Document:

Exhibit 10.5

 

ATLAS TECHNICAL CONSULTANTS, INC.

 

[DATE]

 

RESTRICTED STOCK UNIT AGREEMENT (EMPLOYEES)

 

*  *  *  *  *

 

Participant:__________________________

 

Grant Date:__________________________

 

Number of Restricted Stock Units Granted: ____________

 

*  *  *  *  *

 

THIS RESTRICTED
STOCK UNIT AGREEMENT (this “Agreement”), dated as of the Grant Date specified above (the “Grant
Date”), is entered into by and between ATLAS TECHNICAL CONSULTANTS, INC., a corporation organized in the State of Delaware
(the “Company”), and the Participant specified above, pursuant to the Atlas Technical Consultants, Inc. 2019
Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”).

 

WHEREAS, it
has been determined that it would be in the best interests of the Company to grant the Restricted Stock Units provided herein (“RSUs”)
to the Participant.

 

NOW, THEREFORE,
in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby mutually covenant and agree as follows:

 

1. Incorporation
By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including,
without limitation, any amendments thereto adopted at any time and from time to time), all of which terms and provisions are made
a part of and incorporated into this Agreement as if they were each expressly set forth herein. Except as provided otherwise herein,
any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant
hereby acknowledges receipt of a true copy of the Plan and confirms that the Participant has read the Plan carefully and fully
understands its contents. In the event of any conflict or inconsistency between the terms of this Agreement and the terms of the
Plan, the terms of the Plan shall control.

 

2. Grant of Restricted
Stock Unit Award. The Company hereby grants to the Participant, as of the Grant Date, the number of RSUs specified above. Except
as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or
is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest
in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other
rights in respect of the shares of Common Stock underlying the RSUs, except as otherwise specifically provided for in the Plan
or this Agreement.

 

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3. Vesting.

 

(a) Subject to the
provisions of Section 3.b), the RSUs subject to this Agreement shall become vested as follows, provided that the Participant
has not incurred a termination of employment with the Company or any Affiliate thereof (a “Termination”) prior
to the applicable vesting date:

 

	Vesting Date	 	Portion of 
 RSUs That Vest

	 	 	 
	First Anniversary of the Grant Date	 	1/3
	 	 	 
	Second Anniversary of the Grant Date	 	1/3
	 	 	 
	Third Anniversary of the Grant Date	 	1/3

 

There shall be no proportionate
or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the applicable vesting date, subject
to the Participant’s continued employment with the Company or any Affiliate thereof on such vesting date.

 

(b) Forfeiture.
Subject to the terms of this Section 3, all unvested RSUs (and all rights arising from such RSUs and from being a holder
thereof) shall automatically (without further action by the Company or any Person) be immediately forfeited upon the Participant’s
Termination for any reason.

 

4. Delivery of
Shares. Within thirty (30) days following the applicable vesting date of the RSUs, the Participant shall receive a number of
shares of Common Stock equal to the number of RSUs that have become vested on the applicable vesting date. Neither this Section
4 nor any action taken pursuant to, or in accordance with, this Agreement should be construed to create a trust or a funded
or secured obligation of any kind.

 

5. Rights as
Stockholder. The Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by any
RSU unless and until the Participant has become the holder of record of such shares.

 

6. Non-Transferability.
The RSUs, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not be sold, exchanged,
transferred, assigned, pledged, encumbered or otherwise disposed of or hypothecated in any way by the Participant (or any beneficiary
of the Participant who holds the RSUs as a result of a Transfer by will or by the laws of descent and distribution), other than
in accordance with the provisions of Section 17 of the Plan.

 

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7. Governing
Law; Jurisdiction and Venue. All questions arising with respect to the provisions of this Agreement shall be determined by
application of the laws of Delaware, without giving any effect to any conflict of law provisions thereof, except to the extent
Delaware state law is preempted by federal law. The obligation of the Company to sell and deliver Common Stock hereunder is subject
to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale,
or delivery of such Common Stock. The Company and the Participant shall irrevocably and unconditionally (a) submit in any proceeding
relating to the Plan or this Agreement, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”),
to the exclusive jurisdiction of the courts located in Austin, Texas, the court of the United States of America for the Western
District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agree that all claims in
respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such
federal court, (b) consent that any such Proceeding may and shall be brought in such courts and waives any objection that the Company
and the Participant may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such
Proceeding was brought in an inconvenient court and agree not to plead or claim the same, (c) waive all right to trial by jury
in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to the Plan or this Agreement, (d)
agree that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant’s
address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices,
attention General Counsel, and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other
manner permitted by the laws of the State of Delaware.

 

8. Legends.
The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all
certificates, if any, representing shares of Common Stock issued pursuant to this Agreement. The Participant shall, at the request
of the Company, promptly present to the Company any and all certificates, if any, representing shares of Common Stock acquired
pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 8.

 

9. Securities
Representations. This Agreement is being entered into by the Company in reliance upon the following express representations
and warranties of the Participant. The Participant hereby acknowledges, represents and warrants that:

 

(a) The Participant
has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act
and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 9.

 

(b) If the Participant
is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Common Stock issuable hereunder must
be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional
registration statement (or a “re-offer prospectus”) with regard to such shares of Common Stock and the Company is under
no obligation to register such shares of Common Stock (or to file a “re-offer prospectus”).

 

(c) If the Participant
is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that (i) the exemption
from registration under Rule 144 will not be available unless (A) a public trading market then exists for the Common Stock of the
Company, (B) adequate information concerning the Company is then available to the public, and (C) other terms and conditions of
Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Common Stock issuable hereunder may be
made only in limited amounts in accordance with the terms and conditions of Rule 144 or any exemption therefrom.

 

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10. Entire Agreement;
Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to
the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between
the parties relating to such subject matter; provided, however, that the terms of this Agreement shall not modify, and shall be
subject to, the terms and conditions of any employment or severance agreement between the Participant and the Company or any of
its Affiliates in effect as of the date a determination is to be made under this Agreement. This Agreement may be amended by the
Company at any time (a) if the Board or the Committee determines, in its sole discretion, that amendment is permitted under the
terms of the Plan or necessary or advisable in light of any addition to or change in any federal or state, tax or securities law
or other law or regulation, which change occurs after the Grant Date and by its terms applies to the Agreement; or (b) other than
in the circumstances described in clause (a) or provided in the Plan, with the Participant’s consent.

 

11. Notices.
All notices required or permitted under this Agreement must be in writing and personally delivered or sent by certified mail, return
receipt requested, and shall be deemed to be delivered on the date on which it is actually received by the person to whom it is
properly addressed, in the case of the Participant, at the Participant’s address shown in the books and records of the Company
or, in the case of the Company, at the Company’s principal offices, attention General Counsel. Any person entitled to notice
hereunder may waive such notice in writing.

 

12. Consent to
Electronic Delivery; Electronic Signature.  In lieu of receiving documents in paper format, the Participant agrees, to
the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver
(including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements,
annual and quarterly reports and all other forms of communications) in connection with this and any other award made or offered
by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet
to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may
establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required
to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or
her manual signature.

 

13. No Right
to Employment. Any questions as to whether and when there has been a Termination and the cause of such Termination shall be
determined in the sole discretion of the Administrator. Nothing in this Agreement confers upon you the right to continue in the
employ of or performing services for the Company or any subsidiary, or interfere in any way with the rights of the Company or any
subsidiary to terminate your employment or service relationship at any time, subject to any employment agreement or other service
agreement in effect between the Company and the Participant.

 

14. Transfer
of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any
subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes
(including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Participant.

 

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15. Compliance
with Laws. Notwithstanding any provision of this Agreement to the contrary, the issuance of the RSUs (and the shares of Common
Stock upon settlement of the RSUs) pursuant to this Agreement will be subject to compliance with all applicable requirements of
federal, state, or foreign law with respect to such securities and with the requirements of any stock exchange or market system
upon which the Common Stock may then be listed. No Common Stock will be issued hereunder if such issuance would constitute a violation
of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange
or market system upon which the Common Stock may then be listed. In addition, Common Stock will not be issued hereunder unless
(a) a registration statement under the Securities Act of 1933, as amended (the “Act”), is at the time of issuance in
effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued
in accordance with the terms of an applicable exemption from the registration requirements of the Act. The inability of the Company
to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be
necessary to the lawful issuance and sale of any shares subject to the Agreement will relieve the Company of any liability in respect
of the failure to issue such shares of Common Stock as to which such requisite authority has not been obtained. As a condition
to any issuance hereunder, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate
to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance
as may be requested by the Company. From time to time, the Board and appropriate officers of the Company are authorized to take
the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate
Persons to make shares of Common Stock available for issuance.

 

16. Section 409A.
This Agreement and the Plan are intended to comply with, or be exempt from, the applicable requirements of Section 409A of the
Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that the RSUs are subject to
Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including proposed, temporary
or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect
thereto. Neither the Company nor any of its Affiliates shall have any liability to the Participant, in the event that any amount
or benefit under this Agreement or the Plan becomes subject to any taxes, penalties, interest or other expenses under Section 409A
of the Code, responsibility for payment of such taxes, penalties, interest or other expenses shall rest solely with the Participant
and not with the Company or any of its Affiliates.

 

17. Taxes.
To the extent that the receipt, vesting or settlement of the RSUs results in compensation income or wages to the Participant for
federal, state, local and/or foreign tax purposes, the Participant shall make arrangements satisfactory to the Company for the
satisfaction of obligations for the payment of withholding taxes and other tax obligations relating to the RSUs, which arrangements
may include the delivery of cash or cash equivalents, Common Stock (including previously owned Common Stock, net settlement, a
broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant
to this Agreement), other property, or any other legal consideration the Administrator deems appropriate. If such tax obligations
are satisfied through net settlement or the surrender of previously owned Common Stock, the maximum number of shares of Common
Stock that may be so withheld (or surrendered) shall be the number of shares of Common Stock that have an aggregate Fair Market
Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest
withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without
creating adverse accounting treatment for the Company with respect to the RSUs, as determined by the Administrator. Any fraction
of a share of Common Stock required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead
in cash to the Participant.  The Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting
or settlement of the RSUs or disposition of the underlying shares and that the Participant has been advised, and hereby is advised,
to consult a tax advisor. The Participant represents that the Participant is in no manner relying on the Board, the Committee,
the Administrator, the Company or any of its Affiliates or any of their respective managers, directors, officers, employees or
authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial
representatives) for tax advice or an assessment of such tax consequences.

 

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18. Binding Agreement;
Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors
and assigns. The Participant shall not assign any part of this Agreement without the prior express written consent of the Company,
which consent may not be unreasonably withheld, conditioned or delayed.

 

19. Headings.
The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall
not be deemed to be a part of this Agreement.

 

20. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall
constitute one and the same instrument.

 

21. Further Assurances.
Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver
all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry
out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated
thereunder.

 

22. Severability.
If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced
as if the illegal or invalid provision had never been included herein.

 

23. Clawback.
Notwithstanding any provision in this Agreement or the Plan to the contrary, to the extent required by (a) applicable law,
including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any SEC
rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board
from time to time, all shares of Common Stock issued hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation
to the extent necessary to comply with such law(s) and/or policy.

 

[Remainder of Page
Intentionally Left Blank]

 

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IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by one of its duly authorized officers, and the Participant has executed this
Agreement, effective for all purposes as provided above.

 

	 	ATLAS TECHNICAL CONSULTANTS, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	                        
	 	 	 
	 	PARTICIPANT:
	 	 
	 	 
	 	[Name of Participant]

 

Signature Page to Restricted Stock Unit
AgreementExhibit

Exhibit 10.2

1ST CONSTITUTION BANCORP
RESTRICTED STOCK AGREEMENT 
FOR NON-EMPLOYEE DIRECTORS

This RESTRICTED STOCK AGREEMENT (this “Agreement”) is made between 1ST CONSTITUTION BANCORP, a New Jersey corporation (the “Company”), and (the “Participant”). Capitalized terms used in this Agreement but not defined upon their first usage shall have the meanings ascribed to them in the Company’s 2020 Directors Stock Plan, as it may be amended from time to time (the “Plan”).

1.    Grant of Restricted Stock. The Company hereby grants to the Participant  restricted shares of the Company’s common stock, no par value (the “Restricted Stock”), pursuant to the Plan, subject to the terms and conditions of the Plan and this Agreement. 

2.    Incorporation by Reference of the Plan. The Plan is hereby incorporated by reference into this Agreement. The Participant hereby acknowledges receipt of a copy of the Plan and represents and warrants to the Company that the Participant has read and understands the terms and conditions of the Plan. The execution of this Agreement by the Participant constitutes the Participant’s acceptance of and agreement to the terms and conditions of the Plan and this Agreement.

3.    Vesting of Restricted Stock. Unless the Board provides for earlier vesting, and subject to the terms of this Agreement, the Restricted Stock shall vest in accordance with the following schedule:

Percentage of Shares            Scheduled Vesting Date

50%                First Anniversary of Award Date
50%                Second Anniversary of Award Date
    

4.    Termination of Service. 

(a)    Termination of Service Upon Death or Disability. Upon a Participant no longer serving as a director on the Board and on the board of directors of any Subsidiary (a “Subsidiary Board”) (such event being a “Termination Event”), as applicable, by reason of death or Disability of the Participant, all unvested shares of Restricted Stock shall become fully vested.  For this purpose, “Disability” means the Participant is determined to be 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, as determined in the sole discretion of the Board, and the Participant resigns or is removed as a director as a result of the Disability. 

(b)   Termination of Service for Other Reasons.  All unvested shares of Restricted Stock shall be forfeited to and reacquired by the Company at no cost to the Company, automatically and immediately, upon a Termination Event with respect to such Participant if the Termination Event is as a result of: (i) non-election by the stockholder or stockholders of the Company and such Subsidiary, as applicable; (ii) failure of the Board and/or a Subsidiary Board, as applicable, to nominate the Participant for re-election at an annual meeting of stockholders of the Company or such Subsidiary, as applicable; or (iii) the Participant’s resignation, retirement or agreement not to stand for re-election at the request of the Board and/or a Subsidiary Board, as applicable, where the Participant is otherwise willing to continue serving in such capacity, including, but not limited to (A) inability of the Participant to fulfill the duties of a director due to inability to attend meetings for health reasons, (B) as a result of a request of a regulatory agency that the Participant cease serving on the Board and/or a Subsidiary Board, as applicable, subject to applicable law, and (C) a determination of the Board and/or a Subsidiary Board, as applicable, that continued service would create a conflict of interest for the Participant.  

(c)    Forfeiture. Upon termination of the Participant’s service on the Board or a Subsidiary Board, as applicable, for any reason (including, without limitation, the events set forth above in Section 4(b)), other than death or Disability, or as provided in Section 9, all unvested shares of Restricted Stock will be forfeited to and reacquired by the Company at no cost to the Company, automatically and immediately. 

(d)  Service on Board and a Subsidiary Board.  For purposes of clarity, if the Participant serves on both the Board and a Subsidiary Board, as applicable, the Participant’s unvested Restricted Stock shall not vest under Section 4(a) nor shall they be forfeited under Sections 4(b) or (c) unless and until the Participant is no longer serving as a director on the Board or any such Subsidiary Board.  

5.    Rights as a Shareholder. 

(a)The Participant shall have all of the rights of a shareholder of the Company, including the right to vote the Restricted Stock and the right to receive cash dividends thereon; provided, however, that dividends payable as distributions in full or partial liquidation of the Company or as the result of a merger or any other corporate reorganization shall not be distributed until such time as the Restricted Stock as to which such distribution applies vests.
  
(b)Stock dividends paid on the Restricted Stock shall be deferred until the restrictions with respect to the shares upon which such dividends were paid expire or are canceled, at which time the Company shall evidence the delivery to the Participant of all such dividends without interest.  If the Participant forfeits any Shares awarded hereunder, such Shares and any stock dividends with respect thereto shall automatically be forfeited and revert to the Company (without any payment by the Company to the Participant).

6.    Issuance of Stock. A record of the Restricted Stock awarded hereunder shall be evidenced by the Company in restricted book entry accounts maintained for the Participant with the Company’s transfer agent, or such other administrator designated by the Board, and registered in the Participant’s name.  The Restricted Stock shall be subject to such stop-transfer orders and other terms deemed appropriate by the Board to reflect the restrictions applicable to the Restricted Stock, until all the restrictions specifically set forth in this Agreement and the Plan with respect to the Restricted Stock shall expire or be canceled. Upon the lapse of restrictions relating to any Restricted Stock, the Company shall remove the notations on any such shares of Restricted Stock issued in book-entry form. 

7.    Limits on Transferability. During the period of time that any shares of Restricted Stock are unvested, such unvested shares shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or the laws of descent and distribution, or to a beneficiary upon the death of the Participant, or as otherwise permitted by the Board.

8.    Tax Provisions. 

(a)    If applicable, in order to satisfy any withholding or similar tax requirements relating to the Restricted Stock, the Company has the right to deduct or withhold from any payroll or other payment to the Participant, or require the Participant to remit to the Company, an appropriate payment or other provision, which may include the withholding of Restricted Stock.  

(b)    In the event the Participant makes an election under Section 83(b) of the Code in connection with this Award, the Participant shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code or other applicable provision.

9.    Change in Control. 

(a)Upon a Change in Control, all non-forfeited unvested shares of Restricted Stock shall become fully vested.  

(b)“Change in Control” shall mean any of the following events:

(i)the acquisition by any person, directly or indirectly, of beneficial ownership or power to vote more than thirty-five percent (35%) of the Company’s voting securities;

(ii)during any period of two consecutive years, individuals who at the beginning of such two-year period constitute the Board (the “Continuing Directors”) cease for any reason to constitute at least two-thirds (2/3) thereof; provided that, any individual whose election or nomination for election as a member of the Board was approved by a vote of a majority of the Continuing Directors then in office shall be considered a Continuing Director;

(iii)the consummation of a merger or consolidation (or similar transaction) of the Company with or into another company (other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent), either by remaining outstanding or by being converted into voting securities of the surviving entity, more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation;

(iv)the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets; or

(v)upon approval by the shareholders of the Company of a plan of complete liquidation or dissolution of the Company.

The term “person” as used above means an individual, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein, or a person or persons acting as a group within the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended from time to time, and applicable rulings and regulations thereunder (other than the Company or any trustee or other fiduciary holding securities under any employee benefit plan of the Company). Any other provision hereof to the contrary notwithstanding, no Change of Control shall be deemed to have occurred for purposes of the Plan as a result of any offering registered with the Securities and Exchange Commission of stock to the Company’s shareholders and/or other investors or other offering conducted by the Company to meet regulatory capital requirements at the demand of a bank regulatory authority.

10.    Trading Black Out Policies. The Participant agrees to abide by all trading “black out” policies established from time to time by the Company. 

11.    No Rights to Continued Service. Nothing in this Agreement will confer upon the Participant any right to continued service on the Board or a Subsidiary Board, as applicable. 

12.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, without giving effect to principles of conflicts of laws, and applicable provisions of federal law.

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date and year first above written.

1ST CONSTITUTION BANCORP

By:    ________________________________
Robert F. Mangano 
President

94849053.11

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