Document:

Exhibit 10(n)

Exhibit
10(n)

August 5,
2003

«Name»

«Address»

«state»

Stock
Option Agreement

Dear
«Name1»:

In view of your substantial
contributions toward the achievement of the business goals and objectives of DNB
Financial Corporation (the "Corporation") and the Downingtown National Bank (the
"Bank") and the expectation of your future contributions, the Board of Directors
of the Corporation is pleased to award you an option to purchase shares of the
Common Stock of the Corporation pursuant to the DNB Financial Corporation 1995
Stock Option Plan (the "Plan"). This letter will serve as the stock option
agreement between you and the Corporation. The option awarded to you is subject
to the following terms.

1. NUMBER
OF SHARES: 

You are awarded an option to purchase a
total of «number» shares of the Common Stock of the Corporation.

2. TYPE
OF OPTION: 

The option awarded to you is a «Type»
option as that term is defined in the Plan.

3. EXERCISE
PRICE: 

The shares may be purchased upon your
exercise of this option for the price of $«Price» per share

4. DATE
OF GRANT OF AWARD: 

The Grant Date of the award of this
option is «grantdate».

 

 

 

 

Stock
Option Agreement

August 5,
2003

5. STATED
EXPIRATION DATE:

Unless
earlier terminated as explained below, the option awarded to you expires (with
respect to any number of shares subject to this option not previously exercised)
on the 10th anniversary of the Grant Date stated above.

6. DATE
OPTION BECOMES EXERCISEABLE:

The stock
option awarded to you is exercisable on and after the date which is six (6)
months after the Grant Date stated above. The stock option remains exercisable
by you until the expiration of the option in accordance with the terms of this
letter and the terms of the Plan.

7. EXERCISE
OF OPTION: 

You may
exercise the option awarded to you from time to time as provided above by
delivering to the Corporation:

(a) Written
notice of the exercise marked for the attention of the Secretary specifying the
number of whole shares in respect of which you are exercising the
option;

(b) Payment
of the exercise price for such shares in cash or by certified check payable to
the order of the Corporation, or in shares of Common Stock of the Corporation
already owned by you having a fair market value (as determined under the Plan)
on the Exercise Date equal to the exercise price, or any combination of cash or
such stock;

(c) Payment
of any federal, state and local withholding taxes required in respect of such
exercise in cash or by certified check payable to the order of the Corporation,
or in shares of Common Stock of the Corporation already owned by you having a
fair market value (as determined under the Plan) equal to the total amount of
such withholding taxes, or any combination of cash or such stock. 

(d) Only if
the shares to be acquired upon exercise have not been registered under the
Securities Act of 1933 (the 1933 Act):

 

Stock
Option Agreement

August 5,
2003

(i) If
required by the Board of Directors of the Corporation, a written statement that
you are purchasing the shares for investment and not with a view toward their
distribution and will not sell or transfer any shares received upon the exercise
of the option except in accordance with the 1933 Act and following the
expiration of the second anniversary of the Exercise Date of the option with
respect to such shares;

(ii) If
required by the Board of Directors of the Corporation, with such information as
is necessary for the Corporation to comply with securities laws.

Upon
receipt of the documents and payments listed above, the Corporation will issue
you a certificate for the number of shares with respect to which you have
exercised the option.

8. EXERCISE
DATE: 

 

The date
on which the Corporation receives the documents specified above in complete and
otherwise acceptable form and the payments specified above will be treated as
the Exercise Date with respect to your exercise of the stock
option.

9. NON-ASSIGNABILITY
OF OPTION: 

Except as
provided by the Plan, the option awarded to you is exercisable only by you. The
option may not be transferred, assigned, pledged as security or hypothecated in
any way and is not subject to execution, attachment or similar process. Upon any
attempt by you to transfer, assign, pledge, hypothecate or otherwise dispose of
this option or of any portion thereof or upon the levy of any execution,
attachment or similar process on this option or on any portion thereof, the
option awarded to you will immediately expire with respect to the number of
shares not exercised prior to such event.

10. RIGHTS
IN SHARES SUBJECT TO OPTION: You will not
be treated as a holder of any of the shares subject to this option or of any
rights of a holder of such shares unless and until the shares are issued to you
as evidenced by stock certificates.

11. EFFECT
ON EMPLOYMENT: This
letter is not an employment agreement or service contract. Therefore, none of
the rights awarded to you by this letter affect, in any way, your employment or
service relationship with the Corporation or the Bank.

 

 

 

Stock
Option Agreement

August 5,
2003

12. TERMINATION
OF EMPLOYMENT OR SERVICE: Except as
otherwise provided in the Plan, upon termination of your employment with the
Corporation or the Bank or your separation from service as a Director (if you
are not also an employee of the Corporation or the Bank), the unexercised
portion of this option will terminate as follows:

a. If you
terminate or separate on account of death or disability or you terminate on
account of retirement which has been approved by the Corporation, your option
will terminate on the Stated Expiration Date described above.

b. If you
are terminated or separated by act of the Corporation or the Bank for cause, as
defined in the Plan, your option is terminated with respect to any shares not
previously exercised effective immediately as of your termination or
separation.

c. If you
terminate or separate by your own act, your option will terminate at the close
of business on the earlier of the Stated Expiration Date described above or on
the ninetieth day following the date of your termination or
separation.

d. If you
terminate or separate for any other reason, your option will terminate at the
close of business on the earlier of the Stated Expiration Date described above
or on the third anniversary of the date of your termination or
separation.

13. OPTION
AWARDED SUBJECT TO PLAN PROVISIONS: 

The Plan
provisions take precedence over the provisions of this letter agreement.
Therefore, in the case of any inconsistency between any provision of this letter
agreement and any provision of the Plan in effect on the Grant Date, the
provision of the Plan will control. 

14. COUNTERPARTS:

This
letter agreement may be executed in one or more counterparts each of which shall
be deemed an original and all of which shall be deemed one and the same
agreement.

Stock
Option Agreement

August 5,
2003

If you
accept the stock option award evidenced by this letter, subject to the terms
stated above, you should date and sign the enclosed copy of this letter in the
spaces indicated and return it to the Corporation marked for the attention of
the Secretary. Your signature will also mean that you have been provided with
and have read a copy of the Plan.

DNB
Financial Corporation

By:______________________________

 Chairman
of the Board

I
acknowledge that I have read this letter and agree to accept the stock option
award evidenced by it according to the terms set out above.

«name»

__________________________________  _________________

Signature      Date

Stock
Option Agreement

August 5,
2003

 

DNB
FINANCIAL CORPORATION

1995
STOCK OPTION PLAN

NOTICE
OF STOCK OPTION EXERCISE

   

	 To: DNB
      Financial Corporation	 	 Attention: Corporate
      Secretary
	 	 	 
	 	 	 
	 	 	 
	
      From:
	
      _____________________________________
	
      Date:
      ___________________________

	 	
      (Grantee
      Name)
	 
	 	 	 
	 	
      _____________________________________
	
      Tel.
      No. _____ - ______ - __________

	 	
      (Address)
	 
	 	 	 
	 	
      _____________________________________
	 
	 	 	 
	 	
      _____________________________________
	 
	 	
      _____________________________________
	 

	
      Date
      of Grant: _____________________
	
      Number
      of Shares Exercised: ______________
	 
	 	 	 
	
      Exercise
      Price Per Share: $_____ . ____
	
      Total
      Exercise Price: $
	
      __________
      . _____

	 	 	 
	
      Federal
      Income Tax Withholding
	
       
	
      __________
      . _____

	 	
      (Contact
      Payroll to Determine)
	 
	 	 	 
	
      F.I.C.A.
      Tax Withholding
	
       
	
      __________
      . _____

	 	
      (Contact
      Payroll to Determine)
	 
	 	 	 
	
      Pennsylvania
      Personal Income Tax Withholding 
	 	
      __________
      . _____

	 	
      (Contact
      Payroll to Determine)
	 
	 	 	 
	
      Local
      Earned Income Tax Withholding
	
       
	
      __________
      . _____

	 	
      (Contact
      Payroll to Determine)
	 
	 	 	 
	
      Subtotal
      of withholding taxes
	
       
	
      __________
      . _____

	 	
      (Contact
      Payroll to Determine)
	 
	 	 	 
	
      Total
      Remittance
	
       
	
      __________
      . _____

	 	
      (Attach
      certified check for total or attach properly endorsed certificates of
      stock with equal value)
	 

 

[Please
note that final remittance due is subject to adjustment pending
determination
of applicable stock value]

Please
accept the above notice of exercise and issue share certificates as
required.

_________________________________________

(signature of person authorized to
exercise)Exhibit 10(o)

Exhibit
10(o)

STOCK
OPTION AGREEMENT

(Non-Qualified
Option - Immediate Vesting - Restricted Stock)

THIS
AGREEMENT GRANTS A NON-QUALIFIED
STOCK OPTION

RESALE
OF STOCK ISSUED ON EXERCISE OF THIS OPTION BY DIRECTORS AND CERTAIN SENIOR

EXECUTIVE
OFFICERS WILL BE RESTRICTED
BY APPLICABLE SECURITIES LAWS

Dear
_______________________________ (“Grantee”):

In
view of your substantial contributions toward the achievement of the business
goals and objectives of DNB Financial Corporation (the "Corporation") and DNB
First, National Association (the "Bank") and the expectation of your future
contributions, the Board of Directors of the Corporation is pleased to award you
an option to purchase shares of the Common Stock of the Corporation pursuant to
the 1995 Stock Option Plan of DNB Financial Corporation (As amended and
restated, effective as of April 27, 2004) (the "Plan"). This letter will serve
as the stock option agreement between you and the Corporation. The option
awarded to you is subject to the following terms.

1. NUMBER
OF SHARES: You
are awarded an option to purchase a total of ______ shares of the Common Stock
of the Corporation, subject to the terms, conditions and restrictions set forth
in this Agreement and the Plan.

2. SECURITIES
LAW RESTRICTIONS ON SHARES OWNED BY DIRECTORS AND CERTAIN OFFICERS OF THE
CORPORATION: If
you are an “affiliate” of the Corporation, your resale of the Common Stock you
receive on exercise of an Option will be subject to resale restrictions under
applicable securities laws. A person who is an “affiliate” of the Corporation
may not resell shares of Common Stock received by such employee upon exercise of
Options under the Plan, except pursuant to an effective registration statement
under the Securities Act of 1933 (the “Securities Act”) or in accordance with
Rule 144 promulgated under the Securities Act or another exemption available
under the Securities Act. For purposes of the Securities Act, an employee will
be considered to be an “affiliate” of the Corporation if such employee directly
or indirectly controls the Corporation. In addition, under Section 16(b) of the
Securities Exchange Act of 1934 (the “Exchange Act”), if you are a director or
one of certain types of “officer” of the Corporation identified in SEC
regulations under Section 16(b), you may be liable to the Corporation for profit
you are deemed to realize if you make certain types of purchases and certain
types of sales of the Common Stock within a period of less than six months of
each other. You should consult with legal counsel as to your status as an
“affiliate” of the Corporation and the applicability of Section 16(b) of the
Exchange Act to you.

3. TYPE
OF OPTION: The
option awarded to you is a Non-Qualified
Option
as that term is defined in the Plan.

4. EXERCISE
PRICE: The
shares may be purchased upon your exercise of this option for the price of $____
per share

5. DATE
OF GRANT OF AWARD: The
Grant
Date
of the award of this option is _____, 200_, which is also the date of this
Agreement.

6. STATED
EXPIRATION DATE: Unless
earlier terminated as explained below, the option awarded to you expires (with
respect to any number of shares subject to this option not previously exercised)
on the 10th anniversary of the Grant Date stated above. This is the Stated
Expiration Date.

7. DATE
OPTION BECOMES EXERCISEABLE; LOSS OF OPTION IN CERTAIN CIRCUMSTANCES:
The
stock option awarded to you is exerciseable at any time after the Grant Date
stated above. The stock option remains exerciseable by you until the expiration
of the option in accordance with the terms of this Agreement and the terms of
the Plan. 

8. EXERCISE
OF OPTION: You
may exercise the option awarded to you from time to time as provided above by
delivering to the Corporation all of the following:

(a)
 Written
notice of the exercise marked to the attention of the Chief Financial Officer
specifying the number of whole shares in respect of which you are exercising the
option.

 

 

 

(b) Payment
of the exercise price for such shares in any of the following forms: (i) cash,
(ii) certified check payable to the order of the Corporation, (iii) shares of
Common Stock of the Corporation already owned by you, (iv) shares of Common
Stock of the Corporation you are entitled to receive as a result of stock option
exercises that you are entitled to make for such purpose, but only if those
options are “in the money,” or (v) any combination of the foregoing.

(c) Payment
of any federal, state and local withholding taxes required in respect of such
exercise in any combination of the forms of payment described in (b) above.

Shares
of Common Stock of the Corporation may only be applied against the exercise
price or to pay any federal, state or local withholding taxes to the extent
consistent with any restrictions applicable to such shares. If shares of Common
Stock of the Corporation are to be applied in whole or partial payment of the
exercise price or any withholding taxes, they shall be applied at their fair
market value (as determined under the Plan) on the Exercise Date.

Upon
receipt of the documents and payments listed above, the Corporation will issue
you a certificate for the number of shares with respect to which you have
exercised the option.

9. EXERCISE
DATE: The
date on which the Corporation receives the documents specified above in complete
and otherwise acceptable form and the payments specified above will be treated
as the Exercise Date with respect to your exercise of the stock
option.

10. NON-ASSIGNABILITY
OF OPTION: Except
as provided by the Plan, the option awarded to you is exerciseable only by you.
The option may not be transferred, assigned, pledged as security or hypothecated
in any other way and shall not be subject to execution, attachment or similar
process even if you agree with someone else that it will be, except that if you
die while still employed with the Corporation or the Bank, your estate or the
person who acquires the right to exercise the Stock Option upon your death by
bequest or inheritance may exercise your option. Upon any attempt by you to
transfer, assign, pledge, hypothecate or otherwise dispose of this option or of
any portion thereof or upon the levy of any execution, attachment or similar
process on this option or on any portion thereof, the option awarded to you will
immediately expire with respect to the number of shares not exercised prior to
such event.

11. RIGHTS
IN SHARES SUBJECT TO OPTION: You
will not be treated
as a holder of any of the shares subject to this option or of any rights of a
holder of such shares unless and until the shares are issued to you as evidenced
by stock certificates.

12. EFFECT
ON EMPLOYMENT: This
letter is not an employment agreement or service contract. Therefore, none of
the rights awarded to you by this letter affect, in any way, your employment or
service relationship with the Corporation or the Bank.

13. TERMINATION
OF EMPLOYMENT OR SERVICE: Except
as otherwise provided in the Plan or this Agreement, upon termination of your
employment with the Corporation or the Bank, if applicable, and your separation
from service as a Director of the Corporation and the Bank, if applicable, the
unexercised portion of this option will terminate according to the following
terms:

(a) If
you terminate or separate on account of death or disability or you terminate on
account of retirement which has been approved by the Corporation, your option
will terminate on the Stated Expiration Date described above.

(b) If
the termination of your employment or separation from service as a Director is a
“Termination for Cause” as defined in the Plan, your option will terminate
automatically with respect to any shares not previously exercised, effective
immediately as of your termination or separation.

 

 

 

 

(c) If
you terminate or separate by your own act, your option will terminate at the
close of business on the earlier of the Stated Expiration Date described above
or on the ninetieth (90th) day following the date of your termination or
separation.

(d) If
you terminate or separate for any other reason, your option will terminate at
the close of business on the earlier of the Stated Expiration Date described
above or on the third (3rd) anniversary of the date of your termination or
separation.

14. OPTION
AWARDED SUBJECT TO PLAN PROVISIONS: The
Plan provisions take precedence over the provisions of this letter agreement,
Therefore, in the case of any inconsistency between any provision of this letter
agreement and any provision of the Plan in effect on the Grant Date, the
provision of the Plan will control.

15. COUNTERPARTS:
This
letter agreement may be executed in one or more counterparts each of which shall
be deemed an original and all of which shall be deemed one and the same
agreement.

IN
WITNESS WHEREOF, the Corporation and the Grantee have duly executed this
Agreement as of the Grant Date.

	
      DNB
      FINANCIAL CORPORATION

       

       

      By:
      ________________________________

      Print
      Name: __________________________

      Title:
      _______________________________
	
      Grantee:

       

       

      ________________________________
      

      (Signature)

      Print
      Name: _______________________

 

1995
STOCK OPTION PLAN OF DNB FINANCIAL CORPORATION

(As
amended and restated, effective as of April 27, 2004)

NOTICE
OF STOCK OPTION EXERCISE

To:
 DNB
Financial Corporation Attention: Corporate Secretary

From: _______________________________   Date:
 ____________________,
20____

(Grantee
Name)

_______________________________   Tel.No.
(______) _______ - ___________

(Address)

_______________________________

_______________________________

Date
of Grant: _______________, _______   Number
of Shares Exercised: _____________

Exercise
Price Per Share: $ _________.____        Total Exercise
Price:$
__________. ____

PLUS:

	
      Federal
      Income Tax Withholding
	
      $
      __________. ____

	
      (Contact
      Payroll to Determine)
	 
	 	 
	
      F.I.C.A.
      Tax Withholding
	
      $
      __________. ____

	
      (Contact
      Payroll to Determine)
	 
	 	 
	
      Pennsylvania
      Personal Income Tax Withholding
	
      $
      __________. ____

	
      (Contact
      Payroll to Determine))
	 
	 	 
	
      Local
      Earned Income Tax Withholding
	
      $
      __________. ____

	
      (Contact
      Payroll to Determine)
	 
	 	 
	
      Subtotal
      of withholding taxes
	
      $
      __________. ____

	
      (Contact
      Payroll to Determine)
	 
	 	 
	
      Total
      Remittance
	
      $
      __________. ____

 

_____
Check
this box if you want to use all or part of any shares exercised that are “in the
money” to pay exercise price or withholding taxes.

(Attach
certified check for net remittance due or attach properly endorsed certificates
of stock with equal value)

[Please
note that final remittance due is subject to adjustment pending determination of
applicable stock value]

Please
accept the above notice of exercise and issue share certificates as
required.

__________________________________

(signature
of person authorized to exercise)

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