Document:

Exhibit

Exhibit 10.1

DIRECTOR RESTRICTED STOCK AWARD AGREEMENT
UNDER THE HAMILTON LANE INCORPORATED 2017 EQUITY INCENTIVE PLAN

This Restricted Stock Award Agreement (this “Agreement”) is entered into as of the Grant Date (as defined below), by and between the Grantee (as defined below) and Hamilton Lane Incorporated (the “Company”).  Except as otherwise defined herein, capitalized terms used in this Agreement have the respective meanings set forth in the Plan (as defined below).
WITNESSETH THAT:

WHEREAS, the Company maintains the Hamilton Lane Incorporated 2017 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement; and

WHEREAS, the Grantee has been selected by the committee administering the Plan (the “Committee”) to receive a Restricted Stock Award under the Plan.

NOW, THEREFORE, IT IS AGREED, by and between the Company and the Grantee as follows:

1.    Award.  Subject to the terms of this Agreement and the Plan, the Grantee is hereby granted the Restricted Stock as described in paragraph 2.

2.    Terms of Award.

(a)    The “Grantee” is _______________.

(b)    The “Grant Date” is _______________.

(c)    The number of Class A common shares of the Company (“Common Shares”) granted under this Agreement is _______ (the “Restricted Stock”).

3.    Vesting Schedule.  (a) Except as otherwise provided herein, the Restricted Stock that has not been previously forfeited shall become vested according to the following schedule:

	
		
	Shares of Restricted Stock Becoming Vested
	Vesting Date

	 
	 

(b)    The Grantee’s right to vest in this Award is conditioned upon the Grantee’s continuous service as a director on the Board of the Company.  If the Grantee incurs a Termination of Service, the Grantee’s rights with respect to the Award shall be affected as follows:

		
	(i)
	If the Grantee’s Termination of Service occurs by reason of the Grantee’s death or disability, 100% of the unvested Restricted Stock shall vest as of the date of such termination. 

		
	(ii)
	If the Grantee experiences a Termination of Service for Cause, any Restricted Stock granted to the Grantee shall be forfeited at the time of such termination (or, if earlier, at the time that the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service), and the Committee may require that such Grantee disgorge any profit, gain or other benefit received in respect of the lapse of restrictions on any prior grant of Restricted Stock for a period of up to twelve months prior to the Grantee’s Termination of Service for Cause.

		
	(iii) 
	Except as otherwise provided in subparagraphs (b)(i) or (b)(ii) above, if the Grantee experiences a Termination of Service for any reason, a pro rata portion of any Restricted Stock granted to the Grantee that is not fully vested as of the date of Termination of Service shall vest on the vesting date noted above, such pro rata portion to be calculated by the Committee based on the length of Grantee’s service on the Board during the Restricted Period; if, however, the Grantee serves his or her then-current full term, but such term ends prior to the end of the Restricted Period, any unvested Restricted Stock shall not be forfeited and shall instead fully vest on the vesting date noted above.

		
	(c)
	Subject to Subsection 12(d) and Section 13 of the Plan, upon the occurrence of a Change in Control, 100% of the unvested Restricted Stock shall vest as of the date of the Change in Control.

4.    Legend on Stock Certificates.  The Company may require that certificates for shares distributed to the Grantee pursuant to this Agreement bear any legend that counsel to the Company believes is necessary or desirable to facilitate compliance with applicable securities laws.  The Company shall not be obligated to transfer any stock to the Grantee free of the restrictive legend described in this paragraph 4 or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

5.    Transferability.  The Grantee shall not transfer or assign, in whole or in part, Restricted Stock subject to this Agreement in which the Grantee is not vested, other than (a) by will or by the laws of descent and distribution, or (b) by designation, in a manner established by the Company, of a beneficiary or beneficiaries to exercise the rights of the Grantee and to receive any property distributable with respect to this Agreement upon the death of the Grantee upon satisfaction of the vesting conditions described in paragraph 3 above.

6.    Withholding.  Any tax consequences arising from the grant of this Award shall be borne solely by the Grantee.  The Company and/or its Company Affiliates shall withhold taxes according to requirements under the applicable laws, rules and regulations, including withholding taxes at source.  The Grantee will not be entitled to receive from the Company any Common Shares hereunder prior to the full payment of the Grantee’s tax liabilities relating to this Award.  The Committee may, in its discretion, permit the Grantee to elect, subject to such conditions as the Committee shall impose, (a) to have Common Shares otherwise issuable under the Plan withheld by the Company or (b) to deliver to the Company previously acquired Common Shares (through actual tender or attestation), in either case for the greatest number of whole shares having a Fair Market Value on the date immediately preceding the date of vesting not in excess of the amount required to satisfy the withholding tax obligations.

7.    Compliance with Applicable Law.  Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any shares of Restricted Stock under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.

8.    Administration.  The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan.  Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on all parties.  Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan.

9.    Not an Employment Contract.  This Award will not confer on the Grantee any right with respect to the continuance of employment or other service to the Company or any Company Affiliate, nor will it interfere in any way with any right the Company or any Company Affiliate would otherwise have to terminate or modify the terms of such Grantee’s employment or other service at any time.
10.    Noncompetition.  In consideration of the Restricted Stock, the Grantee agrees and covenants as follows:
(a)     The Grantee shall never engage in the form of Competition described in Section 1(b)(12)(E) of the Plan while employed by, or providing services to, the Company or any Company Affiliate or after his or her Termination of Service (for any reason).
(b)    This subparagraph 10(b) shall apply if the Grantee is not otherwise subject to a Non-Competition Agreement.  The Grantee may not engage in Competition while he or she is employed by, or is providing services to, the Company or any Company Affiliate.  If the Grantee has a voluntary Termination of Service that is without Good Reason, the Grantee may not engage in Competition for a period of six months from the date of such Termination of Service; provided, however that with respect to that form of Competition described in subparagraph 10(a) above, the applicable time period shall be indefinite.  If the Grantee violates the provisions of this paragraph 10, the Company may exercise any rights it has, in law or in equity (including rights to consequential damages) stemming from the fact that the Grantee has engaged in Competition in violation of the provisions of this paragraph 10.
(c)     This subparagraph 10(c) shall apply if the Grantee is subject to a Non-Competition Agreement.  The Grantee shall be bound by and comply with the terms and conditions of any Non-Competition Agreement as a condition of receiving the Restricted Stock.  If the Grantee violates the provisions of this paragraph 10, the Company may exercise any rights it has, in law or in equity (including rights to consequential damages) stemming from the fact that the Grantee has violated the provisions of this paragraph 10 or his or her Non-Competition Agreement.
11.    Notices.  Any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.  Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.  Notices shall be directed, if to the Grantee, at the Grantee’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.
12.    Amendment.  This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Grantee and the Company without the consent of any other person.
13.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.
14.    Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the Company and the Grantee and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the transfer restrictions set forth in this Agreement and the Plan.
15.    Applicable Law.  This Agreement shall be construed in accordance with the laws of Delaware (without reference to principles of conflict of laws).
16.    Clawback Policy.  Notwithstanding any other provision of this Agreement, this Award will be subject to any compensation recovery or clawback policy the Company adopts, including any policy required to comply with applicable law or listing standards, as such policy may be amended from time to time in the Company’s sole discretion.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock Award Agreement on ___________________, ____.
	
		
	HAMILTON LANE INCORPORATED

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

	 
	 

	 

	 
	 

	 
	 

	 
	Grantee

	 
	 

	 
	Address:Exhibit

EXHIBIT 10.2

AMENDMENT NO. 1
TO THE
HAMILTON LANE INCORPORATED
2017 EQUITY INCENTIVE PLAN

WHEREAS, Hamilton Lane Incorporated, a Delaware corporation (the “Company”) maintains the Hamilton Lane Incorporated 2017 Equity Incentive Plan (the “Plan”); and

WHEREAS, the Company desires to amend the Plan to provide additional flexibility relating to the forfeiture of unvested awards in the event written notice of intent to effect a termination of service is provided.  

NOW, THEREFORE, BE IT RESOLVED, that, effective as of the date hereof, the Plan be, and it hereby is, amended as follows: 

		
	1.
	The definition of “Committee” is amended to read as follows:

“Committee” shall mean the Compensation Committee of the Board or such other committee of the Board as the Board shall designate from time to time, which committee shall consist of not fewer than two directors of the Company, each of whom shall be appointed by and serve at the pleasure of the Board. During any period during which the Company is required by applicable law or stock exchange rule, after giving effect to all applicable exemptions, to have a compensation committee consisting in whole or in part of “independent directors” (as defined in such law or rule), the Board shall cause the Committee to have the requisite composition.

		
	2.
	The second sentence of Section 5(f)(2) of the Plan is amended to read as follows:

Such Option may be exercised to the extent of the number of shares with respect to which the Grantee could have exercised on the date of such Termination of Service (or, if earlier, on the date that the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service), or to any greater extent permitted by the Committee, and shall terminate with respect to the remaining shares; provided, however, that in the Committee’s sole discretion, written notice of an intention to effect a Termination of Service may be disregarded for purposes of this Section 5(f)(2) for retirement and succession planning purposes or any other purpose deemed appropriate by the Committee, in which case any Option may be exercised to the extent of the number of shares with respect to which the Grantee could have exercised on the date of such Termination of Service, or to any greater extent permitted by the Committee, and shall terminate with respect to the remaining shares.  

		
	3.
	The first sentence of Section 7(d)(1) of the Plan is amended to read as follows:

Unless the Committee shall otherwise determine at the date an Award of Restricted Stock is made to the Grantee by the Committee, the Restricted Period shall lapse in four (4) equal annual installments beginning on the one (1) year anniversary of the date of grant, unless sooner terminated as otherwise provided herein; provided, however, in no event shall the Restricted Period lapse earlier than one year after the date of grant.  

		
	4.
	Section 7(d)(2)(C) of the Plan is amended to read as follows:

Due to Any Other Reason. In the event a Grantee experiences a Termination of Service for any reason other than death, disability, or Cause, any Restricted Stock granted to such Grantee that is subject to a Restricted Period as of the date of Termination of Service (or, if earlier, as of the date that the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service) shall be forfeited at the time of such termination or notice of termination, as applicable; provided, however, that in the Committee’s sole discretion, written notice of an intention to effect a Termination of Service may be disregarded for purposes of this Section 7(d)(2)(C) for retirement and succession planning purposes or any other purpose deemed appropriate by the Committee, in which case any Restricted Stock granted to the Grantee that is subject to a Restricted Period as of the date of Termination of Service shall be forfeited at the time of such termination.  

		
	5.
	The fourth sentence of Section 7(d)(3) of the Plan is amended to read as follows: 

Except as provided in Section 12 or in a Grantee’s employment agreement, and unless the Committee shall otherwise determine at the date of grant and sets forth in the Award Agreement, if the Grantee’s Termination of Service occurs for any reason prior to the end of the Performance Period (or if prior to the end of the Performance Period, the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service), the Grantee shall forfeit all Performance Stock granted with respect to such Performance Period; provided, however, that in the Committee’s sole discretion, written notice of an intention to effect a Termination of Service may be disregarded for purposes of this Section 7(d)(3) for retirement and succession planning purposes or any other purpose deemed appropriate by the Committee, in which case the Grantee shall forfeit all Performance Stock granted with respect to the Performance Period if the Grantee’s Termination of Service occurs for any reason prior to the end of such Performance Period.

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	6.
	Section 8(c)(2)(C) of the Plan is amended to read as follows: 

Due to Any Other Reason. In the event a Grantee experiences a Termination of Service for any reason other than death, disability, or Cause, any RSUs granted to such Grantee that are subject to a Restricted Period as of the date of Termination of Service (or, if earlier, as of the date that the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service) shall be forfeited at the time of such termination or notice of termination, as applicable; provided, however, that in the Committee’s sole discretion, written notice of an intention to effect a Termination of Service may be disregarded for purposes of this Section 8(c)(2)(C) for retirement and succession planning purposes or any other purpose deemed appropriate by the Committee, in which case any RSUs granted to a Grantee that are subject to a Restricted Period as of the date of Termination of Service shall be forfeited at the time of such termination.

		
	7.
	The fourth sentence of Section 8(c)(3) of the Plan is amended to read as follows: 

Except as provided in Section 12 or in a Grantee’s employment agreement that is approved by the Committee, and unless the Committee shall otherwise determine at the date of grant and sets forth in the Award Agreement, if the Grantee’s Termination of Service occurs for any reason prior to the end of the Performance Period (or if prior to the end of the Performance Period, the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service), the Grantee shall forfeit all PSUs granted with respect to such Performance Period; provided, however, that in the Committee’s sole discretion, written notice of an intention to effect a Termination of Service may be disregarded for purposes of this Section 8(c)(3) for retirement and succession planning purposes or any other purpose deemed appropriate by the Committee, in which case the Grantee shall forfeit all PSUs granted with respect to the Performance Period if the Grantee’s Termination of Service occurs for any reason prior to the end of such Performance Period.

		
	8.
	The second sentence of Section 9(b) of the Plan is amended to read as follows:

Unless the Committee shall otherwise determine at the date an Award of Dividend Equivalents is made to the Grantee by the Committee, such Dividend Equivalents shall accumulate until the third anniversary of the date of grant, shall vest and be paid upon such third anniversary provided the Grantee has not incurred a Termination of Service (and none of the Company, Company Affiliate, or Grantee has provided notice of intention to effect a Termination of Service) prior to such date and shall thereafter prior to the earliest of (i) the expiration date of such 

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Award, (ii) the Grantee’s Termination of Service or (iii) the date on which the Company, Company Affiliate, or Grantee, as applicable, provides written notice of its (or his or her) intention to effect a Termination of Service, be paid to the Grantee at the same time as the corresponding cash dividends are paid to shareholders; provided, however, that in the Committee’s sole discretion, written notice of an intention to effect a Termination of Service may be disregarded for purposes of this Section 9(b) for retirement and succession planning purposes or any other purpose deemed appropriate by the Committee.  

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered, all as of February 6, 2018.

	
		
	HAMILTON LANE INCORPORATED

	 
	 

	By:
	/s/ Lydia A. Gavalis

	 
	Name: Lydia A. Gavalis

	 
	Title: Secretary and General Counsel

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