Exhibit 10.25

 

THOMAS PROPERTIES GROUP, INC.

[Form of]

2004 NON-EMPLOYEE DIRECTOR PLAN

RESTRICTED SHARE AWARD AGREEMENT

 

THIS RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”), dated as of
                    , is entered into between THOMAS PROPERTIES GROUP, INC., a
Delaware corporation (the “Company”), and                      (“Grantee”).
Capitalized terms used herein but not defined shall have the meanings assigned
to those terms in the Thomas Properties Group, Inc. 2004 Non-Employee Director
Plan (the “Plan”).

 

W I T N E S S E T H:

 

A. Grantee is a Non-Employee Director;

 

B. Pursuant to the terms of the Plan, on                     , [the date Grantee
was first elected or appointed to the Board] [the date of the Annual Meeting]
(“Date of Grant”), Grantee was automatically granted shares (“Restricted
Shares”) of the Company’s stock, par value $0.01 per share (“Common Shares”);

 

NOW, THEREFORE, in consideration of these premises and the covenants and
agreements set forth in this Agreement, the Company and Grantee agree as
follows:

 

1. Grant of Restricted Shares. The Company hereby grants to Grantee, effective
as of the Date of Grant,                      Restricted Shares. Certificates
evidencing Restricted Shares, and any certificates for Common Shares issued as
dividends on, in exchange of, or as replacements for, certificates evidencing
Restricted Shares, shall bear legends referring to the restrictions set forth
herein and any other restrictive legends as the Company’s counsel may deem
necessary or advisable. Until such time as all restrictions have lapsed and the
Restricted Shares have become nonforfeitable, the Company shall retain the
certificates evidencing the same.

 

2. Restrictions on Transfer. The Restricted Shares may not be transferred, sold,
pledged, exchanged, assigned or otherwise encumbered or disposed of by Grantee
unless and until they have become nonrestricted and nonforfeitable in accordance
with Section 3 hereof; provided, however, that Grantee’s interest in the
Restricted Shares may be transferred by will or the laws of descent and
distribution. Any purported transfer, encumbrance or other disposition of the
Restricted Shares that is in violation of this Section 2 shall be null and void,
and the other party to any such purported transaction shall not obtain any
rights to or interest in the Restricted Shares.

 

3. Lapse of Restrictions.

 

(a) The Restricted Shares shall become nonrestricted and nonforfeitable on the
date of the Annual Meeting that occurs in the [first] [second] calendar year
following the Date of Grant, unless earlier forfeited in accordance with Section
4.

--------------------------------------------------------------------------------

(b) Notwithstanding the provisions of Section 3(a) above, all Restricted Shares
shall become immediately nonrestricted and nonforfeitable upon the occurrence of
a Change in Control, as defined in the Plan.

 

(c) Notwithstanding the provisions of Section 3(a) above, all Restricted Shares
shall become immediately nonrestricted and nonforfeitable if Grantee’s service
on the Board terminates because Grantee becomes permanently disabled (as
determined by the Board) or dies.

 

4. Forfeiture of Restricted Shares.

 

(a) Any of the Restricted Shares that remain forfeitable in accordance with
Section 3 hereof shall be forfeited if Grantee’s service on the Board ceases for
any reason other than Grantee’s permanent disability (as determined by the Board
in its sole discretion) or death prior to such shares becoming nonforfeitable.

 

(b) In the event of a forfeiture, the certificate(s) representing Restricted
Shares that have been forfeited shall be cancelled.

 

5. Dividend, Voting and Other Rights. Grantee shall have all of the rights of a
stockholder with respect to the Restricted Shares, including the right to vote
the Restricted Shares and receive any dividends that may be paid thereon;
provided, however, that any additional Common Shares that Grantee may become
entitled to receive pursuant to a share dividend or a merger or reorganization
in which the Company is the surviving corporation or any other change in the
capital structure of the Company shall be subject to the same restrictions as
the Restricted Shares.

 

6. Communications. All notices, demands and other communications required or
permitted hereunder or designated to be given with respect to the rights or
interests covered by this Agreement shall be deemed to have been properly given
or delivered when delivered personally or sent by certified or registered mail,
return receipt requested, U.S. mail or reputable overnight carrier, with full
postage prepaid and addressed to the parties as follows:

 

If to the Company, at:    ARCO Plaza      515 South Flower Street      Los
Angeles, California 90071      Attention: Corporate Secretary If to Grantee, at:
   Grantee’s address provided by Grantee on the last page hereof

 

Either the Company or Grantee may change the above designated address by written
notice to the other specifying such new address.

 

7. Interpretation. The interpretation and construction of this Agreement by the
Board shall be final and conclusive. No member of the Board shall be liable for
any such action or determination made in good faith.

 

2

--------------------------------------------------------------------------------

8. Amendments. The Plan may be amended, suspended or terminated and this
Agreement may be amended or canceled by the Board for purposes of satisfying
changes in the law or for any other lawful purposes, provided that (i) no such
action shall adversely affect Grantee’s rights under this Agreement without
Grantee’s consent, and (ii) all such amendments shall be in writing.

 

9. Integration. The Restricted Shares are granted pursuant to the Plan.
Notwithstanding anything in this Agreement to the contrary, this Agreement is
subject to all of the terms and conditions of the Plan, a copy of which has been
made available to Grantee and is available upon request to the Corporate
Secretary at the address specified in Section 6 hereof and which is incorporated
herein by reference. As such, this Agreement and the Plan embody the entire
agreement and understanding of the Company and Grantee and supersede any prior
understandings or agreements, whether written or oral, with respect to the
Restricted Shares.

 

10. Severance. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any
provision so invalidated shall be deemed to be separable from the other
provisions hereof and the remaining provisions hereof shall continue to be valid
and fully enforceable.

 

11. Governing Law. This Agreement is made under, and shall be construed in
accordance with, the laws of the State of Delaware, without regard to conflict
of laws principles thereof.

 

12. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall
constitute one and the same instrument.

 

3

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, this Agreement is executed by a duly authorized
representative of the Company on the day and year first above written.

 

THOMAS PROPERTIES GROUP, INC.

By:  

 

--------------------------------------------------------------------------------

Name:  

 

--------------------------------------------------------------------------------

Title:  

 

--------------------------------------------------------------------------------

 

The undersigned Grantee acknowledges receipt of an executed original of this
Agreement and accepts the Restricted Shares subject to the applicable terms and
conditions of the Plan and the terms and conditions hereinabove set forth.

 

Date:

 

 

--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------

        Grantee

 

GRANTEE: Please complete/update the following information.

 

Name:

 

 

--------------------------------------------------------------------------------

Home Address:

 

 

 

--------------------------------------------------------------------------------

   

 

--------------------------------------------------------------------------------

   

 

--------------------------------------------------------------------------------

Social Security Number:

 

 

 

--------------------------------------------------------------------------------

 

4