SEC Contract Filing

Filing Date: 2022-01-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>tm224850d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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 <TD STYLE="text-align: right; width: 33%; vertical-align: top"><B>Exhibit 10.3</B></TD></TR>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt"><B>FORM OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK UNIT<BR>
AWARD AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Restricted Stock Unit
Award Agreement is entered into by and between Inotiv, Inc., an Indiana corporation (&ldquo;Company&rdquo;), and [Participant], an officer
of the Company (&ldquo;Grantee&rdquo;), effective as of _______ __, 20__ (&ldquo;Effective Date&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Background</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company wishes to provide
incentives to recognize and reward the Grantee, whose performance, contributions and skills will be critical to the Company&rsquo;s success,
by aligning his or her interests more closely with those of the Company&rsquo;s stockholders. For this purpose, the Compensation Committee
of the Company&rsquo;s Board of Directors has granted the Grantee restricted stock units representing a right to receive common stock
of Company, subject to the terms and conditions provided in this Restricted Stock Unit Award Agreement (&ldquo;Agreement&rdquo;) and the
Amended and Restated Inotiv, Inc. 2018 Equity Incentive Plan (the &ldquo;Plan&rdquo;). All terms not herein defined shall have the meaning
set forth in the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms,
conditions and provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly unless otherwise explicitly
stated in this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In consideration of the premises, the Company and the Grantee
agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Agreement</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant</U>. The Company hereby grants the Grantee [Number of Units] units representing a corresponding number of Common Shares
of the Company, which units (&ldquo;Restricted Stock Units&rdquo;) shall be subject to the terms, conditions and restrictions specified
in this Agreement and the Plan. <B>[The Committee has determined that (disregarding restrictions imposed by this Agreement and the Plan
that lapse upon the Grantee&rsquo;s interest becoming vested) the Restricted Stock Units have a per-share grant date fair market value
(&ldquo;Value&rdquo;) of $&#9;.]</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closin</U>g. The issuance of the Restricted Stock Units shall occur simultaneously with the execution of this Agreement.</FONT>&#9;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Custod</U>y. The Grantee understands that no certificates or book entry shares representing the Restricted Stock Units shall
be registered in the Grantee&rsquo;s name, other than with respect to Common Shares issued to the Grantee in respect of Restricted Stock
Units that have vested. Only following vesting of Restricted Stock Units that are settled in Common Shares shall the Company deliver to
the Grantee a certificate or book entry shares registered in the Grantee&rsquo;s name.</P>

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