ban·ner·et 2 
(bănər-ĭt, -ə-rĕt′)
(bănər-ĭt, -ə-rĕt′)n.
A feudal knight ranking between a knight bachelor and a baron, who was entitled to lead men into battle under his own standard.
[Middle English baneret, from Old French, from baniere, banner; see BANNER.]