Document:

Exhibit 10.3

 

IOVANCE BIOTHERAPEUTICS, INC.

2018 EQUITY INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AWARD AGREEMENT

 

THIS NONQUALIFIED STOCK OPTION AWARD AGREEMENT
(this “Agreement”), is entered into as of [ ], 20[ ] (the “Date of Grant”), by and between
Iovance Biotherapeutics, Inc., a Delaware corporation (the “Company”), and [ ] (the “Participant”).
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings ascribed to such terms in the Iovance
Biotherapeutics, Inc. 2018 Equity Incentive Plan, as amended, restated or otherwise modified from time to time in accordance with
its terms (the “Plan”).

 

WHEREAS, the Compensation Committee of the
board of directors (the “Committee”) has determined that it is in the best interests of the Company and its
stockholders to grant the award provided for herein to the Participant on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, for and in consideration
of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:

 

1.       Grant
of Option.

 

(a)       Grant.
The Company hereby grants to the Participant an Option to purchase [ ] shares of Common Stock (the “Option Shares”)
on the terms and subject to the conditions set forth in this Agreement and as otherwise provided in the Plan. The Option is a Nonqualifed
Stock Option. The Option shall vest in accordance with Section 2. The Exercise Price shall be $[ ] per Option Share.

 

(b)       Incorporation
by Reference. The provisions of the Plan are incorporated herein by reference. Except as otherwise expressly set forth herein,
this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, rules and regulations
and additional terms adopted by the Committee from time to time pursuant to the Plan. The Committee shall have final authority
to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall
be binding and conclusive upon the Participant and the Participant’s beneficiary in respect of any questions arising under
the Plan or this Agreement. The Participant acknowledges that the Participant has received a copy of the Plan and has had an opportunity
to review the Plan and agrees to be bound by all the terms and provisions of the Plan.

 

2.       Vesting.
Except as may otherwise be provided herein, the Option shall vest and become exercisable as to [_______] of the Option Shares on
the one-year anniversary of Date of Grant, and the remaining Option Shares shall vest as to [_______] of Option Shares at the end
of each quarter over the next [____] years, commencing with the first quarter following the first anniversary of the Date of Grant]
(each such date, a “Vesting Date”), subject to the Participant’s continued employment with, appointment
as a director of, or engagement to provide services to, the Company or any of its Affiliates through the applicable Vesting Date.
Any fractional Option Share resulting from the application of the vesting schedule shall be aggregated and the Option Share resulting
from such aggregation shall vest on the final Vesting Date.

 

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3.       Termination
of Employment or Services.

 

(a)       Generally.
Except as otherwise provided herein, if the Participant’s employment with, membership on the board of directors, or engagement
to provide services to the Company or any of its Affiliates terminates for any reason, the unvested portion of the Option shall
be canceled immediately and the Participant shall have no rights with respect to the Option Shares subject to such unvested portion.

 

(b)       Death
or Disability. Notwithstanding anything to the contrary in Section 3, if the Participant’s employment with, membership
on the board of directors, or engagement to provide services to the Company or any of its Affiliates terminates due to the Participant’s
death or Disability, any unvested portion of the Option shall become fully vested as of the date of such termination, which shall
be the final Vesting Date.

 

(c)       Termination
Without Cause. Notwithstanding anything to the contrary in Section 3, if the Participant’s employment with, membership
on the board of directors, or engagement to provide services to the Company or any of its Affiliates is terminated by the Company
without Cause on or within 12 months after, the date of a Change in Control, any unvested portion of the Option shall become fully
vested as of the date of termination, which shall be the final Vesting Date. 

 

4.       Expiration.

 

(a)       In
no event shall all or any portion of the Option be exercisable after the tenth annual anniversary of the Date of Grant (such ten-year
period, the “Option Period”); provided, that if the Option Period would expire at a time when trading in the
shares of Common Stock is prohibited by the Company’s securities trading policy (or Company-imposed “blackout period”),
the Option Period shall be automatically extended until the 30th day following the expiration of such prohibition (but not to the
extent that any such extension would otherwise violate Section 409A of the Code).

 

(b)       If,
prior to the end of the Option Period, the Participant’s employment with, or engagement to provide services to, the Company
and all Affiliates is terminated without Cause or by the Participant for any reason, then the Option shall expire on the earlier
of the last day of the Option Period and the date that is 90 days after the date of such termination; provided, however, that if
the Participant’s employment or engagement to provide services to the Company and its Affiliates is terminated and the Participant
is subsequently rehired or reengaged by the Company or any Affiliate within 90 days following such termination and prior to the
expiration of the Option, the Participant shall not be considered to have undergone a termination of employment or service, as
applicable. In the event of a termination described in this subsection (b), the Option shall remain exercisable by the Participant
until its expiration only to the extent that the Option was exercisable at the time of such termination.

 

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(c)       If
(i) the Participant’s employment with or engagement to provide services to, the Company is terminated prior to the end of
the Option Period on account of the Participant’s Disability, (ii) the Participant dies while still in the employ or engagement
of the Company or an Affiliate, (iii) the Participant dies following a termination described in subsection (b) above but prior
to the expiration of an Option, or (iv) the Participant’s employment with, or engagement to provide services to, the Company
is terminated prior to the end of the Option Period on account of his Retirement, the Option shall expire on the earlier of the
last day of the Option Period and the date that is one (1) year after the date of death or termination on account of Disability
of or Retirement by the Participant, as applicable. In such event, the Option shall remain exercisable by the Participant or Participant’s
beneficiary, as applicable, until its expiration only to the extent that the Option was exercisable by the Participant at the time
of such event.

 

(d)       [If,
prior to the end of the Option Period, the Participant’s directorship with the Company is terminated without Cause or by
the Participant for any reason, then the Option shall expire on the earlier of the last day of the Option Period and the date that
is two years after the date of such termination.]

 

(e)       If
the Participant ceases employment with or engagement to provide services to the Company or any Affiliates or is removed as a director
due to a termination for Cause, the Option (whether vested or unvested) shall be cancelled immediately and the Participant shall
have no rights with respect to the Option Shares.

 

5.       Method
of Exercise and Form of Payment.

 

(a)       No
Option Shares shall be delivered pursuant to any exercise of the Option until the Participant has paid in full to the Company the
Exercise Price and an amount equal to any U.S. federal, state, local and non-U.S. income and employment taxes required to be withheld.
The Option may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a
third-party-administrator) in accordance with the terms hereof. The Exercise Price and all applicable required withholding taxes
shall be payable (i) in cash, check or cash equivalent; or (ii) by such other method as the Committee may permit, including without
limitation: (A) shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant
to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock
in lieu of actual delivery of such shares to the Company), provided that such shares of Common Stock are not subject to any pledge
or other security interest; (B) in other property having a Fair Market Value equal to the Exercise Price and all applicable required
withholding taxes; or (C) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted
“cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker
to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company
an amount equal to the Exercise Price and all applicable required withholding taxes. Any fractional shares of Common Stock resulting
from the application of this Section 5 shall be settled in cash.

 

6.       Rights
as a Stockholder. The Participant shall not be deemed for any purpose to be the owner of any shares of Common Stock subject
to this Option unless, until and to the extent that (i) this Option shall have been exercised pursuant to its terms, (ii) the Company
shall have issued and delivered to the Participant the Option Shares and (iii) the Participant’s name shall have been entered
as a stockholder of record with respect to such Option Shares on the books of the Company. The Company shall cause the actions
described in clauses (ii) and (iii) of the preceding sentence to occur promptly following settlement as contemplated by this Agreement,
subject to compliance with applicable laws.

 

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7.       Compliance
with Legal Requirements.

 

(a)       Generally.
The granting and exercising of the Option, and any other obligations of the Company under this Agreement, shall be subject to all
applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to
such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps that the Committee
or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities
law and non-U.S. securities law in exercising the Participant’s rights under this Agreement.

 

(b)       Tax
Withholding. Any exercise of the Option shall be subject to the Participant’s satisfying any applicable U.S. federal,
state and local tax withholding obligations and non-U.S. tax withholding obligations. The Company shall have the right and is hereby
authorized to withhold from any amounts payable to the Participant in connection with the Option or otherwise the amount of any
required withholding taxes in respect of the Option, its exercise or any payment or transfer of the Option or under the Plan and
to take any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such
withholding taxes (up to the maximum permissible withholding amounts), including the right to use a broker-assisted “cashless
exercise” as described in Section 5(i)(C) hereof. The Participant may elect to satisfy, and the Company may require the Participant
to satisfy, in whole or in part, the tax obligations by withholding shares of Common Stock that would otherwise be received upon
exercise of the Option with a Fair Market Value equal to such withholding liability. For exercises of the Option occurring during
a blackout period under the Company’s insider trading policy, the Company shall arrange for the sale of a number of shares
of Common Stock to be delivered to the Participant to satisfy the applicable withholding obligations. Such shares of Common Stock
shall be sold on behalf of the Participant through the Company’s transfer agent on the facilities of any exchange on which
the Common Stock is listed at the time of such sale.

 

8.       Miscellaneous.

 

(a)       Transferability.
The Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”)
by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order
or as otherwise permitted under Section 14(b) of the Plan. Any attempted Transfer of the Option contrary to the provisions hereof,
and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect.

 

(b)       Waiver.
Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder
by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion
for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held
to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

 

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(c)       Section
409A. The Option is not intended to be subject to Section 409A of the Code. Notwithstanding the foregoing or any provision
of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause
the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole discretion
and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A
of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain,
to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without
materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 9(c) does
not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the Option
or the Option Shares will not be subject to interest and penalties under Section 409A.

 

(d)       Notices.
Any 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, pdf/email 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 Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the
attention of the General Counsel at the Company’s principal executive office.

 

(e)       Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted
by law.

 

(f)       No
Rights to Employment, Directorship or Service. Nothing contained in this Agreement shall be construed as giving the Participant
any right to be retained, in any position, as an employee, consultant or director of the Company or any of its Affiliates or shall
interfere with or restrict in any way the rights of the Company or any of its Affiliates, which are hereby expressly reserved,
to remove, terminate or discharge the Participant at any time for any reason whatsoever.

 

(g)       Fractional
Shares. In lieu of issuing a fraction of a share of Common Stock resulting from any exercise of the Option or an adjustment
of the Option pursuant to Section 11 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount
in cash equal to the Fair Market Value of such fractional share.

 

(h)       Beneficiary.
The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee
and may, from time to time, amend or revoke such designation.

 

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(i)       Successors.
The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of
the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.

 

(j)       Entire
Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to
the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.
No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by
the parties hereto, except for any changes permitted without consent under Section 11 or 13 of the Plan.

 

(k)       Governing
Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause
the application of the laws of any jurisdiction other than the State of Delaware.

 

(l)       Dispute
Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected with
the Plan, this Agreement or the Option shall be solely and finally settled by the Committee, acting in good faith, the determination
of which shall be final. Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with
the Plan, and the Participant and the Company consent to the personal jurisdiction of the United States federal and state courts
sitting in Wilmington, Delaware, as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement
of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to
be resolved by the Committee. Each such Person hereby irrevocably consents to the service of process of any of the aforementioned
courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid,
to the last known address of such Person, such service to become effective ten (10) days after such mailing.

 

(m)       Waiver
of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to
a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions
contemplated (whether based on contract, tort or any other theory). Each party hereto (A) certifies that no representative, agent
or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into
this Agreement by, among other things, the mutual waivers and certifications in this section.

 

(n)       Headings.
The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction,
and shall not constitute a part, of this Agreement.

 

(o)       Counterparts.
This Agreement may be executed in counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be
deemed to be an original, but both of which together shall constitute one and the same instrument and shall become effective when
one or more counterparts have been signed by each of the parties and delivered to the other parties.

 

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(p)       Electronic
Delivery. By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports
and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in
writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses,
annual reports and other information will be delivered in hard copy to the Participant).

 

(q)       Electronic
Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current or future
participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, this Nonqualified Stock
Option Award Agreement has been executed by the Company and the Participant as of the day first written above.

 

	 	IOVANCE BIOTHERAPEUTICS, INC.
	 	 	 
	 	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 
	 	[Insert Name]

  

    8Exhibit 10.1

 

FIRST BUSEY CORPORATION 
 2010 EQUITY INCENTIVE PLAN

 

DIRECTOR DEFERRED STOCK UNIT AWARD

 

The Participant specified below has been granted this Deferred Stock Unit Award (the “Award”) by First Busey Corporation, a Nevada corporation (the “Company”), under the terms of the First Busey Corporation 2010 Equity Incentive Plan (the “Plan”). The Award is subject to the Plan and the following terms and conditions (the “Award Terms”):

 

Section 1.                                          Award. In accordance with the Plan, the Company hereby grants to the Participant the Award of deferred stock units (each, a “DSU”), where each DSU represents the right to receive one share of Stock (a “Share”) in the future, subject to the Award Terms. The Award is in all respects limited and conditioned by the Plan and as provided herein.

 

Section 2.                                          Terms of Restricted Stock Unit Award. The following words and phrases relating to the Award have the following meanings:

 

(a)                                 The “Participant” is

 

(b)                                 The “Grant Date” is

 

(c)                                  The number of “DSUs” is

 

Except for terms defined herein, any capitalized term in the Award Terms has the meaning ascribed to that term under the Plan.

 

Section 3.                                          Restricted Period. The Award Terms evidence the Company’s grant to the Participant, as of the Grant Date, on the terms and conditions described in the Award Terms and in the Plan, of a number of DSUs, each of which represents the right of the Participant to receive one share of Stock free of restrictions once the Restricted Period ends.

 

(a)                                 Subject to the Award Terms, the “Restricted Period” shall begin on the Grant Date and end on the earlier of (i) the first anniversary of the Grant Date, and (ii) the Company’s first regularly scheduled annual stockholder meeting following the Grant Date (but only if the Participant has not had a Termination of Service before the end of the Restricted Period).

 

(b)                                 Notwithstanding the foregoing provisions of this Section 3, the Restricted Period for the DSUs shall end immediately, and the DSUs shall be fully earned and vested immediately upon (i) a Change in Control that occurs on or before the Participant’s Termination of Service, or (ii) the Participant’s Termination of Service due to the Participant’s death.

 

(c)                                  In the event the Participant’s Termination of Service, other than as provided in Section 3(b) above, occurs prior to the expiration of the Restricted Period, the Participant shall forfeit all rights, title and interest in and to any DSUs still subject to the Restricted Period as of the Participant’s Termination of Service.

 

 

Section 4.                                          Settlement of Units. Delivery of shares of Stock or other amounts in connection with the Award shall be subject to the following:

 

(a)                                 Delivery of Stock. The Company shall deliver to the Participant one Share free and clear of any restrictions in settlement of each of the vested and unrestricted DSUs within 30 days following the earlier to occur of a Change in Control or the Participant’s Termination of Service (the “Settlement Date”), provided, however, that if the Settlement Date occurs within the 30 days preceding the end of a calendar year, such settlement shall occur on the 30th day following the Settlement Date.  Notwithstanding the foregoing, if the Participant is deemed a “specified employee” within the meaning of Code Section 409A, as determined by the Committee, at a time when the Participant becomes eligible for settlement of the DSUs upon a “separation from service” within the meaning of Code Section 409A and according to Company policy, as may be in effect, then to the extent necessary to prevent any accelerated or additional tax under Code Section 409A, such settlement will be delayed until the earlier of: (a) the date that is the first day of the seventh month following the Participant’s Termination of Service, and (b) the Participant’s death.

 

(b)                                 Modification of Settlement Date.  The Participant shall have no right to modify the Settlement Date, provided, however, at the discretion of the Committee, the Settlement Date may be modified in a second election under Treasury Regulation §1.409A-2(b), due to an unforeseeable emergency as described in Treasury Regulation §1.409A-3(i)(3), or as otherwise permitted in accordance with Code Section 409A.

 

(c)                                  Compliance with Applicable Laws. Notwithstanding any other provision of the Award Terms or the Plan, the Company shall have no obligation to deliver any shares of Stock or make any other distribution of benefits in connection with the Award or the Plan unless such delivery or distribution complies with all applicable laws and the applicable requirements of any securities exchange or similar entity.

 

(d)                                 Certificates. To the extent the Award Terms and the Plan provide for the issuance of shares of Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable requirements of any securities exchange or similar entity.

 

Section 5.                                          Withholding. All deliveries of shares of Stock pursuant to the Award shall be subject to withholding of all applicable taxes. The Company shall have the right to require the Participant (or if applicable, permitted assigns, heirs or Designated Beneficiaries) to remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery of any shares of Stock in connection with the Award. At the election of the Participant, subject to any rules and limitations as may be established by the Committee, such withholding obligations may be satisfied through the surrender of shares of Stock that the Participant already owns, or to which the Participant is otherwise entitled under the Plan.

 

Section 6.                                          Non-Transferability of Award. Except as otherwise provided in the Plan, the Participant shall not sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose of any DSUs prior to the settlement of the DSUs pursuant to Section 4(a) above.

 

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Section 7.                                          Dividend Equivalents. The Participant shall be entitled to receive a payment of additional DSUs equal in value to any dividends and distributions paid with respect to the DSUs (other than dividends and distributions that may be issued with respect to shares of Stock by virtue of any corporate transaction, to the extent covered in Section 3.4 of the Plan) during the Restricted Period and during the period following the end of the Restricted Period and prior to the date of settlement of the Award (“Dividend Equivalents”); provided, however, that no Dividend Equivalents shall be payable to or for the benefit of the Participant with respect to record dates for such dividends or distributions occurring before the Grant Date or on or after the date, if any, on which the Participant has forfeited the DSUs. Dividend Equivalents shall be provided at the time the respective dividends or distributions are paid and shall be subject to the same restrictions applicable to the underlying DSUs.

 

Section 8.                                          No Rights as Shareholder. The Participant shall not have any rights of a shareholder with respect to the DSUs, including but not limited to voting rights, prior to the settlement of the DSUs pursuant to Section 4(a) above and issuance of a stock certificate or its equivalent as provided herein.

 

Section 9.                                          Heirs and Successors. The Award Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets or business. If any rights of the Participant or benefits distributable to the Participant under the Award Terms have not been settled or distributed, respectively, at the time of the Participant’s death, such rights shall be settled and payable to the Designated Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of the Award Terms and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form as the Committee may require. The designation of beneficiary may be amended or revoked from time to time by the Participant in accordance with the procedures established by the Committee. If a Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been payable to the Participant shall be payable to the legal representative of the estate of the Participant. If a Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the settlement of the Designated Beneficiary’s rights under the Award Terms, then any rights that would have been payable to the Designated Beneficiary shall be payable to the legal representative of the estate of the Designated Beneficiary.

 

Section 10.                                   Administration. The authority to manage and control the operation and administration of the Award Terms and the Plan is vested in the Committee, and the Committee has all powers with respect to the Award Terms as it has with respect to the Plan. Any interpretation of the Award Terms or the Plan by the Committee and any decision made by it with respect to the Award Terms or the Plan shall be final and binding on all persons.

 

Section 11.                                   Plan Governs. Notwithstanding anything in the Award Terms to the contrary, the Award Terms are subject to the terms of the Plan, a copy of which may be obtained by the Participant from the Corporate Secretary of the Company. The Award Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. Notwithstanding anything in the Award Terms to the contrary,

 

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in the event of any discrepancies between the corporate records of the Company and the Award Terms, the corporate records of the Company shall control.

 

Section 12.                                   Not an Employment Contract. The Award shall not confer on the Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor shall it interfere in any way with any right the Company or any Subsidiary may otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time.

 

Section 13.                                   Amendment. The Award Terms may be amended in accordance with the provisions of the Plan, and may otherwise be amended in writing by the Participant and the Company without the consent of any other person.

 

Section 14.                                   Governing Law. The Award Terms, the Plan, and all actions taken in connection herewith and therewith shall be governed by and construed in accordance with the laws of the State of Illinois, without reference to principles of conflict of laws, except as superseded by applicable federal law.

 

Section 15.                                   Section 409A. The Award is intended to comply with Code Section 409A and the Award shall be administered and interpreted in accordance with such intent. The committee reserves the right (including the right to delegate such right) to unilaterally amend the Award Terms without the consent of the Participant in order to maintain compliance with Code Section 409A; and the Participant’s receipt of the Award constitutes the Participant’s acknowledgement of and consent to such rights of the Committee.

 

Section 16.                                   Clawback. The Award and any amount or benefit received hereunder shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any applicable Company clawback policy (the “Policy”) or any applicable law, as may be in effect from time to time. The Participant’s receipt of the Award constitutes the Participant’s acknowledgment of and consent to the Company’s application, implementation and enforcement of (i) the Policy or any similar policy established by the Company that may apply to the Participant and (ii) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, as well as the Participant’s express agreement that the Company may take such actions as may be necessary to effectuate the Policy, any similar policy or applicable law without further consideration or action.

 

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IN WITNESS WHEREOF, the Company has caused the Award Terms to be executed in its name and on its behalf, all as of the Grant Date, and the Participant acknowledges understanding and acceptance of, and agrees to, the Award Terms.

 

	
 
    	
FIRST   BUSEY CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    
	
 
    	
Its:   President & CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Date

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