Document:

orph-ex46_406.htm

Exhibit 4.6

 

Orphazyme A/S – Share-based incentive program for the Board of Directors for 2021

General Terms and Conditions

 

 

	
	
Page:

2 of 9

 

 

Contents

	
1
	
Introduction
	
3

	
2
	
Grant of Restricted Share Units
	
3

	
3
	
Vesting of Restricted Share Units
	
4

	
4
	
Exercise of Restricted Share Units
	
4

	
5
	
Lapse of Restricted Share Units
	
5

	
6
	
Cash settlement
	
5

	
7
	
Claw back
	
5

	
8
	
Adjustments in case of changes to the Company’s capital structure
	
5

	
9
	
Takeover offer or delisting
	
7

	
10
	
Assignment
	
7

	
11
	
Tax consequences
	
7

	
12
	
Amendment of the General Terms and Conditions etc.
	
8

	
13
	
Choice of law and venue
	
8

	
14
	
Personal data
	
8

	
15
	
Miscellaneous
	
9

 

2

 

	
	
Page:

3 of 9

 

 

These are the general terms and conditions (the “General Terms and Conditions”) for the 2021 board incentive program (the “Board Incentive Program”) of Orphazyme A/S, CVR no. 32266355 (the “Company”). 

The General Terms and Conditions apply to grants of restricted share units (“Restricted Share Units” or “RSUs”) under the Board Incentive Program awarded to members of the Company’s board of directors (the “Board of Directors”) (such members of the Board of Directors referred to as “Participants” and each a “Participant”).

	
1
	
Introduction

	
1.1
	
The Board Incentive Program has been established by the Board of Directors and has been adopted in accordance with the Company’s remuneration policy adopted by the Company’s annual general meeting on 25 March 2021.

	
1.2
	
Participation in the Board Incentive Program and each individual grant thereunder is resolved by the Board of Directors and approved by the Company’s annual general meeting in connection with approval of the remuneration of the Board of Directors.

	
1.3
	
The Board Incentive Program comprises the following documents:

	
 
	
(a)
	
These General Terms and Conditions; and

	
 
	
(b)
	
Individual Grant Letter (as defined below).

In case of any discrepancy between the above documents, these General Terms and Conditions shall prevail. 

	
1.4
	
The purpose of the Board Incentive Program is to attract and retain qualified members of the Board of Directors as share-based incentives are commonly used among competing international biotech and pharmaceutical companies. Further, the Board Incentive Program reflects the objective of a motivated and lasting value creation for the Company and the shareholders.

	
2
	
Grant of Restricted Share Units

	
2.1
	
Participants may annually be granted a number of RSUs (a “Grant”) with a value corresponding to up to 50% of the Participant’s fixed annual base fee as member of the Board of Directors, such base fee to include additional base fee to the Chairman and Deputy Chairman, respectively, but excluding any additional fees for committee membership. The number of RSUs granted shall be determined by calculating the value of the RSUs and by applying a reference share price calculated on the basis of the volume weighted average share price of the Company’s shares as quoted on Nasdaq Copenhagen during the ten (10) trading days preceding 1 January in the year of Grant. 

	
2.2
	
A Participant may also be eligible to receive additional grants of RSUs in accordance with the Company’s remuneration policy as approved by the general meeting for time to time. 

3

 

	
	
Page:

4 of 9

 

 

	
2.3
	
Each Grant will be effected pursuant to an individual grant letter setting out the individual terms applicable to the Grant (the “Individual Grant Letter”). The Individual Grant Letter will, inter alia, state the number of RSUs granted and the conditions for vesting of the RSUs, if any. If a Participant is entitled to a fraction of a share in the Company as part of the Board Incentive Program, the number of shares to such Participant will be rounded down to the nearest integer number.

	
2.4
	
Any Grant will occur as soon as possible after the Company’s annual general meeting (the “Grant Date”). Each Grant is communicated to each of the Participants as soon as possible following the Grant Date. 

	
2.5
	
When vested and not lapsed pursuant to the General Terms and Conditions, each RSU entitles the Participant to be allocated one (1) share in the Company against payment of the Exercise Price (as defined below). 

	
3
	
Vesting of Restricted Share Units

	
3.1
	
RSUs granted under the Board Incentive Program will have a vesting period from the Grant Date and until the date of the next annual general meeting in the following year (the “Vesting Period”). 

	
3.2
	
Vesting of the RSUs are not conditional on any financial performance criteria, however vesting will be conditional upon the Participant’s continued membership of the Board of Directors during the entire Vesting Period. 

	
4
	
Exercise of Restricted Share Units

	
4.1
	
Upon vesting in accordance with Clause 3, RSUs may be exercised within a period of four (4) weeks from vesting or the date of publication of the Company’s interim report for the first six months in 2022 (the “Exercise Period”). The Exercise Period is automatically extend to the next open trading window if the exercise of the RSUs or delivery of shares underlying vested RSUs would contravene applicable laws, rules or regulations, including, but not limited to, situations where the delivery of shares underlying vested RSUs cannot occur due to the Company being in possession of inside information.

	
4.2
	
A Participant may be allocated a number of shares equivalent to the number of RSUs vested at a price per RSU equal to the par value of one share issued by the Company (the “Exercise Price”). The allocation of shares upon vesting of the RSUs may be made, in the Company’s discretion, through (a) new shares of the Company, in which case the Participant will be offered to subscribe for such amount of new shares equal to the number of RSUs vested at a subscription price per RSU equal to the Exercise Price, or (b) existing shares of the Company held by the Company in treasury, in which case the Participant will be offered to purchase such amount of treasury shares equal to the number of RSUs vested at a purchase price per RSU equal to the Exercise Price.

	
4.3
	
The Participant will not be deemed to be the owner or holder of ownership rights or any other rights in respect of the RSUs until (i) the RSUs have been exercised, and (ii) the Participant’s ownership of the shares acquired or subscribed for has been registered in the Company’s shareholders’ register.

4

 

	
	
Page:

5 of 9

 

 

	
4.4
	
When exercising vested RSUs, the Participant shall observe the Company’s internal rules for trading in the Company’s shares as well as applicable laws.

	
4.5
	
RSUs that have not been exercised during the Exercise Period will automatically lapse without compensation when the Exercise Period has ended. 

	
5
	
Lapse of Restricted Share Units

	
5.1
	
In the event of a Participant’s resignation from the Board of Directors during a term which for the avoidance of doubt shall not comprise a decision not to be re-elected, any unvested RSUs will lapse without further notice and without any rights of compensation, unless otherwise decided by the Board of Directors.

	
5.2
	
Further, any unvested RSUs will lapse without further notice and without any rights of compensation if, during the Participant’s membership of the Board of Directors, the Participant (i) discloses or otherwise misuses any confidential information, whether written or oral, including, without limitation, financial information, trade secrets and other proprietary business information regarding the Company, (ii) violates the Company’s compliance policies, or (iii) violates the Company’s accounting rules including the financial reporting rules. 

	
6
	
Cash settlement

	
6.1
	
Notwithstanding Clause 4, in cases where the Board of Directors assesses that the issue or transfer of shares would have an adverse effect on the Company and/or the Participant, the Board of Directors may choose to cash settle the RSUs instead of allowing the Participant to receive shares upon expiry of the Vesting Period. In such event, the Company shall pay a cash settlement amount based on the volume weighted average price of the Company’s shares as quoted on Nasdaq Copenhagen during the ten (10) trading days preceding the first day of the Exercise Period, with a deduction of the Exercise Price. The Company is entitled to deduct any tax withholding amounts in the cash settlement amount.

	
7
	
Claw back

	
7.1
	
If the Company can demonstrate that the basis for granting the RSUs or that the conditions for vesting of any RSUs are based on fraud, willful misconduct, gross negligence, incorrect or misleading information, or that the conditions have otherwise not been fulfilled, the Company shall be entitled (a) to consider the RSUs as lapsed without further notice or compensation to the Participant, (b) to recalculate and/or adjust accordingly the number of RSUs to be granted and/or (c) to require redelivery to the Company of any shares having been delivered to the Participant after vesting of the RSUs or repayment of the cash settlement amount, as applicable.

	
8
	
Adjustments in case of changes to the Company’s capital structure

	
8.1
	
In order to ensure that the value of the rights under the RSUs is duly protected in the event of changes to the Company’s capital structure, the Board of Directors may, at its sole discretion, adopt changes to the number of granted RSUs, inter alia, in case of the following:

5

 

	
	
Page:

6 of 9

 

 

		

	
 
	
(a)
	
after changes have been made to the nominal value of the shares of the Company;

	
 
	
(b)
	
after the Company’s share capital has been increased at a price lower than market price other than capital increases at a price lower than market price offered to board members, executives or other employees of the Company in connection with the Board Incentive Program, the long term incentive program for executive management and other employees or any existing or subsequent incentive plans, including general employee share purchase plans;

	
 
	
(c)
	
after the Company’s share capital has been increased with pre-emption rights for the Company’s existing shareholders allowing them to purchase shares at a price lower than market price;

	
 
	
(d)
	
after the Company has issued or granted convertible bonds or other convertible loans, stock options (except for RSUs, PSUs and Performance Shares under the Board Incentive Program, the long term incentive program for the executive management and other employees or any existing or subsequent share based incentive plans, including general employee share purchase plans), and such issue or grant has been made with pre-emption rights for the existing shareholders at a lower price than market price;

	
 
	
(e)
	
after the Company’s share capital has been reduced for any other purpose than to cover losses or through distribution to the Company’s shareholders in the ordinary course of business through cancellation of shares acquired in treasury through share buy-back programs established by the Company from time to time and in line with the Company’s dividend policy (as amended from time to time); or

	
 
	
(f)
	
after distribution of extraordinary dividends during a financial year in excess of the Company’s dividend policy (as amended from time to time).

Any such adoption of changes to the number of RSUs or shares to be received in the Individual Grant Letters will seek to achieve that the Participant receives a reasonable compensation for the adjustment of the value of the RSUs caused by the situation in question. The Board of Directors may decide that the aforementioned compensation is made by adjusting the number of RSUs granted or by cash-settling the difference in value caused by the changes to the Company’s capital structure outlined in 8.1(a)-(f) above.

Any adjustment made from time to time pursuant to these General Terms and Conditions will be notified to the Participant in writing.

If events affecting the share capital in the Company occur which are comparable in nature to the events outlined in 8.1(a)-(f) above, and with similar effect, the Board of Directors may decide to treat the event as if comprised by 8.1(a)-(f) and adjust the number of RSUs set out in the Individual Grant Letters accordingly.

6

 

	
	
Page:

7 of 9

 

 

	
9
	
Takeover offer or delisting

	
9.1
	
If 

	
 
	
(a)
	
a mandatory takeover bid concerning the Company’s shares is to be made according to the rules of the Danish Capital Markets Act (as amended, supplemented or replaced from time to time), or 

	
 
	
(b)
	
a voluntary takeover bid is made concerning the Company’s shares, in which connection there is a change in the controlling interest (as defined in section 44 of the Danish Capital Markets Act (as amended, supplemented or replaced from time to time)) to a third party independent of the Company, or 

	
 
	
(c)
	
otherwise any transaction whereby a third party independent of the Company obtains control of more than 50% of the Company’s shares, or 

	
 
	
(d)
	
the shares in the Company are delisted, 

the Board of Directors shall be required to accelerate vesting of the RSUs at a time determined by the Board of Directors in relation to acceptance of such takeover offer or other transaction.

	
10
	
Assignment

	
10.1
	
The RSUs or the right to receive shares upon vesting of the RSUs may not be transferred or assigned to a third party or pledged, encumbered or placed as collateral with a third party, except from transfers to the Company or a third party designated by the Company. Furthermore, any rights to receive RSUs that are transferred or sought to be transferred to a third party as a consequence of creditor suit or statutory execution will lapse automatically without further notice.

	
10.2
	
Shares received by the Participant upon vesting of the RSUs shall not be subject to any restrictions on transferability and may be sold by the Participant in accordance with the Company’s internal rules on insider trading and applicable laws, rules and regulation. 

	
11
	
Tax consequences

	
11.1
	
Any tax matter or liability affecting the Participant, including, but not limited to, tax liability in case of (i) expatriation; (ii) repatriation; (iii) grants of RSUs; (iv) vesting of RSUs; (v) receipt of shares underlying vested RSUs; (vi) cash settlement; adjustment of the terms of the Board Incentive Program; and (vii) any claw back pursuant to Clause 7 is of no concern to the Company or any subsidiary undertaking of the Company (the Company including its subsidiary undertakings are collective referred to as the “Group” and each a “Group Member”), and a Group Member cannot without its expressed written consent be liable for any tax or tax reporting in connection thereto.

	
11.2
	
The Participant agrees to make appropriate arrangements with the Company and/or other Group Member, as applicable, for the satisfaction of all state, local and foreign income and employment tax withholding requirements applicable to the granting of the RSUs. 

7

 

	
	
Page:

8 of 9

 

 

	
11.3
	
The Participant agrees that, if deemed necessary by a Group Member, the Group Member may withhold an appropriate proportion of the shares underlying vested RSUs to ensure that any tax liability and relevant selling costs in connection with the grant of RSUs are met.

	
11.4
	
The Participant agrees that a Group Member may satisfy all federal, state, local and foreign income and employment tax withholding and/or information disclosure requirements in connection with vesting and granting of the RSUs.

	
12
	
Amendment of the General Terms and Conditions etc.

	
12.1
	
The Board of Directors is at its sole discretion entitled to amend the Board Incentive Program, including these General Terms and Conditions and the Individual Grant Letter, subject to applicable law. This includes, but is not limited to, changes in order to comply with local legislation and adjusting the method for granting RSUs. Amendments must be in compliance with the Company’s remuneration policy in force at the time of amendment. 

	
12.2
	
The Board of Directors may at its sole discretion and by giving written notice to a Participant amend the number of RSUs or other terms of an individual grant under the Board Incentive Program, including acceleration of vesting, in case of extraordinary, material or unforeseen events or circumstances. 

	
13
	
Choice of law and venue

	
13.1
	
The Individual Grant Letters and these General Terms and Conditions are governed by Danish law. 

	
13.2
	
Any dispute shall be finally and exclusively settled by the Danish courts.

	
14
	
Personal data

	
14.1
	
As part of the Board Incentive Program, the Company will process personal data concerning the Participant for the purposes of the establishment and administration of the Board Incentive Program. The processing of personal data is required for the Company to fulfil its obligations in relation to the Board Incentive Program. The personal data will include name and other identification data of the Participant, information regarding board membership which is relevant for administration of the Board Incentive Program and information on number of RSUs each Participant is eligible to receive. The data may be transferred to public authorities, if required by law or regulations. Personal data will be stored by the Company for a period of five (5) years following the point in time when the Participant is no longer covered by the Board Incentive Program. The Participant has the right to request access to and rectification of the data relating to the Participant. Provision by the Participants of the above personal data is a prerequisite for participating in the Board Incentive Program. Questions regarding the processing of personal data in relation to the Board Incentive Program may be addressed to Chief Financial Officer, Anders Vadsholt, afv@orphazyme.com, and Participants may also lodge complaints with the Danish Data Protection Agency.   

8

 

	
	
Page:

9 of 9

 

 

	
15
	
Miscellaneous

	
15.1
	
By signing the Individual Grant Letter, the Participant confirms having received and read these General Terms and Conditions.

	
15.2
	
The Participant is not ensured any economic benefit when participating in the Board Incentive Program. 

	
15.3
	
Where local legislation prevents the enforcement of one or more Clauses of these General Terms and Conditions, such particular Clause(s) will be void while the remaining provisions of these General Terms and Conditions shall remain valid to the extent possible.

	
15.4
	
Unless otherwise stated in in these General Terms and Conditions and the Company’s internal guidelines, any costs incurred in connection with the grant and/or vesting of RSUs shall be paid by the Company.

---ooOoo---

 

These General Terms and Conditions have been adopted by the Board of Directors on March 25, 2021.

 

9Exhibit 10.1
​

​
​
DORIAN LPG LTD.
AMENDED AND RESTATED 2014 EQUITY INCENTIVE PLAN
Notice of Restricted Stock Grant
​
Participant:________________________________ 
Company:Dorian LPG Ltd.
	Notice:
	You have been granted the following Restricted Stock award in accordance with the terms of this notice, the Restricted Stock Award Agreement attached hereto as Attachment A (such notice and agreement, collectively, this “Agreement”) and the Plan identified below.

	Type of Award:
	Restricted Stock.

	Plan:
	Dorian LPG Ltd. Amended and Restated 2014 Equity Incentive Plan.

Grant:Grant Date:  ___________________
Total Number of Shares of Stock Underlying Restricted Stock Award: ___________
	Period of Restriction:
	Subject to the terms of the Plan and this Agreement, the period in which the shares of Restricted Stock are subject to the restrictions set forth in in the Restricted Stock Award Agreement (the “Period of Restriction”) shall commence on the Grant Date and shall lapse on the dates set forth below as to that portion of the total number of shares of Restricted Stock set forth below opposite each such date.

​
	Vesting Date
	Portion / Shares Vesting

	​
	​

	​
	​

	​
	​

	​
	​

​
​
[Performance
	Requirement:]
	[As applicable.]

​
Acknowledgement
	and Agreement:The undersigned Participant acknowledges receipt of, and understands and agrees to, the terms and conditions of this Agreement and the Plan. 
​ ​​
​
​
​
​

	​
​
​
​
​
​
​
​

	DORIAN LPG LTD.
​
​
By:​ ​
      Name: ________________
      Title: _________________
Date: ___________________
	PARTICIPANT
​
​
​ ​​
_________________________
​
​
Date: ____________________

​
​

​

Attachment A
​
DORIAN LPG LTD.
AMENDED AND RESTATED 2014 EQUITY INCENTIVE PLAN
Restricted Stock Award Agreement
​
This Restricted Stock Award Agreement, dated as of the Grant Date set forth in the Notice of Restricted Stock Grant to which this Restricted Stock Award Agreement is attached (the “Grant Notice”), is made between Dorian LPG Ltd. and the Participant set forth in the Grant Notice.  The Grant Notice is included in and made part of this Restricted Stock Award Agreement.
1.Definitions.  Capitalized terms used but not defined herein have the meaning set forth in the Plan. 
2.Grant of Restricted Stock.  Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant, pursuant to the Plan, the number of shares of Restricted Stock set forth in the Grant Notice.

		3.
	Period of Restriction.

​
The Period of Restriction to which the Restricted Stock is subject shall be as set forth in the Grant Notice.  The Participant acknowledges that prior to the expiration of the applicable portion of the Period of Restriction, the Restricted Stock may not be sold, transferred, pledged, assigned, encumbered, alienated, hypothecated or otherwise disposed of (whether voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy)).  Upon the expiration of the applicable portion of the Period of Restriction, the restrictions set forth in this Agreement with respect to the Restricted Stock theretofore subject to such expired Period of Restriction shall lapse, except as may be provided in accordance with Section 12 hereof.
​
		4.	Evidence of Shares; Legend.

​
The Participant agrees that, in the Company’s discretion, the Participant’s ownership of the Restricted Stock may be evidenced solely by a “book entry” (i.e., a computerized or manual entry) in the records of the Company or its designated stock transfer agent in the Participant’s name, which shall be subject to a stop transfer order consistent with this Agreement and the legend set forth in this Section 4 below. 
If, however, during the Period of Restriction, the Restricted Stock is evidenced by a stock certificate or certificates, registered in the Participant’s name, the Participant acknowledges that upon receipt of such stock certificate or certificates, such certificates shall bear the following legend and such other legends as may be required by law or contract:
​
“These shares have been issued pursuant to the Dorian LPG Ltd. Amended and Restated 2014 Equity Incentive Plan (the "Plan") and are subject to forfeiture to Dorian LPG Ltd. in accordance with the terms of the Plan and an Agreement between Dorian LPG Ltd. and the person in whose name the certificate is registered. These shares may not be sold, transferred, pledged, assigned, encumbered, alienated, hypothecated or otherwise disposed of except in accordance with the terms of the Plan and said Agreement.”
​
The Participant agrees that upon receipt of any such stock certificates for the Restricted Stock the Participant shall deposit each such certificate with the Company, or such other escrow holder as the Administrator may appoint, together with a stock power endorsed in blank or other appropriate instrument of transfer, to be held by the Company or such escrow holder until the expiration of the applicable portion of the Period of Restriction. 

2

Upon expiration of the applicable portion of the Period of Restriction, a certificate or certificates representing the Shares as to which the Period of Restriction has so lapsed shall be delivered to the Participant by the Company, subject to satisfaction of any tax obligations in accordance with Section 8 hereof; provided, however, that such Shares may nevertheless be evidenced on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 
		5.	Adjustment. 

​
                             Notwithstanding any other provision of this Agreement, the Restricted Stock shall be subject to the adjustment provisions set forth in Section 1.5(c) of the Plan.
​
​
		6.	Change in Control.

​
Notwithstanding any other provision of this Agreement, upon a Change in Control, the Restricted Stock shall become fully vested and all restrictions set forth in this Agreement with respect to the Restricted Stock shall lapse, except as may be provided in accordance with Section 12 hereof. 
​
		7.	Termination of Service.

​
Upon the Participant’s termination of employment or consultancy/service to the Company or any Affiliate or upon dismissal from the Board in the case of a non-employee director (a “Termination of Service”) by the Company other than for Cause or on account of death or Disability, the Restricted Stock shall become fully vested and all restrictions set forth in this Agreement with respect to the Restricted Stock shall lapse, except as may be provided in accordance with Section 12 hereof.  In the case of a Termination of Service under any circumstances other than as set forth in the preceding sentence, including by the Company for Cause or voluntarily by the Participant, all Restricted Stock for which the Period of Restriction has not lapsed prior to the date of such Termination of Service shall be immediately forfeited.  “Cause” shall be as defined in the Plan, provided that in the event that the Participant is a participant in the Company’s Executive Severance and Change in Control Severance Plan at the time of the Termination of Service, “Cause” shall be defined as in the Executive Severance and Change in Control Severance Plan for purposes of this Agreement. 
​
		8.	Taxes and Withholdings.

​
A Participant shall be required to pay, in cash, to the Company, and the Company and its Affiliates shall have the right and are hereby authorized to withhold from this award of Restricted Stock or from any compensation or other amount owing to such Participant, the amount of any applicable withholding taxes with respect to the Restricted Stock upon the date of expiration of the applicable portion of the Period of Restriction, or the date the value of any shares of Restricted Stock first becomes includible in the Participant’s gross income for income tax purposes, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment of such taxes.  To the extent permitted by the Administrator, a Participant may elect that any taxes of any kind required by law to be withheld with respect to the Restricted Stock shall be satisfied by the Company withholding shares otherwise deliverable to the Participant pursuant to this Agreement (provided, however, that the amount of any shares so withheld shall not exceed the amount necessary to satisfy required Federal, state, local and non-United States withholding obligations using the minimum statutory withholding rates for Federal, state, local and/or non-U.S. tax purposes, including payroll taxes, that are applicable to supplemental taxable income), pursuant to any procedures, and subject to any limitations as the Administrator may prescribe and subject to applicable law, based on the Fair Market Value of the shares of Common Stock on the payment date.  
The Participant hereby acknowledges that he or she may file an election pursuant to Section 83(b) of the Code to be taxed currently on the Fair Market Value of the shares of Restricted Stock, provided that such election must be filed with the Internal Revenue Service no later than thirty (30) days after the Grant Date.  In the event the Participant makes an election under Section 83(b) of the Code and the value of any Restricted Shares otherwise becomes includible in the Participant’s gross income for tax or social security purposes prior to the expiration of the applicable Period of Restriction, the Participant shall pay to the Company in cash (or make other 

3

arrangements satisfactory to the Administrator for the satisfaction of) any taxes of any kind or other amounts required by law to be withheld with respect to such Restricted Shares.
		9.	Rights as a Shareholder.

The Participant shall have all rights of a shareholder (including, without limitation, dividend and voting rights) with respect to the Restricted Stock, for record dates occurring on or after the Grant Date and prior to the date any such shares of Restricted Stock are forfeited in accordance with this Agreement, except that any dividends or distributions (whether in cash, stock or other property) paid with respect to the Restricted Stock shall, during the Period of Restriction, be deposited with the Company or any holder appointed pursuant to Section 4 hereof, together with a stock power endorsed in blank or other appropriate instrument of transfer, if applicable, or credited to the Participant’s book-entry account established under Section 4 hereof or other escrow account, as applicable, and shall be subject to the same restrictions (including, without limitation, the Period of Restriction) as such Restricted Stock.
		10.	No Right to Continued Employment or Service.

​
Neither the Restricted Stock nor any terms contained in this Agreement shall confer upon the Participant any rights or claims except in accordance with the express provisions of the Plan and this Agreement, and shall not give the Participant any express or implied right to be retained in the employment or service of the Company or any Affiliate for any period, or in any particular position or at any particular rate of compensation, nor restrict in any way the right of the Company or any Affiliate, which right is hereby expressly reserved, to modify or terminate the Participant’s employment or service at any time for any reason.  The Participant acknowledges and agrees that any right to lapse of the Period of Restriction is earned only by continuing as an employee of the Company or an Affiliate at the will of the Company or such Affiliate, or satisfaction of any other applicable terms and conditions contained in the Plan and this Agreement (including the satisfaction of any applicable performance requirement set forth in the Grant Notice), and not through the act of being hired or merely being granted the Restricted Stock hereunder.
​
		11.	The Plan.

​
By accepting any benefit under this Agreement, the Participant and any person claiming under or through the Participant shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, all of the terms and conditions of the Plan and this Agreement and any action taken under the Plan by the Board, the Administrator or the Company, in any case in accordance with the terms and conditions of the Plan.  This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference, and to such rules, policies and regulations as may from time to time be adopted by the Administrator.  In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  A paper copy of the Plan and the prospectus shall be provided to the Participant upon the Participant’s written request to the Company at the address set forth in Section 13 hereof.
​
		12.	Compliance with Laws and Regulations.  

The Restricted Stock and the obligation of the Company to deliver shares hereunder shall be subject in all respects to (i) all applicable Federal and state laws, rules and regulations; 
(ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Administrator shall, in its discretion, determine to be necessary or applicable; and (iii) the restrictions set forth in Section 3.12 of the Plan.  
		13.	Notices. 

​
All notices by the Participant or the Participant’s successors or permitted assigns shall be addressed to Dorian LPG Ltd., c/o Dorian LPG (USA) LLC, 27 Signal Road, Stamford, Connecticut 06902, or such other address as the Company may from time to time specify.  All notices to the Participant shall be addressed to the Participant at the Participant’s address in the Company's records.
​

4

		14.	Other Plans.  

​
The Participant acknowledges that any income derived from the grant of the Restricted Stock shall not affect the Participant’s participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any Affiliate.

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]