Document:

Exhibit

Exhibit 10.1

Form of
Director RESTRICTED STOCK UNIT AWARD AGREEMENT
 
THIS DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”) is made and entered into effective as of September 20, 2016 (the “Effective Date”), by and between BNC Bancorp, a North Carolina corporation (the “Company”), and [Name of Director] (the “Participant”).
WHEREAS, the Company is the holding company of the Bank of North Carolina (the “Bank”), a state chartered commercial bank, and the BNC Bancorp 2013 Omnibus Stock Incentive Plan was approved by the Company’s board of directors and by its shareholders on May 21, 2013 and as it may be amended from time to time (the “Plan”);
WHEREAS, Participant is a director of the Company and of the Bank, and the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”), or the Board, as applicable, as administrator of the Plan, has determined that it is desirable and in the best interest of the Company and the Bank to grant a Restricted Stock Unit (“RSU”) award (the “Award”) for certain shares of the common stock of the Company (the “Common Stock”), under the Plan, to the Participant, subject to certain restrictions as specified below; and
WHEREAS, capitalized terms not otherwise defined herein shall have the same meaning given to such terms in the Plan.
NOW, THEREFORE, the Parties agree as follows:
1.Date of Award. The date of grant of the Award under this Agreement is September 20, 2016, the date that the Award was approved by the Committee or the Board of Directors of the Company, as applicable.

2.Award of Plan Shares. The Participant is awarded an RSU Award for an aggregate of 6,000 shares (the “Plan Shares”) of Common Stock, which Plan Shares may become vested and nonforfeitable as provided in Section 4 of this Agreement.  Prior to the issuance of the Plan Shares upon vesting of the Award (in whole or in part), the Award shall represent an unsecured obligation of the Company, payable (if at all) only from the Company’s general assets.

3.Representations, Warranties and Transfer Restrictions.

(a)Representations and Warranties. Participant makes and agrees to the representations and warranties, if any, attached hereto as Annex A.  The Committee may cause a legend to be placed on any certificate representing any of the Plan Shares to make appropriate reference to restrictions on transfer, as necessary.

(b)Securities Law and Regulations. The Participant agrees that the Plan Shares shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or interdealer quotation system upon which the Common Stock is then listed and any other applicable federal or state securities laws, rules or regulations, and the Committee may cause a legend or legends to be placed on any certificate representing any of the Plan Shares to make appropriate reference to such restrictions.

(c)Other Transfer Restrictions. No portion of the Award or Plan Shares granted hereunder may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Participant until such portion of the Plan Shares shall become fully vested in accordance with Section 4 of this Agreement.

4.Vesting and Delivery of Plan Shares.

(a)Vesting Schedule. Subject to the terms of the Plan and this Agreement, the Award and related Plan 
Shares shall vest and become nonforfeitable as set forth herein:

		
	(i)
	Provided that the Participant has continuously served as a director of the Company and the Bank from the Effective Date through the following vesting dates, 6,000 Plan Shares shall vest and be earned as follows:  2,000 Plan Shares on January 21, 2018; 2,000 Plan Shares on January 21, 2019; and 2,000 Plan Shares on January 21, 2020.

		
	(ii)
	In the event that the Participant terminates service as a director prior to vesting of all or a portion of the Plan Shares, the Award shall terminate with respect to such unvested Plan Shares, and such unvested Plan Shares shall be forfeited to the Company without the payment of any consideration therefor, and the Participant shall have no rights with respect thereto. 

		
	(iii)
	The impact, if any, on vesting due to a Change in Control is governed by Section 10 of the Plan.  

(b)Delivery of Vested Plan Shares to the Participant. The Award, if earned in accordance with the terms of this Agreement, shall be payable in whole shares of Common Stock.  The total number of Plan Shares that may be acquired upon vesting of the Award (or portion thereof) shall be rounded down to the nearest whole share.  A certificate or certificates for the Plan Shares subject to the Award or portion thereof shall be issued in the name of the Participant or his or her beneficiary (or, in the case of uncertificated shares, other written evidence of ownership in accordance with applicable laws, rules and regulations shall be provided) as soon as practicable after, and only to the extent that, the Award or portion thereof has vested and is distributable.  The Plan Shares (or any other benefit subject to the Award) shall, upon vesting of the Award be issued and distributed to the Participant (or his or her beneficiary) no later than the later of (a) the fifteenth (15th) day of the third month following the Participant’s first taxable year in which the amount is no longer subject to a substantial risk of forfeiture, or (b) the fifteenth (15th) day of the third month following the end of the Company’s first taxable year in which the amount is no longer subject to a substantial risk of forfeiture, or otherwise in accordance with Code Section 409A.  The parties agree to execute any further instrument and to take such action as may be reasonably necessary to carry out the intent of this Agreement.

5.Shareholder Rights. The Participant shall not be deemed to be the holder of any Plan Shares subject to the Award and shall not have any voting rights or other rights as a shareholder unless and until (and then only to the extent that) the Award or portion thereof has vested and certificates for such Plan Shares have been issued and delivered to him or her; provided, however, that if the Company pays a dividend on the Common Stock at any time after the Effective Date, the Company shall credit to the Participant an amount equal to (a) the per share dividend paid by the Company on the Common Stock, multiplied by (b) the number of unvested Plan Shares, to the extent that the Award has not been forfeited by the Participant on such dividend payment date.  Such amount shall be payable to the Participant within thirty (30) days of such dividend payment date but in no event later than the calendar year in which the dividend is declared and paid.  Dividends payable on vested Plan Shares shall be paid by the Company in accordance with the Company’s dividend payment practices. 

6.Designation of Beneficiary. The Participant hereby designates the person(s) described on Annex B as the beneficiary or beneficiaries who shall be entitled to receive the vested Plan Shares and other assets, if any, distributable to the Participant upon his or her Death.  The Participant may, from time to time, revoke or change his or her beneficiary designation without the consent of any prior beneficiary, if any, by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s Death, and in no event shall it be effective as of a date prior to such receipt.

If no such beneficiary designation is in effect at the time of the Participant’s Death, or if no designated beneficiary survives the Participant, or if such designation conflicts with law, the Participant’s estate shall be deemed to have been designated his beneficiary and shall receive the vested Plan Shares and other assets, if any, distributable to the Participant upon his Death.  If the Committee is in doubt as to the right of any person to receive such distribution, the Committee may direct the Bank to retain the vested Plan Shares and other assets, without liability for any interest in respect thereof, until the rights thereto are determined, or the Committee may direct the transfer of such Plan Shares into any court of appropriate jurisdiction and such transfer shall be deemed a complete discharge of the obligations of the Bank, the Company and the Committee hereunder.
7.Effect of Award on Status of Participant. The fact that an Award has been made to the Participant under this Plan shall not confer on the Participant any right to continued service on the boards of directors of the Bank, the Company or an Affiliate thereof, nor shall it limit the right of the Bank, the Company or any Affiliate or its or their shareholders to remove the Participant from any such boards.

8.Impact of Award on Other Benefits of Participant. The value of the Plan Shares on the date of the Award or at the time the Plan Shares become vested shall not be includable as compensation or earnings for purposes of any other benefit plan offered to directors by the Bank, the Company or any subsidiary thereof, unless the Committee determines otherwise.

9.Tax and Tax Withholding. Participant has reviewed with Participant’s own tax and financial advisors the federal, state and local tax consequences of this Agreement and receipt of the Plan Shares.  The Participant acknowledges that the Company shall require the Participant to pay the Company the amount of any tax or other amount, if any, required by any governmental 

authority to be withheld and paid over by the Company to such authority for the account of the Participant, and the Participant agrees, as a condition to the grant of the Award and delivery of the Plan Shares or any other benefit, to satisfy such obligations.  In satisfaction of such or other taxes, all vested Plan Shares distributed pursuant to this Agreement shall be subject to withholding by the Company to cover any applicable taxes up to the maximum statutory tax rate (unless the Committee determines otherwise).  The Participant expressly acknowledges and agrees to such withholding without regard to whether the Plan Shares may then be sold or otherwise transferred by the Participant.  The number of Plan Shares to be withheld shall have a fair market value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied.  

10.Notices. Any notices or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered personally or three business days after deposit in the United States mail by Certified Mail, return receipt requested, properly addressed and postage prepaid, if to the Company, the Bank or the Committee, at the Company’s principal office address at 3980 Premier Drive, High Point, North Carolina 27265; and, if to the Participant, at his or her last address appearing on the books of the Company or the Bank.  The Company and the Participant may change their address or addresses by giving written notice of such change as provided herein. Any notice or other communication hereunder shall be deemed to have been given on the date actually delivered or as of the third (3rd) business day following the date mailed as set forth above, as the case may be.

11.Construction Controlled by Plan. The Plan, a copy of which is attached hereto as Annex C, is incorporated herein by reference.  The Award and Plan Shares shall be subject to the terms and conditions of the Plan, and the Participant hereby assumes and agrees to comply with all of the obligations imposed upon the Participant in the Plan.  This Agreement shall be construed so as to be consistent with the Plan; and the provisions of the Plan shall be deemed to be controlling in the event that any provision hereof should appear to be inconsistent therewith.

12.Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be valid and enforceable under applicable law, but if any provision of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any other provision or part thereof shall not be affected thereby and this Agreement shall continue to be binding on the parties hereto as if such unenforceable, invalid or illegal provision or part thereof had not been included herein.

13.Governing Law. Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and control the validity, interpretation, performance and enforcement of this Agreement.

14.Modification of Agreement; Waiver. This Agreement may be modified, amended, suspended or terminated, and any terms, representations or conditions may be waived, but only by a written instrument signed by each of the parties hereto or their successors in interest.  No waiver hereunder shall constitute a waiver with respect to any subsequent occurrence or other transaction hereunder or of any other provision hereof.

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

16.Entire Agreement. This Agreement and the Plan constitute and embody the entire understanding and agreement of the parties hereto and, except as otherwise provided hereunder; there are no other agreements or understandings, written or oral, in effect between the parties hereto relating to the matters addressed herein.

17.Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which taken together shall constitute one and the same instrument.
 
[Remainder of page intentionally left blank]
 
 

IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its corporate name by its President, or one of its Executive Vice Presidents, and attested by its Secretary or one of its Assistant Secretaries, and its corporate seal to be hereto affixed; and each individual party hereto has hereunto set his or her hand and adopted as his or her seal the typewritten word “SEAL” appearing beside his or her name, all done this the day and year first above written.
 
	
				
	 
	BNC BANCORP

	 
	 
	 

	 
	By:
	 
	 

	 
	Name:
	 
	 

	 
	Title:
	 
	 

 
ATTEST:
 
	
			
	By:
	 
	 

	 
	Assistant Secretary

 
[Corporate Seal]
 
	
		
	 
	PARTICIPANT

	 
	 

	 
	(SEAL)

  
 

ANNEX A
 
Representations and Warranties

Participant represents to the Company that:
(a)    The Award and Plan Shares were not offered or transferred to Participant by means of any form of general solicitation or general advertising, and in connection therewith, Participant did not: (i) receive or review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television or radio whether closed circuit or generally available or (ii) attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general advertising.
(b)    Participant has received a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award and Plan Shares subject to all of the terms and provisions of the Plan except as otherwise specifically stated in this Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan.  Participant acknowledges that the Plan Shares may only be transferred or otherwise disposed of pursuant to (i) a registration statement on Form S-8 upon delivery of a resale prospectus to the recipient of the Plan Shares, as long as Participant is an affiliate of the Company, (ii) an effective registration statement under the Securities Act of 1933, as amended (the “Act”), or (iii) pursuant to an exemption from registration under the Act.
(c)    Participant acknowledges that he or she must therefore hold the Plan Shares indefinitely unless a subsequent disposition of the Plan Shares is permitted under the terms of this Agreement.
(d)    Participant acknowledges that, given the restrictions on transfer acknowledged above, he or she is able to bear the economic risk of holding the Plan Shares for an indefinite period of time and can afford a complete loss of the value of the Plan Shares.
(e)    Participant agrees and acknowledges that the Company may, if it so desires and subject to Section 3 of this Agreement, permit the transfer of the Plan Shares out of Participant’s name only when Participant’s request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company and its counsel that neither the sale nor the proposed transfer results in violation of the Act or any state securities or “blue sky” laws (collectively, “Securities Laws”).  Participant agrees to hold the Company and its directors, officers, agents and controlling persons and their respective heirs, representatives, successors and assigns harmless and to indemnify them from and against all liabilities, costs and expenses incurred by them as a result of any misrepresentation made by Participant contained herein or any sale or distribution by Participant in violation of the Securities Laws.
(f)    Participant represents that the receipt of the Award and Plan Shares by Participant will not result in the violation by Participant of any law, statute, rule, regulation, order, writ, injunction, judgment or decree of any court or governmental authority to or by which Participant is bound, including, without limitation, United States laws and other laws that may be applicable to Participant and will not conflict with, or result in a material breach or violation of, any of the terms or provisions of, or constitute (with due notice or lapse of time or both) a material default under, any material lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which Participant is a party or by which Participant is bound or to which Participant’s material properties or assets is subject, nor result in the creation or imposition of any lien upon any of the material properties or assets of Participant.
(g)    Participant acknowledges and agrees that nothing in this Agreement shall confer upon Participant any right with respect to continuation of service to the Company or the Bank, nor shall it interfere in any way with his or her right or the Company’s or the Bank’s right to terminate his service to the Company or the Bank at any time, with or without cause.
(h)    Participant hereby accepts this Agreement subject to all of the terms and provisions hereof.  Participant has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Agreement.
(i)    Participant acknowledges that the Company and its counsel are entitled to rely on the representations made above.

 

ANNEX B
 
BNC Bancorp 2013 Omnibus Stock Incentive Plan
Beneficiary Designation Form

As beneficiary to receive any shares of stock distributable on my behalf pursuant to the BNC Bancorp 2013 Omnibus Stock Incentive Plan, I hereby designate the following:
 
	
						
	 
	 
	Name
	Address
	Relationship
	 

	 
	 
	 
	 
	 
	 

	Primary Beneficiary:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Contingent Beneficiary:
	 
	 
	 
	 
	 

	(if any)
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

 
If more than one primary beneficiary is named, shares will be paid in equal shares to surviving primary beneficiaries.  Should the contingent beneficiaries be eligible to receive the benefits (i.e., all primary beneficiaries are deceased), such benefits will be paid in equal shares to such surviving contingent beneficiaries.
 
	
		
	Name of Spouse if not given above:
	 

 
	
			
	 
	 
	 

	Witness
	 
	Participant

 
	
			
	 
	 
	 

	 
	Date
	 

 
 

ANNEX C
 
BNC Bancorp 2013 Omnibus Stock 
Incentive Plan
 
See Attached.eglt_Ex10_4

		
			Exhibit 10.4
		

		
			 
		

		
			EGALET CORPORATION
		

		
			Restricted Stock Award Agreement
		

		
			This Restricted Stock Award Agreement (this "Agreement") is made and entered into as of _________ __], 20__ (the "Grant Date") by and between Egalet Corporation, a Delaware corporation (the "Company") and [________] (the "Grantee").
		

		
			WHEREAS, the Company has adopted the Egalet Corporation 2013 Stock-Based Incentive Compensation Plan, as amended and/or restated from time to time (the "Plan"), pursuant to which awards of Restricted Stock may be granted; and
		

		
			 
		

		
			WHEREAS, the Committee has determined that it is in the best interests of the Company and its stockholders to grant the award of Restricted Stock provided for herein.
		

		
			 
		

		
			NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:
		

		
			 
		

		
			1.Grant of Restricted Stock. Pursuant to the terms of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted Stock Award consisting of the number of shares of Common Stock (the "Restricted Stock") set forth in the Grant Notice attached hereto as Exhibit A, on the terms and conditions and subject to the restrictions set forth in this Agreement, the attached Grant Notice and the Plan. Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan. 
		

		
			2.Restriction Period; Vesting.  The Restricted Stock shall be eligible to vest in accordance with the vesting schedule set forth in the attached Grant Notice.  
		

		
			3.Termination.  If the Grantee's service with the Company or an Affiliate terminates for any reason at any time before all of his or her Restricted Stock has vested, the Grantee's unvested Restricted Stock shall be automatically forfeited upon such termination of service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.
		

		
			4.Restrictions. Subject to any exceptions set forth in this Agreement, the Grant Notice or the Plan, during the Restriction Period, the Restricted Stock or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock or the rights relating thereto during the Restriction Period shall be wholly ineffective and, if any such attempt is made, the Restricted Stock will be forfeited by the Grantee and all of the Grantee's rights to such shares shall immediately terminate without any payment or consideration by the Company.
		

		
			5.Voting; Dividends.  During the Restriction Period, the Grantee shall have the right to vote the shares of Restricted Stock subject to this Agreement.  During the Restriction Period, no dividend 
		

		
			
		

		
			

		 

 

		

		
			shall be paid with respect to any shares of Restricted Stock subject to this Agreement and the Grantee shall have no future right to any dividend paid during the Restriction Period.
		

		
			6.No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position, as an Employee, Consultant or Non-Employee Director of the Company or any Affiliate. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company or any Affiliate to terminate the Grantee's employment or other service at any time, with or without cause. 
		

		
			7.Adjustments. If any change is made to the outstanding Common Stock or the capital structure of the Company, the shares of Common Stock shall be subject to adjustment in any manner provided under Section 13 of the Plan.
		

		
			8.Tax Liability and Withholding.  The Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan or otherwise, the amount of any required withholding taxes in respect of the Restricted Stock and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.  The Grantee may satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: 
		

		
			(a)tendering a cash payment.
		

		
			(b)authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of the Restricted Stock; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law.
		

		
			(c)tendering proceeds received from a broker-dealer authorized by the Grantee to sell all or a portion of the shares of Common Stock delivered to the Grantee as a result of the vesting of the Restricted Stock. 
		

		
			(d)delivering to the Company previously owned and unencumbered shares of Common Stock.
		

		
			9.Compliance with Law. The issuance and transfer of Common Stock shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Common Stock may be listed. No Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Grantee understands that the Company is under no obligation to register the Common Stock with the Securities and 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			Exchange Commission, any state securities commission or any stock exchange to effect such compliance.
		

		
			10.Stock Issuance. The Company may issue stock certificates or evidence the Grantee's interest by using a restricted book entry account with the Company's transfer agent.  A physical or electronic legend, as applicable, may be placed on any certificate(s) representing the shares of Restricted Stock granted pursuant to this Agreement indicating restrictions on transferability of such shares or any other restrictions that the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any applicable federal or state securities laws or any stock exchange on which shares of Common Stock are then listed or quoted.  Any such certificate(s) shall be held in escrow by the Company during the Restriction Period.  The Grantee shall sign a stock power endorsed in blank to the Company to be held in escrow during the Restriction Period
		

		
			11.Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without regard to conflict of law principles.
		

		
			12.Restricted Stock Subject to Plan. This Agreement is subject to the Plan as approved by the Company's stockholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.
		

		
			13.Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee's beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock may be transferred by will or the laws of descent or distribution.
		

		
			14.Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Grantee's material rights under this Agreement without the Grantee's consent.
		

		
			15.Recoupment. The Restricted Stock and any compensation paid with respect thereto shall be subject to mandatory repayment by the Grantee to the Company pursuant to the terms of any Company “clawback” or recoupment policy directly applicable to the Plan and in effect on the date hereof or required by law to be applicable to the Grantee.
		

		
			16.Acceptance.  The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Stock subject to all of the terms and conditions of the Plan and this Agreement.
		

		
			 
		

		
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			IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						    

					
					
						EGALET CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						GRANTEE

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				

		
			 
		

		
			 
		

		
			

		 

 

		

		
			Exhibit A
		

		
			 
		

		
			Notice of Grant
		

		
			 
		

		
			This Notice of Grant sets forth the specific terms that apply to the Restricted Stock granted to the Grantee identified below under the Restricted Stock Award Agreement (the “Agreement”), made and entered into as of ________ __, 20__, between Egalet Corporation, a Delaware corporation (the “Company”), and the Grantee.  Capitalized terms that are used but not defined herein shall have the meanings given to such terms in the Agreement.
		

		
			 
		

			
					
						Grantee Name:

					
					
						[___________]

				
	
					
						 

					
					
						 

				
	
					
						Shares of Restricted Stock Granted:

					
					
						[___________]

				
	
					
						 

					
					
						 

				
	
					
						Grant Date:

					
					
						[___________]

				

		
			 
		

		
			Vesting Schedule:  [FOR EMPLOYEES: Unless otherwise provided in the resolutions authorizing such grant, subject to the Grantee’s continuing employment with the Company, [  25%  ] of the shares of Restricted Stock shall vest, and the restrictions applicable thereto shall lapse, on the 181st day following the Grant Date; [the remaining 75% of the shares of Restricted Stock shall be divided into 14 installments that are as equal as possible] shall vest, and the restrictions applicable thereto shall lapse, on the last day of each calendar quarter beginning the quarter thereafter[; provided that [the last installment is slightly larger if necessary to make the other installments equal] shares of Restricted Stock shall vest on the last quarterly installment date,] until 100% of the Restricted Stock is vested.  The unvested portion of the Restricted Stock will be forfeited for no compensation upon the Grantee's termination of employment for any reason.
		

		
			 
		

		
			Notwithstanding the foregoing, if the Grantee’s service with the Company or an Affiliate is terminated by the Company or such Affiliate without Cause (other than due to the Grantee’s death or Disability), the number of shares of Restricted Stock that, but for such termination of service, would have vested on the last day of the calendar quarter in which such termination of service occurs shall vest upon the Grantee’s termination of service.
		

		
			 
		

		
			Notwithstanding the foregoing, if the Grantee remains in continuous service with the Company or an Affiliate until the date of a Change in Control, 100% of the unvested shares of Restricted Stock shall vest immediately prior to the consummation of such Change in Control.]  
		

		
			 
		

		
			[FOR NON-EMPLOYEE DIRECTORS: Subject to the Grantee’s continuing service with the Company, 100% of the Restricted Stock shall vest, and the restrictions applicable thereto shall lapse, on the date immediately preceding the date of the Company’s first 
		

		
			
		

		
			

		 

 

		

		
			annual meeting of stockholders immediately following the Grant Date.  The unvested portion of the Restricted Stock will be forfeited for no compensation upon the Grantee's termination of service for any reason.] 
		

		
			 
		

		
			[FOR CONSULTANTS:  Unless otherwise provided in the resolutions authorizing such grant, [__]% of the Restricted Stock shall constitute the “Time-Based Portion” and [__]% of the Restricted Stock shall constitute the “Performance-Based Portion”.  Subject to the Grantee’s continuing service with the Company, (i) (a) 50% of the Time-Based Portion of the Restricted Stock shall vest, and the restrictions applicable thereto shall lapse, on the date that is six month following the Grant Date; and (b) an additional 50% of the Time-Based Portion of the Restricted Stock shall vest, and the restrictions applicable thereto shall lapse, on the first anniversary of the Grant Date; and (ii) [__]% of the Performance-Based Portion of the Restricted Stock shall vest, and the restrictions applicable thereto shall lapse, upon [INSERT DESCRIPTION OF PERFORMANCE CONDITIONS].  The unvested portion of the Restricted Stock will be forfeited for no compensation upon the Grantee's termination of service for any reason.]
		

		 

		

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