Document:

Exhibit 10.2

 

	 	Grant No.:	 

 

SB
ONE BANCORP

2019
EQUITY INCENTIVE PLAN

RESTRICTED
STOCK AGREEMENT

COVER SHEET

 

SB One Bancorp, a New
Jersey corporation (the “Company”), hereby grants (the “Grant”) shares of its common stock,
no par value per share (the “Stock”), to the Grantee named below, subject to the vesting and other conditions
set forth below. Additional terms and conditions of the Grant are set forth in this cover sheet and in the attached Restricted
Stock Agreement (collectively, the “Agreement”) and in the Company’s 2019 Equity Incentive Plan (as amended
from time to time, the “Plan”).

 

	Grantee’s Name:	 	 
	Grant Date:	 	 
	Number of Shares of Stock Covered by the Grant:	 	 
	Purchase Price per Share of Stock:	 	$
	Vesting Start Date:	 	 
	Vesting Schedule:	 	 

 

By your signature
below, you agree to all of the terms and conditions described in the Agreement and in the Plan. You acknowledge that you have carefully
reviewed the Plan and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent
with the Plan.

 

	Grantee:	 	 	Date:	 	 
	 	(Signature)	 	 	 	 
	 	 	 	 	 	 
	Company:	 	 	Date:	 	 
	 	(Signature)	 	 	 	 
	 	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 

 

Attachment

 

This is not a share certificate
or a negotiable instrument.

 

      

     

    

 

SB ONE BANCORP

2019 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

 

	Restricted Stock	 	This Grant is an award of Stock in the number of shares set forth on the cover sheet of this Agreement, at the purchase price set forth on the cover sheet of this Agreement, and subject to the vesting and other conditions set forth in this Agreement and in the Plan (the “Restricted Stock”).  The purchase price, if any, is deemed paid by your prior services to the Company and its Affiliates.   
	 	 	 
	Nontransferability	 	To the extent not yet vested, your shares of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, whether by operation of law or otherwise, nor may the shares of Restricted Stock be made subject to execution, attachment, or similar process.  If you attempt to do any of these things, you will immediately and automatically forfeit your shares of Restricted Stock.
	 	 	 
	Vesting	 	
        The Company will issue
        your Restricted Stock in your name as of the Grant Date set forth on the cover sheet of this Agreement.

         

        Your Restricted Stock
        will vest in accordance with the vesting schedule shown on the cover sheet, so long as you continue in Service on each applicable
        vesting date set forth on the cover sheet (each vesting date, a “Vesting Date”). Fractional shares shall be
        rounded to the nearest whole share but, if applicable, shall be rounded up or down on the last applicable Vesting Date so that
        you are eligible to vest in the total number of shares of Stock covered by the Grant; provided, you may not vest in more than the
        number of shares of Stock covered by the Grant, as set forth on the cover sheet of this Agreement.

	 	 	 
	Trading Restrictions	 	If you are subject to any Company “blackout” policy or other trading restriction imposed by the Company (a “Restricted Period”) on an applicable Vesting Date, any vesting scheduled to occur on such date shall occur instead on the first subsequent date on which you are not subject to any such policy or restriction.  For purposes of this provision, you acknowledge that you may be subject to a Restricted Period for any reason that the Company determines appropriate, including Restricted Periods generally applicable to employees or groups of employees or Restricted Periods applicable to you during an investigation of allegations of misconduct by you.
	 	 	 
	
        Forfeiture of Unvested Stock

         

         
	 	Unless the termination of your Service triggers accelerated vesting or other treatment of your Grant pursuant to the terms of this Agreement, the Plan, or any other written agreement between the Company or Affiliate and you, in the event that your Service terminates for any reason, you will forfeit to the Company all of the shares of Restricted Stock subject to this Grant that have not yet vested or with respect to which all applicable restrictions and conditions have not lapsed.  

 

      

     

    

 

 

	Leaves of Absence	 	
        For purposes of this
        Agreement, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the
        Company or an Affiliate in writing, if the terms of the leave provide for continued Service crediting, or when continued Service
        crediting is required by applicable law. However, your Service will be treated as terminating ninety (90) days after you went on
        employee leave, unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any
        event when the approved leave ends unless you immediately return to active employee work.

        

	 	 	 
	 	 	The Company determines,
        in its sole discretion, which leaves count for this purpose and when your Service terminates for all purposes under the Plan.
	 	 	 
	Issuance	 	
        The issuance of the shares of Restricted
        Stock and shares of Stock under this Grant will be evidenced in such a manner as the Company, in its discretion, will deem appropriate,
        including, without limitation, book-entry or direct registration (including transaction advices) or the issuance of one or more
        share certificates. As your interest in the Restricted Stock vests, the recordation of the number of shares of Restricted Stock
        and shares of Stock attributable to you will be appropriately modified.

         

        If and to the extent that the shares of
        Restricted Stock are represented by share certificates rather than book entry, all certificates representing the shares of Restricted
        Stock issued under this Agreement shall, where applicable, have endorsed appropriate legends.

        

	 	 	 
	Withholding Taxes	 	
        You agree, as a condition of this Grant,
        that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the payment of
        dividends on or the vesting of shares of Restricted Stock or otherwise relating to this Grant. In the event that the Company or
        any Affiliate determines that any federal, state, local, or foreign tax or withholding payment is required relating to this Grant,
        the Company or any Affiliate will have the right to require such payments from you or withhold such amounts from other payments
        due to you from the Company or any Affiliate. To satisfy this withholding obligation, the Company may provide you with the opportunity,
        in its discretion, to have the Company withhold shares of Stock otherwise issuable to you or by delivering to the Company shares
        of Stock already owned by you. If the Company provides you with the foregoing opportunity and you fail to make an election to do
        either, the Company may determine what method to use, including by withholding shares of Stock otherwise issuable to you. The shares
        of Stock so delivered or withheld must have an aggregate Fair Market Value equal to the withholding obligation and may not be subject
        to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

        

 

      

     

    

 

	
        Section 83(b) 

        Election
	 	
        Under Section 83 of the Code, the difference
        between the purchase price paid for the shares of Stock and their Fair Market Value on the date any forfeiture restrictions applicable
        to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions”
        include the forfeiture as to unvested Stock described above. You may elect to be taxed at the time the shares of Restricted Stock
        are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Section
        83(b) of the Code with the Internal Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax payment
        to the extent the purchase price is less than the Fair Market Value of the shares on the Grant Date. No tax payment will have to
        be made to the extent the purchase price is at least equal to the Fair Market Value of the shares on the Grant Date. The form for
        making this election is attached as Exhibit A hereto. Failure to make this filing within the thirty (30)-day period will
        result in the recognition of ordinary income by you (in the event the Fair Market Value of the shares as of the Vesting Date exceeds
        the purchase price) as the forfeiture restrictions lapse.

         

        YOU ACKNOWLEDGE THAT IT IS YOUR SOLE
        RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY
        OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION
        AS TO WHETHER OR NOT TO FILE ANY CODE SECTION 83(b) ELECTION.

        

	 	 	 
	Retention Rights	 	This Agreement and the Grant do not give you the right to be retained or employed by the Company or any Affiliate in any capacity.  Unless otherwise specified in an employment or other written agreement between the Company or any Affiliate and you, the Company and any Affiliate reserve the right to terminate your Service at any time and for any reason.
	 	 	 
	Stockholder Rights	 	
        You have the right to
        vote the shares of Restricted Stock and to receive any dividends declared or paid with respect to such shares of Restricted Stock.
        Any distributions you receive as a result of any stock split, stock dividend, combination of shares, or other similar transaction
        shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto. The
        Committee may, in its sole discretion, require any dividends paid on the Restricted Stock to be reinvested in shares of Stock,
        which the Committee may, in its sole discretion, deem to be a part of the shares of Restricted Stock and subject to the same conditions
        and restrictions applicable thereto.

         

        No adjustments are made
        for dividends, distributions, or other rights if the applicable record date occurs before your certificate is issued (or an appropriate
        book entry is made), except as described in the Plan.

         

        Your Restricted Stock
        will be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event the Company is
        subject to such corporate activity.

 

      

     

    

 

	Forfeiture of Rights	 	
        If during your term of
        Service you should take actions in competition with the Company, the Company shall have the right to cause a forfeiture of your
        unvested shares of Restricted Stock, and with respect to those shares of Restricted Stock vesting during the period commencing
        twelve (12) months prior to your termination of Service with the Company due to taking actions in competition with the Company,
        the right to cause a forfeiture of those vested shares of Stock.

         

        Unless otherwise specified
        in an employment or other written agreement between the Company or any Affiliate and you, you take actions in competition with
        the Company if you directly or indirectly, own, manage, operate, join, or control, or participate in the ownership, management,
        operation, or control of, or are a proprietor, director, officer, stockholder, member, partner, or an employee or agent of, or
        a consultant to any business, firm, corporation, partnership, or other entity which competes with any business in which the Company
        or any of its Affiliates is engaged during your employment or other relationship with the Company or its Affiliates or at the time
        of your termination of Service. Under the prior sentence, ownership of less than one percent (1%) of the securities of a public
        company shall not be treated as an action in competition with the Company.

         

        In addition, if you should
        take actions in violation or breach of or in conflict with (i) an employment agreement, (ii) a non-competition agreement, (iii)
        an agreement prohibiting solicitation of Employees or clients of the Company or an Affiliate, (iv) a confidentiality obligation
        with respect to the Company or an Affiliate, or (v) a Company policy or procedure, the Company has the right to cause an immediate
        forfeiture of the gain, if any, you have realized under this Agreement and your rights to this Grant, and the Grant will immediately
        expire.

	 	 	 
	Clawback	 	
        This Grant is subject to mandatory repayment
        by you to the Company to the extent you are or in the future become subject to (i) any Company “clawback” or recoupment
        policy or (ii) any law, rule, or regulation that requires the repayment by you to the Company of compensation paid by the Company
        to you in the event that you fail to comply with, or violate, the terms or requirements of such policy or law, rule, or regulation.

         

        If the Company is required to prepare an
        accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting
        requirement under the securities laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct,
        knowingly failed to prevent the misconduct, or were grossly negligent in failing to prevent the misconduct, you will reimburse
        the Company the amount of any payment in settlement of this Grant earned or accrued during the twelve (12)-month period following
        the first public issuance or filing with the Securities and Exchange Commission (whichever first occurred) of the financial document
        that contained such material noncompliance.

        

	 	 	 
	Applicable Law	 	This Agreement will be interpreted and enforced under the laws of the State of New Jersey, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.
	 	 	 
	The Plan 

	 	
        The text of the Plan
        is incorporated into the Agreement by reference.

         

        Certain capitalized
        terms used in the Agreement are defined in the Plan and have the meaning set forth in the Plan.

         

        This Agreement and the Plan constitute
        the entire understanding between you and the Company regarding this Grant of Restricted Stock. Any prior agreements, commitments,
        or negotiations concerning this Grant are superseded; except that any written employment, consulting, confidentiality, non-solicitation,
        and/or severance agreement between you and the Company or any Affiliate will supersede this Agreement with respect to its subject
        matter.

        

 

      

     

    

 

	Data Privacy	 	
        To administer the Plan, the Company may
        process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any changes
        thereto, other appropriate personal and financial data about you, such as your contact information and payroll information, and
        any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan.

         

        By accepting this Grant, you give explicit
        consent to the Company to process any such personal data.

        

	 	 	 
	Consent to Electronic Delivery	 	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form.  By accepting this Grant you agree that the Company may deliver the Plan prospectus and the Company’s annual report to you in an electronic format.  If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies.  Please contact the Company’s Human Resources Department to request paper copies of these documents.
	 	 	 
	Code Section 409A	 	The Grant is intended to be exempt from, or to comply with, Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Code Section 409A.  Notwithstanding anything to the contrary in the Plan or this Agreement, neither the Company, its Affiliates, the Board, nor the Committee will have any obligation to take any action to prevent the assessment of any excise tax or penalty on you under Code Section 409A, and neither the Company, an Affiliate, the Board, the Committee, nor any person acting on behalf of the Company, an Affiliate, the Board, or the Committee will be liable to you or to your estate or beneficiary by reason of any acceleration of income or any additional tax (including any interest and penalties), asserted by reason of the failure of the grant to satisfy the requirements of Code Section 409A or otherwise asserted with respect to the Grant. 

 

By signing the Agreement, you agree
to all of the terms and conditions

described above and in the Plan.

 

      

     

    

 

EXHIBIT A

 

ELECTION UNDER SECTION 83(b) OF

THE INTERNAL REVENUE CODE

 

The undersigned hereby
makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies
the following information in accordance with the regulations promulgated thereunder:

 

1.       The
name, address, and social security number of the undersigned taxpayer is:

 

	Name:	 	 

	Address:	 	 

	 	 	 
	Social Security No. :	 	 

 

2.       Description
of property with respect to which the election is being made:

 

                    shares
of common stock, no par value per share, of SB One Bancorp, a New Jersey corporation, (the “Company”).

 

3.       The
date on which the property was transferred is ____________ __, 20___.

 

4.       The
taxable year to which this election relates is calendar year 20___.

 

5.       Nature
of restrictions to which the property is subject:

 

The shares
of common stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company. The shares
of common stock are subject to forfeiture under the terms of the Agreement.

 

6.       The
fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was $__________
per share, for a total of $__________.

 

7.       The
amount paid by the undersigned taxpayer for the property was $__________.

 

8.       A
copy of this statement has been furnished to the Company.

 

Dated: _____________, 20___

 

	 	Taxpayer’s Signature
	 	 
	 	Taxpayer’s Printed Name

 

      

     

    

 

PROCEDURES FOR MAKING ELECTION

UNDER INTERNAL REVENUE CODE SECTION 83(b)

 

The following procedures
must be followed with respect to the attached form for making an election under Internal Revenue Code section 83(b) in order
for the election to be effective:1

 

1.       You
must file one copy of the completed election form with the IRS Service Center where you file your federal income tax returns within
thirty (30) days after the Grant Date of your Restricted Stock.

 

2.       At
the same time you file the election form with the IRS, you must also give a copy of the election form to the Secretary of the Company.

 

 

1
Whether or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax
advisor if you are unsure whether or not to make the election.Exhibit 10.3

 

	 	Option No.:	 

 

SB
ONE BANCORP

2019
EQUITY INCENTIVE PLAN

Incentive
Stock OPTION AGREEMENT

COVER SHEET

 

SB One Bancorp, a New
Jersey corporation (the “Company”), hereby grants an option (the “Option”) to purchase shares
of its common stock, no par value per value (the “Stock”), to the Grantee named below, subject to the vesting
and other conditions set forth below. Additional terms and conditions of the grant are set forth in this cover sheet and in the
attached Incentive Stock Option Agreement (collectively, the “Agreement”) and in the Company’s 2019 Equity
Incentive Plan (as amended from time to time, the “Plan”).

 

	Grantee’s Name:	 	 
	Grant Date:	 	 
	Number of Shares of Stock Covered by the Option:	 	 
	Option Price per Share of Stock:1	 	$
	Vesting Start Date:	 	 
	Vesting Schedule:	 	 

 

By your signature
below, you agree to all of the terms and conditions described in the Agreement and in the Plan. You acknowledge that you have carefully
reviewed the Plan and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent
with the Plan.

 

	Grantee:	 	 	Date:	 	 
	 	(Signature)	 	 	 	 
	 	 	 	 	 	 
	Company:	 	 	Date:	 	 
	 	(Signature)	 	 	 	 
	 	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:	 	 	 	 	 

 

Attachment 

 

This is not a
share certificate or a negotiable instrument.

 

 

1Note to Draft:
Must be At least 100% of the Fair Market Value of a share of Stock on the Grant Date or 110% of the Fair Market Value on the Grant
Date if the Grantee is a Ten Percent Shareholder

 

      

     

    

 

SB ONE BANCORP

2019
EQUITY INCENTIVE PLAN

Incentive
Stock OPTION AGREEMENT

 

	
        Incentive Stock Option
	 	
        This Agreement evidences an award of an
        Option exercisable for that number of shares of Stock set forth on the cover sheet of this Agreement and subject to the vesting
        and other conditions set forth in this Agreement and in the Plan.

         

        This Option is intended to be an “incentive
        stock option” under Section 422 of the Code and will be interpreted accordingly. If you cease to be an employee of the Company,
        its parent, or a subsidiary (an “Employee”) but continue to provide Service, this Option will be deemed a Nonqualified
        Stock Option as of the date three (3) months and one day after you cease to be an Employee. In addition, to the extent that all
        or part of this Option exceeds the “$100,000 per year limitation” rule of Section 422(d) of the Code, this Option or
        the lesser excess part will be deemed to be a Nonqualified Stock Option.

	 	 	 
	Vesting	 	
        This Option is exercisable only before
        it expires and then only with respect to the vested portion of the Option.

         

        The Option will vest in accordance with
        the vesting schedule shown on the cover sheet, so long as you continue in Service on each applicable vesting date set forth on
        the cover sheet. Fractional shares shall be rounded to the nearest whole share but, if applicable, shall be rounded up or down
        on the last applicable vesting date so that you are eligible to vest in the total number of shares of Stock covered by the Option;
        provided, you may not vest in more than the number of shares of Stock covered by the Option, as set forth on the cover sheet of
        this Agreement.

         

        Except as provided under “Death”
        or “Disability” below, no additional shares of Stock will vest after your Service has terminated for any reason.

	 	 	 
	Term	 	
        Notwithstanding anything in this Agreement
        to the contrary, your Option will expire in any event at the close of business at Company headquarters on the day before the tenth
        (10th) anniversary (or, if you are a Ten Percent Shareholder, on the day before the fifth (5th) anniversary)
        of the Grant Date, as shown on the cover sheet.

         

        Your Option will expire earlier if your
        Service terminates, as described herein.

	 	 	 
	Regular Termination	 	If your Service terminates for any reason other than death, Disability, or Cause, then your Option will expire at the close of business at Company headquarters on the thirtieth (30th) day after your termination of Service.
	 	 	 
	Termination for Cause	 	If your Service is terminated for Cause, you will immediately forfeit all rights to your Option (whether vested or unvested), and the Option will immediately expire.  You will be prohibited from exercising the Option from and after the time of such termination of Service.  
	 	 	 
	Death 	 	If your Service terminates because of your death, then your Option will become fully vested as of your date of death and will expire at the close of business at Company headquarters on the date twelve (12) months after your date of death.  During that twelve (12)-month period, your estate or heirs may exercise your Option.
	 	 	 

    2

     

    

 

	Disability	 	If your Service terminates because of your Disability, then your Option will become fully vested as of the date of your termination of Service and will expire at the close of business at Company headquarters on the date six (6) months after the date of your termination of Service. 
	 	 	 
	Leaves of Absence	 	
        For purposes of this Agreement, your Service
        does not terminate when you go on a bona fide employee leave of absence that was approved by the Company or an Affiliate
        in writing, if the terms of the leave provide for continued Service crediting or when continued Service crediting is required by
        applicable law. However, your Service will be treated as terminating ninety (90) days after you went on employee leave, unless
        your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved
        leave ends unless you immediately return to active employee work.

        The Company determines, in its sole discretion,
        which leaves count for this purpose and when your Service terminates for all purposes under the Plan.

	 	 	 
	Forfeiture of Unvested Option	 	Unless the termination of your Service triggers accelerated vesting or other treatment of your Option pursuant to the terms of this Agreement, the Plan, or any other written agreement between the Company or Affiliate and you, you will automatically forfeit to the Company those portions of the Option that have not yet vested in the event your Service terminates for any reason.
	 	 	 
	Notice of Exercise	 	
        The Option may be exercised, in whole or
        in part, to purchase a whole number of vested shares of Stock of not less than one hundred (100) shares, unless the number of vested
        shares of Stock purchased is the total number available for purchase under the Option, by following the procedures set forth in
        the Plan and in this Agreement.

         

        When you wish to exercise this Option,
        you must exercise in a manner required or permitted by the Company.

         

        If someone else wants to exercise this
        Option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.

	 	 	 
	Form of Payment	 	
        When you exercise your Option, you must
        include payment of the Option Price indicated on the cover sheet for the shares of Stock you are purchasing. Payment may be made
        in one (or a combination) of the following forms:

         

        ·     Cash,
        your personal check, a cashier’s check, a money order, or another cash equivalent acceptable to the Company.

        ·     Shares
of Stock that are owned by you and that are surrendered to the Company. The Fair Market Value of the shares of Stock as of the
effective date of the Option exercise will be applied to the Option Price.

        ·     By
        delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company
        to sell shares of Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate Option Price
        and any withholding taxes (if approved in advance by the Committee or the Board if you are either an executive officer or a director
        of the Company).

        

 

    3

     

    

 

	Evidence of Issuance	 	The issuance of the shares of Stock upon exercise of this Option will be evidenced in such a manner as the Company, in its discretion, will deem appropriate, including, without limitation, book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates.
	 	 	 
	Withholding Taxes	 	You agree as a condition of this grant that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the Option exercise or sale of shares of Stock acquired under this Option.  In the event that the Company or any Affiliate determines that any federal, state, local, or foreign tax or withholding payment is required relating to the exercise of this Option or sale of shares of Stock arising from this Option, the Company or any Affiliate will have the right to require such payments from you or withhold such amounts from other payments due to you from the Company or any Affiliate (including withholding the delivery of vested shares of Stock otherwise deliverable upon exercise of this Option).
	 	 	 
	Transfer of Option	 	During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise the Option. The Option may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, whether by operation of law or otherwise, nor may the Option be made subject to execution, attachment, or similar process.  If you attempt to do any of these things, this Option will immediately become forfeited.
	 	 	 
	Retention Rights	 	This Agreement and the grant evidenced by this Agreement do not give you the right to be retained or employed by the Company or any Affiliate in any capacity.  Unless otherwise specified in an employment or other written agreement between the Company or any Affiliate and you, the Company and any Affiliate reserve the right to terminate your Service at any time and for any reason.
	 	 	 
	Stockholder Rights	 	
        You, or your estate or heirs, have no rights
        as a stockholder of the Company until the shares of Stock have been issued upon exercise of your Option and either a certificate
        evidencing your shares of Stock have been issued or an appropriate entry has been made on the Company’s books. No adjustments
        are made for dividends, distributions, or other rights if the applicable record date occurs before your certificate is issued (or
        an appropriate book entry is made), except as described in the Plan.

         

        Your Option will be subject to the terms
        of any applicable agreement of merger, liquidation, or reorganization in the event the Company is subject to such corporate activity.

	 	 	 
	Forfeiture of Rights	 	If you should take actions in violation or breach of or in conflict with (i) an employment agreement, (ii) a non-competition agreement, (iii) an agreement prohibiting solicitation of Employees or clients of the Company or an Affiliate, (iv) a confidentiality obligation with respect to the Company or an Affiliate, or (v) a Company policy or procedure, the Company has the right to cause an immediate forfeiture of the gain, if any, you have realized under this Agreement and your rights to this Option, and the Option will immediately expire.

 

    4

     

    

 

	Clawback	 	
        This Option is subject to mandatory repayment
        by you to the Company to the extent you are or in the future become subject to (i) any Company “clawback” or recoupment
        policy or (ii) any law, rule, or regulation that requires the repayment by you to the Company of compensation paid by the Company
        to you in the event that you fail to comply with, or violate, the terms or requirements of such policy or law, rule, or regulation.

         

        If the Company is required to prepare an
        accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting
        requirement under the securities laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct,
        knowingly failed to prevent the misconduct, or were grossly negligent in failing to prevent the misconduct, you will reimburse
        the Company the amount of any payment in settlement of this Option earned or accrued during the twelve (12)-month period following
        the first public issuance or filing with the Securities and Exchange Commission (whichever first occurred) of the financial document
        that contained such material noncompliance.

	 	 	 
	Applicable Law	 	This Agreement will be interpreted and enforced under the laws of the State of New Jersey, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.
	 	 	 
	The Plan	 	
        The text of the Plan is incorporated into
        the Agreement by reference.

         

        Certain capitalized terms used in
        the Agreement are defined in the Plan and have the meaning set forth in the Plan.

         

        This Agreement and the Plan constitute
        the entire understanding between you and the Company regarding this Option. Any prior agreements, commitments, or negotiations
        concerning this grant are superseded; except that any written employment, consulting, confidentiality, non-solicitation, and/or
        severance agreement between you and the Company or any Affiliate will supersede this Agreement with respect to its subject matter.

	 	 	 
	Data Privacy	 	
        To administer the Plan, the Company may
        process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any changes
        thereto, other appropriate personal and financial data about you, such as your contact information and payroll information, and
        any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan.

         

        By accepting this grant, you give explicit
        consent to the Company to process any such personal data.

	 	 	 
	Consent to Electronic Delivery	 	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form.  By accepting this grant, you agree that the Company may deliver the Plan prospectus and the Company’s annual report to you in an electronic format.  If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies.  Please contact the Company’s Human Resources Department to request paper copies of these documents.

 

    5

     

    

 

	Code Section 409A and 422	 	The Option is intended to be exempt from, or to comply with, Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Code Section 409A.  Notwithstanding anything to the contrary in the Plan or this Agreement, neither the Company, its Affiliates, the Board, nor the Committee will have any obligation to take any action to prevent the assessment of any excise tax or penalty on you under Code Section 409A, and neither the Company, an Affiliate, the Board, the Committee, nor any person acting on behalf of the Company, an Affiliate, the Board, or the Committee will be liable to you or to your estate or beneficiary by reason of any acceleration of income or any additional tax (including any interest and penalties), asserted by reason of the failure of the grant to satisfy the requirements of Code Section 422 or Code Section 409A or otherwise asserted with respect to the grant.

 

By signing the Agreement, you agree
to all of the terms and conditions

described above and in the Plan.

 

    6

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