2013.12.31 10-K EX 10.36




Exhibit 10.36




FIRST AMENDMENT
TO EXECUTIVE EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Amendment”) is executed this 25th day of February, 2014, effective as of the 1st day of January, 2013, by and between CHAMBERS STREET PROPERTIES, a Maryland real estate investment trust, with its principal place of business at 47 Hulfish Street, Suite 210, Princeton, New Jersey 08542 (the “Company”), CSP OPERATING PARTNERSHIP, L.P., a Delaware limited partnership with its principal place of business at 47 Hulfish Street, Suite 210, Princeton, New Jersey 08542 (the “OP”), and MARTIN A. REID, an individual resident of the State of Maryland (“Executive”).
W I T N E S S E T H:
WHEREAS, the Company, the OP and Executive have entered into that certain Executive Employment Agreement, entered into the 25th day of September, 2012 effective as of the 1st day of July, 2012 (the “Employment Agreement”); 
WHEREAS, the Company, the OP and Executive wish to amend the Employment Agreement in the manner set forth in this Amendment; and
WHEREAS, capitalized terms used herein but not defined shall have the meanings given to them in the Employment Agreement;
NOW, THEREFORE, in consideration of the premises, and of the mutual promises, obligations, and agreements contained herein, the parties hereto, intending to be legally bound, do hereby agree as follows:
1.    Section 3.3 of the Employment Agreement is hereby amended by deleting the fourth (4th) sentence thereof in its entirety and substituting the following in lieu thereof:
“The annual target Long Term Incentive Award for Executive will be 90,000 restricted common shares of the Company (subject to appropriate adjustments for share splits, share dividends, recapitalizations, reorganizations or other similar events) or, if the award is another form of equity-based award, the reasonable equivalent thereof.”
This Amendment is applicable only to calendar year 2013 and subsequent calendar years during the Term.
2.    The existing terms and conditions of the Employment Agreement shall remain in full force and effect except as such terms and conditions are specifically amended by, or conflict with, the terms of this Amendment.
3.    This Amendment may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.  Executed counterparts may be delivered by facsimile or other electronic transmission.









4.    The validity, interpretation and performance of this Amendment shall be governed by the laws of the State of New York, without giving effect to the conflicts of laws principles thereof.
IN WITNESS WHEREOF, Executive has executed and delivered this Amendment, and the Company has caused this Amendment to be executed and delivered, all as of the day and year first above set forth.


	
					
	 
	CHAMBERS STREET PROPERTIES

	 
	 
	 

	 
	By:
	/S/   CHARLES E. BLACK

	 
	 
	Name:
	Charles E. Black

	 
	 
	Title:
	Chairman of the Board of Trustees




	
					
	 
	CSP OPERATING PARTNERSHIP, L.P.


	 
	 
	 

	 
	By:
	Chambers Street Properties, its General Partner


	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/S/   CHARLES E. BLACK

	 
	 
	Name:
	Charles E. Black

	 
	 
	Title:
	Chairman of the Board of Trustees of
Chambers Street Properties




	
					
	 
	/S/   MARTIN A. REID

	 
	MARTIN A. REID







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