EX 4.5
TC BANCSHARES, INC.
2022 EQUITY INCENTIVE PLAN
STOCK OPTION AGREEMENT
THIS STOCK OPTION AGREEMENT (this “Agreement”) is entered into as of this ___ day of ________, 20__, between TC Bancshares, Inc., a Georgia corporation (the “Company”), and _________ (the “Optionee”).
WHEREAS, on July 20, 2022, the Board of Directors of the Company adopted the “TC Bancshares, Inc. 2022 Equity Incentive Plan” (the “Plan”), and recommended that the Plan be approved by the Company’s shareholders;
WHEREAS, the Company’s shareholders approved the Plan at a special meeting of shareholders held on September 21, 2022;
WHEREAS, the Committee has granted the Optionee a stock option to purchase the number of shares of the Company’s common stock as set forth below, and in consideration of the granting of that stock option the Optionee intends to remain in the employ of the Company;
WHEREAS, the Company considers it desirable and in its best interest that the Optionee be provided an inducement to acquire an ownership interest in the Company and an additional incentive to advance the interest of the Company through the grant of an option to purchase shares of common stock of the Company pursuant to the Plan; and
WHEREAS, the Company and the Optionee desire to enter into a written agreement with respect to such option in accordance with the Plan.
NOW, THEREFORE, as an employment incentive and to encourage stock ownership, and also in consideration of the mutual covenants contained herein, the Company and the Optionee agree as follows.
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Date of Grant: |
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Number of Shares: |
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Exercise Price: |
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Option Vesting Schedule: | Options are exercisable with respect the shares of Common Stock as follows, subject in each case to continuous employment with or service as a director of the Company or any Participating Employer through each such vesting date, and subject to the provisions of Section 7 of this Agreement: |
No. of Shares |
| Vesting Date |
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| [grant date] |
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| [1st anniversary of grant date] |
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| [2nd anniversary of grant date] |
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| [3rd anniversary of grant date] |
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| [4th anniversary of grant date] |
Option Exercise Period: All options expire and are void unless exercised on or before _____________. [10th anniversary of grant date.]
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This Option does not confer upon the Optionee any right with respect to continuance of employment by the Company or by any Participating Employer. This Option shall not be affected by any change of employment so long as the Optionee continues to be an employee of the Company or any Participating Employer.
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[Signatures appear on the following page.]
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IN WITNESS WHEREOF, the Board of Directors of the Company has caused this Stock Option Agreement to be executed on behalf of the Company and the Company’s seal to be affixed hereto and attested by the Secretary or an Assistant Secretary of the Company, and the Optionee has executed this Stock Option Agreement under seal, all as of the day and year first above written.
TC BANCSHARES, INC. | |||
By: |
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Name: |
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Title: |
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OPTIONEE | |||
By: |
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Name: |
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Address: |
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Attachments:
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