Document:

EX-10.1

 Exhibit 10.1 
  

 
  

STOCK REPURCHASE AGREEMENT 

BY AND BETWEEN 
 WRG
ASBESTOS PI TRUST 
 AND 

SEALED AIR CORPORATION 

DATED AS OF JUNE 6, 2014 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
		 	ARTICLE I	  			
			
		 	REPURCHASE	  			
			
	 Section 1.1
	 	Repurchase of Common Stock	  	 	1	  
	 Section 1.2
	 	Closing	  	 	1	  
	 Section 1.3
	 	Deliveries	  	 	1	  
			
		 	ARTICLE II	  			
			
		 	REPRESENTATIONS AND WARRANTIES OF THE TRUST	  			
			
	 Section 2.1
	 	Title to Repurchase Shares	  	 	2	  
	 Section 2.2
	 	Authority Relative to this Agreement	  	 	2	  
	 Section 2.3
	 	Approvals	  	 	2	  
	 Section 2.4
	 	Receipt of Information	  	 	3	  
			
		 	ARTICLE III	  			
			
		 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  			
			
	 Section 3.1
	 	Authority Relative to this Agreement	  	 	3	  
	 Section 3.2
	 	Approvals	  	 	3	  
	 Section 3.3
	 	Funds	  	 	3	  
			
		 	ARTICLE IV	  			
			
		 	ADDITIONAL AGREEMENTS	  			
			
	 Section 4.1
	 	Additional Agreements	  	 	4	  
	 Section 4.2
	 	Announcements	  	 	4	  
	 Section 4.3
	 	Dividends	  	 	4	  
			
		 	ARTICLE V	  			
			
		 	CONDITIONS TO CLOSING OF THE COMPANY	  			
			
	 Section 5.1
	 	Representations and Warranties	  	 	4	  
	 Section 5.2
	 	Performance	  	 	4	  
	 Section 5.3
	 	Closing Certificate	  	 	4	  
	 Section 5.4
	 	Deliverables	  	 	4	  
	 Section 5.5
	 	Completion of Secondary Offering	  	 	4	  

  
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		 	ARTICLE VI	  			
			
		 	CONDITIONS TO CLOSING OF THE TRUST	  			
			
	 Section 6.1
	 	Representations and Warranties	  	 	5	  
	 Section 6.2
	 	Performance	  	 	5	  
	 Section 6.3
	 	Certificate	  	 	5	  
	 Section 6.4
	 	Deliverables	  	 	5	  
	 Section 6.5
	 	Purchase Price	  	 	5	  
	 Section 6.6
	 	Completion of Secondary Offering	  	 	5	  
			
		 	ARTICLE VII	  			
			
		 	MISCELLANEOUS	  			
			
	 Section 7.1
	 	Termination	  	 	5	  
	 Section 7.2
	 	Savings Clause	  	 	6	  
	 Section 7.3
	 	Amendment and Waiver	  	 	6	  
	 Section 7.4
	 	Severability	  	 	6	  
	 Section 7.5
	 	Entire Agreement	  	 	6	  
	 Section 7.6
	 	Successors and Assigns	  	 	6	  
	 Section 7.7
	 	No Third Party Beneficiaries	  	 	6	  
	 Section 7.8
	 	Counterparts	  	 	6	  
	 Section 7.9
	 	Specific Performance	  	 	6	  
	 Section 7.10
	 	Notices	  	 	7	  
	 Section 7.11
	 	Governing Law; Consent to Jurisdiction	  	 	8	  
	 Section 7.12
	 	Interpretation	  	 	8	  
	 Section 7.13
	 	Non-Recourse to the Trustees	  	 	9	  

  
 ii 

 STOCK REPURCHASE AGREEMENT 

THIS STOCK REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of June 6, 2014, between WRG
Asbestos PI Trust, a Delaware statutory trust (the “Trust”), and Sealed Air Corporation, a Delaware corporation (the “Company”). 

WHEREAS, the Trust owns 18,000,000 shares of the Company’s common stock, par value $0.10 per share (the “Common
Stock”), (such shares of Common Stock, collectively, the “Trust Shares”); 
 WHEREAS, the Company and
the Trust propose to enter into a transaction whereby the Trust shall sell to the Company and the Company shall purchase from the Trust certain Trust Shares, as set forth in this Agreement (the “Repurchase Transaction”); 

WHEREAS, the Trust propose to sell through an underwritten public offering (the “Secondary Offering”) registered with
the Securities and Exchange Commission (the “SEC”) certain other Trust Shares (the “Secondary Offering Shares”) representing an aggregate price to the [underwriter]/[underwriters] of not less than
$75,000,000; and 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set forth, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 
 ARTICLE I

 REPURCHASE 

Section 1.1 Repurchase of Common Stock. The Company shall purchase from the Trust, under the terms and subject to the conditions
hereof and in reliance upon the representations, warranties and agreements contained herein, at the Closing (as defined below), and the Trust shall sell to the Company such aggregate number of shares of Common Stock (the “Repurchase
Shares”) equal to $130,000,000 (the “Purchase Price”), divided by the price per share of the Common Stock paid by the underwriter or underwriters, as applicable (the “Secondary Share
Price”) to the Trust in the Secondary Offering and rounded down for any fraction of a share. 
 Section 1.2
Closing. The closing (the “Closing”) of the Repurchase Transaction shall be held at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York, immediately subsequent to the
satisfaction or waiver of the conditions set forth in Articles V and VI herein (with the date upon which such satisfaction or waiver occurs being referred to here as the “Closing Date”) or at such other time, date or
place as the Trust and the Company may agree in writing. 
 Section 1.3 Deliveries. 

(a) At the Closing, the Trust agrees that it shall take all necessary arrangements to transfer the Repurchase Shares free and clear of any Lien
(as defined below), except for any Permitted Lien (as defined below), to the Company directly, or to or through a designated agent 

 
of the Company, so that the transfer of the Repurchase Shares to the Company is properly reflected on the books and records of the Company, and shall deliver or cause to be delivered to the
Company two duly completed and executed original copies of Internal Revenue Service (the “IRS”) Form W-9 or IRS Form W-8BEN, as applicable (collectively, the “Trust Closing Deliveries”). 

(b) At the Closing, the Company shall deliver to the Trust (collectively, the “Company Closing Deliveries”) the
Purchase Price, payable by wire transfer of immediately available funds to an account or accounts that the Trust shall designate in writing at least two Business Days prior to the Closing Date. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE TRUST 

The Trust represents and warrants to the Company, as follows: 

Section 2.1 Title to Repurchase Shares. The Trust owns and at the Closing shall deliver the Repurchase Shares, free and clear of
any option, call, contract, commitment, mortgage, pledge, security interest, encumbrance, lien, tax, claim or charge of any kind or right of others of whatever nature (collectively, a “Lien”), except for any Lien resulting
from this Agreement or arising out of, resulting from or in connection with an agreement, arrangement or understanding between the Trust and the Company and any restriction or encumbrance resulting from any federal or state securities statute, law,
rule or regulation (collectively, “Permitted Liens”). 
 Section 2.2 Authority Relative to this
Agreement. The Trust has the requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Trust and the consummation by the Trust
of the transactions contemplated hereby, including the sale of the Repurchase Shares, has been duly authorized by the trustees of the Trust (the “Trustees”) and no other trust or other proceedings or other actions, as
applicable, on the part of the Trust is necessary to authorize this Agreement or for the Trust to consummate the transactions contemplated hereby or thereby. This Agreement has been duly and validly executed and delivered by the Trust and
constitutes the valid and binding obligations of the Trust, enforceable against the Trust in accordance with its terms, except as the same may be limited by the terms of this Agreement, applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles regardless of whether such enforceability is considered in a proceeding at law or in equity. 

Section 2.3 Approvals. No material consent, approval, authorization or order of, or registration, qualification or filing with,
any court, regulatory authority, governmental body or any other third party is required to be obtained or made by the Trust for the execution, delivery or performance by the Trust of this Agreement or the consummation by the Trust of the
transactions contemplated hereby. 

  
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 Section 2.4 Receipt of Information. The Trust has received all the information it
considers necessary or appropriate for deciding whether to consummate the Repurchase Transaction. The Trust has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Repurchase Transaction
and the business and financial condition of the Company and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to it or to which it had access. The Trust has not received, nor is it relying on, any representations or warranties from the Company other than as provided herein, and the Company hereby disclaims any other express or implied
representations or warranties with respect to itself. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Trust, as follows: 

Section 3.1 Authority Relative to this Agreement. The Company has the requisite corporate power and authority to execute and
deliver this Agreement and consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby, including the purchase of the
Repurchase Shares, have been duly authorized by the Company’s board of directors, and no other corporate, stockholder or other proceedings or other actions on the part of the Company are necessary to authorize this Agreement or to consummate
the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Company and constitutes the valid and binding obligations of the Company, enforceable against the Company in accordance with its terms,
except as the same may be limited by the terms of this Agreement, applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles regardless
of whether such enforceability is considered in a proceeding at law or in equity. 
 Section 3.2 Approvals. No material consent,
approval, authorization or order of, or registration, qualification with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by the Company for the execution, delivery or performance by the
Company of this Agreement or the consummation by the Company of the transactions contemplated hereby. 
 Section 3.3 Funds. The
Company will have as of the Closing sufficient cash available to pay the Purchase Price to the Trust on the terms and conditions contained herein, and there will be no restriction on the use of such cash for such purpose. 

  
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 ARTICLE IV 

ADDITIONAL AGREEMENTS 

Section 4.1 Additional Agreements. The parties shall and shall cause their subsidiaries, if any, to take such action and execute,
acknowledge and deliver such agreements, instruments and other documents as the other party may reasonably require from time to time in order to carry out the purposes of this Agreement. 

Section 4.2 Announcements. The Trust shall not make any public announcements or otherwise communicate with any news media or any
potential purchaser of the Common Stock with respect to this Agreement or any of the transactions contemplated hereby without prior consent of the Company, other than any filing with the SEC required under the Securities Act or the Exchange Act in
connection with the execution of and consummation of the transactions contemplated by this Agreement. 
 Section 4.3 Dividends.
The parties hereto acknowledge and agree that the Trust shall have all right, title and interest in and to any and all dividends on the Common Stock declared by the Board of Directors of the Company prior to the date of this Agreement, but not
otherwise paid by the Company to the Trust prior to the Closing Date. 
 ARTICLE V 

CONDITIONS TO CLOSING OF THE COMPANY 

The obligation of the Company to purchase the Repurchase Shares at the Closing is subject to the fulfillment on or prior to the Closing of
each of the following conditions: 
 Section 5.1 Representations and Warranties. Each representation and warranty made by the
Trust in Article II above shall be true and correct on and as of the Closing Date as though made as of the Closing Date. 
 Section 5.2
Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by the Trust on or prior to the Closing Date shall have been performed or complied with by the Trust in all respects. 

Section 5.3 Closing Certificate. The Trust shall have delivered to the Company a certificate, dated the Closing Date and signed by
an authorized signatory of the Trust, certifying to the effect that the conditions set forth in Sections 5.1 and 5.2 have been satisfied. Such certificate shall not create any personal (as opposed to entity) liability. 

Section 5.4 Deliverables. The Trust shall have delivered at or prior to the Closing to the Company the Trust Closing Deliveries.

 Section 5.5 Completion of Secondary Offering. The Secondary Offering shall have been consummated in accordance with the terms
and conditions of any underwriting or purchase agreement entered into in connection therewith. 

  
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 ARTICLE VI 

CONDITIONS TO CLOSING OF THE TRUST 

The obligation of the Trust to sell the Repurchase Shares to the Company at the Closing is subject to the fulfillment on or prior to the
Closing of each of the following conditions: 
 Section 6.1 Representations and Warranties. Each representation and warranty
made by the Company in Article III above shall be true and correct on and as of the Closing Date as though made as of the Closing Date. 

Section 6.2 Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by
the Company on or prior to the Closing Date shall have been performed or complied with by the Company in all respects. 
 Section 6.3
Certificate. The Company shall have delivered to the Trust a certificate, dated the Closing Date and signed by an executive officer of the Company, certifying to the effect that the conditions set forth in Sections 6.1 and 6.2 have been
satisfied. Such certificate shall not create any personal (as opposed to entity) liability. 
 Section 6.4 Deliverables. The
Company shall have delivered at or prior to Closing to the Trust the Company Closing Deliveries. 
 Section 6.5 Purchase Price.
The Company shall have delivered at or prior to Closing to the Trust or its designee or designees the applicable Purchase Price, payable by wire transfer of immediately available funds to the account or accounts that the Trust shall designate at
least two Business Days prior to the date of Closing. 
 Section 6.6 Completion of Secondary Offering. The Secondary Offering
shall have been consummated in accordance with the terms and conditions of any underwriting or purchase agreement entered into in connection therewith. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Termination. This Agreement may be terminated prior to the Closing as follows: (i) at any time on or prior to the
Closing, by mutual written consent of the Company and the Trust or (ii) at the election of either the Company or the Trust by written notice to the other party hereto after 5:00 p.m., New York time, on June 20, 2014, if the Closing shall
not have occurred, unless such date is extended by the mutual written consent of the Company and the Trust; provided, however, that the right to terminate this Agreement pursuant to this clause (ii) shall not be available to a party
whose failure or whose subsidiaries’ or affiliate’s failure to perform or observe in any material respect any of its obligations under this Agreement in any manner shall have been the principal cause of or resulted in the failure of the
Closing to occur on or before such date. 

  
 5 

 Section 7.2 Savings Clause. No provision of this Agreement shall be construed to
require any party or its affiliates to take any action that would violate any applicable law (whether statutory or common), rule or regulation. 

Section 7.3 Amendment and Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf of each of
the parties hereto. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision
of this Agreement in accordance with its terms 
 Section 7.4 Severability. If any provision of this Agreement shall be declared
by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 

Section 7.5 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several agreements
and other documents and instruments referred to herein or therein or annexed hereto and executed contemporaneously herewith, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 

Section 7.6 Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any party under this Agreement
shall be assigned, in whole or in part by any party without the prior written consent of the other parties. 
 Section 7.7 No Third
Party Beneficiaries. No Person other than the parties hereto shall have any rights or benefits under this Agreement, and nothing in this Agreement is intended to, or will, confer on any Person other than the parties hereto any rights, benefits
or remedies. 
 Section 7.8 Counterparts. This Agreement may be executed in separate counterparts each of which shall be an
original and all of which taken together shall constitute one and the same agreement. 
 Section 7.9 Specific Performance. Each
of the Trust, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached and that such injury would not be adequately compensable in damages. It is accordingly agreed that the Trust, on the one hand, and the Company, on the other hand (the “Moving Party”),
shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, without the posting of any bond, and the other party hereto will not take action, directly or indirectly, in opposition to the
Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. Such remedy shall not be deemed to be the exclusive remedy for a breach of this letter agreement, but shall be in addition to all other
remedies available at law or equity. All rights, powers and remedies provided under this Agreement or otherwise available in 

  
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respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later
exercise of any other such right, power or remedy by such party. 
 Section 7.10 Notices. All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered personally, telecopied (upon telephonic confirmation of receipt), on the first Business Day following the date of dispatch if delivered by a recognized next day courier service, or
on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as
may be designated in writing by the party to receive such notice. 
 If to the Company: 

Sealed Air Corporation 
 200
Riverfront Boulevard 
 Elmwood Park, New Jersey 07407-1033 

Facsimile: (201) 703-4113 

Attention: Norman D. Finch Jr.

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY
10036 
 Facsimile: (212) 735-2000 

Attention: Laura Kaufmann Belkhayat, Esq. 

If to the Trust: 
 WRG Asbestos
PI Trust 
 c/o ARPC 
 1220 19th Street, NW 
 Washington, D.C. 20036 

Facsimile: (202) 797-3619 

Attention: John Brophy 
 with a
copy (which shall not constitute notice) to: 
 Kaplan, Strangis and Kaplan, P.A. 

90 S 7th St, Minneapolis 
 MN
55402 
 Facsimile: (612) 375-1143 

Attention: James C. Melville, Esq. 

  
 7 

 and 

Keating Muething & Klekamp PLL 

1 East Fourth Street, Suite 1400 

Cincinnati, Ohio 45202 

Facsimile: 513-579-6457 

Attention: Edward E. Steiner, Esq. 

Section 7.11 Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware without reference to the conflict of laws principles thereof that would require the application of the laws of a jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably and
unconditionally agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder or relating hereto, or for recognition and enforcement of any judgment in respect of this Agreement and the
rights and obligations arising hereunder or relating hereto brought by the other party hereto shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if
the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware). Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for
itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of
the parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason,
(b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of
judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by applicable legal requirements, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the
venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. Each party further irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, the benefit of any defense that would hinder, fetter or delay the levy, execution or collection of any amount to which the party is entitled pursuant to the final judgment of any court having jurisdiction. Each of the parties
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any legal action or proceeding arising out of or relating to this Agreement. 

Section 7.12 Interpretation. The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms
of such terms. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be 

  
 8 

 
followed by the words “without limitation.” “Business Day” means any day that is not a Saturday, Sunday or other day on which banks are required or authorized by
law to be closed in New York, New York. “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor
statute). “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor statute). 

Section 7.13 Non-Recourse to the Trustees. The Company acknowledges and agrees that, in the absence of fraud by a Trustee, it
shall have no claims of any nature whatsoever against any of the Trustees (as opposed to the Trust) in connection with the purchase and sale transaction contemplated by this Agreement. In the absence of fraud by a Trustee (in which case only
that Trustee, and not any of the other Trustees) shall have any liability, the Trustees shall have no liability to the Company or to any party claiming by or through the Company for or with respect to any matter arising under or relating to the
purchase and sale transaction contemplated by this Agreement. This Section 7.13 is of the essence of this Agreement and the Trust would not have entered into this Agreement without this Section 7.13. 

[Signature Pages Follow] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Repurchase and Offering Agreement
to be duly executed and delivered as of the date first above written. 
  

			
	WRG ASBESTOS PI TRUST
		
	By:	 	 /s/ Lewis R. Sifford

	Name:	 	Lewis R. Sifford
	Title:	 	Managing Trustee, WRG Asbestos PI Trust

 [Signature Page to Stock Repurchase Agreement] 

			
	SEALED AIR CORPORATION
		
	By:	 	 /s/ Carol P. Lowe

	Name:	 	Carol P. Lowe
	Title:	 	Senior Vice President and Chief Financial Officer

 [Signature Page to Stock Repurchase Agreement]EX-10.1

 Exhibit 10.1 

Form of Stock Award for Non-Employee Directors 

MARLIN BUSINESS SERVICES CORP. 

2014 EQUITY COMPENSATION PLAN 

STOCK AWARD AGREEMENT 
 The Board
of Directors of Marlin Business Services Corp. (the “Board”) has determined to grant to you a stock award for shares of common stock of Marlin Business Services Corp. (the “Company”) under the Marlin Business
Services Corp. 2014 Equity Compensation Plan (the “Plan”). The terms of the grant are set forth in the Stock Award Agreement (the “Agreement”) provided to you. The following provides a summary of the key terms of
the Agreement; however, you should read the entire Agreement, along with the terms of the Plan, to fully understand the Agreement. 

SUMMARY OF STOCK AWARD GRANT 
  

					
	Grantee:	  	                                	  	
			
	Date of Grant:	  	                                	  	
			
	Total Number of Shares Granted:	  	                                	  	
			
	Vesting Schedule:	  	                              *	  	

  

	*	The Grantee must be providing service to the Company as a non-employee director on the Board on the applicable date for the Stock Award to become vested. 

 MARLIN BUSINESS SERVICES CORP. 

2014 EQUITY COMPENSATION PLAN 

STOCK AWARD AGREEMENT 

This STOCK AWARD AGREEMENT, dated as of                  ,
20     (the “Date of Grant”), is delivered by Marlin Business Services Corp. (the “Company”) to              (the
“Grantee”). 
 RECITALS 

A. The Marlin Business Services Corp. 2014 Equity Compensation Plan (the “Plan”) provides for the grant of stock awards in
accordance with the terms and conditions of the Plan. 
 B. The Board of Directors of the Company (the “Board”) has decided
to make a stock award grant as an inducement for the Grantee to promote the best interests of the Company and its shareholders and the terms and conditions of such stock award shall be memorialized in this Stock Award Agreement (the
“Agreement”). The Grantee may receive a copy of the Plan by contacting             , at 888-479-9111, ext.
            . 
 NOW, THEREFORE, the terms and conditions of this Agreement are
as follows: 
 1. Stock Award Grant. Subject to the terms and conditions set forth in this Agreement and the Plan, the Board hereby grants the
Grantee              shares of common stock of the Company, subject to the restrictions set forth below and in the Plan (“Restricted Stock”). Shares of Restricted Stock may
not be transferred by the Grantee or subjected to any security interest until the shares have become vested pursuant to this Agreement and the Plan. 
 2.
Vesting and Nonassignability of Restricted Stock. 
 (a) The shares of Restricted Stock shall become fully vested, and the
restrictions described in Paragraphs 2(b) and 2(c) shall lapse, on                      (the “Vesting Date”), if the Grantee
continues to a member of the Board from the Date of Grant to the applicable Vesting Date. 
 (b) If the Grantee’s service with the
Company as a non-employee director on the Board terminates for any reason before the Restricted Stock is fully vested, the shares of Restricted Stock that are not then vested shall be forfeited and immediately returned to the Company. 

(c) During the period before the shares of Restricted Stock vest (the “Restriction Period”), the non-vested Restricted Stock may not be sold, assigned, transferred, pledged or otherwise disposed of by the Grantee. Any attempt to sell, assign, transfer, pledge or otherwise dispose of the shares contrary to the
provisions hereof, and the levy of any execution, attachment or similar process upon the shares, shall be null, void and without effect. 

  
 -1- 

 3. Issuance of Certificates. 

(a) Stock certificates representing the Restricted Stock may be issued by the Company and held in escrow by the Company until the Restricted
Stock vests, or the Company may hold non-certificated restricted shares until the Restricted Stock vests. During the Restriction Period, the Grantee shall receive any cash dividends with respect to the shares
of Restricted Stock, may vote the shares of Restricted Stock and may participate in any distribution pursuant to a plan of dissolution or complete liquidation of the Company. In the event of a dividend or distribution payable in stock or other
property or a reclassification, split up or similar event during the Restriction Period, the shares or other property issued or declared with respect to the non-vested shares of Restricted Stock shall be subject to the same terms and conditions
relating to vesting as the shares to which they relate. 
 (b) When the Grantee obtains a vested right to shares of Restricted Stock, vested
shares shall be issued to the Grantee (either in certificated or non-certificated form, in the Company’s discretion), free of the restrictions under Section 2 of this Agreement. 

(c) The obligation of the Company to deliver shares upon the vesting of the Restricted Stock shall be subject to all applicable laws, rules,
and regulations and such approvals by governmental agencies as may be deemed appropriate to comply with relevant securities laws and regulations. 
 4.
Change of Control. The provisions of the Plan applicable to a Change of Control shall apply to the Restricted Stock, and, in the event of a Change of Control, the Board may take such actions as it deems appropriate pursuant to the Plan. 

5. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all
respects shall be interpreted in accordance with the Plan. The grant is subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Board in accordance with the provisions of the Plan,
including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of the shares, (iii) changes in capitalization of the Company, and
(iv) other requirements of applicable law. The Board shall have the authority to interpret and construe the grant pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder. By accepting this
grant, the Grantee agrees to be bound by the terms of the Plan and this Agreement and that all decisions and determinations of the Board with respect to the Grant shall be final and binding on the Grantee and the Grantee’s beneficiaries. 

6. Withholding. If required by applicable law, the Grantee shall be required to pay to the Company, or make other arrangements satisfactory to the
Company to provide for the payment of, any federal, state, local or other taxes that the Employer is required to withhold with respect to the grant or vesting of the Restricted Stock. 

7. Restrictions on Sale or Transfer of Shares. 

(a) The Grantee will not sell, transfer, pledge, donate, assign, mortgage, hypothecate or otherwise encumber the shares underlying this grant
unless the shares are registered under the 

  
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Securities Act of 1933, as amended (the “Securities Act”) or the Company is given an opinion of counsel reasonably acceptable to the Company that such registration is not
required under the Securities Act. 
 (b) The Grantee agrees to be bound by the Company’s policies regarding the limitations on the
transfer of the shares subject to this grant and understands that there may be certain times during the year that the Grantee will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, hypothecating or otherwise
encumbering the shares. The Grantee also acknowledges and agrees that this grant is subject to any applicable clawback, recoupment or other policies relating to shares of common stock of the Company implemented by the Board or the Company, as in
effect from time to time. 
 8. No Employment or Other Rights. This grant shall not confer upon the Grantee any right to be retained by or in the
employ or service of the Employer (as defined in the Plan) and shall not interfere in any way with the right of the Employer to terminate the Grantee’s employment or service at any time. The right of the Employer to terminate at will the
Grantee’s employment or service at any time for any reason is specifically reserved. 
 9. Assignment by Company. The rights and protections of
the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee’s consent. 

10. Applicable Law. The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the
laws of Commonwealth of Pennsylvania, without giving effect to the conflicts of laws provisions thereof. 
 11. Notice. Any notice to the Company
provided for in this instrument shall be addressed to the Company in care of the General Counsel at the corporate headquarters of the Company, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the
payroll of the Employer, or to such other address as the Grantee may designate to the Employer in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and
deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 
 [SIGNATURE PAGE
FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this instrument
effective as of the Date of Grant. 
  

			
	MARLIN BUSINESS SERVICES CORP.
		
	By:	 	  

  
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