Document:

Exhibit 10.2

 

rESTRICTED
SHARE UNIT AWARD AGREEMENT

FOR THE TRUSTEES OF Gramercy property trust

 

2016 EQUITY
INCENTIVE PLAN

 

	Eligible Participant:	 	 
	Number of RSUs Granted:	 	 
	Date of Grant:	 	 

 

1.Award.
Pursuant to the Gramercy Property Trust 2016 Equity Incentive Plan (the “Plan”), Gramercy Property Trust (the “Company”)
hereby grants to the Eligible Participant named above the number of Restricted Share Units (“RSUs”) specified above.
This award agreement (this “Agreement”) represents a promise to pay to the Eligible Participant, subject to the restrictions
and conditions set forth herein and in the Plan, a number of common shares of beneficial interest, par value $0.01 per share, of
the Company (the “Shares”) equal to the number of RSUs.

 

2.Restrictions
and Conditions. The RSUs are subject to restrictions as set forth herein and in the Plan.

 

3.Vesting of
RSUs. The RSUs granted hereunder shall be fully vested upon grant.

 

4.Timing and
Form of Payout. Subject to Section 6 of this Agreement, the RSUs will be paid to the Eligible Participant in the form
of Shares on the first business day that occurs six months after the Eligible Participant ceases to serve as a Trustee of the Company.

 

5.Voting Rights
and Dividends. Until such time as the RSUs are paid out in Shares, the Eligible Participant shall not have any of the rights
and privileges of a shareholder of the Company, including the right to dividends (except as provided in the next sentence) or the
right to vote with respect to any RSUs. However, an amount equal to the dividends and other distributions that would have been
paid with respect to the Shares covered by the RSUs had such Shares been outstanding shall be paid as Dividend Equivalents to the
Participant at the same time as the dividends or distributions are paid on the Shares.

 

6.Change in
Control. In the event of a change in the ownership or effective control of the Company (as defined in Treasury Regulation Section 1.409A-3(i)(5))
prior to the Eligible Participant ceasing to serve as a Trustee of the Company, all RSUs shall be paid upon consummation of the
change in the ownership or effective control of the Company.

 

7.Continuation
of Service as Trustee. This Agreement shall not confer upon the Eligible Participant any right to continue service with the
Company, nor shall this Agreement interfere in any way with the Company’s right to terminate the Eligible Participant’s
service at any time. A Trustee “ceases to serve as a Trustee of the Company” on the date the Trustee incurs a “separation
from service” (as defined in Treasury Regulation Section 1.409A-1(h)).

 

     
 

     

    

 

8.Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms
and conditions of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different
meaning is specified herein.

 

9.Transferability.
This Agreement is personal to the Eligible Participant, is non-assignable and is not transferable in any manner, by operation of
law or otherwise, other than by will or the laws of descent and distribution in accordance with the Plan.

 

10.Company Policies.
The RSUs and any Shares issued pursuant to the RSUs are subject to applicable clawback, recoupment, share trading or other policies
that are implemented by the Company, as in effect from time to time.

 

11.Taxes.
The Eligible Participant is solely responsible for the satisfaction of all taxes that may arise in connection with the RSUs and
Dividend Equivalents granted pursuant to this Agreement.

 

12.Section 409A
of the Code. This grant of RSUs and Dividend Equivalents is intended to comply with the applicable requirements of section
409A of the Code and shall be administered in accordance with, and interpreted in a manner consistent with, section 409A of the
Code. Notwithstanding any provision to the contrary herein, payments or distributions made with respect to this award of RSUs may
only be made in a manner and upon an event permitted by section 409A of the Code, and all payments to be made upon a separation
from service or change in control hereunder may only be made upon a “separation from service” and a “change in
control,” each as defined in section 409A of the Code. To the extent any provision of this award of RSUs and Dividend Equivalents
would cause a conflict with respect to the requirements of section 409A of the Code, or would cause the administration of the Agreement
to fail to satisfy the requirements of section 409A of the Code, such provision shall be deemed null and void to the extent permitted
by applicable law. In no event shall the Eligible Participant, directly or indirectly, designate the calendar year of payment.

 

	 	GRAMERCY PROPERTY TRUST	 
	 	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

The foregoing Agreement is hereby accepted
and the terms and conditions thereof hereby agreed to by the undersigned.

 

	Dated:  	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:  	 	 
	 	 	 	 	Name:	 

 

 

 

    2Exhibit 10(a)

		
			Exhibit 10(a)
		

		
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			WD-40 Directors’ Compensation Policy
		

		
			and Election Plan
		

		
			October 12, 2015
		

		
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			The WD-40 Corporate Governance Committee has proposed, and the Board of Directors has adopted, the following Compensation Policy and Election Plan for directors (the “Election Plan”), effective as of October 12, 2015.
		

		
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			RESTRICTED STOCK UNITS
		

		
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			Each new non-employee director joining the Board after the adoption of this Election Plan will receive restricted stock units (“RSUs”) with a fair market value on the date of grant of $55,500 as soon as practicable upon joining the Board.  RSUs shall be granted by affirmative action of the full Board under the WD-40 Company 2007 Stock Incentive Plan (the “Incentive Plan”).  Vesting will be immediate and the units will be settled in Company stock upon termination of the director’s service on the Board for any reason, including upon death, resignation, retirement or removal from office (“Termination”.)  The RSUs will carry dividend equivalents payable in cash as and when declared on the Company’s stock in accordance with the Incentive Plan.  The Award Agreements issued with respect to the RSUs shall not permit the director to accelerate or otherwise obtain benefits (other than the dividend equivalent payments) with respect to the RSUs until Termination.  All RSUs awarded pursuant to this Election Plan shall be subject to Award Agreements having the same terms and conditions for vesting, time of payment, dividend equivalents and acceleration prohibition as provided for hereinabove and all references to RSUs in this Election Plan shall refer to RSUs subject to such Award Agreements.
		

		
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			Each continuing non-employee director will receive annually an award of RSUs with a fair market value of $55,500 on the date of grant.   The RSUs will be granted by affirmative action of the full Board under the Incentive Plan at the organizational meeting of the Board immediately following the annual meeting of stockholders in December of each year.
		

		
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			The award of RSUs to directors at the December meeting shall represent, in part, the full measure of compensation earned by each director for services rendered in the month of December from and after such meeting.
		

		
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			ELECTION PLAN FOR PAYMENT OF ANNUAL BASE COMPENSATION IN CASH AND/OR BY AWARD OF RESTRICTED STOCK UNITS
		

		
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			Annual base compensation for directors for services rendered during the calendar year beginning on January 1st following the Company’s annual meeting of stockholders through the date of the next annual meeting shall be $37,500.  Such amount does not include board committee fees, director contribution fund donation or reimbursement for travel expenses.  No separate compensation shall be payable for special meetings of the directors. 
		

		
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			Compensation for Directors to be Elected at the Annual Meeting
		

		
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			Annual base compensation for each non-employee director will be paid in a combination of cash and/or RSUs.  Each director may elect to receive all or a portion of the annual base compensation in cash in increments of $1,000 and shall make this election by the date of the annual meeting.  The cash compensation to be paid, if any, shall be paid on March 1 of the following year.  RSUs having a fair market value as of the date of grant equal to the amount of annual base compensation not elected to be received in cash will be granted by affirmative action of the full Board under the Incentive Plan immediately following the annual shareholders meeting in December, at which time, the director’s election shall become irrevocable.
		

		
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			Compensation for Directors Appointed During Year
		

		
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			Directors appointed during the year to fill a vacancy on the Board will receive annual base compensation according to the following schedule: 
		

		
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						Appointment at or prior to the second quarter meeting:

					
					
						$37,500

				
	
					
						Appointment at or prior to the third quarter meeting:

					
					
						$28,000

				
	
					
						Appointment at or prior to the fourth quarter meeting:

					
					
						$19,000

				

		
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			Payment of such compensation shall be made on or about the first day of the second month following appointment to the Board.   Prior to the effective date of the new director’s election to the Board, the director may elect to receive all or part of such compensation in cash in increments of $1,000 and RSUs shall be awarded in the manner provided for elections with respect to the receipt of annual base compensation as set forth above.  The RSUs are to be granted by the full Board under the Incentive Plan at the next meeting of the Board following receipt of the director’s election in the same manner in which RSUs are awarded to directors pursuant to their annual compensation elections.  The new director’s election shall be irrevocable upon the effective date of his or her service as a director.
		

		
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			Compensation for Directors Leaving During Year
		

		
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			If deemed practical by the Corporate Governance Committee, a departing director will be paid for the pro-rata portion of time actually served and may be required to return a pro rata portion of compensation received or to forfeit a pro rata portion of RSUs awarded pursuant to the foregoing election provisions, as such required return of compensation or forfeiture may be determined by the Corporate Governance Committee in its reasonable discretion. 
		

		
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			IRC SECTION 409A PLAN
		

		
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			The foregoing provisions relating to the grant of RSUs under the Incentive Plan and a director’s election to receive all or part of the annual base compensation in cash are intended to constitute a binding plan for purposes of Section 409A of the Internal Revenue Code.
		

		
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			BOARD CHAIRMAN COMPENSATION 
		

		
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			The Chairman of the Board will receive $18,000 as additional cash compensation annually. This amount will be pro-rated for partial year service as Chairman.
		

		
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			COMMITTEE COMPENSATION 
		

		
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			Annual Committee service fees are as stated below: 
		

		
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			Audit Committee 
		

		
			$8,000 per member 
		

		
			Chairman $16,000
		

		
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			Compensation Committee 
		

		
			$4,000 per member 
		

		
			Chairman $10,000 
		

		
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			Corporate Governance Committee 
		

		
			$4,000 per member 
		

		
			Chairman $8,000 
		

		
			 
		

		
			Finance Committee 
		

		
			$4,000 per member 
		

		
			Chairman $8,000
		

		
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			Payment of annual committee service fees shall be made in lump sum on or about March 1 of each year covering committee services provided from the beginning of the calendar year following each annual meeting to the next annual meeting.
		

		

		

		 

 

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			ADDITIONAL BENEFITS 
		

		
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			Charitable Donations 
		

		
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			Each director is allowed to designate $6,000 annually from WD-40 Company Director Contributions Fund to a qualified (501(c)(3)) charitable organization.  Newly elected directors will be eligible to make charitable funding designations for the fiscal year following the fiscal year in which they are elected. Any continuing director who serves any part of a fiscal year shall be entitled to designate $6,000 for that year. 
		

		
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			Continuing Education 
		

		
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			Each director will be reimbursed up to a total of $3,000 per year for education expenses, including appropriate travel costs.  There will be no “carry-forward” if the amount is not utilized during the year.  Reimbursement shall be up to a total of $10,000 in any year if a director engages in international travel to visit company worksites or travel with company personnel.  Directors are encouraged to share their learning from educational programs with the Board.
		

		
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			Adopted by the Board of Directors, October 12, 2015
		

		
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						/s/ Richard T. Clampitt

				
	
					
						WD-40 Company Corporate Secretary

				

		
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