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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Exhibit 10.9

FORBRIGHT, INC.

EMPLOYEE STOCK PURCHASE PLAN

Section 1.    Purpose of Plan.

The name of the Plan is the Forbright, Inc. Employee Stock Purchase Plan. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated after-tax payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the US Internal Revenue Code of 1986, as amended (“Code Section 423”). The provisions of the Plan, accordingly, shall be construed so as to allow participation in a manner consistent with the requirements of Code Section 423. However, the Company may grant options pursuant to one or more offerings under the Plan that are not intended to meet the requirements of Code Section 423, 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.

Section 2.    Definitions.

For purposes of the Plan, the following terms shall be defined as set forth below:

(a)    “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee, which shall administer the Plan in accordance with Section 14 hereof.

(b)    “Adoption Date” has the meaning set forth in Section 25 hereof.

(c)    “Board” means the Board of Directors of the Company.

(d)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

(e)    “Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and (ii) any other qualifications required by the applicable stock exchange on which the Common Stock is traded.

(f)    “Common Stock” means the Class A common stock, par value $0.001 per share, of the Company.

(g)    “Company” means Forbright, Inc., a Delaware corporation (or any successor company).

(h)    “Compensation” means the base salary, wages, overtime pay, and commissions payable to an Employee by the Company or one or more Designated Subsidiaries during such individual’s period of participation in one or more offerings under the Plan, before deduction for

any pre-tax contributions made by the Employee to any cash-or-deferred arrangement that meets the requirements of Section 401(k) of the Code or any cafeteria benefit program that meets the requirements of Section 125 of the Code, now or hereafter established by the Company or any Designated Subsidiary. The Administrator may make modifications to the definition of Compensation for one or more offerings as deemed appropriate.

(i)    “Designated Subsidiaries” means any Subsidiary (whether now existent or hereafter organized or acquired by the Company or a Subsidiary) that has been designated by the Administrator to participate in the Plan.

(j)    “Employee” means any individual who is a regular employee of the Company or a Designated Subsidiary having the status of an “employee” within the meaning of Section 3401(c) of the Code; provided that, for any specific Offering Period, the Administrator may exclude those individuals who:

(i)    have been regular employees of the Company or a Designated Subsidiary for less than two years prior to the Offering Period,

(ii)    are customarily employed for 20 hours or less per week,

(iii)    are customarily employed not more than five months in any calendar year,

(iv)    are “highly compensated employees” of the Company or any Designated Subsidiary (within the meaning of Section 414(q) of the Code), or

(v)    are “highly compensated employees” of the Company or any Designated Subsidiary (within the meaning of Section 414(q) of the Code) (x) with compensation above a specified level, (y) who are officers or (z) who are subject to the disclosure requirements of Section 16(a) of the Exchange Act;

provided further, that, any such exclusion must be applied in a uniform manner to all employees of the Company and the Designated Subsidiaries for such Offering Period.

For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company. Unless otherwise determined by the Administrator and set forth in the applicable offering, where the period of leave exceeds three months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated on the first day immediately following the expiration of such three month period. For the avoidance of doubt, the term “Employee” shall not include any consultant, independent contractor or non-employee director of the Company or a Designated Subsidiary. Notwithstanding the foregoing, for purposes of any offering under the Plan that is not intended to meet the requirements of Code Section 423, the Administrator may make modifications to the definition of Employee as deemed appropriate.

(k)    “Enrollment Date” means the first day of each Offering Period.

(l)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto.

(m)    “Exercise Date” means the last Trading Day in each Offering Period, or such other date or dates within the Offering Period as determined by the Administrator (including for purposes of establishing any interim purchase period within an Offering Period).

(n)    “Fair Market Value” of the Common Stock or another security as of a particular date means the fair market value as determined by the Administrator in its sole discretion; provided, however, that except as otherwise determined by the Administrator, (i) if the Common Stock or other security is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on the last preceding trading day on which there was a sale of such share of Common Stock or other security on such exchange, or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be the average of the closing bid and asked prices for such share of Common Stock or other security in such over-the-counter market for the last preceding date on which there was a sale of such share of Common Stock or other security in such market.

(o)    “Offering Period” means a period with respect to which the right to purchase Common Stock may be granted under the Plan, as set forth in Section 5 hereof.

(p)    “Plan” means this Forbright, Inc. Employee Stock Purchase Plan, as may be amended and/or restated from time to time.

(q)    “Purchase Price” means the amount established by the Administrator in its sole discretion in advance of the applicable offering under the Plan; provided that such amount shall not be less than the lesser of either (i) an amount equal to 85% of the Fair Market Value of a share of Common Stock on the Enrollment Date or (ii) an amount equal to 85% of the Fair Market Value of a share of Common Stock on the Exercise Date.

(r)    “Subsidiary” means a corporation, domestic or foreign (including any limited liability company (or other eligible entity) that has elected to be taxed for U.S. federal income tax purposes as a corporation, or any disregarded entity with respect to a corporation), of which not less than 50% of the total combined voting power of all classes of stock are held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. Notwithstanding the foregoing, for purposes of any offering under the Plan that is not intended to meet the requirements of Code Section 423, “Subsidiary” may include a corporation or any other entity of which not less than 50% of the total combined voting power of all classes of stock are held by the Company or a Subsidiary.

(s)    “Trading Day” means a day on which the Nasdaq is open for trading.

Section 3.    Eligibility; Ownership Threshold; Annual Limit.

(a)    Options may be granted only to Employees. Unless otherwise determined by the Administrator in a manner that satisfies the requirements of Code Section 423 (if applicable), any Employee employed on the Enrollment Date for an Offering Period shall be eligible to participate in the Plan for such Offering Period.