prior to the time that such option is exercised to purchase of shares of Common Stock on the Exercise Date.

Section 10.    Delivery to Broker Account.

(a)    As promptly as practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company shall deliver the shares purchased by the participant to a

brokerage account established for the participant at a Company-designated brokerage firm or other third-party administrator (the “ESPP Broker Account”). The Administrator may require that, except as otherwise provided below, the deposited shares of Common Stock may not be transferred (either electronically or in certificate form) from the ESPP Broker Account until the later of the following two periods: (i) the end of the two year period measured from the Enrollment Date for the Offering Period in which the shares were purchased and (ii) the end of the one year period measured from the applicable Exercise Date. The Company may require that the participant pay any applicable account maintenance fees incurred with respect to the participant’s ESPP Broker Account, which fees may be collected in such manner as determined by the Company, including, without limitation, by implementing the sale of a sufficient number of shares of Common Stock from the participant’s ESPP Broker Account to cover such fees. The Administrator may require the participant to notify the Company before the participant sells or otherwise disposes of any shares of Common Stock acquired under the Plan.

(b)    Such limitation shall apply both to transfers to different accounts with the same broker and to transfers to other brokerage firms. Any shares of Common Stock held for the required holding period may be transferred (either electronically or in certificate form) to other accounts or to other brokerage firms.

(c)    The foregoing procedures shall apply to all shares of Common Stock purchased by the participant under the Plan, whether or not the participant continues in Employee status.

Section 11.    Withdrawal; Termination of Employment.

(a)    A participant may withdraw all but not less than all the payroll deductions, if any, credited to such participant’s account and not yet used to exercise such participant’s option under the Plan at any time in the manner specified by the Administrator from time to time, which may include accessing the website designated by the Company and electronically withdrawing from the Offering Period or giving written notice to the Company (in such form as the Company may provide). All of the participant’s payroll deductions credited to such participant’s account will be paid to such participant (without interest) as soon as practicable after receipt of notice of withdrawal and such participant’s option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offering Period. If a participant withdraws from an Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period unless the participant timely enrolls in that Offering Period.

(b)    Upon a participant’s ceasing to be an Employee for any reason or upon termination of a participant’s employment relationship (as described in Section 2(j) hereof), the payroll deductions and other contributions, if any, credited to such participant’s account during the Offering Period but not yet used to exercise the option will be returned (without interest) to such participant or, in the case of such participant’s death, to the person or persons estate, and such participant’s option will be automatically terminated. A participant whose employment is deemed to have terminated under Section 2(j) hereof but in fact remains an Employee may participate in any future Offering Period in which such individual is eligible to participate by timely enrollment in that Offering Period.

Section 12.    Interest.

No interest shall accrue on the payroll deductions credited to a participant’s account under the Plan unless otherwise determined by the Administrator or required by applicable law.

Section 13.    Shares Available for Sale.

(a)    The maximum number of shares of Common Stock which shall be made available for sale under the Plan shall be equal to [●]1 shares of Common Stock (subject to adjustment as provided in Section 18 hereof), as increased on the first day of each fiscal year of the Company beginning on and including January 1, 2027, by a number equal to the lesser of (x) 1% of the aggregate number of shares of Common Stock issued and outstanding on December 31 of the immediately preceding fiscal year and (y) a number of shares of Common Stock as is determined by the Administrator. Notwithstanding the foregoing, in no event shall the maximum number of shares of Common Stock available for issuance under the Plan exceed [●]2 shares (subject to adjustment as provided in Section 18 hereof). If on a given Exercise Date the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock then available under the Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable.

(b)    The participant will have no interest or voting right in shares covered by such participant’s option until such option has been exercised and the participant has become a holder of record of the purchased shares of Common Stock.

Section 14.    Administration.

(a)    The Plan shall be administered by the Administrator. The Administrator shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims under the Plan. Every finding, decision and determination made by the Administrator shall, to the fullest extent permitted by law, be final and binding upon all parties. Members of the Board who are eligible Employees are permitted to participate in the Plan, provided that members of the Board who are eligible to participate in the Plan may not vote on any matter affecting the administration of the Plan or the grant of any option pursuant to the Plan.

(b)    For purposes of any offering under the Plan that is not intended to meet the requirements of Code Section 423, the Administrator shall have the authority, in its sole discretion, to approve addenda to the Plan and any enrollment agreement pursuant to this Section

1     This number to be equal to 1.5% of all classes of the outstanding common stock of the Company on a fully diluted basis as of immediately following the closing of the IPO, without giving effect to any exercise by the underwriters of their option to purchase additional shares in the IPO.

2     This number to be equal to 11.5% of all classes of the outstanding common stock of the Company on a fully diluted basis as of immediately following the closing of the IPO, without giving effect to any exercise by the underwriters of their option to purchase additional shares in the IPO.

14(b) with such terms and conditions as the Administrator deems necessary or appropriate to accommodate the terms of such offering, provided that except as expressly set forth herein, any such offering shall be operated and administered in the same manner as an offering that is intended to meet the requirements of Code Section 423.

(c)    The Administrator may, in its sole discretion, delegate its authority, in whole or in part, under this Section 14 to one or more officers of the Company, subject to the requirements of Code Section 423 and applicable law or any stock exchange on which the Shares are traded.