Exhibit 10.25


 





RESTRICTED STOCK AWARD AGREEMENT


 


AQUAMED TECHNOLOGIES, INC.


2019 LONG-TERM INCENTIVE PLAN


 


1.          Grant
of Award. Pursuant to the AquaMed Technologies, Inc. 2019 Long-Term Incentive Plan (the “Plan”) for
key Employees, key Contractors, and Outside Directors of AquaMed Technologies, Inc., a Delaware corporation (the “Company”),
the Company grants to


 


_________________________________


(the “Participant”)


 


an Award of Restricted Stock in accordance
with Section 6.4 of the Plan. The number of shares of Common Stock awarded under this Restricted Stock Award Agreement (this “Agreement”)
is _____________________ (__________) shares (the “Awarded Shares”). The “Date of Grant”
of this Award is ______________, 20___.


 


2.          Subject
to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the
extent not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in
the Plan shall have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant
to the Plan by the Board or the Committee and communicated to the Participant in writing.


 


3.          Vesting.
Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the
Awarded Shares shall vest as follows:


 


a.           ____________________
of the total Awarded Shares shall vest on _______________________, provided the Participant is employed by (or, if the Participant
is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on that date.


 


b.           ____________________
of the total Awarded Shares shall vest on _______________________, provided the Participant is employed by (or, if the Participant
is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on that date.


 


c.           ____________________
of the total Awarded Shares shall vest on _______________________, provided the Participant is employed by (or, if the Participant
is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on that date.


 


d.           ____________________
of the total Awarded Shares shall vest on _______________________, provided the Participant is employed by (or, if the Participant
is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on that date.


 


4.          Forfeiture
of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3 shall be forfeited on the date
of the Participant’s Termination of Service. Upon forfeiture, all of the Participant’s rights with respect to the forfeited
Awarded Shares shall cease and terminate, without any further obligations on the part of the Company.


 




     


     


    

 


5.          Restrictions
on Awarded Shares. Subject to the provisions of the Plan and the terms of this Agreement, from the Date of Grant until the
date the Awarded Shares are vested in accordance with Section 3 and are no longer subject to forfeiture in accordance
with Section 4 (the “Restriction Period”), the Participant shall not be permitted to sell,
transfer, pledge, hypothecate, margin, assign, or otherwise encumber any of the Awarded Shares. Except for these limitations, the
Committee may in its sole discretion, remove any or all of the restrictions on such Awarded Shares whenever it may determine that,
by reason of changes in Applicable Laws or other changes in circumstances arising after the date of this Agreement, such action
is appropriate.


 


6.          Legend.
Awarded Shares electronically registered in the Participant’s name shall note that such shares are Restricted Stock. If certificates
for Awarded Shares are issued, the following legend shall be placed on all such certificates:


 


On the face of the certificate:


 


“Transfer of this stock
is restricted in accordance with conditions printed on the reverse of this certificate.”


 


On the reverse:


 


“The shares of stock evidenced
by this certificate are subject to and transferable only in accordance with that certain AquaMed Technologies, Inc. 2019 Long-Term
Incentive Plan, a copy of which is on file at the principal office of the Company in Langhorne, Pennsylvania, and that certain
Restricted Stock Award Agreement, by and between the Company and the Participant dated, ________________. No transfer or pledge
of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan and the Award Agreement.
By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said
Plan and the Award Agreement.”


 


The following legend
shall be inserted on a certificate, if issued, evidencing Common Stock issued under the Plan if the shares were not issued in a
transaction registered under the applicable federal and state securities laws:


 


“Shares of stock represented
by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued
pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered
for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance
with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon
an opinion of counsel satisfactory to the Company.”


 


All Awarded Shares
owned by the Participant shall be subject to the terms of this Agreement and shall be represented by a certificate or certificates
bearing the foregoing legend.


 




    	 	2	 



     


    

 


7.          Delivery
of Certificates; Registration of Shares. The Company shall electronically register the Awarded Shares in the Participant’s
name or, if requested in writing by the Participant in accordance with Section 6.4(a) of the Plan, shall deliver certificates
for the Awarded Shares free of restriction under this Agreement as soon as administratively practicable after, and only after,
the Restriction Period has expired without forfeiture pursuant to Section 4. In connection with the issuance of a certificate
for Restricted Stock, the Participant shall endorse such certificate in blank or execute a stock power in a form satisfactory to
the Company in blank and deliver such certificate and executed stock power to the Company.


 


8.          Rights
of a Stockholder. Except as provided in Section 4 and Section 5 above, the Participant shall have, with
respect to his Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the shares and the
right to receive any dividends thereon.


 


9.          Voting.
The Participant, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with respect to, such Awarded
Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided, however,
that this Section 9 shall not create any voting right where the holders of such Awarded Shares otherwise have no such
right.


 


10.         Adjustment
to Number of Awarded Shares. The number of Awarded Shares shall be subject to adjustment in accordance with Articles 11-13
of the Plan.


 


11.         Specific
Performance. The parties acknowledge that remedies at law will be inadequate remedies for a breach of this Agreement and consequently
agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be cumulative
of all of the rights and remedies at law or in equity of the parties under this Agreement.


 


12.         Participant’s
Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that he will not acquire any Awarded
Shares, and that the Company will not be obligated to issue any Awarded Shares to the Participant hereunder, if the issuance of
such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental
authority. Any determination in this connection by the Company shall be final, binding, and conclusive. The rights and obligations
of the Company and the rights and obligations of the Participant are subject to all Applicable Laws.


 


13.         Participant’s
Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his review by the Company
and represents that he is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the terms
and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations
of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.


 


14.         Law
Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware
(excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation
of this Agreement to the laws of another state).


 


15.         No
Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right to continue
in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, or Outside Director,
or to interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee,
Contractor, or Outside Director at any time.


 




    	 	3	 



     


    

 


16.         Legal
Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement
shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the
invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that
is contained in this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable
term, provision, or agreement had never been contained herein.


 


17.         Covenants
and Agreements as Independent Agreements. Each of the covenants and agreements that is set forth in this Agreement shall be
construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause
of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.


 


18.         Entire
Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements, either oral
or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between
the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect to
the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements,
promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are
not embodied in this Agreement or the Plan and that any agreement, statement, or promise that is not contained in this Agreement
or the Plan shall not be valid or binding or of any force or effect.


 


19.         Parties
Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure
to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors
and assigns, subject to the limitation on assignment expressly set forth herein. No person shall be permitted to acquire any Awarded
Shares without first executing and delivering an agreement in the form satisfactory to the Company making such person or entity
subject to the restrictions on transfer contained herein.


 


20.         Modification.
No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in
writing and signed by the parties. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted
by the Plan.


 


21.         Headings.
The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive
matters to be considered in construing the terms and provisions of this Agreement.


 


22.         Gender
and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in
the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.


 


23.         Notice.
Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company
or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore
specified by written notice delivered in accordance herewith:


 




    	 	4	 



     


    

 


a.           Notice
to the Company shall be addressed and delivered as follows:


 


	 	AquaMed Technologies, Inc.	 
	 	 	 
	 	 	 
	 	Attn:	 	 
	 	Fax:	 	 


 


b.           Notice
to the Participant shall be addressed and delivered as set forth on the signature page.


 


24.         Tax
Requirements. The Participant is hereby advised to consult immediately with his own tax advisor regarding the tax consequences
of this Agreement, the method and timing for filing an election to include this Agreement in income under Section 83(b) of
the Code, and the tax consequences of such election. By execution of this Agreement, the Participant agrees that if the Participant
makes such an election, the Participant shall provide the Company with written notice of such election in accordance with the regulations
promulgated under Section 83(b) of the Code. The Company or, if applicable, any Subsidiary (for purposes of this Section
24, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right
to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local, or other taxes required
by law to be withheld in connection with this Award. The Company may, in its sole discretion, also require the Participant receiving
shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold
in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made
when requested by Company and may be required to be made prior to the removal of any restrictions on such shares or the delivery
of any certificate representing shares of Common Stock, if such certificate is requested by the Participant in accordance with
Section 6.4(a) of the Plan. Such payment may be made by (a) the delivery of cash to the Company in an amount that equals
or exceeds (to avoid the issuance of fractional shares under (c) below) the required tax withholding obligations of the Company;
(b) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares
of Common Stock, that the Participant has not acquired from the Company within six (6) months prior thereto, which shares so delivered
have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (c) below) the required
tax withholding payment; (c) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of
a number of shares to be delivered upon the vesting of this Award, which shares so withheld have an aggregate Fair Market Value
that equals (but does not exceed) the required tax withholding payment; or (d) any combination of (a), (b), or (c). The Company
may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant.


 


[Remainder of Page Intentionally Left
Blank;


Signature Page Follows.]


 




    	 	5	 



     


    

 


IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence his consent
and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.


 


	 	COMPANY:
	 	 
	 	AQUAMED TECHNOLOGIES, INC.
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 


 





	 	PARTICIPANT:
	 	 
	 	
	 	Signature	             
	 	 	 
	 	Name:	 
	 	Address:	 
	 	 	 


  




    	 	6