Exhibit 4.3


 


HOWARD BANCORP, INC.


2013 EQUITY 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. 2013 Equity 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.


 


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 the time and/or performance-based vesting conditions set forth therein and 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 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,
then except as otherwise provided in the Plan 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 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):


 


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. 2013 EQUITY 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.


 




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(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.


 


(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.


 




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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.


 


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.


 




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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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EXHIBIT A