SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: S-1
Document Type: EX-10.4
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/exhibit104-sx1publicflip.htm

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under Section 7. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan and shall include such terms and conditions as the Administrator shall authorize. Z. “Stock Option Agreement” means an agreement (written or electronic) between the Corporation and a Participant setting forth the specific terms and conditions of an Option granted to the Participant. Each Stock Option Agreement shall be subject to the terms and conditions of the Plan and shall include such terms and conditions as the Administrator shall authorize. AA. “Subsidiary” means any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing at least fifty percent (50%) of the total combined voting power of all classes of stock in one of the other corporations in such chain. 3. ADMINISTRATION

A.    Delegation of Administration. The Board shall be the sole Administrator of the Plan unless the Board delegates all or any portion of its authority to administer the Plan to another Administrator. To the extent not prohibited by the charter or bylaws of the Corporation, the Board may delegate all or a portion of its authority to administer the Plan to a committee of the Board appointed by the Board and constituted in compliance with the Corporation Law.    If permitted by the Corporation Law, and not prohibited by the charter or bylaws of the Corporation, the Board may also delegate all or a portion of its authority to administer the Plan to an officer or officers of the Corporation designated by the Board. The Plan shall be administered and interpreted in a manner consistent with the requirements of Section 409A of the Code.

B.    Powers of the Administrator. Subject to the provisions of the Plan, and, in the case of an Administrator other than the Board, subject at all times to the terms and conditions of the delegation of authority from the Board, the Administrator shall have the authority to implement, interpret and administer the Plan. Such authority shall include, without limitation, the authority:

(i)    To construe and interpret all provisions of this Plan and all Stock Option Agreements and Stock Award Agreements under this Plan.

(ii)    To determine the Fair Market Value of Common Stock.

(iii)    To select the Eligible Persons to whom Options or Stock Awards, are granted from time to time hereunder.

(iv)    To determine the number of shares of Common Stock covered by an Option or Stock Award such other terms and conditions, not inconsistent with the terms of the Plan, of each such Option or Stock Award. Such terms and conditions include, but are not limited to, the exercise price of an Option, purchase price of Common Stock subject to a Stock Award, the time or times when Options or Stock Awards may be exercised or Common Stock issued thereunder, the right of the Corporation to repurchase Common Stock issued pursuant to the exercise of an Option or a Stock Award and other restrictions or limitations (in addition to those contained in the Plan) on the forfeitability or transferability of Options, Stock Awards or Common Stock issued upon exercise of an

Option or pursuant to a Stock Award. Such terms may include conditions shall be as determined by the Administrator and need not be uniform with respect to Participants.

(v)    To determine whether and under what circumstances an Option may be settled in cash, shares of Common Stock or other property under Section 6.G instead of Common Stock.

(vi)    To amend, cancel, extend, renew, accept the surrender of, modify or accelerate the vesting of or lapse of restrictions on all or any portion of an outstanding Option or Stock Award; to determine the time at which a Stock Award or Common Stock issued under the Plan may become transferable or nonforfeitable; and to reduce the exercise price of any Option.

(vii)    To prescribe the form of Stock Option Agreements and Stock Award Agreements; to adopt policies and procedures for the exercise of Options or Stock Awards, including the satisfaction of withholding obligations; to adopt, amend, and rescind policies and procedures pertaining to the administration of the Plan; and to make all other determinations necessary or advisable for the administration of this Plan.

Any decision made, or action taken, by the Administrator or in connection with the administration of this Plan shall be final, conclusive and binding on all persons having an interest in the Plan.

4.    ELIGIBILITY

A.    Eligibility for Awards. Options and Stock Awards may be granted to any Eligible Person selected by the Administrator.

B.    Substitution Awards. The Administrator may make Stock Awards and may grant Options under the Plan by assumption, substitution or replacement of performance shares, phantom shares, stock awards, stock options, stock appreciation rights or similar awards granted by another entity (including an Affiliate), if such assumption, substitution or replacement is connection with an asset acquisition, stock acquisition, merger, consolidation or similar transaction involving the Corporation (and/or its Affiliate) and such other entity (and/or its affiliate). Notwithstanding any provision of the Plan (other than the maximum number of shares of Common Stock that may be issued under the Plan), the terms of such assumed, substituted or replaced Stock Awards or Options shall be as the Administrator, in its discretion, determines is appropriate.

5.    COMMON STOCK SUBJECT TO PLAN

A.    Share Reserve. Subject to adjustment as provided in Section 8, the maximum aggregate number of shares of Common Stock that may be (i) issued under this Plan pursuant to the exercise of Options, (ii) issued pursuant to Restricted Stock Awards, and (iii) covered by Stock Appreciation Rights is Twelve Million Five Hundred Thousand (12,500,000) shares, of which (i) 3,006,000 shall be designated as “A” Options having the terms set forth in the form of

Award Agreement attached as Exhibit A (the “Award Form”), (ii) 4,810,000 shall be designated as “B” Options having the terms set forth in the Award Form, (iii) 1,202,000 shall be designated as “C” Options having the terms set forth in the Award Form, and (iv) 1,202,000 shall be designated as “D” Options having the terms set forth in the Award Form.

B.    Reversion of Shares. If an Option is exercised, in whole or in part, by tender of shares of Common Stock or if the Corporation’s tax withholding obligation is satisfied by withholding shares of Common Stock, the number of shares of Common Stock deemed to have been issued under the Plan for purposes of the limitation set forth in this paragraph shall be the number of shares of Common Stock that were subject to the Option or portion thereof, and not the net number of shares of Common Stock actually issued.

C.    Source of Shares. Common Stock issued under the Plan may be shares of authorized and unissued Common Stock or shares of previously issued Common Stock that have been reacquired by the Corporation.

6.    Options

A.    Award. In accordance with the provisions of Section 4, the Administrator will designate each Eligible Person to whom an Option is to be granted and will specify the number of shares of Common Stock covered by such Option. The Stock Option Agreement shall specify the vesting schedule applicable to such Option and any other terms of such Option. Options under the Plan are intended to be nonqualified stock options (i.e., options that do not qualify as incentive stock options under Section 422 of the Code). All Option grants shall comply with Section 409A of the Code.

B.    Exercise Price. The exercise price per share for Common Stock subject to an Option shall be determined by the Administrator, provided that the exercise price per share for Common Stock subject to an Option shall be not less than the Fair Market Value per share on the date of grant.

C.    Maximum Option Period. No Option may be exercised after the expiration of ten years from the date the Option was granted.