Document:

EXHIBIT 10.2

BENTLEY
PHARMACEUTICALS, INC.

AMENDED
AND RESTATED 2005 EQUITY AND INCENTIVE PLAN

RESTRICTED
STOCK UNIT CERTIFICATE

(Non-Employee Directors)

	
  RSU Number: 

  	
   

  	
   

  	
   

  	
  Units

  

This
Restricted Stock Unit Certificate (this “Certificate”) confirms that Bentley
Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, has on the date
set forth below (the “Award Date”) granted to the person named below (“Participant”)
an award (the “Award”) of the number of Restricted Stock Units set forth below
pursuant to the Company’s Amended and Restated 2005 Equity and Incentive Plan
(the “Plan”), each Restricted Stock Unit representing the right to receive one
share of the Company’s Common Stock, $.02 par value per share (the “Common
Stock”), subject to the terms and conditions set forth below and on the reverse
side of this Certificate.

	
  Award Date:

  	
   

  	
   

  
	
  Name of Participant:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  Social Security No.:

  	
   

  	
   

  
	
  Number of Restricted
  Stock Units:

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
   

  

 

Settlement Schedule:  As set forth in Section 3 on the reverse side
of this Certificate, vested Restricted Stock Units shall be settled as of the
date that Participant ceases to serve as a Director of the Company.

By acceptance of this Award, Participant agrees to all the terms and
conditions hereof, including, without limitation, those set forth in the Plan
and on the reverse side of this Certificate.

	
  

  	
  BENTLEY PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

*  * 
*  *  *

 

 

TERMS AND
CONDITIONS OF RESTRICTED STOCK UNITS

1.     The Plan.  In the event of any conflict between the
terms of the Plan and this Award, the terms of the Plan shall govern.  The Committee administers the Plan and its
determinations regarding the operation of the Plan are final.  Subject to the limitations set forth in the
Plan, the Committee may amend the Plan or this Award.  Capitalized terms used but not defined herein
shall have the meaning set forth in the Plan. 
Copies of the Plan may be obtained upon written request without charge
from the Secretary of the Company.

2.     No Rights as Stockholder or Director.  Participant shall not have any of the rights
or privileges of a stockholder of the Company with respect to the Restricted
Stock Units granted pursuant to this Award unless and until shares of Common
Stock have been issued and delivered to Participant.  No adjustments shall be made for dividends or
distributions or other rights for which the record date is prior to the date
such shares of Common Stock are issued. 
The rights of Participant with respect to the Restricted Stock Units
shall remain forfeitable at all times prior to the date on which such rights
vest in accordance with Sections 4, 5 and 6.  Participant shall not have any rights to
continued service for the Company or its Affiliates by virtue of the grant of
this Award.

3.     Conversion of Restricted Stock Units:
Issuance of Common Stock.  No shares
of Common Stock shall be issued to Participant (i) prior to the date on which
the Restricted Stock Units vest in accordance with Sections 4, 5 and 6 and
(ii) until Participant ceases to serve as a Director of the Company.  Subject to Section 9, the Company shall
deliver to Participant, as of the date that Participant ceases to be a Director
of the Company, the shares of Common Stock represented by the whole Restricted
Stock Units that have vested as of such date. 
The value of any fractional Restricted Stock Unit shall be paid in cash
at the time the certificate is delivered to Participant.  The shares of Common Stock issued on
conversion of vested Restricted Stock Units shall be free of all restrictions
on transferability and forfeiture under this Award.

4.     Vesting.  Subject to the terms and conditions of this
Award, the Restricted Stock Units shall vest according to the Vesting Schedule
set forth on the cover of this Certificate, so long as Participant remains
continuously a Director of the Company until the respective vesting dates.

5.     Change in Control.  As provided in the Plan, in the event of a
Change in Control affecting the
Company’s outstanding Common Stock, the Committee shall equitably adjust the
number and kind of shares subject to this Award or make provision for a cash
payment. If such Change in Control involves a consolidation or merger of the
Company with another entity, the sale or exchange of all or substantially all
of the assets of the Company or a reorganization or liquidation of the Company,
then in lieu of the foregoing, the Committee may in its discretion accelerate
or waive any vesting period.

6.     End of Service as Director.  If, prior to vesting of the Restricted Stock
Units pursuant to Section 4 or 5, Participant ceases to be a Director of
the Company for any reason (voluntary or involuntary), then Participant’s
rights to all of the unvested Restricted Stock Units shall be immediately and
irrevocably forfeited.

7.     Restriction on Transfer.  The Restricted Stock Units are not
transferable by Participant otherwise than by will or the laws of descent and
distribution.  The naming of a Designated
Beneficiary does not constitute a transfer.

8.     409A.  In the event that the Committee determines
that any amounts will be immediately taxable to Participant under Section 409A
of the Code and related Department of Treasury guidance (or subject Participant
to a penalty tax) in connection with the grant or vesting of the Restricted
Stock Units or any provision of this Award or the Plan, the Company may (i)
adopt such amendments to this Award (having prospective or retroactive effect)
that the Committee determines to be necessary or appropriate to preserve the
intended tax treatment of the Restricted Stock Units and/or (ii) take such
other actions as the Committee determines to be necessary or appropriate to
comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance, including such Department of Treasury guidance and other
interpretive materials as may be issued after the date on which such Restricted
Stock Units were granted.

9.     Conditions for Issuance of Shares.  The Company shall not be required to deliver
any shares of Common Stock until (i) such shares of Common Stock have been
admitted to listing on all stock exchanges on which the Common Stock is then
listed and (ii) the requirements of any federal or state securities laws, rules
or regulations or other laws or rules (including the rules of any securities
exchange) as may be determined by the Company to be applicable are satisfied, provided
however, that the Company may only so delay delivery of shares of Common Stock
to the extent that such deferral complies with the provisions of Section 409A
of the Code and related Department of Treasury guidance.  Any certificates representing shares of
Common Stock delivered under this Award may contain such legends as counsel for
the Company shall consider necessary to comply with any applicable law.

10.   Notices.  Any written notices provided for in this
Award that are sent by mail shall be deemed received three business days after
mailing, but not later than the date of actual receipt.  Notices shall be directed, if to Participant,
at the Participant’s address indicated by the Company’s records and, if to the
Company, at the Company’s principal executive office.

11.   Miscellaneous.  The right of Participant to receive shares of
Common Stock pursuant to this Award is an unfunded and unsecured obligation of
the Company.  The Participant shall have
no rights under this Award other than those of an unsecured general creditor of
the Company.  Subject to the restrictions
on transfer set forth herein, this Award shall be binding upon and inure to the
benefit of the heirs, legatees, legal representatives, successors and assigns
of the parties hereto.

12.   Governing Law.  This Award shall be governed by and construed
in accordance with the laws of the State of Delaware and applicable federal
law, without regard to applicable conflicts of laws.

13.   Severability.  If one or more of the provisions of this
Award shall be held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and the invalid, illegal or
unenforceable provisions shall be deemed null and void; however, to the extent
permissible by law, any provisions which could be deemed null and void shall
first be construed, interpreted or revised retroactively to permit this Award
to be construed so as to foster the intent of this Award and the Plan.

Adopted
5/23/2006

 2EXHIBIT 10.3

BENTLEY
PHARMACEUTICALS, INC.

AMENDED
AND RESTATED 2005 EQUITY AND INCENTIVE PLAN

RESTRICTED
STOCK UNIT CERTIFICATE

(Employees)

	
  RSU Number:

  	
   

  	
   

  	
   

  	
  Units

  

This
Restricted Stock Unit Certificate (this “Certificate”) confirms that Bentley
Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, has on the date
set forth below (the “Award Date”) granted to the person named below (“Participant”)
an award (the “Award”) of the number of Restricted Stock Units set forth below
pursuant to the Company’s Amended and Restated 2005 Equity and Incentive Plan
(the “Plan”), each Restricted Stock Unit representing the right to receive one
share of the Company’s Common Stock, $.02 par value per share (the “Common
Stock”), subject to the terms and conditions set forth below and on the reverse
side of this Certificate.

	
  Award Date:

  	
   

  	
   

  
	
  Name of Participant:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  Social Security No.:

  	
   

  	
   

  
	
  Number of Restricted
  Stock Units:

  	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  	
   

  

 

By
acceptance of this Award, Participant agrees to all the terms and conditions
hereof, including, without limitation, those set forth in the Plan and on the
reverse side of this Certificate.

	
  

  	
  BENTLEY PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  

 

*  * 
*  *  *

 

 

TERMS AND
CONDITIONS OF RESTRICTED STOCK UNITS

1.     The Plan.  In the event of any conflict between the
terms of the Plan and this Award, the terms of the Plan shall govern.  The Committee administers the Plan and its
determinations regarding the operation of the Plan are final.  Subject to the limitations set forth in the
Plan, the Committee may amend the Plan or this Award.  Capitalized terms used but not defined herein
shall have the meaning set forth in the Plan. 
Copies of the Plan may be obtained upon written request without charge
from the Secretary of the Company.

2.     No Rights as Stockholder or Employee.  Participant shall not have any of the rights
or privileges of a stockholder of the Company with respect to the Restricted
Stock Units granted pursuant to this Award unless and until shares of Common
Stock have been issued and delivered to Participant.  No adjustments shall be made for dividends or
distributions or other rights for which the record date is prior to the date
such shares of Common Stock are issued. 
The rights of Participant with respect to the Restricted Stock Units
shall remain forfeitable at all times prior to the date on which such rights
vest in accordance with Sections 4, 5 and 6.  Participant shall not have any rights to
continued employment by the Company or its Affiliates by virtue of the grant of
this Award.

3.     Conversion of Restricted Stock Units:
Issuance of Common Stock.  No shares
of Common Stock shall be issued to Participant prior to the date on which the Restricted
Stock Units vest in accordance with Sections 4, 5 and 6.  Subject to Section 10, the Company shall
deliver to Participant, on or promptly after each vesting date set forth on the
cover of this Certificate, the shares of Common Stock represented by the whole
Restricted Stock Units that vest on such date. 
The value of any fractional Restricted Stock Unit shall be paid in cash
at the time the certificate is delivered to Participant.  The shares of Common Stock issued on
conversion of vested Restricted Stock Units shall be free of all restrictions
on transferability and forfeiture under this Award.

4.     Vesting.  Subject to the terms and conditions of this
Award, the Restricted Stock Units shall vest according to the Vesting Schedule
set forth on the cover of this Certificate, so long as Participant remains
continuously employed by the Company until the respective vesting dates,.

5.     Change in Control.  As provided in the Plan, in the event of a
Change in Control affecting the
Company’s outstanding Common Stock, the Committee shall equitably adjust the
number and kind of shares subject to this Award or make provision for a cash
payment. If such Change in Control involves a consolidation or merger of the
Company with another entity, the sale or exchange of all or substantially all
of the assets of the Company or a reorganization or liquidation of the Company,
then in lieu of the foregoing, the Committee may in its discretion accelerate
or waive any vesting period.

6.     Termination of Employment.  If, prior to vesting of the Restricted Stock
Units pursuant to Section 4 or 5, Participant ceases to be an employee of
the Company for any reason (voluntary or involuntary), then Participant’s
rights to all of the unvested Restricted Stock Units shall be immediately and
irrevocably forfeited.

7.     Restriction on Transfer.  The Restricted Stock Units are not
transferable by Participant otherwise than by will or the laws of descent and
distribution.  The naming of a Designated
Beneficiary does not constitute a transfer.

8.     Income Tax Matters.  Participant shall pay to the Company, or make
provision satisfactory to the Company for payment of, any taxes required by law
to be withheld in respect of the Restricted Stock Units subject to this Award
no later than the date of the event creating the tax liability.  In order to comply with all applicable
federal or state income tax laws or regulations, the Company may take such
action as it deems appropriate to ensure that all applicable taxes are withheld
or collected from Participant.  In the
Company’s discretion, such tax obligations may be paid in whole or in part by
having the Company withhold a portion of the shares of Common Stock otherwise
to be delivered valued at their Fair Market Value, or to the extent permitted
by law, deducting any such tax obligations from any payment of any kind
otherwise due to Participant, including wages or other cash compensation.

9.     409A.  In the event that the Committee determines
that any amounts will be immediately taxable to Participant under Section 409A
of the Code and related Department of Treasury guidance (or subject Participant
to a penalty tax) in connection with the grant or vesting of the Restricted
Stock Units or any provision of this Award or the Plan, the Company may (i)
adopt such amendments to this Award (having prospective or retroactive effect),
that the Committee determines to be necessary or appropriate to preserve the
intended tax treatment of the Restricted Stock Units and/or (ii) take such
other actions as the Committee determines to be necessary or appropriate to
comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance, including such Department of Treasury guidance and other
interpretive materials as may be issued after the date on which such Restricted
Stock Units were granted.

10.   Conditions for Issuance of Shares.  The Company shall not be required to deliver
any shares of Common Stock upon vesting of any Restricted Stock Units until (i)
such shares of Common Stock have been admitted to listing on all stock
exchanges on which the Common Stock is then listed and (ii) the requirements of
any federal or state securities laws, rules or regulations or other laws or
rules (including the rules of any securities exchange) as may be determined by
the Company to be applicable are satisfied, provided however, that the
Company may only so delay delivery of shares of Common Stock to the extent that
such deferral complies with the provisions of Section 409A of the Code and
related Department of Treasury guidance. 
Except as provided in the preceding sentence, in no event will shares of
Common Stock be delivered later than the date that is two and one-half (21⁄2)
months from the end of the calendar year in which the applicable Restricted
Stock Units vest.  Any certificates
representing shares of Common Stock delivered under this Award may contain such
legends as counsel for the Company shall consider necessary to comply with any
applicable law.

11.   Notices.  Any written notices provided for in this Award
that are sent by mail shall be deemed received three business days after
mailing, but not later than the date of actual receipt.  Notices shall be directed, if to Participant,
at the Participant’s address indicated by the Company’s records and, if to the
Company, at the Company’s principal executive office.

12.   Miscellaneous.  The right of Participant to receive shares of
Common Stock pursuant to this Award is an unfunded and unsecured obligation of
the Company.  The Participant shall have
no rights under this Award other than those of an unsecured general creditor of
the Company.  Subject to the restrictions
on transfer set forth herein, this Award shall be binding upon and inure to the
benefit of the heirs, legatees, legal representatives, successors and assigns
of the parties hereto.

13.   Governing Law.  This Award shall be governed by and construed
in accordance with the laws of the State of Delaware and applicable federal
law, without regard to applicable conflicts of laws.

14.   Severability.  If one or more of the provisions of this
Award shall be held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and the invalid, illegal or unenforceable
provisions shall be deemed null and void; however, to the extent permissible by
law, any provisions which could be deemed null and void shall first be
construed, interpreted or revised retroactively to permit this Award to be
construed so as to foster the intent of this Award and the Plan.

Adopted 5/23/2006

 2

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