1) A military rank, superior to that of a knight. Bannerets bore square banners, rather than long pennons.
(Prestwich, Michael. Armies and Warfare in the Middle Ages: The English Experience, 347)
2) Lord entitled to have a banner, and drawing higher wages of war than an ordinary knight.
(Frame, Robin. Colonial Ireland, 1169-1369, 144)
*term definition retrieved from Netserf’s Medieval Glossary (http://www.netserf.org/Glossary)