Document:

Exhibit 10.28

 

INCYTE CORPORATION 2010 STOCK INCENTIVE PLAN

 

NOTICE OF RESTRICTED STOCK UNIT AWARD

 

You have been granted the following units representing shares of common stock of INCYTE CORPORATION (“Incyte”) under the Incyte Corporation 2010 Stock Incentive Plan (the “Plan”):

 

	
Date of Grant:
    	
 
    	
[Date   of Grant]
    
	
 
    	
 
    	
 
    
	
Name of Recipient:
    	
 
    	
[Name   of Recipient]
    
	
 
    	
 
    	
 
    
	
Total Number of
    	
 
    	
 
    
	
Units Granted:
    	
 
    	
[                      ]
    
	
 
    	
 
    	
 
    
	
Vesting Commencement Date:
    	
 
    	
[                    ]
    
	
 
    	
 
    	
 
    
	
Vesting Schedule:
    	
 
    	
[                      ]
    
	
 
    	
 
    	
 
    
	
Dividend Equivalents:
    	
 
    	
[Yes/No]
    

 

By your signature and the signature of Incyte’s representative below, you and Incyte agree that these units are granted under and governed by the term and conditions of the Plan and the Restricted Stock Unit Award Agreement (the “Agreement”), both of which are attached to and made a part of this document.

 

By signing this Notice, you further agree that Incyte may deliver e-mail all documents related to the Plan or this award.  You also agree that Incyte may deliver these documents by posting them on a website maintained by Incyte or by a third party under contract with Incyte.  If Incyte posts these documents on a website, it will notify you by e-mail.

 

 

	
[NAME   OF RECIPIENT]
    	
 
    	
INCYTE   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
Print   Name
    	
 
    	
 
    

 

 

INCYTE CORPORATION 2010 STOCK INCENTIVE PLAN
 RESTRICTED STOCK UNIT AWARD AGREEMENT

 

	
Payment
    	
 
    	
No   cash payment is required for the units you receive, or for the issuance of   shares of Incyte common stock on settlement of the units. You will, however,   have to make arrangements acceptable to Incyte for the payment of any   withholding taxes due as a result of the settlement of the units.
    
	
 
    	
 
    	
 
    
	
Vesting
    	
 
    	
The   units vest as shown in the Notice of Restricted Stock Unit Award (the “cover   sheet”). 

 

No   additional units will vest after your service as an employee, director,   consultant or advisor of Incyte (or any subsidiary) has terminated for any   reason.
    
	
 
    	
 
    	
 
    
	
Forfeiture
    	
 
    	
If   your service as an employee, director, consultant or advisor of Incyte (or   any subsidiary) terminates for any reason, then your units will be forfeited   to the extent that they have not vested before the termination date and do   not vest as a result of the termination. This means that the units will   immediately be cancelled. You receive no payment for units that are   forfeited. 

 

Incyte   determines when your service terminates for this purpose.
    
	
 
    	
 
    	
 
    
	
Leaves   of Absence
    	
 
    	
For   purposes of this award, your service does not terminate when you go on a   military leave, a sick leave or another bona fide   leave of absence, if the leave was approved by Incyte in writing and the   terms of the leave or applicable law requires continued service crediting.   But your service terminates when the approved leave ends, unless you   immediately return to active work.
    
	
 
    	
 
    	
 
    
	
Nature   of Units
    	
 
    	
Your   units are mere bookkeeping entries. They represent only Incyte’s unfunded and   unsecured promise to issue shares of Incyte common stock on a future date. As   a holder of units, you have no rights other than the rights of a general   creditor of Incyte.
    
	
 
    	
 
    	
 
    
	
No   Voting Rights or Dividends
    	
 
    	
Your   units carry neither voting rights nor rights to dividends. You, or your   estate or heirs, have no rights as a stockholder of Incyte unless and until   your units are settled by issuing shares of Incyte’s common stock. No   adjustments will be made for dividends or other rights if the applicable   record date occurs before your stock certificate is issued, except as   described in the Plan.
    
	
 
    	
 
    	
 
    
	
Dividend   Equivalents
    	
 
    	
If   your cover sheet provides for dividend equivalents, dividend equivalents will   be converted into additional units based on the closing price of a share of   Incyte common stock on The NASDAQ
    

 

1

 

	
 
    	
 
    	
Stock   Market on the dividend payment date. All dividend equivalents that attach to   units granted under this Agreement will be subject to the terms and   conditions of this Agreement.
    
	
 
    	
 
    	
 
    
	
Settlement   of Units
    	
 
    	
Each   of your units will be settled as soon as practicable after, but no later than   30 days after, the date the units vest. 

 

At   the time of settlement, you will receive one share of Incyte common stock for   each vested unit.
    
	
 
    	
 
    	
 
    
	
Withholding   Taxes
    	
 
    	
No   stock certificates will be distributed to you unless you make acceptable   arrangements, satisfactory to Incyte, to pay any withholding taxes that may   be due as a result of the settlement of this award.
    
	
 
    	
 
    	
 
    
	
Units   Nontransferable
    	
 
    	
You   may not sell, transfer, assign, pledge or otherwise dispose of any of your   units. For instance, you may not use your units as security for a loan. If   you attempt to do any of these things, your units will immediately become   invalid. You may, however, dispose of the units in your will. 

 

Regardless   of any marital property settlement agreement, Incyte is not obligated to   recognize your former spouse’s interest in your units in any way.
    
	
 
    	
 
    	
 
    
	
Beneficiary   Designation
    	
 
    	
You   may designate a beneficiary in writing to receive your vested units in the   event you die before settlement of the units. A beneficiary designation must   be filed with Incyte on the proper form, and it will be recognized only if it   has been received at Incyte’s headquarters before your death. If you file no   beneficiary designation or if none of your designated beneficiaries survives   you, then your estate will receive any vested units that you hold at the time   of your death.
    
	
 
    	
 
    	
 
    
	
Restrictions   on Resale
    	
 
    	
By   signing the cover sheet of this Agreement, you agree not to sell any shares   of Incyte common stock issued upon settlement of the units at a time when   applicable laws or Incyte policies prohibit a sale. This restriction will   apply as long as you are an employee, director, consultant or advisor of the   Incyte (or any subsidiary).
    
	
 
    	
 
    	
 
    
	
Retention   Rights
    	
 
    	
Neither   your award nor this Agreement gives you the right to be retained by Incyte   (or any subsidiary) in any capacity. Incyte (and any subsidiaries) reserve   the right to terminate your service at any time, with or without cause.
    
	
 
    	
 
    	
 
    
	
Adjustments
    	
 
    	
In   the event of a stock split, a stock dividend or a similar change in Incyte   common stock, the number of your units covered by this
    

 

2

 

	
 
    	
 
    	
award   may be adjusted pursuant to the Plan.
    
	
 
    	
 
    	
 
    
	
Recovery   and Reimbursement of Option Gain
    	
 
    	
Incyte   shall have the right to recover, or receive reimbursement for, any   compensation or profit realized by the issuance or settlement of units under   this Agreement, or by the disposition of any shares issued upon settlement of   the units, to the extent Incyte has such a right of recovery or reimbursement   under applicable securities laws.
    
	
 
    	
 
    	
 
    
	
Compliance   with Section 409A of the Code
    	
 
    	
Incyte   intends that the vesting and settlement of the units awarded under this   Agreement will qualify for an exemption from the application of, or will   otherwise comply with, Section 409A of the Internal Revenue Code. Incyte   reserves the right, to the extent it deems necessary or advisable, to amend   this Agreement without your consent in order to maintain such qualification   for exemption or compliance. By reserving this right, however, Incyte is   not guarantying that Section 409A will never apply to the vesting and/or   settlement of the units, or that the requirements of Section 409A will   be complied with.
    
	
 
    	
 
    	
 
    
	
Applicable   Law
    	
 
    	
This   Agreement will be interpreted and enforced under the laws of the State of   Delaware (without regard to its choice of law provisions).
    
	
 
    	
 
    	
 
    
	
The   Plan and Other Agreements
    	
 
    	
The   text of the Incyte Corporation 2010 Stock Incentive Plan (the “Plan”) is   incorporated in this Agreement by reference and attached to this Agreement.   All capitalized terms not defined in this Agreement are subject to definition   under the Plan. If there is any discrepancy between the terms and conditions   of this Agreement and the terms and conditions of the Plan, the terms and   conditions of the Plan shall control. 

 

This   Agreement, cover sheet and the Plan constitute the entire understanding   between you and Incyte regarding this award. Any prior agreements,   commitments or negotiations concerning this award are superseded. This   Agreement may be amended by the Committee without your consent; however, if   any such amendment would materially impair your rights or obligations under   the Agreement, this Agreement may be amended only by another written   agreement, signed by you and Incyte.
    

 

By signing the cover sheet of this Agreement, you agree to all

of the terms and conditions described above and in the Plan.

 

3Exhibit 10.29

 

December 20, 2011

 

Paul A. Friedman, M.D.

c/o Incyte Corporation

Experimental Station

Route 141 & Henry Clay Road

Building E336

Wilmington, DE 19880

 

Dear Paul:

 

As a result of your commitment to remain employed by Incyte Corporation (“Incyte”) as its President and Chief Executive Officer through the end of 2013, we are pleased to grant you 100,000 restricted stock units (RSUs), with each RSU representing the right to acquire one share of Incyte common stock.  The RSUs will vest 50% on the first anniversary of the date of this letter and the remaining 50% on the second anniversary of the date of this letter, subject in each case to your remaining employed by Incyte through the vesting date.  If your employment is terminated by reason of Death or Disability, other than for Cause, or for Good Reason or Change of Control Good Reason (as such terms are defined in the Employment Agreement dated November 26, 2001 between Incyte and you, as amended), the RSUs shall become 100% vested.

 

In order to confirm your agreement with and acceptance of these terms, please sign one copy of this letter and return it to Paula Swain. The other copy of this letter is for your records.

 

Sincerely,

 

	
/s/   Richard U. De Schutter
    	
 
    
	
 
    	
 
    
	
Richard   U. De Schutter
    	
 
    
	
Chairman   of the Board
    	
 
    
	
 
    	
 
    
	
Agreed   and accepted as of the date set forth above:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Paul A. Friedman
    	
 
    
	
Paul   A. Friedman, M.D.

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