Signature: /s/ Timothy J. Lorello Date: ________________ Timothy J. Lorello
RESTRICTED STOCK AWARD CERTIFICATE
June 12, 2003
Exhibit 10.54
Timothy J. Lorello
1524 Sappington Drive
Gambrills, MD 21054 USA
Dear Timothy:
Pursuant to the terms and conditions of the TeleCommunication Systems, Inc. Amended & Restated 1997 Stock Incentive Plan (the Plan), you have been granted a Restricted Stock Award (the Award) for the number of shares (each an Award Share, and collectively, the Award Shares) of the Class A common stock, par value $0.01 per share (the Common Stock) of TeleCommunication Systems, Inc. (the Company) as outlined below. This Certificate constitutes part of and is subject to the terms and provisions of the attached Restricted Stock Grant Agreement (the Agreement) which is incorporated herein by reference.
Granted To: Timothy J. Lorello
(the Employee)
Grant Date: June 12, 2003
Award Shares Granted: 35,000
Vesting Schedule: 3-year Vesting
11,666 on 06/12/2004
11,667 on 06/12/2005
11,667 on 06/12/2006
By my signature below, I hereby acknowledge receipt of this Award granted on the Grant Date shown above, which has been issued to me under the terms and conditions of the Agreement and the Plan. I understand that I will forfeit all unvested Award Shares at the close of business on my last day of employment at TCS. I further acknowledge receipt of the Plan Prospectus and the latest annual report or other SEC filing, and agree to be bound by all of the terms and conditions of the Award, as evidenced in the Agreement, and the Plan.
Signature: /s/ Timothy J. Lorello | Date: ________________ | |
Timothy J. Lorello |
Note: If there are any discrepancies in the name or address shown above, please make the appropriate corrections on this form.