FIRST BUSEY CORPORATION
2020 EQUITY INCENTIVE PLAN
DIRECTOR DEFERRED STOCK UNIT AWARD
The Participant specified below has been granted this Deferred Stock Unit Award (the “Award”) by First Busey Corporation, a Nevada corporation (the “Company”), under the terms of the First Busey Corporation 2020 Equity Incentive Plan (the “Plan”). The Award is subject to the Plan and the following terms and conditions (the “Award Terms”):
Section 1.Award. In accordance with the Plan, the Company hereby grants to the Participant the Award of deferred stock units (each, a “DSU”), where each DSU represents the right to receive one share of Stock (a “Share”) in the future, subject to the Award Terms. The Award is in all respects limited and conditioned by the Plan and as provided herein.
Section 2.Terms of Deferred Stock Unit Award. The following words and phrases relating to the Award have the following meanings:
(a)The “Participant” is _______________________.
(b)The “Grant Date” is _______________________.
(c)The number of “DSUs” is _______________________.
Except for terms defined herein, any capitalized term in the Award Terms has the meaning ascribed to that term under the Plan.
Section 3.Restricted Period. The Award Terms evidence the Company’s grant to the Participant, as of the Grant Date, on the terms and conditions described in the Award Terms and in the Plan, of a number of DSUs, each of which represents the right of the Participant to receive one Share free of restrictions once the Restricted Period ends.
(a)Subject to the Award Terms, the “Restricted Period” shall begin on the Grant Date and end on the first anniversary of the Grant Date (but only if the Participant has not had a Termination of Service before the end of the Restricted Period).
(b)Notwithstanding Section 3(a), the Restricted Period for the DSUs shall end immediately, and the DSUs shall be fully earned and vested