Document:

Exhibit
10.49.2

ENTERPRISE
BANCORP, INC.

Nonqualified Stock
Option Agreement

This
Agreement made as of this Xth day of XXXX, 20XX by and between Enterprise
Bancorp, Inc., a Massachusetts corporation (the “Company”), and NAME (the “Optionee”).

WITNESSETH THAT:

WHEREAS,
the Company has instituted a program entitled “Enterprise Bancorp, Inc.
[Amended and Restated 1998] [2003]  Stock
Incentive Plan” (the “Plan”); and

WHEREAS,
the Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company has authorized the grant of stock
options upon the terms and conditions set forth below; and

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has authorized the grant of this stock option pursuant and subject to the terms
of the Plan, a copy of which is attached hereto and incorporated herein; and

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has designated this stock option a nonqualified stock option in accordance with
Section 5 of the Plan;

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained, the Company and the Optionee agree as follows.

1.             Grant.  Subject to the terms of the Plan and this
Agreement, the Company hereby grants to the Optionee a stock option (the “Option”)
to purchase from the Company #OF shares of its common stock, $0.01 par value
per share (“Stock”). This Option is not intended to be an incentive stock
option or to qualify for special federal income tax treatment under Section 422
of the Code.

2.             Exercise Price.  This Option may be exercised at the exercise
price of $XX.XX per share of Stock, subject to adjustment as provided herein
and in the Plan.

3.             Term and Exercisability of
Option.  This Option shall expire on
the earlier of [not later than the grant date
+ ten years – one day] or the last day of the exercise period
determined pursuant to subsection (c) of this Section 3. At any time before its
expiration, this Option may be exercised to the extent set forth in the
schedule attached to this Agreement as Exhibit 1, which is incorporated herein
and made a part hereof by this reference, provided that:

(a)           at the time of exercise the Optionee
is not in violation of any employee confidentiality, noncompetition or other
agreement with the Company or a Subsidiary;

(b)           the Optionee must maintain the
employment, contractual or other service relationship with the Company or a
Subsidiary that was in effect at the time of the initial 

grant of this Option (the “Relationship”) without
change on the relevant date set forth in Exhibit 1 in order for any scheduled
increment in the exercisable portion of the Option to become effective;

(c)           this Option may not be exercised if
three months or more have elapsed following the date of termination, or any
change in the nature, of the Relationship between the Optionee and the Company
or a Subsidiary; provided, however, that if the Relationship terminates as a
result of the Optionee’s retirement at age 62 or older, “thirty-six
months” shall be substituted for “three months” in this sentence; and provided,
further, that if the Relationship terminates by reason of the Optionee’s
permanent and total disability (as determined by the Compensation Committee or
the full Board of Directors, as the case may be, on the basis of medical advice
satisfactory to it) or death, the Option must be exercised within twelve months
of the Optionee’s death or disability; and

(d)           For purposes of subsections (b) and
(c) of this Section 3, the nature of the Relationship between the Optionee and
the Company shall not be deemed to have changed if the fundamental nature of
the Relationship, meaning the Optionee serving as an employee or as a
non-employee director or as a third-party consultant, advisor or other vendor,
as the case may be, does not change, regardless of any changes in the Optionee’s
title, compensation or other terms of employment or service, as the case may
be, which do not change the fundamental nature of the Relationship.  A fundamental change in the nature of the
Relationship would include, for example, a change from the Optionee serving as
an employee of the Company to serving as a third-party consultant to the
Company or a change from the Optionee serving as an employee director of the
Company to serving as a non-employee director of the Company.

4.             Method of Exercise.  Prior to its expiration and to the extent
that the right to purchase shares of Stock has vested hereunder, this Option
may be exercised from time to time by written notice to the Company,
substantially in the form attached hereto as Exhibit 2, stating the number of
shares with respect to which this Option is being exercised and accompanied by
either (a) payment in full of the exercise price for the number of shares to be
delivered, by means of payment acceptable to the Company in accordance with
Section 5(c) of the Plan, or (b) a description of a “cashless exercise”
procedure and such other documents and undertakings as are necessary to satisfy
that procedure. As soon as practicable after its receipt of such notice, the
Company shall, without transfer or issue tax to the Optionee (or other person
entitled to exercise this Option), deliver, or cause to be delivered, to the
Optionee (or other person entitled to exercise this Option), at the principal
executive offices of the Company or such other place as shall be mutually
acceptable, a stock certificate or certificates for such shares out of
theretofore authorized but unissued shares or reacquired shares of its Stock as
the Company may elect; provided, however, that the time of such delivery may be
postponed by the Company for such period as may be required for it with
reasonable diligence to comply with any applicable requirements of law.  If and to the extent that the Company also
provides to its shareholders generally a means to hold title to shares on a
noncertificated basis, then any shares to be issued to the Optionee upon the
exercise of this Option may be issued on such a noncertificated basis if
mutually agreed upon by the Company and the Optionee and otherwise permissible
under applicable law and the rules of any applicable stock exchange. Payment of
the exercise price may

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be made in cash or
cash equivalents or, in accordance with the terms and conditions of Section
5(c) of the Plan, in whole or in part in shares of Common Stock of the Company;
provided, however, that the Compensation Committee or the full Board of
Directors, as the case may be, reserves the right upon receipt of any written
notice of exercise from the Optionee to require payment in cash with respect to
the shares contemplated in such notice; and provided, further, that the
Optionee may not make payment in shares of Stock that he acquired upon the
earlier exercise of any incentive stock option, unless he has held the shares
until at least two years after the date the incentive stock option was granted
and at least one year after the date the incentive stock option was exercised.
If the Optionee (or other person entitled to exercise this Option) fails to pay
for and accept delivery of all of the shares specified in such notice upon
tender of delivery thereof, his right to exercise this Option with respect to
such shares not paid for may be terminated by the Company.

5.             Withholding Taxes.  The Optionee hereby agrees, as a condition to
any exercise of this Option, to provide to the Company an amount sufficient to
satisfy the Company’s obligation to withhold certain federal, state and local
taxes arising by reason of such exercise (the “Withholding Amount”), if any, by
(a) authorizing the Company and/or a Subsidiary to withhold the Withholding
Amount from his cash compensation or (b) remitting the Withholding Amount to
the Company in cash; provided, however, that to the extent that the Withholding
Amount is not provided by one or a combination of such methods, the Company may
at its election withhold from the Stock that would otherwise be delivered upon
exercise of this Option that number of shares having a Fair Market Value, on the
date of exercise, sufficient to eliminate any deficiency in the Withholding
Amount.

6.             Nonassignability of Option.  This Option shall not be assignable or
transferable by the Optionee except by will or by the laws of descent and
distribution.  During the life of the
Optionee, this Option shall be exercisable only by him, by a conservator or
guardian duly appointed for him by reason of his incapacity or by the person
appointed by the Optionee in a durable power of attorney acceptable to the
Company’s counsel.

7.             Compliance with Securities Act;
Lock-Up Agreement.  The Company
shall not be obligated to sell or issue any shares of Stock or other securities
pursuant to the exercise of this Option unless the shares of Stock or other
securities with respect to which this Option is being exercised are at that
time effectively registered or exempt from registration under the Securities
Act and applicable state securities laws. In the event shares or other
securities shall be issued that shall not be so registered, the Optionee hereby
represents, warrants and agrees that he will receive such shares or other
securities for investment and not with a view to their resale or distribution,
and will execute an appropriate investment letter satisfactory to the Company
and its counsel. The Optionee further hereby agrees that as a condition to the
purchase of shares upon exercise of this Option, he will execute an agreement
in a form acceptable to the Company to the effect that the shares shall be
subject to any underwriter’s lock-up agreement in connection with a
public offering of any securities of the Company that may from time to time
apply to shares held by officers and employees of the Company, and such
agreement or a successor agreement must be in full force and effect.

8.             Legends.  The Optionee hereby acknowledges that the
stock certificate or certificates evidencing shares of Stock or other
securities issued pursuant to any exercise of this 

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Option may bear a
legend setting forth the restrictions on their transferability described in
Section 7 hereof, if such restrictions are then in effect. If any such shares
or other securities are issued on a noncertificated basis in accordance with
Section 4 hereof, then the Company shall adopt alternative measures to ensure
that any such restrictions are properly observed.

THIS SPACE INTENTIONALLY LEFT BLANK

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9.             Rights as Stockholder.  The Optionee shall have no rights as a
stockholder with respect to any shares covered by this Option until the date of
issuance of a stock certificate to him for such shares or such shares are
otherwise issued on a noncertificated basis in accordance with Section 4
hereof. No adjustment shall be made for dividends or other rights for which the
record date is prior to the date on which any such shares are so issued.

10.           Termination or Amendment of Plan.  The Board may terminate or amend the Plan at
any time. No such termination or amendment will affect rights and obligations
under this Option to the extent it is then in effect and unexercised.

11.           Effect Upon Employment and
Performance of Services.  Nothing in
this Option or the Plan shall be construed to impose any obligation upon the
Company or any Subsidiary to employ the Optionee or to retain the Optionee in
its employ or to engage or retain the services of the Optionee.

12.           Time for Acceptance.  Unless the Optionee shall evidence his
acceptance of this Option by execution of this Agreement within thirty days
after its delivery to him, the Option and this Agreement shall be null and
void.

13.           [Intentionally
Omitted]

14.           General
Provisions.

(a)           Amendment; Waivers.  This Agreement, including the Plan, contains
the full and complete understanding and agreement of the parties hereto as to
the subject matter hereof and, except as otherwise permitted by the express
terms of the Plan and this Agreement, it may not be modified or amended nor may
any provision hereof be waived, except by a further written  agreement
duly signed by each of the parties; provided, however, that a modification or
amendment that does not materially diminish the rights of the Optionee
hereunder, as they may exist immediately before the effective date of the
modification or amendment, shall be effective upon written notice of its
provisions to the Optionee. The waiver by either of the parties hereto of any
provision hereof in any instance shall not operate as a waiver of any other
provision hereof or in any other instance.

(b)           Binding Effect.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
administrators, representatives, successors and assigns.

(c)           Governing Law.  This Agreement has been executed in
Massachusetts and shall be governed by and construed in accordance with the
laws of The Commonwealth of Massachusetts.

(d)           Construction.  This Agreement is to be construed in
accordance with the terms of the Plan. In case of any conflict between the Plan
and this Agreement, the Plan shall control. The titles of the sections of this
Agreement and of the Plan are included for convenience only and shall not be
construed as modifying or affecting their provisions. The masculine gender
shall include both sexes; the singular shall include the plural and the plural
the singular unless the 

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context otherwise
requires. Capitalized terms not defined herein shall have the meanings given to
them in the Plan.

(e)           Notices.  Any notice in connection with this Agreement
shall be deemed to have been properly delivered if it is in writing and is
delivered by hand or facsimile or sent by registered mail, postage prepaid, to
the party addressed as follows, unless another address has been substituted by
notice so given:

	
  To the Optionee:

  	
   

  	
  To his address as set forth on the signature page
  hereof.

  
	
   

  	
   

  	
   

  
	
  To the Company:

  	
   

  	
  Enterprise Bancorp, Inc.

  
	
   

  	
   

  	
  222 Merrimack Street

  
	
   

  	
   

  	
  Lowell, Massachusetts 01852

  
	
   

  	
   

  	
  Attn: Mr. James A. Marcotte

  

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed as a
sealed instrument by its officer thereunto duly authorized as of the date set
forth below.

Date of grant:
XXXXX XX, 20XX

	
   

  	
  ENTERPRISE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  Signed:

  	
   

  	
   

  
	
   

  	
  John P. Clancy,
  Jr.

  
	
   

  	
  Chief Executive
  Officer

  

 

 6

ACCEPTANCE

I
hereby accept the foregoing Option, an incentive stock option, in accordance
with its terms and conditions and in accordance with the terms and conditions
of the Enterprise Bancorp, Inc. [Amended and Restated 1998] [2003] Stock
Incentive Plan.

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  (Signature of Optionee)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of grant:
  XXXX XX, 20XX

  	
   

  	
   

  

 

EXHIBIT 1

	
  Employee name (“Optionee”):

  	
   

  	
  NAME

  
	
   

  	
   

  	
   

  
	
  Date of grant:

  	
   

  	
  DATE

  
	
   

  	
   

  	
   

  
	
  Number of shares
  granted:

  	
   

  	
  NUMBER

  
	
   

  	
   

  	
   

  
	
  Exercise price:

  	
   

  	
  $XX.XX per share (subject to adjustment as provided
  in this Agreement and in the Plan)

  
	
   

  	
   

  	
   

  
	
  Vesting
  schedule:

  	
   

  	
   

  

 

	
   

  	
   

  	
  Incremental Amount

  	
   

  	
  Cumulative Amount

  	
   

  
	
   

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  50

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  75

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  100

  	
  %

  	
  NUMBER

  	
   

  

 

	
  

  	
  Signed :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  John P. Clancy, Jr.

  
	
   

  	
   

  	
  Chief Executive Officer

  

 

 

Exhibit 2 to

Nonqualified Stock

Option Agreement

[FORM FOR EXERCISE OF
NONQUALIFIED STOCK OPTION]

[SAMPLE ONLY]

Enterprise Bancorp, Inc.

222 Merrimack Street

Lowell,
Massachusetts 01852

RE:                              Exercise
of Nonqualified Stock Option under Enterprise Bancorp, Inc. [Amended and
Restated 1998] [2003]   Stock
Incentive Plan

Gentlemen:

I
hereby elect to exercise the stock option granted to me on                         ,
200      by and to the extent of purchasing                         
shares of the Common Stock of Enterprise Bancorp, Inc. for the exercise price
of $                                 
per share, subject to the terms and conditions of the Nonqualified Stock Option
Agreement between myself and Enterprise Bancorp, Inc. dated as of                  ,
200      (the “Agreement”).

Enclosed
please find payment, in cash or in such other property as is permitted under
the Enterprise Bancorp, Inc. [Amended and Restated 1998] [2003]  Stock Incentive Plan (the “Plan”), of the
purchase price for the shares.

I
hereby confirm that I have investigated and considered the possible income tax
consequences of my exercising the option, of any sale or other disposition by
me of any shares acquired upon the exercise of the option and, if I am making
payment of any part of the purchase price by delivery of shares of stock of
Enterprise Bancorp, Inc., of my making such payment in that form.

I
hereby agree to provide to Enterprise Bancorp, Inc. an amount sufficient to
satisfy its obligation to withhold certain taxes, in accordance with the
Agreement.

I
further agree to any securities lock-up agreement between one or more
underwriters and shareholders of the Company who are officers or employees of
the Company or a Subsidiary, and any successor to that agreement, with regard
to the shares acquired upon this exercise of my stock option.

I
hereby specifically confirm to Enterprise Bancorp, Inc. that I am acquiring the
shares for investment and not with a view to their sale or distribution, and
that the shares shall be held subject to all of the terms and conditions of the
Plan and the Agreement.

	
  

  	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  (Signed by                  
  or other party duly

  
	
   

  	
   

  	
  exercising option)

  
					

 

 9Exhibit
10.49.3

ENTERPRISE
BANCORP, INC.

Incentive Stock
Option Agreement

This
Agreement made as of this Xth day of XXXXX, 20XX by and between Enterprise
Bancorp, Inc., a Massachusetts corporation (the “Company”), and NAME (the “Optionee”).

WITNESSETH THAT:

WHEREAS,
the Company has instituted a program entitled “Enterprise Bancorp, Inc.
[Amended and Restated 1998] [2003]  Stock
Incentive Plan” (the “Plan”); and

WHEREAS,
the Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company has authorized the grant of stock
options upon the terms and conditions set forth below; and

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has authorized the grant of this stock option pursuant and subject to the terms
of the Plan, a copy of which is attached hereto and incorporated herein; and

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has designated this stock option an incentive stock option in accordance with
Section 5 of the Plan;

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained, the Company and the Optionee agree as follows.

1.             Grant.  Subject to the terms of the Plan and this Agreement,
the Company hereby grants to the Optionee a stock option (the “Option”) to
purchase from the Company XXX shares of its common stock, $0.01 par value per
share (“Stock”). This Option is intended to constitute an incentive stock
option within the meaning of Section 422 of the Code.

2.             Exercise Price.  This Option may be exercised at the exercise
price of $XX.XX per share of Stock, subject to adjustment as provided herein
and in the Plan.

3.             Term and Exercisability of
Option.  This Option shall expire on
the earlier of [not later than the grant date
+ ten years – one day] or the last day of the exercise period
determined pursuant to subsection (c) of this Section 3. At any time before its
expiration, this Option may be exercised to the extent set forth in the
schedule attached to this Agreement as Exhibit 1, which is incorporated herein
and made a part hereof by this reference, provided that:

(a)           at the time of exercise the Optionee
is not in violation of any employee confidentiality, noncompetition or other
agreement with the Company or a Subsidiary;

(b)           the Optionee’s employment
relationship with the Company or an ISO Subsidiary (“Relationship”) must be in
effect on the relevant date under the schedule set 

forth at Exhibit 1 in order for any scheduled
increment in the exercisable portion of the Option to become effective; and

(c)           this Option may not be exercised if
three months or more have elapsed following the date of termination of the
Relationship between the Optionee and the Company or a Subsidiary, except that
if the Relationship terminates by reason of the Optionee’s permanent and total
disability (as determined by the Compensation Committee or the full Board of
Directors, as the case may be, on the basis of medical advice satisfactory to
it) or death, “twelve months” shall be substituted for “three months” in this
sentence.

4.             Method of Exercise.  Prior to its expiration and to the extent
that the right to purchase shares of Stock has vested hereunder, this Option
may be exercised from time to time by written notice to the Company,
substantially in the form attached hereto as Exhibit 2, stating the number of
shares with respect to which this Option is being exercised and accompanied by
either (a) payment in full of the exercise price for the number of shares to be
delivered, by means of payment acceptable to the Company in accordance with
Section 5(c) of the Plan, or (b) a description of a “cashless exercise”
procedure and such other documents and undertakings as are necessary to satisfy
that procedure. As soon as practicable after its receipt of such notice, the
Company shall, without transfer or issue tax to the Optionee (or other person
entitled to exercise this Option), deliver, or cause to be delivered, to the
Optionee (or other person entitled to exercise this Option), at the principal
executive offices of the Company or such other place as shall be mutually
acceptable, a stock certificate or certificates for such shares out of
theretofore authorized but unissued shares or reacquired shares of its Stock as
the Company may elect; provided, however, that the time of such delivery may be
postponed by the Company for such period as may be required for it with
reasonable diligence to comply with any applicable requirements of law. If and
to the extent that the Company also provides to its shareholders generally a
means to hold title to shares on a noncertificated basis, then any shares to be
issued to the Optionee upon the exercise of this Option may be issued on such a
noncertificated basis if mutually agreed upon by the Company and the Optionee
and otherwise permissible under applicable law and the rules of any applicable
stock exchange. Payment of the exercise price may be made in cash or cash
equivalents or, in accordance with the terms and conditions of Section 5(c) of
the Plan, in whole or in part in shares of Common Stock of the Company;
provided, however, that the Compensation Committee or the full Board of
Directors, as the case may be, reserves the right upon receipt of any written
notice of exercise from the Optionee to require payment in cash with respect to
the shares contemplated in such notice; and provided, further, that the
Optionee may not make payment in shares of Stock that he acquired upon the
earlier exercise of any incentive stock option, unless he has held the shares
until at least two years after the date the incentive stock option was granted
and at least one year after the date the incentive stock option was exercised.
If the Optionee (or other person entitled to exercise this Option) fails to pay
for and accept delivery of all of the shares specified in such notice upon
tender of delivery thereof, his right to exercise this Option with respect to
such shares not paid for may be terminated by the Company.

 2
 

5.             Nonassignability of Option.  This Option shall not be assignable or
transferable by the Optionee except by will or by the laws of descent and
distribution. During the life of the Optionee, this Option shall be exercisable
only by him, by a conservator or guardian duly appointed for him by reason of
his incapacity or by the person appointed by the Optionee in a durable power of
attorney acceptable to the Company’s counsel.

6.             Compliance with Securities Act;
Lock-Up Agreement.  The Company
shall not be obligated to sell or issue any shares of Stock or other securities
pursuant to the exercise of this Option unless the shares of Stock or other
securities with respect to which this Option is being exercised are at that
time effectively registered or exempt from registration under the Securities
Act and applicable state securities laws. In the event shares or other
securities shall be issued that shall not be so registered, the Optionee hereby
represents, warrants and agrees that he will receive such shares or other
securities for investment and not with a view to their resale or distribution,
and will execute an appropriate investment letter satisfactory to the Company
and its counsel. The Optionee further hereby agrees that as a condition to the
purchase of shares upon exercise of this Option, he will execute an agreement
in a form acceptable to the Company to the effect that the shares shall be
subject to any underwriter’s lock-up agreement in connection with a
public offering of any securities of the Company that may from time to time
apply to shares held by officers and employees of the Company, and such
agreement or a successor agreement must be in full force and effect.

7.             Legends.  The Optionee hereby acknowledges that the
stock certificate or certificates evidencing shares of Stock or other
securities issued pursuant to any exercise of this Option may bear a legend
setting forth the restrictions on their transferability described in Section 6
hereof, if such restrictions are then in effect.  If any such shares or other securities are
issued on a noncertificated basis in accordance with Section 4 hereof, then the
Company shall adopt alternative measures to ensure that any such restrictions
are properly observed.

8.             Rights as Stockholder.  The Optionee shall have no rights as a stockholder
with respect to any shares covered by this Option until the date of issuance of
a stock certificate to him for such shares or such shares are otherwise issued
on a noncertificated basis in accordance with Section 4 hereof.  No adjustment shall be made for dividends or
other rights for which the record date is prior to the date on which any such
shares are so issued.

9.            Termination or Amendment of Plan.  The Board may terminate or amend the Plan at
any time. No such termination or amendment will affect rights and obligations
under this Option, to the extent it is then in effect and unexercised.

10.          Effect Upon Employment.  Nothing in this Option or the Plan shall be
construed to impose any obligation upon the Company or any Subsidiary to employ
the Optionee or to retain the Optionee in its employ.

11.          Time for Acceptance.  Unless the Optionee shall evidence his
acceptance of this Option by execution of this Agreement within thirty days
after its delivery to him, the Option and this Agreement shall be null and
void.

 3
 

12.          Notice of Disqualifying Disposition.  The Optionee agrees to notify the Company
promptly in the event that he sells, transfers, exchanges or otherwise disposes
of any shares of Stock issued upon the exercise of the Option before the later
of (a) the second anniversary of the date of grant of the Option and (b) the
first anniversary of the date the shares were issued upon his exercise of the
Option.

13.           Right of Repayment.  In the event that the Optionee accepts
employment with or performs services for a competitor of the Company within one
year after the date of exercise of this Option or any portion of it, the
Optionee shall pay to the Company an amount equal to the excess of the Fair
Market Value of the shares as to which the Option was exercised on the date of
exercise over the price paid for such shares; provided, however, that the
Compensation Committee or the full Board of Directors, as the case may be, in
its discretion may release the Optionee from the requirement to make such payment,
if the Compensation Committee or the full Board of Directors, as the case may
be, determines that the Optionee’s acceptance of such employment or performance
of such services is not inimical to the best interests of the Company. The
Company may deduct from any compensation or other amount payable by the Company
to the Optionee the amount of payment due under the preceding sentence. For
purposes of this Section 13, the term “Company” refers to the Company and all
Subsidiaries.

14.          General Provisions.

(a)           Amendment; Waivers.  This Agreement, including the Plan, contains
the full and complete understanding and agreement of the parties hereto as to
the subject matter hereof and, except as otherwise permitted by the express
terms of the Plan and this Agreement, it may not be modified or amended nor may
any provision hereof be waived, except by a further written agreement duly
signed by each of the parties; provided, however, that a modification or
amendment that does not materially diminish the rights of the Optionee
hereunder, as they may exist immediately before the effective date of the
modification or amendment, shall be effective upon written notice of its
provisions to the Optionee. The waiver by either of the parties hereto of any
provision hereof in any instance shall not operate as a waiver of any other
provision hereof or in any other instance.

(b)          Binding Effect.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
administrators, representatives, successors and assigns.

(c)           Governing Law.  This Agreement has been executed in
Massachusetts and shall be governed by and construed in accordance with the
laws of The Commonwealth of Massachusetts.

(d)           Construction.  This Agreement is to be construed in
accordance with the terms of the Plan. In case of any conflict between the Plan
and this Agreement, the Plan shall control. The titles of the sections of this
Agreement and of the Plan are included for convenience only and shall not be construed
as modifying or affecting their provisions. The masculine gender shall include
both sexes; the singular shall include the plural and the plural the singular
unless the 

 4
 

context otherwise
requires. Capitalized terms not defined herein shall have the meanings given to
them in the Plan.

(e)           Notices.  Any notice in connection with this Agreement
shall be deemed to have been properly delivered if it is in writing and is
delivered by hand or facsimile or sent by registered mail, postage prepaid, to
the party addressed as follows, unless another address has been substituted by
notice so given:

	
  To the Optionee:

  	
   

  	
  To his address as set forth on the signature page
  hereof.

  
	
   

  	
   

  	
   

  
	
  To the Company:

  	
   

  	
  Enterprise Bancorp, Inc.

  
	
   

  	
   

  	
  222 Merrimack
  Street

  
	
   

  	
   

  	
  Lowell,
  Massachusetts 01852

  
	
   

  	
   

  	
  Attn: Mr. James
  A. Marcotte

  

 

 5
 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed as a sealed
instrument by its officer thereunto duly authorized as of the date set forth
below.

Date of grant:
XXXX XX, 20XX

	
   

  	
  ENTERPRISE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  Signed:

  	
   

  	
   

  
	
   

  	
  John P. Clancy,
  Jr.

  
	
   

  	
  Chief Executive
  Officer

  

 

 6
 

ACCEPTANCE

I
hereby accept the foregoing Option, an incentive stock option, in accordance
with its terms and conditions and in accordance with the terms and conditions
of the Enterprise Bancorp, Inc. [Amended and Restated 1998] [2003] Stock
Incentive Plan.

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  (Signature of Optionee)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of grant:
  XXXX XX, 20XX

  	
   

  	
   

  

 

 7

EXHIBIT 1

	
  Employee name (“Optionee”):

  	
   

  	
  NAME

  
	
   

  	
   

  	
   

  
	
  Date of grant:

  	
   

  	
  DATE

  
	
   

  	
   

  	
   

  
	
  Number of shares
  granted:

  	
   

  	
  NUMBER

  
	
   

  	
   

  	
   

  
	
  Exercise price:

  	
   

  	
  $XX.XX per share (subject to adjustment as provided
  in this Agreement and in the Plan)

  
	
   

  	
   

  	
   

  
	
  Vesting schedule:

  	
   

  	
   

  

 

	
   

  	
   

  	
  Incremental Amount

  	
   

  	
  Cumulative Amount

  	
   

  
	
   

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  	
  % of shares

  	
   

  	
  # of shares

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  50

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  75

  	
  %

  	
  NUMBER

  	
   

  
	
  On or after: DATE

  	
   

  	
  25

  	
  %

  	
  NUMBER

  	
   

  	
  100

  	
  %

  	
  NUMBER

  	
   

  

 

	
  

  	
  Signed :

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  John P. Clancy, Jr.

  
	
   

  	
   

  	
  Chief Executive Officer

  

 

Exhibit 2 to Incentive
Stock

 Option Agreement

[FORM FOR EXERCISE
OF INCENTIVE STOCK OPTION]

[SAMPLE ONLY]

Enterprise Bancorp, Inc.

222 Merrimack Street

Lowell, Massachusetts 01852

RE:                              Exercise
of Incentive Stock Option under Enterprise Bancorp, Inc. [Amended and Restated
1998] [2003]   Stock Incentive Plan

Gentlemen:

I
hereby elect to exercise the stock option granted to me on                     ,
200     by and to the extent of purchasing                           
shares of the Common Stock of Enterprise Bancorp, Inc. for the exercise price
of $                        
per share, subject to the terms and conditions of the Incentive Stock Option
Agreement between myself and Enterprise Bancorp, Inc. dated as of                                  ,
200     (the “Agreement”).

Enclosed
please find payment, in cash or in such other property as is permitted under
the Enterprise Bancorp, Inc. [Amended and Restated 1998] [2003] Stock Incentive
Plan (the “Plan”), of the purchase price for the shares.

I
hereby confirm that I have investigated and considered the possible income tax
consequences of my exercising the option, of any sale or other disposition by
me of any shares acquired upon the exercise of the option and, if I am making
payment of any part of the purchase price by delivery of shares of stock of
Enterprise Bancorp, Inc., of my making such payment in that form.

I
further agree to any securities lock-up agreement between one or more
underwriters and shareholders of the Company who are officers or employees of the
Company or a Subsidiary, and any successor to that agreement, with regard to
the shares acquired upon this exercise of my stock option.

I
hereby specifically confirm to Enterprise Bancorp, Inc. that I am acquiring the
shares for investment and not with a view to their sale or distribution, and
that the shares shall be held subject to all of the terms and conditions of the
Plan and the Agreement.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  (Signed by                   
  or other party duly

  
	
   

  	
   

  	
  exercising option)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]