BANNERET
A small banner or pennant. An officer known in the Order of the Knights Templar, who, with the Marshal, had charge of warlike under takings. A title of an order known as Knight Banneret, instituted by Edward I. The banneret of the most ancient order of knighthood called Knight Bachelor was shaped like Figure 1. The Knights Banneret, next in age, had a pennant like Figure 2. That of the Barons was similar to the one shown in Figure 3.
The pennon or pointed or forked flag was easily shorn off at the ends to make the other style of banneret and thus it came about that to show due appreciation of service the pointed end could be clipped on the field of battle when the owner was promoted in rank.