Exhibit 10.2


 


Reservoir
MEDIA, INC.


2021
Omnibus Incentive Plan


Notice
of RSU Grant


 


	Participant:	[__]
	 	 
	# of Shares Underlying RSUs:	[__]
	 	 
	Date of Grant:	[__]
	 	 
	Vesting Schedule:	Except as otherwise provided in the Award Agreement attached hereto as Annex I, the RSUs shall vest on [__] (the “Vesting Date”), subject to the Participant’s continued services to the Company through the applicable Vesting Date. Any fractional RSU resulting from the application of the Vesting Schedule shall be aggregated and the RSU resulting from such aggregation shall vest on the final Vesting Date. Upon vesting, the RSUs shall no longer be subject to cancellation pursuant to Section 3 of the Award Agreement.


 


By signing your name below,
you accept the RSUs and acknowledge and agree that the RSUs are granted under and governed by the terms and conditions of the 2021 Omnibus
Incentive Plan, the Award Agreement set forth on Annex I and the restrictive covenants set forth on Exhibit A thereto,
each of which are hereby made a part of this document.


 


	PARTICIPANT	 	RESERVOIR MEDIA, INC.
	 	 	 
	 	 	 
	By:		          	 	By:	                
	 	Name:	 	 	Name:
	 	 	 	 	Title:


 






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ANNEX I


 


RESERVOIR MEDIA, INC.


2021
Omnibus Incentive Plan


RESTRICTED STOCK UNIT AWARD AGREEMENT


 


Pursuant to the Notice of
RSU Grant (“Grant Notice”) and this Restricted Stock Unit Award Agreement (as amended, supplemented or otherwise modified
from time to time, this “Award Agreement”), Reservoir Media, Inc. (together with its Subsidiaries, whether existing
or thereafter acquired or formed, and any and all successor entities, the “Company”) has granted the Participant restricted
stock units (the “RSUs”) under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan (the “Plan”)
with respect to the number of Shares indicated in the Grant Notice. Each RSU represents the right to receive one Share. The RSUs are granted
to the Participant effective as of the Date of Grant. Capitalized terms not explicitly defined in this Award Agreement or in the Grant
Notice but defined in the Plan shall have the same definitions as in the Plan.


 


1.     Vesting
Schedule; Settlement.


 


(a)            Vesting
Schedule. Subject to the provisions of this Award Agreement, the RSUs shall vest as provided in the Grant Notice.


 


(b)            Settlement.
Subject to the provisions of this Award Agreement, upon the vesting of any of the RSUs, the Company shall deliver to the Participant (or
the Participant’s beneficiary, in the event of the Participant’s death prior to settlement or Permitted Transferee, as applicable),
as soon as reasonably practicable after the Vesting Date (or, if applicable, an earlier vesting date under Section 4), one Share
for each RSU, provided that such delivery of Shares shall be made no later than the thirtieth (30th) day after the Vesting
Date (or, if applicable, an earlier vesting date under Section 4). Upon such delivery, such Share shall be fully assignable, saleable
and transferable by the Participant, provided that any such assignment, sale, transfer or other alienation with respect to such Shares
shall be in accordance with applicable securities laws.


 


2.     Dividend
Equivalents. In the event of any issuance of a cash dividend on the shares of Common Stock (a “Dividend”),
the Participant shall be credited, as of the payment date for such Dividend, with an additional number of RSUs (each, an “Additional
RSU”) equal to the quotient obtained by dividing (x) the product of (i) the number of RSUs granted pursuant to this
Award Agreement and outstanding as of the record date for such Dividend multiplied by (ii) the amount of the Dividend per share,
by (y) the Fair Market Value per share on the payment date for such Dividend, such quotient to be rounded to the nearest hundredth.
Once credited, each Additional RSU shall be treated as an RSU granted hereunder and shall be subject to all terms and conditions set forth
in this Award Agreement and the Plan.


 


3.     Termination
of Employment. In the event of the Participant’s cessation of services with the Company at any time, all unvested RSUs shall
be canceled immediately and the Participant shall not be entitled to receive any payments with respect thereto.


 


4.     Change
in Control. In the event of a Change in Control, if (i) the acquiror, surviving company or a parent or subsidiary thereof,
does not assume or continue any RSUs that are outstanding immediately prior to the effective date of the Change in Control or substitute
a similar stock award for such RSU or (ii) the Participant’s provision of services is terminated by the Company without Cause
(other than for death or Disability) on or within twelve (12) months following the effective date of the Change in Control, the RSUs then
held by the Participant shall, to the extent unvested, become immediately vested and settled in accordance with Section 1(b).


 






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5.     Rights
as a Stockholder. The Participant shall have no voting rights with respect to the RSUs unless and until the Participant becomes
the record owner of the Shares underlying the RSUs.


 


6.     Tax
Withholding. The Participant shall be solely responsible for any applicable taxes (including, without limitation, income and excise
taxes) and penalties, and any interest that accrues thereon, that the Participant incurs in connection with the receipt, vesting or settlement
of any RSU granted hereunder. The Company, in its sole discretion, shall be authorized to withhold from the Award the amount (in cash
or Shares, or any combination thereof) of applicable withholding taxes due in respect of the Award, its settlement or any payment or transfer
under the Award and to take such other action (including providing for elective payment of such amounts in cash or other property by the
Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes; provided, however,
that no Shares shall be withheld with a value exceeding the maximum statutory rates in the applicable tax jurisdictions. The Company may
permit a broker–assisted “cashless exercise” or similar method for the payment of taxes as provided in the Plan.


 


7.     Clawback.
To the extent required by applicable law or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer
quotation system on which the Shares are listed or quoted or, if so required pursuant to a written policy adopted by the Company, the
RSUs shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall
be deemed incorporated by reference into this Award Agreement). The Participant hereby acknowledges and agrees that the RSUs shall be
subject to any clawback policies approved by the Committee from time to time, the Committee retains the right at all times to decrease
or terminate all awards and payments under the Plan and any and all amounts payable under the Plan, or paid under the Plan, shall be subject
to clawback, forfeiture and reduction to the extent determined necessary to comply with applicable law and/or policies of the Company.


 


8.     Restrictive
Covenants.


 


(a)            Without
limiting any other non-competition, non-solicitation, non-disparagement or non-disclosure or other similar agreement to which the Participant
may be a party, the Participant shall be subject to the restrictive covenants set forth on Exhibit A attached hereto, which
Exhibit A is incorporated herein and forms part of this Award Agreement.


 


(b)            In
the event that the Participant violates any of the restrictive covenants referred to in this Section 8, in addition to any other
remedy that may be available at law or in equity, the RSUs shall be automatically forfeited effective as of the date on which such violation
first occurs. The foregoing rights and remedies are in addition to any other rights and remedies that may be available to the Company
and shall not prevent (and the Participant shall not assert that they shall prevent) the Company from bringing one or more actions in
any applicable jurisdiction to recover damages as a result of the Participant’s breach of such restrictive covenants.


 






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		9.	Miscellaneous.



 


(a)            Compliance
with Legal Requirements. The granting of the RSU, and any other obligations of the Company under this Award Agreement, shall be subject
to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations
and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps that the Committee
or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and
non-U.S. securities law in exercising the Participant’s rights under this Award Agreement.


 


(b)            Transferability.
The RSUs shall be subject to Section 15(b) of the Plan.


 


(c)            Waiver.
No amendment or modification of any provision of this Award Agreement shall be effective unless signed in writing by or on behalf of the
Company and the Participant, except that the Company may amend or modify this Award Agreement without the Participant’s consent
in accordance with the provisions of the Plan or as otherwise set forth in this Award Agreement. No waiver of any breach or condition
of this Award Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature.
Any amendment or modification of or to any provision of this Award Agreement, or any waiver of any provision of this Award Agreement,
shall be effective only in the specific instance and for the specific purpose for which made or given.


 


(d)            Section 409A.
This Award Agreement is intended to comply with the requirements of Section 409A of the Code and the regulations thereunder, and
the provisions of this Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code,
and this Award Agreement shall be operated accordingly. If any provision of this Award Agreement or any term or condition of the RSUs
would otherwise conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this
conflict. Notwithstanding anything else in this Award Agreement, if the Committee considers a Participant to be a “specified employee”
under Section 409A of the Code at the time of such Participant’s “separation from service” (as defined in Section 409A
of the Code), and the amount hereunder is “deferred compensation” subject to Section 409A of the Code any distribution
that otherwise would be made to such Participant with respect to RSUs as a result of such separation from service shall not be made until
the date that is six (6) months after such separation from service, except to the extent that earlier distribution would not result
in such Participant’s incurring interest or additional tax under Section 409A of the Code. If the Award includes a “series
of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participant’s
right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single
payment. Notwithstanding the foregoing, the tax treatment of the benefits provided under this Award Agreement is not warranted or guaranteed,
and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred
by the Participant on account of non-compliance with Section 409A of the Code.


 






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(e)            General
Assets. All amounts credited in respect of the RSUs to the book-entry account under this Award Agreement shall continue for all purposes
to be part of the general assets of the Company. The Participant’s interest in such account shall make the Participant only a general,
unsecured creditor of the Company.


 


(f)            Notices.
All notices, requests and other communications under this Award Agreement shall be in writing and shall be delivered in person (by courier
or otherwise), mailed by certified or registered mail, return receipt requested to the contact details below. The parties may use e-mail
delivery, so long as the message is clearly marked, sent to the e-mail address(es) set forth below.


 


if to the Company, to:


 


Reservoir Media, Inc.

75 Varick Street, 9th Floor


New York, New York 10013


Attention: Office of the General Counsel


 


if to the Participant, to
the address, facsimile number or e-mail address that the Participant most recently provided to the Company, or to such other address,
facsimile number or e-mail address as such party may hereafter specify for the purpose by notice to the other parties hereto.


 


(g)            Severability.
The invalidity or unenforceability of any provision of this Award Agreement shall not affect the validity or enforceability of any other
provision of this Award Agreement, and each other provision of this Award Agreement shall be severable and enforceable to the extent permitted
by law.


 


(h)            Successors.
The terms of this Award Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of
the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.


 


(i)            Entire
Agreement. The Participant acknowledges receipt of a copy of the Plan and represents that the Participant is familiar with the terms
and provisions thereof (and has had an opportunity to consult counsel regarding the RSU terms), and hereby accepts the grant of RSUs and
agrees to be bound by its contractual terms as set forth herein (including Exhibit A) and in the Plan. The Participant acknowledges
and agrees that the grant of the RSUs constitutes additional consideration to the Participant for the Participant’s continued and
future compliance with any restrictive covenants in favor of the Company by which the Participant is otherwise bound. The Participant
hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee regarding any questions relating
to the RSU. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of this Award Agreement,
the Plan terms and provisions shall prevail. This Award Agreement, including the Plan, constitutes the entire agreement between the Participant
and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties
relating to such subject matter.


 






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(j)            Governing
Law. This Award Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard
to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application
of the laws of any jurisdiction other than the State of Delaware.


 


(k)            Dispute
Resolution; Consent to Jurisdiction. The Participant and the Company agree that any suit, action or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with this Award Agreement (whether brought by any party or any
of its Affiliates or against any party or any of its Affiliates) shall be brought in the federal and state court sitting in Wilmington,
Delaware and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it
may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Each party hereto hereby
waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or
indirectly arising out of or relating to this Agreement or the transactions contemplated(whether based on contract, tort or any other
theory). Each party hereto (A) certifies that norepresentative, agent or attorney of any other party has represented, expressly or
otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (B)acknowledges that
it and the other parties hereto have been induced to enter into this Award Agreement by, among other things, the mutual waivers and certifications
in this section.


 


(l)             International
Participants. To the extent the Participant resides or works outside of the United States or is subject to non-U.S. legal restrictions
or regulations, the Committee may amend the terms of this Award Agreement in order to conform the terms hereunder or accommodate the requirements
of local laws, procedures or practices or to obtain more favorable tax or other treatment for the Participant, the Company or its Affiliates.
Without limiting the generality of this Section 9(l), the Committee is specifically authorized to adopt rules and procedures
with provisions that limit or modify rights on death, disability, retirement or other terminations of employment, available methods of
settlement of the RSUs granted hereunder, payment of income, social insurance contributions or payroll taxes, withholding procedures and
handling of any stock certificates or other indicia of ownership that vary with local requirements. The Committee may also adopt rules or
procedures applicable to particular Subsidiaries, Affiliates or locations.


 


(m)            Electronic
Signature and Delivery. This Award Agreement may be accepted by return signature or by electronic confirmation. By accepting this
Award Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to
be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any
time upon three (3) business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information
shall be delivered in hard copy to the Participant).


 






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(n)            Electronic
Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation
in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.


 


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Exhibit A


 


Restrictive
Covenants


 


Consideration
to the Company.


 


(a)            Acknowledgement
of the Participant. In consideration of the Company’s granting of the RSU, and acknowledging hereby that the Company would not
have granted the RSU without the covenants contained in this Exhibit A, the Participant hereby agrees to be bound by the provisions
and covenants contained in this Exhibit A.


 


(b)            Employment.
The Participant agrees to render faithful and efficient service to the Company with such duties and responsibilities as the Company shall
from time to time prescribe. Nothing in this Award Agreement or in the Plan shall confer upon the Participant any right to continue in
the employ of the Company or shall interfere with or restrict in any way the rights of the Company, which are hereby expressly reserved,
to discharge the Participant at any time for any reason whatsoever.


 


(c)            Nonsolicitation.
The Participant agrees that, during the Proscribed Period (as defined below), the Participant shall not, and shall cause each of the Participant’s
Affiliates not to, directly or indirectly, (i) solicit or induce any Writer or Customer (each, as defined below) to refrain from
renewing or extending its contractual or other business relationship with the Company or otherwise attempt to, or encourage any Writer
or Customer to attempt to, terminate or reduce its existing obligations to the Company, (ii) solicit or induce any Writer or Customer
to enter into any contractual or other relationship with the Participant or any other person or entity for Competing Services (as defined
below), unless such contractual or other relationship is identifiable as a contract or relationship concluded in furtherance of the Company’s
business, (iii) engage in any activity that is an actual or potential conflict of interest with the Company or (iv) assist any
person or entity in any way to do, or attempt to do, anything prohibited by this clause (c) of this Exhibit A.


 


(d)            Noncompetition.
The Participant agrees that, during the Proscribed Period, the Participant shall not, and shall cause each of the Participant’s
Affiliates not to, directly or indirectly, (i) offer or provide to any Writer or Customer any Competing Services, (ii) engage
in the business of providing Competing Services within any market or geographic area in the world in which the Company is doing business,
(iii) except as permitted under clause (f) of this Exhibit A, be employed by, consult with, advise, permit his or her name
to be used by, or be connected in any manner with the ownership, management, operation or control of any person or entity that directly
or indirectly engages in any Competing Services or (iv) engage in any course of conduct that involves any Competing Services that
is substantially detrimental to the business or reputation of the Company.


 


(e)            Certain
Terms. The following terms shall have the meanings indicated:


 


1)            “Competing
Services” means products or services that are the same, similar or otherwise in competition with the products and services of
the Company with which the Participant was involved or about which the Participant acquired confidential information, but shall not include
services performed by the Participant that are identifiable as acts carried out in furtherance of the Company’s business.


 






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2)            “Customer”
means any customer of the Company’s products or services or any potential customer that the Company has solicited for business.


 


3)            “Proscribed
Period” means the period commencing on the Date of Grant and ending on the date on which the Participant’s provision of
services with the Company terminates by any party for any reason.


 


4)            “Writer”
means any songwriter, performer or co-publishing entity (or any employee or affiliate of such entity) that owes any contractual obligations
to the Company.


 


(f)            Permitted
Ownership. This Exhibit A shall not be deemed breached solely as a result of the ownership by the Participant (together with
the Participant’s Affiliates) of: (i) less than an aggregate of five percent (5%) of any class of stock of a public company
engaged, directly or indirectly, in any Competing Services; (ii) less than five percent (5%) in value of any instrument of indebtedness
of a public company engaged, directly or indirectly, in any Competing Services; or (iii) any equity or debt securities of a public
company that engages, directly or indirectly, in any Competing Services if such Competing Services accounts for less than five percent
(5%) of such public company’s consolidated annual revenues. For purposes of this clause (f) of this Exhibit A, a
 “public company” means an entity whose common stock is traded on a U.S. nationally recognized securities exchange (or
non-U.S. equivalent).


 


(g)            Effects
of Breach. The Participant agrees that any breach by the Participant of this Exhibit A shall cause irreparable harm to the Company
that could not be made whole by monetary damages and that, in the event of such a breach, the Participant shall waive the defense in any
action for specific performance that a remedy at law would be adequate, and the Company shall be entitled to specifically enforce the
terms and provisions of this Exhibit A without the necessity of proving actual damages or posting any bond or providing prior notice,
in addition to any other remedy to which the Company may be entitled at law or in equity. Further, if the Participant breaches the covenants
set forth in clauses (c) or (d) of this Exhibit A, then, following such breach, in addition to any other remedy to which
the Company may be entitled at law or in equity, the Company shall have the right to cancel the RSU (whether vested or unvested) without
any payment or other consideration.


 






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