Document:

Exhibit 10.1

 

2019 CASH INCENTIVE PLAN

 

Purpose:

 

The terms of the 2019 Cash Incentive Plan (the “2019 Plan”) have been established to reward the executives and other employees of Rigel Pharmaceuticals, Inc. (the “Company”) for assisting the Company in achieving its operational goals through exemplary performance. Under the 2019 Plan, cash bonuses, if any, will be based on both the achievement of corporate goals and a review of personal performance, which is determined at the discretion of the Compensation Committee of the Board of Directors (the “Compensation Committee”) and/or the Board of Directors (the “Board”).  The overarching intent in setting and achieving the goals is to build long-term shareholder value.

 

Determination of 2019 Cash Bonuses:

 

Target bonuses for participants in the 2019 Plan will range from 5% to 60% of such recipient’s 2019 base salary, with a range for executives of 40% to 60% of such executive’s 2019 base salary. The maximum bonus that a participant will be eligible to receive is 120% of such participant’s 2019 base salary and in no event will a bonus be paid later than March 15 of the year following the year in which the bonus was earned. The objective Company performance goals for each participant will be based on meeting certain goals with respect to the Company’s financial and operational performance: growth of Tavalisse in ITP (weighted at 40%), expansion of indications for fostamatinib (weighted at 25%), expansion of the Company’s clinical pipeline (weighted at 15%), and maintenance of a viable cash position for the Company at December 31, 2019 (weighted at 20%), as well as other Company performance goals to be determined by the Compensation Committee. The Board and Compensation Committee reserve the right to modify these goals and criteria at any time or to grant bonuses to the participants even if the performance goals are not me, as well as to withhold bonuses if a minimum threshold of 40% of the goals are not met.Exhibit 10.1

 

First
United Bank & Trust

amended
and restated Defined Benefit Supplemental Executive Retirement Plan

 

RECITALS:

 

WHEREAS, the First United
Bank and Trust (the “Employer”) established a Defined Benefit Supplemental Executive Retirement Plan (the “Plan”)
on November 1, 2001;

 

WHEREAS, the Plan was
intended to qualify as a “top hat” plan maintained primarily for purposes of providing benefits for a select group
of management and highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement
Income Security Act of 1974, as amended; and

 

WHEREAS, the Employer
amended and restated the Plan (i) effective January 1, 2005 to make certain clarifying and other changes and to ensure that it
complies with Section 409A of the Internal Revenue Code and (ii) effective January 1, 2008 to comply with the Section 409A final
regulations; and

 

WHEREAS, the Employer
desires to again amend and restate the plan, effective January 1, 2019 to change the formal name of the plan to Defined Benefit
Supplemental Executive Retirement Plan;

 

NOW THEREFORE, the
Plan is hereby amended and restated, effective January 1, 2019 as follows:

 

ARTICLE I

GENERAL

 

		1.1	Purpose of the Plan. The purpose of this Plan is to reward certain management and highly
compensated employees of the Employer who have contributed to the Employer’s success and are expected to continue to contribute
to such success in the future.

 

		1.2	Plan Benefits Generally. Pursuant to the Plan, the Employer may provide to each Participant
Defined Benefits on the terms and conditions contained in the Participant’s Participation Agreement.

 

		1.3	Effective Date. The effective date of the amended and restated Plan is January 1, 2019

 

		1.4	Section 409A. The provisions of this Plan shall apply to all Defined Benefits, including
those accrued before January 1, 2005. Accordingly, no Defined Benefits are “grandfathered” for purposes of Section
409A of the Code.

 

ARTICLE II

DEFINITIONS

 

		2.1	Administrator. The term “Administrator” shall mean the Compensation Committee
of the Employer’s Board, as appointed from time to time by the Board.

 

		2.2	Affiliate. The term “Affiliate” means any “parent corporation” and
any “subsidiary corporation” of the Company, as such terms are defined in Section 424 of the Code.

 

		2.3	Beneficiary. The term “Beneficiary” shall mean the person or persons designated
by a Participant pursuant to Section 7 of a Participation Agreement as his or her beneficiary for the receipt of the Defined Benefit
payable pursuant to this Plan and the Participant’s Participation Agreement.

 

		2.4	Board. The term “Board” means the
Board of Directors of the Employer.

 

     

     

    

 

		2.5	Change of Control. The term “Change of Control”
means the occurrence of any of the following events:

 

		(a)	Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended) becomes, within the 12-month period ending on the date of such person’s most recent acquisition,
a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Employer’s parent corporation, First United Corporation, representing more than 20% of the voting power of the then outstanding
securities of First United Corporation; provided that a Change of Control shall not be deemed to occur as a result of a transaction
in which the Employer becomes a subsidiary of another corporation and in which the stockholders of First United Corporation, immediately
prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more
than 50% of all votes to which all stockholders of the other corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a separate class vote); and provided further that ownership
or control of the Employer’s voting securities, individually or collectively, by any Affiliate that is a bank or any benefit
plan sponsored by the Employer or any Affiliate shall not constitute a Change of Control;

 

		(b)	The consummation of (1) a merger, consolidation, or similar extraordinary event involving the Employer
or its parent corporation and another entity after the effective date of the Plan where the stockholders of the Employer or First
United Corporation, as the case may be, immediately prior to the merger, consolidation or similar extraordinary event, will not
beneficially own, immediately after the merger, consolidation or similar extraordinary event, securities entitling such stockholders
to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors
(without consideration of the rights of any class of stock to elect directors by a separate class vote), or (2) a sale or other
disposition of all or substantially all of the assets of the Employer or its parent corporation; or

 

		(c)	During any 24-month period, individuals who at the beginning of any such period constitute the
Board cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by the
Employer’s stockholders, of each director of the Employer first elected during such period was approved by a vote of at least
two-thirds of the directors of the Employer then still in office who were directors of the Employer at the beginning of any such
period.

 

		2.6	Code. The term “Code” means the Internal Revenue
Code of 1986, as amended. 

 

		2.7	Employer. The term “Employer” means First United Bank & Trust, a Maryland
commercial bank, and any successor entity.

 

		2.8	Executive. The term “Executive” means a management or highly compensated employee
of the Employer that is designated as such by the Administrator as eligible to participate in the Plan.

 

		2.9	Normal Retirement Age. The term “Normal Retirement Age” means the normal retirement
age set forth in the Participation Agreement.

 

		2.10	Participant. The term “Participant” means any Executive who elects to participate
in the Plan by entering into a Participation Agreement in accordance herewith. The Administrator may from time to time, in its
sole discretion with or without cause, revoke a Participant’s participation in the Plan upon ninety (90) days’ written
notice; provided, however, that such revocation shall not reduce any benefits to which the Participant may have already become
entitled at the time of such revocation.

 

		2.11	Participation Agreement. The term “Participation Agreement” means a written
agreement between the Employer and a Participant, pursuant to which the Employer agrees to provide Defined Benefits to the Participant
in accordance with the Plan. Each Participation Agreement shall contain such information, terms and conditions as the Administrator
in its discretion may specify, including without limitation, the following:

 

		(a)	the effective date of the Participant’s participation in the Plan;

 

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		(b)	the Participant's Normal Retirement Age;

 

		(c)	the Defined Benefits to which the Participant is entitled under the Plan and the time(s) at which
such Defined Benefits are to be paid; and

 

		(d)	any other provisions which supplement the terms and conditions contained in the Plan.

 

		2.12	Plan. The term “Plan” means this Amended and Restated First United Bank &
Trust Defined Benefit Supplemental Executive Retirement Plan, as the same may be further amended, modified or supplemented.

 

		2.13	Plan Year. The term “Plan Year” means calendar year; January 1 through December
31.

 

		2.14	Defined Benefits. The term “Defined Benefits” means, with respect to each Participant,
the benefits payable pursuant the Participant’s Participation Agreement.

 

ARTICLE
III

ELIGIBILITY
AND PARTICIPATION

 

		3.1	Eligibility. The Administrator, in its sole discretion, shall from time to time determine
those Executive(s) who shall be eligible to participate in the Plan.

 

		3.2	Participation. Each Executive who is eligible to participate in the Plan shall enroll in
the Plan by entering into a Participation Agreement and completing such other forms and furnishing such other information as the
Administrator may request. An Executive’s participation in the Plan shall commence as of the date specified in the Participation
Agreement.

 

ARTICLE
IV

		BENEFITS	

 

		4.1	Defined Benefits. Each Participant, subject to the terms and conditions of his or her Participation
Agreement, shall become entitled to receive Defined Benefits as set forth in his or her executed Participation Agreement.

 

		4.2	Vesting. A Participant's ownership rights in his or her Defined Benefits shall vest on the
terms and conditions provided in his or her Participation Agreement.

 

ARTICLE
V

		BENEFICIARIES	

 

		5.1	Beneficiaries. A Participant's executed Participation Agreement shall dictate the Participant's
rights and responsibilities regarding the Participant's Beneficiary(s).

 

ARTICLE
VI

Plan
Administration

 

		6.1	Administration.

 

		(a)	General. The Plan shall be administered by the Administrator. Except as the Board dictates
otherwise in a resolution or unanimous consent thereof, the Administrator shall have sole and absolute discretion to interpret
where necessary all provisions of the Plan (including, without limitation, by supplying omissions from, correcting deficiencies
in, or resolving inconsistencies or ambiguities in, the language of the Plan), to determine the rights and status under the Plan
of Participants or other persons, to resolve questions or disputes arising under the Plan, to request any information from the
Employer it deems necessary to determine whether the Employer would be considered insolvent or subject to a proceeding in bankruptcy,
to make any determinations with respect to the Defined Benefits payable under the Plan and the persons entitled thereto, and to
take all other actions that it deems necessary or proper to fulfill its duties as Administrator. The Administrator's determinations
hereunder shall be final and binding on all persons, subject only to the claims procedures outlined in Article 7 hereof.

 

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		(b)	Consultants. The Administrator is expressly empowered to employ actuaries, accountants,
counsel, and other persons that it deems necessary in connection with the administration of the Plan.

 

		(c)	Liability of Administrator. The Administrator shall not be liable for any actions by it
hereunder unless due to its own gross negligence or willful misconduct, and it shall be indemnified and saved harmless by the Employer
from and against all personal liability to which it may be subject by reason of any act done or omitted to be done in its official
capacity as Administrator in good faith in the administration of the Plan, including all expenses reasonably incurred in its defense
in the event the Employer fails to provide such defense upon the request of the Administrator. Except as provided in the foregoing
sentence and except in connection with any breach of duty to the Participants or Beneficiaries, the Administrator shall be relieved
of all responsibility in connection with its duties hereunder to the fullest extent permitted by law.

 

		6.2	Regulations. The Administrator may promulgate any rules and regulations it deems necessary
in order to carry out the purposes of the Plan or to interpret the provisions of the Plan; provided, however, that no rule, regulation
or interpretation shall be contrary to the provisions of the Plan. The rules, regulations and interpretations made by the Administrator
shall, subject only to the claims procedure outlined in Article 7 hereof, be final and binding on all persons.

 

		6.3	Revocability of Administrator/Employer Action. Any action taken by the Administrator with
respect to the rights or benefits under the Plan of any employee or former employee shall be revocable by the Administrator or
the Employer as to payments not yet made to such person. Acceptance of any benefits under the Plan constitutes acceptance of, and
agreement to, the Administrator's or the Employer’s making any appropriate adjustments in future payments to such person
of (or to recover from such person) any excess payment or underpayment previously made to such person.

 

		6.4	Amendment. Except as prohibited by applicable law, the Employer, in its sole discretion,
may modify or amend this Plan and any Participation Agreement; provided, however, that no modification or amendment shall reduce
any vested Defined Benefit to which a Participant has already become entitled at the time of the modification or amendment, including,
without limitation, Defined Benefits to which a Participant became entitled due to a Change of Control, unless each affected Participant
consents in writing to such modification or amendment. Any such modification or amendment shall be expressed in the form of a written
instrument executed by an officer of the Employer pursuant to a resolution adopted by the Board and shall be delivered to each
Participant.

 

		6.5	Termination.

 

		(a)	General Right to Terminate. The Employer, in its sole discretion, may terminate this Plan
at any time and for any reason whatsoever, except that no termination may reduce the amount of a Participant’s vested benefit
as of the date of such termination, including benefits to which the Participant became entitled due to a Change of Control, without
the prior written consent of the Participant. Any such termination shall be expressed in the form of a written instrument executed
by an officer of the Employer pursuant to a resolution adopted by the Board. Such termination shall become effective as of the
date specified in such instrument or, if no such date is specified, on the date of its execution. Written notice of any termination
shall be given to the Participants as soon as practicable after the instrument is executed.

 

		(b)	Acceleration of Defined Benefits Upon Termination. Upon a termination of this Plan, the
Employer may accelerate the distribution of any Defined Benefits accrued through the date of the termination provided that the
conditions in T. Reg. §1.409A-3(j))(4)(ix) are satisfied.

 

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		6.6	Withholding. The Employer shall have the right to deduct from any distributions hereunder
any taxes or other amounts required by law to be withheld therefrom.

 

		6.7	Distributions in the Event of Taxation.

 

		(a)	Section 409A. If any portion of a Participant’s Defined Benefit becomes taxable to
the Participant prior to the time it would otherwise be payable due to failure of the Plan to satisfy Section 409A of the Code,
then a Participant may apply to the Administrator for a distribution of that portion of his or her Defined Benefit that has become
taxable. Within 90 days after the Administrator determines that a portion of the Participant’s Defined Benefit has become
taxable, the Employer will make a lump sum distribution to the Participant in an amount equal to the taxable portion of his or
her Defined Benefit (which amount will not exceed the Participant’s unpaid vested Defined Benefit).

 

		(b)	FICA Tax. If any portion of a Participant’s Defined Benefit becomes subject to FICA
tax before it is paid to the Participant, then notwithstanding the timing and method of distribution of such Defined Benefit otherwise
in effect for the Participant, the Administrator may direct that future Defined Benefit payments be accelerated so as to pay the
Participant’s share of applicable FICA tax. Payments may also be accelerated so as to pay any income tax withholding obligation
that arises due to acceleration for FICA purposes.

 

		(c)	Reduction of Defined Benefit. Any distributions or payments under paragraphs (a)
or (b) of this Section 6.7 will reduce the remaining Defined Benefit to be paid under this Plan.

 

Article
VII

Claims
Administration

 

		7.1	General. If a Participant, Beneficiary, or Participant's representative is denied all or
a portion of an expected Plan benefit for any reason and the Participant, Beneficiary, or Participant's representative desires
to dispute the decision of the Administrator, he must file a written notification of his or her claim with the Administrator.

 

		7.2	Claim Review. Upon receipt of any written claim for benefits, the Administrator shall be
notified and shall give due consideration to the claim presented. If the claim is denied to any extent by the Administrator, the
Administrator shall furnish the claimant with a written notice within 90 days after receipt of the claim (which period may be extended
for 90 days for special circumstances) setting forth:

 

		(a)	the specific reason or reasons for denial of the claim;

 

		(b)	a specific reference to the Plan provisions on which the denial is based;

 

		(c)	a description of any additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary;

 

		(d)	an explanation of the steps to be taken if the Participant or Beneficiary wishes to submit his
or her claim for review; and

 

		(e)	a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA
following denial of an appeal.

 

If an extension
of time is required, the Administrator shall furnish the claimant with a written notice of the extension, indicating the special
circumstances requiring the extension and the date by which the Administrator expects to render a decision, before the end of the
original 90-day period.

 

		7.3	Right of Appeal. A claimant who has a claim denied under Section 7.2 hereof may appeal
to the Administrator for reconsideration of that claim. A request for reconsideration under this Section must be filed by
written notice within sixty (60) days after receipt by the claimant of the notice of denial. A claimant or his or her duly authorized
representative may (i) request a review upon written application to the Plan, (ii) upon request and free of charge, review
pertinent documents, and (iii) submit issues and comments in writing.

 

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		7.4	Review of Appeal. Upon receipt of an appeal, the Administrator shall promptly take action
to give due consideration to the appeal. Such consideration may include a hearing of the parties involved, if the Administrator
believes such a hearing is necessary. After consideration of the merits of the appeal the Administrator shall issue a written decision,
which shall be binding on all parties subject to Section 7.6 hereof. The decision shall take into account all comments,
documents, records and other information submitted by the claimant, without regard to whether such information was submitted or
considered in the initial claim determination. The decision shall be written in a manner calculated to be understood by the claimant
and shall include the items described in paragraphs (a), (b) and (e) of Section 7.2 hereof and a statement
that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to the claim. The Administrator’s decision shall be issued within sixty (60) days
after the appeal is filed, which period may be extended for 60 days for special circumstances, such as the need to hold a hearing.
If an extension of time is required, the Administrator shall furnish the claimant with a written notice of the extension, indicating
the special circumstances requiring the extension and the date by which the Administrator expects to render a decision, before
the end of the original 60-day period.

 

		7.5	Designation. The Administrator may designate any other person of its choosing to make any
determination otherwise required under this Article.

 

ARTICLE
VIII

		MISCELLANEOUS	

 

		8.1	No Liability of Employees. No liability shall attach to or be incurred by any employee of
the Employer or Administrator individually under or by reason of the terms, conditions, and provisions contained in this Plan,
or for the acts or decisions taken or made hereunder or in connection therewith; and, as a condition precedent to the establishment
of this Plan or the receipt of benefits hereunder, or both, such liability, if any, is expressly waived and released by each Participant
and by any and all persons claiming under or through any Participant or any other person. Such waiver and release shall be conclusively
evidenced by any act or participation in or the acceptance of benefits or the making of any election under this Plan.

 

		8.2	Expenses. Except as otherwise provided in this Plan, all expenses incurred in the administration
of this Plan, whether incurred by the Employer or the Administrator, shall be paid by the Employer.

 

		8.3	Compliance with Law. Notwithstanding any other provision of this Plan or any Participation
Agreement to the contrary, the Employer may amend, modify or terminate this Plan and/or any Participation Agreement, without the
consent of any Participant, as the Employer deems necessary or appropriate to ensure compliance with any law, rule, regulation
or other regulatory pronouncement applicable to the Plan, including, without limitation, Section 409A of the Code and any related
regulations or other guidance promulgated with respect to Section 409A of the Code.

 

		8.4	Governing Law. To the extent not preempted by federal law, this Plan shall be governed by,
construed and administered under, the laws of the State of Maryland, exclusive of the conflict of laws principles of that State.

 

		8.5	Severability. Should any provision of this Plan or any regulations adopted hereunder be
deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions or regulations
unless such invalidity shall render impossible or impractical the functioning of the Plan and, in such case, the appropriate parties
shall immediately adopt a new provision or regulation to take the place of the one held illegal or invalid.

 

		8.6	Headings. The headings contained in this Plan are inserted only as a matter of convenience
and for reference and in no way define, limit, enlarge, or describe the scope or intent of this Plan nor in any way shall they
affect this Plan or the construction of any provision thereof.

 

		8.7	Terms. Capitalized terms shall have meanings given herein. Singular nouns shall be read
as plural and masculine pronouns shall be read as feminine, and vice versa, as appropriate.

 

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		8.8	Ownership of Assets; Prohibition Against Funding; Relationship with Employer. It is the
express intention of the Employer that this Plan and all Participation Agreements shall be unfunded for tax purposes and for purposes
of Title I of ERISA. Participants shall have no right, title or interest whatsoever in or to any assets or amounts which are used
to pay benefits under the Plan. Each Participant and Beneficiary shall be required to look to the provisions of this Plan and to
the Employer itself for enforcement of any and all benefits due under this Plan, and, to the extent any such person acquires a
right to receive payment under this Plan, such right shall be no greater than the right of any unsecured general creditor of the
Employer. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create
a trust of any kind or a fiduciary relationship between the Employer and any Participant or any other person. Without limiting
the foregoing, should any investment be acquired in connection with the liabilities assumed under this Plan or any Participation
Agreement, the Participants and Beneficiaries shall not have any right with respect to, or claim against, such assets nor shall
any such purchase be construed to create a trust of any kind or a fiduciary relationship between the Employer and the Participants,
their Beneficiaries, or any other person. Any such assets shall be and remain a part of the general, unpledged, unrestricted assets
of the Employer, subject to the claims of its general creditors. The Employer shall be designated the owner and beneficiary of
any investment acquired in connection with its obligation under this Plan.

 

		8.9	Deposits in Trust. The Employer may, at its sole discretion, establish with a corporate
trustee a grantor rabbi trust under which all or a portion of the assets of the Plan are to be held, administered and managed.
The trust agreement evidencing the trust shall conform with the terms of Revenue Procedure 92-64 and any applicable subsequent
Internal Revenue Service guidance. The trust may be a springing trust. The Employer in its sole discretion may make deposits to
augment the principal of such trust.

 

		8.10	Entire Agreement. This Agreement sets forth the entire agreement of the parties with respect
to the subject matter hereof. Any and all prior agreements or understandings with respect to such matters are hereby superseded.

 

THIS FIRST UNITED BANK & TRUST AMENDED
AND RESTATED Defined Benefit SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN is executed this 19th day of December, 2018.

 

 

	ATTEST:	 	FIRST UNITED BANK & TRUST
	 	 	 	 	 
	 	 	 	 	 
	/s/	 	By:	/s/ Carissa L. Rodeheaver	(SEAL)
	 	 	Name:  Carissa L. Rodeheaver
	 	 	Title:  Chairman and Chief Executive Officer

 

 

 

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