FORM OF FOR STOCK OPTIONS AWARDED PURSUANT TO THE SUN BANCORP, INC. AWARDS TO NAMED EXECUTIVE OFFICERS APPROVED ON MARCH 2, 2010 (Subject to the terms and conditions set forth in the Award Agreement)Performance Equity Plan Award Agreement • March 7th, 2011 • Sun Bancorp Inc /Nj/ • Commercial banks, nec
STOCK OPTIONS for a maximum of [(insert #)] shares of Common Stock of Sun Bancorp, Inc. (the “Company”), which Options are intended to qualify as an Incentive Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended, are hereby granted to [ (insert name)] (the “Optionee”) at the price determined as provided in, and in all respects subject to the terms, definitions and provisions of the 2010 Performance Equity Plan (the “Plan”) adopted by the Company which is incorporated by reference herein, receipt of which is hereby acknowledged. Capitalized terms used herein but not otherwise defined herein shall have the meaning given to such terms in the Plan.
