Source : Webster's Revised Unabridged Dictionary (1913)

Banneret \Ban"ner*et\, n.[OE. baneret, OF. baneret, F. banneret;
   properly a dim. of OF. baniere. See {Banner}.]
   1. Originally, a knight who led his vassals into the field
      under his own banner; -- commonly used as a title of rank.

   2. A title of rank, conferred for heroic deeds, and hence, an
      order of knighthood; also, the person bearing such title
      or rank.

   Note: The usual mode of conferring the rank on the field of
         battle was by cutting or tearing off the point of the
         pennon or pointed flag on the spear of the candidate,
         thereby making it a banner.

   3. A civil officer in some Swiss cantons.

   4. A small banner. --Shak.

Source : WordNet®

banneret
     n : a knight honored for valor; entitled to display a square
         banner and to hold higher command [syn: {knight banneret},
          {knight of the square flag}]