Exhibit 4.3


 


HOWARD BANCORP, INC


2004 STOCK INCENTIVE
PLAN


 


RESTRICTED STOCK AGREEMENT


 


PARTICPANT:       [Insert Name]


 


AWARD NO.      [Insert Award
No.]


 


DATE OF GRANT:       [Insert
Date]


 


NUMBER OF SHARES:       [Insert
Number of Shares]


 


THIS RESTRICTED STOCK AGREEMENT (this “Agreement”)
is made effective as of the Date of Grant by and between Howard Bancorp, Inc., a Maryland corporation (the “Corporation”),
and the above-listed participant (“Participant”).


 


1. Certain Definitions. In this
Agreement, terms with initial capitals shall have the meanings provided in the Plan, except as follows or as otherwise provided
in this Agreement:


 


(a) “Awarded Shares” means
the shares of Common Stock awarded to the Participant pursuant to Section 2 hereof.


 


(b) “Date of Grant” means
the date set forth as the “Date of Grant” on page 1 of this Agreement.


 


(c) “Plan” means the Howard
Bancorp, Inc. 2004 Stock Incentive Plan.


 


(d) “Restricted Period”
shall mean, with respect to any Awarded Share, the period commencing on the Date of Grant of such Awarded Share and ending on the
date upon which such Awarded Share vests.


 


(e) “Total and Permanent Disability”
means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than
12 months. The Administrator may require such proof of Total and Permanent Disability as the Administrator in its sole discretion
deems appropriate and the Administrator’s good faith determination as to whether Participant is totally and permanently disabled
will be final and binding on all parties concerned.


 




    	 



    	 



    

 


2. Grant of Stock. Participant
shall be granted on the Date of Grant the Awarded Shares, which shall (i) vest as provided below, (ii) be subject to
the restrictions provided below, and (iii) otherwise be subject to all the terms of this Agreement and the Plan. The Awarded
Shares shall be subject to dilution upon future Share issuances or other dilutive events. Until such time, if any, as the Awarded
Shares Revert (as defined in Section 5) or are transferred by Participant as permitted under this Agreement, and except as
otherwise provided in the Plan or this Agreement, Participant shall have all the rights of a stockholder of the Corporation (including
the right to vote and to receive dividends) with respect to the Awarded Shares, including the Awarded Shares held in escrow. All
such rights and privileges shall cease in the event that the Awarded Shares Revert.


 


3. Subject to Plan. The Awarded
Shares are in all instances subject to the terms and conditions of the Plan, the provisions of which are incorporated herein by
this reference. In the event of any direct conflict between this Agreement and the Plan, the provisions of the Plan shall control.
Participant acknowledges receipt of a copy of the Plan and hereby accepts the Awarded Shares subject to all of its terms and conditions.


 


4. Vesting Schedule With Respect
to Awarded Shares. Except as otherwise provided in this Agreement, the Awarded Shares shall vest in accordance with the schedule
attached hereto as Exhibit A, based on Participant’s continued service with the Corporation and/or any Affiliate (“Continued
Service”).


 


5. Reversion and Cancellation of Unvested
Awarded Shares; Restrictions During Restricted Period.


 


(a) In the event of termination of Participant’s
Continued Service for any reason, other than in connection with a Change of Control or because of the Participant’s death
or Total and Permanent Disability, any portion of the Awarded Shares that is not vested on the date Participant ceases to provide
Continued Service shall, automatically and without need of any further action by any person or entity, (i) cease to be owned
by Participant, (ii) revert to the Corporation, (iii) be cancelled, and (iv) return to the status of authorized
but unissued stock of Corporation (collectively, “Revert”) immediately upon such date. Neither Participant nor
any successor, heir, assign or personal representative of Participant shall thereafter have any further rights or interest in such
Reverted Awarded Shares.


 


(b) In the event of a Change of Control, all
restrictions on the Awarded Shares shall lapse and the Awarded Shares shall vest immediately prior to the effective time of such
Change of Control.


 


(c) In the event of a termination of a Participant’s
Continued Service because of the Participant’s death or Total and Permanent Disability, all restrictions on the Awarded Shares
shall lapse and the Awarded Shares shall immediately vest.


 


(d) During the Restricted Period, the
certificates representing the Awarded Shares shall be held in escrow by the Secretary of the Corporation, and shall bear the following
legend (in addition to any other required legends):


 




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THIS CERTIFICATE AND THE SHARES
OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING THE RISKS OF FORFEITURE AND RESTRICTIONS AGAINST
TRANSFER) CONTAINED IN THE HOWARD BANCORP, INC. 2004 STOCK INCENTIVE PLAN, AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED
OWNER AND HOWARD BANCORP, INC. RELEASE FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SUCH
PLAN AND AGREEMENT, A COPY OF EACH OF WHICH IS ON FILE IN THE OFFICE OF THE SECRETARY OF HOWARD BANCORP, INC.


 


(e) In the event the Restricted Period
shall terminate with respect to particular Awarded Shares and such Awarded Shares shall not theretofore have Reverted, the Corporation
shall within 2 1⁄2 months from the end of the calendar year in which such Restricted Period terminates reissue the certificate
representing such Awarded Shares without the above legend and shall deliver such certificate to Participant or his legal representative.


 


(f) Awarded Shares, the right to vote
Awarded Shares and the right to receive dividends thereon may not be sold, assigned, transferred, exchanged, pledged, hypothecated
or otherwise encumbered during the Restricted Period with respect to such Awarded Shares.


 


6. No Restriction On Corporation.
This Agreement shall not in any way affect the right of the Corporation to make changes in its capital or business structure or
to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.


 


7. Stock Distributions; Capital
Adjustments.


 


(a) If the Corporation makes any distribution
of stock with respect to the Awarded Shares by way of a stock dividend or stock split, or pursuant to any recapitalization, reorganization,
merger, consolidation, merger or otherwise, and Participant receives any additional shares of stock in the Corporation (or other
shares of stock in another corporation) as a result thereof, such additional (or other) shares shall be deemed Awarded Shares hereunder
and shall be subject to the same restrictions and obligations imposed by this Agreement.


 


(b) In the event of any recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, splitup, spinoff, combination, repurchase or share exchange,
or other similar corporate transaction or event that affects the Awarded Shares such that an adjustment is appropriate in order
to prevent dilution or enlargement of the rights of Participant, then the Board shall make equitable changes or adjustments as
are necessary or appropriate to prevent the dilution or enlargement of Participant’s rights relating to the number and kind
of Awarded Shares that may thereafter be issued in connection with the Awarded Shares.


 


8. Liability of Corporation.


 


(a) The grant of the Awarded Shares shall
be subject to compliance by the Corporation and Participant with all applicable requirements of law relating thereto, including,
without limitation, state and federal securities laws. The Corporation shall not be obligated to register, qualify or make any
exemption from registration qualification available with respect to any Awarded Shares under any such laws.


 




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(b) The Corporation makes no representation
regarding the tax treatment of the Awarded Shares, and Participant should consult his or her tax advisor regarding the tax consequences
to Participant of any transaction involving the Awarded Shares. Participant has been advised of the possibility of making an election
under Code Section 83(b). If Participant makes an election under Code Section 83(b) with respect to Awarded Shares, Participant
shall provide notice to the Corporation within 30 days of the Date of Grant.


 


9. No Employment Contract. Neither
the grant or issuance of Awarded Shares pursuant to this Agreement nor any term or provision of this Agreement shall constitute
or be evidence of any understanding, express or implied, on the part of the Company or any Affiliate to employ the Participant
for any period.


 


10. Governing Law. This Agreement
and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State
of Maryland without giving effect to the principles of conflicts of laws. Any action or proceeding brought by any party hereto
shall be brought only in a state or federal court of competent jurisdiction located in Maryland and all parties hereto hereby submit
to the in personam jurisdiction of such court for purposes of any such action or proceeding and irrevocably agree that such court
presents a convenient forum for the resolution of such dispute.


 


11. Severability of Provisions.
In the event that any provision hereof is found invalid or unenforceable pursuant to judicial decree or decision, the remainder
of this Agreement shall remain valid and enforceable according to its terms.


 


12. Notices. All notices or
other communications pursuant to this Agreement shall be in writing and shall be deemed duly given if personally delivered or if
mailed by certified mail, return receipt requested, prepaid and addressed to the address of the party as set forth in this Agreement
or such other address as such party shall have furnished to the other party in writing.


 


13. Entire Agreement. This Agreement
and the Plan embody the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein
and supersede all prior written or oral communications or agreements all of which are merged herein. There are no restrictions,
promises, warranties, covenants or undertakings, other than those expressly set forth or referred to herein.


 


14. No Waiver. No waiver of
any provision of this Agreement or any rights or obligations of any party hereunder shall be effective, except pursuant to a written
instrument signed by the party or parties waiving compliance, and any such waiver shall be effective only in the specific instance
and for the specific purpose stated in such writing.


 


15. Survival. All warranties,
covenants and agreements of the parties made in this Agreement shall survive the issuance and purchase of the Awarded Shares and
the delivery to Participant of the certificate or certificates evidencing the Awarded Shares.


 


16. Amendment and Modification.
This Agreement may be amended, modified and supplemented only by written agreement of all of the parties hereto.


 




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17. Assignment. This Agreement
and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns, but except to the extent (if any) expressly provided in this Agreement neither this Agreement nor any of
the rights, interests or obligations hereunder may be assigned by Participant without the prior written consent of the Corporation.
The Corporation shall assign this Agreement and all of its rights hereunder in connection with any reorganization, merger, consolidation,
sale or transfer of substantially all of the Corporation’s assets or sale or transfer of a controlling interest in the Corporation’s
outstanding equity securities.


 


18. Withholding. Participant
shall provide the Corporation with the means to satisfy all federal, state and/or local income tax withholding and the Participant’s
share, if any, of all other payroll tax requirements liabilities with respect to all Awarded Shares (“Tax Liabilities”)
at the time such Tax Liabilities are imposed on the Corporation, which may include the surrender of Awarded Shares to the Corporation.


 


[Signatures
appear on the following page.]


 




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IN WITNESS WHEREOF, the Corporation has
caused this Agreement to be executed on its behalf by its duly authorized officer and Participant has also executed this Agreement
all as of the day and year indicated above.


 


	 	HOWARD BANCORP, INC.
	 	 	 
	 	By:	 
	 	Print Name:	 
	 	Title:	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 


 








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