Document:

Exhibit
4.3

 

Model Form — 6-22-2010

(TARP)

 

FIRST BUSEY
CORPORATION

 

2010 EQUITY
INCENTIVE PLAN

 

RESTRICTED
STOCK UNIT AWARD TERMS

 

The Participant specified below has been granted this Restricted Stock
Unit Award (“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 shall be subject to the Plan as well
as the following terms and conditions (the “Award
Terms”):

 

Section 1.                                          Award.  In accordance
with the Plan, the Company hereby grants to the Participant this Award of
Restricted Stock Units (each, an “RSU”) where
each RSU represents the right to receive one share of Stock in the future as
set forth in Section 2. This Award is in
all respects limited and conditioned as provided herein.

 

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

 

(a)                                  The “Participant” is [               ].

 

(b)                                 The “Grant Date” is [               ].

 

(c)                                  The number of “RSUs” is [          ].

 

Except where the context clearly implies to the contrary, any
capitalized term in this Award shall have the meaning ascribed to that term
under the Plan.

 

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

 

(a)                                  Subject to the
limitations of this Award, and specifically Section 18
hereof, the “Restricted Period”
for each installment of such RSUs (“Installment”)
shall begin on the Grant Date and end as described in the following schedule
(but only if the Participant has not had a Termination of Service before the
end of the Restricted Period):

 

	
  INSTALLMENT

  	
   

  	
  RESTRICTED
  PERIOD WILL END ON:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

(b)                                 Notwithstanding
the foregoing provisions of this Section 3,
the Restricted Period for the RSUs shall cease immediately, and the RSUs shall
become immediately and fully vested, upon (i) a Change in Control that
occurs on or before the Participant’s Termination of Service, provided, however that such Change in
Control constitutes a change in the ownership or effective control of the
Company or a change in the ownership of a substantial portion of the assets of
the Company, each as described in 26 C.F.R. 1.409A-3(i)(5) or (ii) upon
the Participant’s Termination of Service due to Disability or death.

 

(c)                                  In the event
the Participant’s Termination of Service, other than as provided in subsection (b) above, occurs prior to the expiration of
one or more Restricted Periods, the Participant shall forfeit all rights, title
and interest in and to any Installment(s) of RSUs still subject to a
Restricted Period as of the Participant’s Termination of Service date.

 

For purposes of this Award:  “Disability” shall mean that a Participant (i) is unable
to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than
twelve (12) months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12)
months, receiving income replacement benefits for a period of not less than
three (3) months under an accident and health plan covering the Company’s
employees.

 

Section 4.                                          Settlement Eligibility Dates.  Notwithstanding the effect of any lapse of
the Restricted Period pursuant to Section 3
above, the Company shall not settle any RSUs unless and until the Company has
repaid its obligation under the United States Treasury’s Troubled Asset Relief
Program (“TARP”).  As the Company repays its obligation under
TARP, the settlement restrictions of this Section 4
shall lapse in accordance with the following schedule (such dates to be
referred to as “Settlement Eligibility Dates”):

 

	
  RSUs VESTING

  	
   

  	
  SETTLEMENT ELIGIBILITY DATES:

  
	
  25% of RSUs

  	
   

  	
  The date on which 25% of the aggregate financial
  assistance received under TARP is no longer outstanding.

  
	
  Additional
  25% of RSUs

  	
   

  	
  The date on which 50% of
  the aggregate financial assistance received under TARP is no longer
  outstanding.

  
	
  Additional
  25% of RSUs

  	
   

  	
  The date on which 75% of
  the aggregate financial assistance received under TARP is no longer
  outstanding.

  
	
  Additional
  25% of RSUs

  	
   

  	
  The date on which all
  obligations of the Company arising from financial assistance provided under
  TARP is no longer outstanding.

  

 

2

 

Section 5.                                          Settlement of Units.  Delivery of Stock
or other amounts under this Award and the Plan shall be subject to the
following:

 

(a)                                  Delivery of Stock.  As soon as administratively practicable
following the later of (i) end of the Restricted Period or (ii) the
Settlement Eligibility Dates set forth in Section 4, the Company shall deliver to the
Participant one share of the Company’s Stock free and clear of any restrictions
in settlement of each of the unrestricted units.

 

(b)                                 Compliance
with Applicable Laws.  Notwithstanding any other
provision of this Award or the Plan, the Company shall have no obligation to
deliver any Stock or make any other distribution of benefits under this Award
or the Plan unless such delivery or distribution complies with all applicable
laws (including, the requirements of the Securities Act), and the applicable
requirements of any securities exchange or similar entity.

 

(c)                                  Certificates. 
To the extent that this Award and the Plan provide for the issuance of
Stock, the issuance may be effected on a non-certificated basis, to the extent
not prohibited by applicable law or the applicable rules of any stock
exchange.

 

Section 6.                                          Withholding.  All deliveries
of shares of Stock pursuant to this 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 date of any shares of
Stock under this Award.  At the election of the Participant, subject to
the rules and limitations as may be established by the Committee, such
withholding obligations may be satisfied through the surrender of shares of
Stock which the Participant already owns, or to which Participant is otherwise
entitled under the Plan.

 

Section 7.                                          Non-Transferability of Award.  During the Restricted
Period, the Participant shall not sell, assign, transfer, pledge, hypothecate,
mortgage, encumber or dispose of any RSUs awarded under this Award.

 

Section 8.                                          Dividends; Dividend Equivalents.  The Participant shall be entitled to receive
a payment of additional RSUs, which shall be subject to the same vesting and
settlement conditions as the RSUs with respect to which the additional RSUs are
granted, equal in value to any cash dividends and property distributions paid
with respect to the RSUs (other than dividends or distributions of securities
of the Company which may be issued with respect to its shares by virtue of any
stock split, combination, stock dividend or recapitalization — to the extent
covered in Section 3.4 of the Plan)
that become payable during the Restricted Period (“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
prior to the Grant Date, or with respect to record dates for such dividends or
distributions occurring on or after the date, if any, on which the Participant
has forfeited the RSUs.  [Alternative — Dividend Equivalents could be
paid in cash on a current basis.]

 

Section 9.                                          Voting Rights.  The
Participant shall not be a shareholder of record with respect to the RSUs
during the Restricted Period and shall have no voting rights with respect to
the RSUs during the Restricted Period.

 

3

 

Section 10.                                   Heirs and Successors.  This Award
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 and business.  If any
rights of the Participant or benefits distributable to the Participant under
this Award 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 this Award 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 form may be
amended or revoked from time to time by the Participant.  If a deceased 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 and shall
be payable to the legal representative of the estate of the Participant.  If a deceased Participant designates a
beneficiary and the Designated Beneficiary survives the Participant but dies
before the settlement of Designated Beneficiary’s rights under this Award, 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 11.                                   Administration.  The authority
to manage and control the operation and administration of this Award and the
Plan shall be vested in the Committee, and the Committee shall have all powers
with respect to this Award as it has with respect to the Plan. Any
interpretation of this Award or the Plan by the Committee and any decision made
by it with respect to this Award or the Plan are final and binding on all
persons.

 

Section 12.                                   Plan Governs.  Notwithstanding anything in
this Award to the contrary, this Award shall be subject to the terms of the
Plan, a copy of which may be obtained by the Participant from the office of the
Secretary of the Company; and this Award are subject to all interpretations,
amendments, rules and regulations promulgated by the Committee from time
to time pursuant to the Plan. 
Notwithstanding anything in this Award to the contrary, in the event of
any discrepancies between the corporate records and this Award, the corporate
records shall control.

 

Section 13.                                   Not an Employment Contract.  This Award will not confer
on the Participant any right with respect to continuance of employment or other
service with the Company or any Subsidiary, nor will it interfere in any way
with any right the Company or any Subsidiary would otherwise have to terminate
or modify the terms of such Participant’s employment or other service at any
time.

 

Section 14.                                   No Rights As Shareholder.  The Participant
shall not have any rights of a shareholder with respect to the RSUs, until a
stock certificate has been duly issued as provided herein.

 

Section 15.                                   Amendment.  This Award may
be amended in accordance with the provisions of the Plan, and may otherwise be
amended by written Award of the Participant and the Company without the consent
of any other person.

 

4

 

Section 16.                                   Governing Law.  This Award, the Plan, and
all actions taken in connection herewith 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 17.                                   Section 409A
Amendment.  The Committee
reserves the right (including the right to delegate such right) to unilaterally
amend this Award without the consent of the Participant in order to maintain an
exclusion from the application of, or to maintain compliance with, Code Section 409A.  Participant’s acceptance of this Option award
constitutes acknowledgement and consent to such rights of the Committee.

 

Section 18.                                   EESA
Amendment, Benefits During TARP Period.  The Committee reserves the right (including
the right to delegate such right) to unilaterally amend this Award without the
consent of the Participant in order to maintain an exclusion from the
application of, or to maintain compliance with, Section 111 of the
Emergency Economic Stabilization Act of 2010 (“EESA”),
as amended.  Participant’s acceptance of
this Award constitutes acknowledgement and consent to such rights of the
Committee.  Notwithstanding any provision
of this Award to the contrary, if any applicable provision of EESA or any of
the compensation limitations or prohibitions applicable to TARP recipients
(collectively, the “EESA Restrictions”)
should limit or prohibit the payment to Participant of any amounts under this
Award or otherwise, Participant hereby agrees to forever waive any claim
against the Employer or any of its directors, officers, employees and agents
for any changes to Participant’s compensation or benefits that are required in
order to comply with the EESA Restrictions, including but not limited to the
limitation or complete prohibition of any benefits triggered or accelerated
upon Change of Control described in this Award. 
Participant further acknowledges and agrees that if the Employer
notifies Participant in writing that payments or other compensation received by
Participant are in violation of any the EESA Restrictions, Participant shall
repay the aggregate amount of such payments to the Employer no later than 15
business days following Participant’s receipt of such notice.

 

 (Signature page to follow)

 

5

 

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

 

	
   

  	
  FIRST
  BUSEY CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                        ]  

  	
  Date

  
				

 

6Exhibit 4.4

 

Model Form — 6-22-2010

(Non-TARP)

 

FIRST BUSEY
CORPORATION

 

2010 EQUITY
INCENTIVE PLAN

 

RESTRICTED
STOCK UNIT AWARD TERMS

 

The Participant specified below has been granted this Restricted Stock
Unit Award (“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 shall be subject to the Plan as well
as the following terms and conditions (the “Award
Terms”):

 

Section 1.                                          Award.  In accordance
with the Plan, the Company hereby grants to the Participant this Award of
Restricted Stock Units (each, an “RSU”) where
each RSU represents the right to receive one share of Stock in the future as
set forth in Section 2. This Award is in
all respects limited and conditioned as provided herein.

 

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

 

(a)                                  The “Participant” is [               ].

 

(b)                                 The “Grant Date” is [               ].

 

(c)                                  The number of “RSUs” is [          ].

 

Except where the context clearly implies to the contrary, any
capitalized term in this Award shall have the meaning ascribed to that term
under the Plan.

 

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

 

(a)                                  Subject to the
limitations of this Award, and specifically Section 17
hereof, the “Restricted Period”
for each installment of such RSUs (“Installment”)
shall begin on the Grant Date and end as described in the following schedule
(but only if the Participant has not had a Termination of Service before the
end of the Restricted Period):

 

	
  INSTALLMENT

  	
   

  	
  RESTRICTED
  PERIOD WILL END ON:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

(b)                                 Notwithstanding
the foregoing provisions of this Section 3,
the Restricted Period for the RSUs shall cease immediately, and the RSUs shall
become immediately and fully vested, upon (i) a Change in Control that
occurs on or before the Participant’s Termination of Service, provided, however that such Change in
Control constitutes a change in the ownership or effective control of the
Company or a change in the ownership of a substantial portion of the assets of
the Company, each as described in 26 C.F.R. 1.409A-3(i)(5) or (ii) upon
the Participant’s Termination of Service due to Disability or death.

 

(c)                                  In the event
the Participant’s Termination of Service, other than as provided in subsection (b) above, occurs prior to the expiration of
one or more Restricted Periods, the Participant shall forfeit all rights, title
and interest in and to any Installment(s) of RSUs still subject to a
Restricted Period as of the Participant’s Termination of Service date.

 

For purposes of this Award:  “Disability” shall mean that a Participant (i) is unable
to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than
twelve (12) months, or (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12)
months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering the Company’s
employees.

 

Section 4.                                          Settlement of Units.  Delivery of
Stock or other amounts under this Award and the Plan shall be subject to the
following:

 

(a)                                  Delivery of Stock.  As soon as administratively practicable
following the end of the Restricted Period,
the Company shall deliver to the Participant one share of the Company’s Stock
free and clear of any restrictions in settlement of each of the unrestricted
units.

 

(b)                                 Compliance
with Applicable Laws.  Notwithstanding any other
provision of this Award or the Plan, the Company shall have no obligation to
deliver any Stock or make any other distribution of benefits under this Award
or the Plan unless such delivery or distribution complies with all applicable
laws (including, the requirements of the Securities Act), and the applicable
requirements of any securities exchange or similar entity.

 

(c)                                  Certificates. 
To the extent that this Award and the Plan provide for the issuance of
Stock, the issuance may be effected on a non-certificated basis, to the extent
not prohibited by applicable law or the applicable rules of any stock
exchange.

 

Section 5.                                          Withholding.  All deliveries
of shares of Stock pursuant to this 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 date of any shares of
Stock under this Award.  At the election of the Participant, subject to
the rules and limitations as may be established by the Committee, such
withholding obligations may be satisfied through the surrender of shares of
Stock which the Participant already owns, or to which Participant is otherwise
entitled under the Plan.

 

2

 

Section 6.                                          Non-Transferability of Award.  During the Restricted
Period, the Participant shall not sell, assign, transfer, pledge, hypothecate,
mortgage, encumber or dispose of any RSUs awarded under this Award.

 

Section 7.                                          Dividends; Dividend Equivalents.  The Participant shall be entitled to receive
a payment of additional RSUs, which shall be subject to the same vesting and
settlement conditions as the RSUs with respect to which the additional RSUs are
granted, equal in value to any cash dividends and property distributions paid
with respect to the RSUs (other than dividends or distributions of securities of
the Company which may be issued with respect to its shares by virtue of any
stock split, combination, stock dividend or recapitalization — to the extent
covered in Section 3.4 of the Plan)
that become payable during the Restricted Period (“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 prior to the Grant Date, or with respect to record dates for such dividends
or distributions occurring on or after the date, if any, on which the
Participant has forfeited the RSUs.  [Alternative — Dividend Equivalents could be
paid in cash on a current basis.]

 

Section 8.                                          Voting Rights.  The
Participant shall not be a shareholder of record with respect to the RSUs
during the Restricted Period and shall have no voting rights with respect to
the RSUs during the Restricted Period.

 

Section 9.                                          Heirs and Successors.  This Award
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 and business.  If any
rights of the Participant or benefits distributable to the Participant under
this Award 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 this Award 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 form may be
amended or revoked from time to time by the Participant.  If a deceased 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 and
shall be payable to the legal representative of the estate of the
Participant.  If a deceased Participant
designates a beneficiary and the Designated Beneficiary survives the
Participant but dies before the settlement of Designated Beneficiary’s rights
under this Award, 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 this Award and the
Plan shall be vested in the Committee, and the Committee shall have all powers
with respect to this Award as it has with respect to the Plan. Any
interpretation of this Award or the Plan by the Committee and any decision made
by it with respect to this Award or the Plan are final and binding on all
persons.

 

Section 11.                                   Plan Governs.  Notwithstanding anything in
this Award to the contrary, this Award shall be subject to the terms of the
Plan, a copy of which may be obtained by the 

 

3

 

Participant from the office of the Secretary of the Company; and this
Award are subject to all interpretations, amendments, rules and
regulations promulgated by the Committee from time to time pursuant to the
Plan.  Notwithstanding anything in this
Award to the contrary, in the event of any discrepancies between the corporate
records and this Award, the corporate records shall control.

 

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

 

Section 13.                                   No Rights As Shareholder.  The Participant
shall not have any rights of a shareholder with respect to the RSUs, until a
stock certificate has been duly issued as provided herein.

 

Section 14.                                   Amendment.  This Award may
be amended in accordance with the provisions of the Plan, and may otherwise be
amended by written Award of the Participant and the Company without the consent
of any other person.

 

Section 15.                                   Governing Law.  This Award, the Plan, and
all actions taken in connection herewith 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 16.                                   Section 409A
Amendment.  The Committee
reserves the right (including the right to delegate such right) to unilaterally
amend this Award without the consent of the Participant in order to maintain an
exclusion from the application of, or to maintain compliance with, Code Section 409A.  Participant’s acceptance of this Option award
constitutes acknowledgement and consent to such rights of the Committee.

 

Section 17.                                   EESA
Amendment, Benefits During TARP Period.  The Committee reserves the right (including
the right to delegate such right) to unilaterally amend this Award without the
consent of the Participant in order to maintain an exclusion from the
application of, or to maintain compliance with, Section 111 of the
Emergency Economic Stabilization Act of 2010 (“EESA”),
as amended.  Participant’s acceptance of
this Award constitutes acknowledgement and consent to such rights of the
Committee.  Notwithstanding any provision
of this Award to the contrary, if any applicable provision of EESA or any of
the compensation limitations or prohibitions applicable to TARP recipients
(collectively, the “EESA Restrictions”)
should limit or prohibit the payment to Participant of any amounts under this Award
or otherwise, Participant hereby agrees to forever waive any claim against the
Employer or any of its directors, officers, employees and agents for any
changes to Participant’s compensation or benefits that are required in order to
comply with the EESA Restrictions, including but not limited to the limitation
or complete prohibition of any benefits triggered or accelerated upon Change of
Control described in this Award. 
Participant further acknowledges and agrees that if the Employer
notifies Participant in writing that payments or other compensation received by
Participant are in violation of any the EESA Restrictions, Participant 

 

4

 

shall repay the aggregate amount of such payments to the Employer no
later than 15 business days following Participant’s receipt of such notice.

 

(Signature
page to follow)

 

5

 

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

 

	
   

  	
  FIRST BUSEY CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [            ]                                                                                                                                                                                                                                                                                 Date

  

 

6

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