EXHIBIT 10.4
FORM OF
TIME-BASED RESTRICTED STOCK AWARD AGREEMENT
ECB BANCORP, INC.
2023 EQUITY INCENTIVE PLAN
(EMPLOYEE)
This time-based Restricted Stock award agreement (“Restricted Stock Award” or Agreement”) is and will be subject in every respect to the provisions of the ECB Bancorp, Inc. 2023 Equity Incentive Plan (the “Plan”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. The holder of this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Joint Compensation Committee of the Board of Directors of Everett Co-operative Bank (the “Bank”) and ECB Bancorp, Inc. (the “Committee”) or the Board of Directors of ECB Bancorp, Inc. (the “Company”) will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns. A copy of the Plan and related prospectus will be provided to each person granted a Restricted Stock Award. Capitalized terms used herein but not defined will have the same meaning as in the Plan.
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If the Participant is not in Service with the Bank or the Company on an applicable Vesting Date or does not satisfy the special vesting conditions set forth in Section 9 of this Agreement, the Participant will forfeit all rights to any unvested shares of Common Stock subject to this Restricted Stock Award Agreement as of the Participant’s Termination of Service.
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Notwithstanding Sections 4 and 7 above, the following special vesting conditions will apply if the Participant terminates Service with the Company or the Bank before this Restricted Stock Award fully vests:
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ECB Bancorp, Inc.
419 Broadway
Everett, Massachusetts 02149
Attn: Finance Department
Any notice to be given under the terms of this Agreement to the Participant shall be addressed to the Participant at the address listed in the records of the Company or the Bank. By a notice given pursuant to this Section 20 either party may designate a different address for notices. Any notice shall be deemed to have been duly given when personally delivered (addressed as specified above) or when enclosed in a properly sealed envelope (addressed as specified above) and deposited, postage prepaid, with the U.S. postal service or an express mail company.
[Signature page follows]
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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the Date of Grant of this Restricted Stock Award.
ECB BANCORP, INC.
By:
Duly Authorized Officer of the Company
PARTICIPANT’S ACCEPTANCE
The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the Plan. The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.
PARTICIPANT
________________________________
Date
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