Document:

Form of Deferred Restricted Holding Unit Award Agreement for Executive Officers

 Exhibit 10.37 
 THE BLACKSTONE GROUP L.P. 
 2007 EQUITY
INCENTIVE PLAN 
 BLACKSTONE HOLDINGS DEFERRED
UNIT AGREEMENT 
  

			
	 Participant:
	  	Date of Grant:
		
	 Number of Deferred Units:
	  	

 1. Grant of Deferred Units. The Partnership hereby grants the number of deferred units (the
“Deferred Units”) listed above to the Participant (the “Award”), effective as [date], on the terms and conditions hereinafter set forth in this agreement (the “Award Agreement”). This grant is made
pursuant to the terms of The Blackstone Group L.P. 2007 Equity Incentive Plan (as amended, modified or supplemented from time to time, the “Plan”), which is incorporated herein by reference and made a part of this Award Agreement.
Each Deferred Unit represents the unfunded, unsecured right of the Participant to receive a Blackstone Holdings Partnership Unit on the delivery date(s) specified in Section 4 hereof. 
 2. Definitions. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 
 (a) “Cause” shall mean the occurrence or existence of any of the following as determined fairly, reasonably, on an
informed basis and in good faith by the Administrator: 
 (i) (w) any breach by the Participant of any provision of the
Non-Competition, Non-Solicitation and Confidentiality Agreements to which the Participant is a party, (x) any material breach of any rules or regulations of the Partnership or its Affiliates applicable to the Participant, (y) the
Participant’s deliberate failure to perform his or her duties to the Partnership or its Affiliates, or (z) the Participant’s committing to, or engaging in any conduct or behavior that is or may be harmful to the Partnership or its
Affiliates in a material way; provided, that, in the case of any of the foregoing clauses (w), (x), (y) and (z), the Administrator has given the Participant written notice (a “Notice of Breach”) within fifteen days after
the Administrator becomes aware of such action and the Participant fails to cure such breach, failure to perform, conduct or behavior within fifteen days after receipt by the Participant of such Notice of Breach from the Administrator (or such
longer period, not to exceed an additional fifteen days, as shall be reasonably required for such cure, provided, that the Participant is diligently pursuing such cure); 
 (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Partnership or its Affiliates; or

 (iii) conviction (on the basis of a trial or by an accepted plea of guilty or nolo
contendere) of a felony or crime (including any misdemeanor charge involving moral turpitude, false statements or misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery), or a determination by a court of competent
jurisdiction, by a regulatory body or by a self-regulatory body having authority with respect to applicable securities laws, rules or regulations of the securities industry, that the Participant individually has violated any applicable securities
laws or any rules or regulations thereunder, or any rules of any such self-regulatory body (including, without limitation, any licensing requirement), if such conviction or determination has a material adverse effect on (A) the
Participant’s ability to function in his or her position with the Partnership or its Affiliates, taking into account the services required of such position and the nature of the Partnership’s and its Affiliate’s business or
(B) the business of the Partnership or its Affiliates. 
 (b) Non-Competition, Non Solicitation and Confidentiality
Agreement” shall mean any agreement, and any attachments or schedules thereto, entered into by and between the Participant and the Partnership or its Affiliates, pursuant to which the Participant has agreed, among other things, to certain
restrictions relating to non-competition, non solicitation and/or confidentiality, in order to protect the business of the Partnership and its Affiliates. 
 (c) “Qualifying Event” shall mean, during the Participant’s Employment with the Partnership and its Affiliates, the Participant’s death, Disability or Retirement. 
 (d) “Restrictive Covenant Expiration Period” shall be the
[            ] period following the date of the Participant’s termination of Employment with the Partnership and its Affiliates. 
 (e) “Retention Percentage” shall mean (i) [    ]%, during the period from the [date]
until the [            ] Anniversary Date; (ii) [    ]%, during the period from the First Anniversary Date until the
[            ] Anniversary Date; (iii) [    ]%, during the period from the
[            ] Anniversary Date until the [            ] Anniversary Date; and
(iv) [    ]%, during the period from the [            ] Anniversary Date until the date on which the Restrictive Covenant Expiration Period expires,
at which time it shall be 0%. 
 (f) “Retention Units” shall mean, on any given date, the Deferred Units that
have become Vested Deferred Units and which are retained by the Partnership (along with the underlying Blackstone Holdings Partnership Units) in accordance with Section 4 hereof. 
 (g) “Retirement” shall mean the retirement of a Participant from his or her Employment with the Partnership and its
Affiliates after (i) the Participant has reached age 65 and has at least five full years of service with the Partnership and its Affiliates, or (ii) (x) the Participant’s age plus years of service with the Partnership and its
Affiliates totals at least 65, (y) the Participant has reached age 50, and (z) the Participant has had a minimum of five years of service; provided, however, that no Participant will be eligible for Retirement prior to June 30, 2010.

  

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 (h) “Vested Deferred Units” shall mean those Deferred Units which have
become vested pursuant to Section 3 or otherwise pursuant to the Plan. 
 (i) “Vesting Dates” shall mean
each of the [            ], [            ],
[            ], [            ] and
[            ] anniversaries of [date], as described in Section 3(a) hereof. 
 3. Vesting. 
 (a) Vesting – General. Subject to the Participant’s
continued Employment with the Partnership and its Affiliates, the Award shall vest on the applicable Vesting Dates as follows: 
 (i) [    ]% of the Deferred Units granted hereunder shall vest on each of the following dates: (I) the [            ] anniversary of [date]
(the “[            ] Anniversary Date”); (II) the [            ] anniversary of [date] (the
“[            ] Anniversary Date”); (III) the [            ] anniversary of the [date] (the
“[            ] Anniversary Date”); (IV) the [            ] anniversary of the [date] (the
“[            ] Anniversary Date”); and (V) the [            ] anniversary of the [date] (the
“[            ] Anniversary Date”) (each an “Anniversary Vesting Date”). 
 (b) Vesting – Qualifying Events. 
 (i) Death or Disability. Upon the occurrence of a Qualifying Event on account of the death or Disability of the Participant, 100% of the Deferred Units granted hereunder shall vest (to the extent not previously
vested) upon the date of such event. 
 (ii) Retirement. Upon the occurrence of a Qualifying Event on account of the
Retirement of the Participant, (I) 50% of the then unvested Deferred Units shall vest upon the date of such event, and (II) all other unvested Deferred Units shall be cancelled immediately and the Participant shall automatically forfeit all
rights with respect to such unvested Deferred Units upon the date of such event. 
 (c) Vesting – Terminations.
Except as otherwise set forth in Section 3(b), in the event the Participant’s Employment with the Partnership and its Affiliates is terminated for any reason, the portion of the Award that has not yet vested pursuant to Section 3(a)
or 3(b) hereof (or otherwise pursuant to the Plan) shall be cancelled immediately and the Participant shall automatically forfeit all rights with respect to such portion of the Award as of the date of such termination. 
 4. Delivery. 
 (a)
Delivery – General. The Partnership shall, on each applicable Anniversary Vesting Date set forth below, deliver to the Participant the Blackstone Holdings Partnership Units underlying the Deferred Units which vest and become Vested

  

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Deferred Units on such date; provided that on each such Anniversary Vesting Date, the Partnership shall retain, as Retention Units (and withhold the
corresponding underlying Blackstone Holdings Partnership Units with respect thereto) a number of Vested Deferred Units so that the aggregate number of Retention Units at such time (expressed as a percentage of the aggregate number of Deferred Units
awarded to the Participant which have vested as of such date) is equal to the applicable Retention Percentage. The Blackstone Holdings Partnership Units underlying Retention Units will be delivered to the Participant as and when, and to the extent
that, the number of Retention Units at any time exceeds the applicable Retention Percentage, as illustrated in the table below. 
  

											
	 	  	Annual
Vesting	  	Cumulative
Vesting	  	Retention
Percentage	  	Annual
Delivery
Percentage	  	Cumulative
Delivery
Percentage
	 [            ] Anniversary Date
	  		  		  		  		  	
	 [            ] Anniversary Date
	  		  		  		  		  	
	 [            ] Anniversary Date
	  		  		  		  		  	
	 [            ] Anniversary Date
	  		  		  		  		  	
	 [            ] Anniversary Date
	  		  		  		  		  	

 (b) Delivery – Qualifying Events. 
 (i) Death or Disability. Upon the occurrence of a Qualifying Event on account of the Participant’s death or Disability, the
Partnership shall, within 10 days following the date of such event, deliver Blackstone Holdings Partnership Units to the Participant in respect of 100% of the Deferred Units which vest and become Vested Deferred Units on such Date and any then
outstanding Retention Units (to the extent not previously delivered). 
 (ii) Retirement. Upon the occurrence of a
Qualifying Event on account of the Participant’s Retirement, the Partnership shall, within 10 days following the date of such event, deliver Blackstone Holdings Partnership Units to the Participant in respect of those Deferred Units which vest
and become Vested Deferred Units as of such date by application of Section 3(b)(ii) (i.e., 50% of the then unvested Deferred Units) and any then outstanding Retention Awards Deferred Units (to the extent not previously delivered).

 (c) Delivery – Terminations. Except as otherwise set forth in Section 4(b) or 4(d), in the event the
Participant’s Employment with the Partnership and its Affiliates is terminated for any reason, the Partnership shall (i) within 10 days following the date of such termination, deliver Blackstone Holdings Partnership Units to the
Participant in respect of the Vested Deferred Units as of such date that are not Retention Units (if any), and (ii) deliver Blackstone Holdings Partnership Units to the Participant in respect of the Retention Units in accordance with the
delivery schedule set forth in Section 4(a), until the date on which the Restrictive Covenant Expiration Period expires, at which point all remaining Retention Units shall be delivered to the Participant. 
  

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 (d) Forfeiture – Cause Termination or Breach of Restrictive Covenants.
Notwithstanding anything to the contrary herein, upon the termination of the Participant’s Employment by the Partnership or any of its Affiliates for Cause or upon the Participant’s breach of any of the restrictive covenants contained
within an applicable Non-Competition, Nonsolicitation and Confidentiality Agreement, all outstanding Deferred Units (whether or not vested) and Retention Units shall immediately terminate and be forfeited without consideration and no further
Blackstone Holdings Partnership Units with respect of the Award shall be delivered to the Participant or to the Participant’s legal representative, beneficiaries or heirs. 
 5. Change in Control. Notwithstanding anything to the contrary herein, in the event of a Change in Control, (i) 100% of the Deferred Units
granted hereunder which then remain outstanding shall vest (to the extent not previously vested) upon the date of such Change in Control, and (ii) the Partnership shall deliver Blackstone Holdings Partnership Units to the Participant at the
same times as would otherwise be delivered pursuant to Section 4(a); provided, however, if such Change in Control (or any subsequent Change in Control) would constitute “a change in the ownership or effective control” or
a “change in the ownership of a substantial portion of the assets” of the Partnership (in each case within the meaning of Section 409A of the Code), the Partnership shall instead deliver Blackstone Holdings Partnership Units to the
Participant in respect of 100% of the then outstanding Deferred Units and Retention Units (to the extent not previously delivered) on or within 10 days following such Change in Control. 
 6. Dividends. If on any date while Deferred Units are outstanding hereunder any cash distributions shall be paid on the Blackstone Holdings
Partnership Units (whether vested or unvested), the Participant shall be entitled to receive, as of such distribution date, a cash payment equal to the product of (a) the number of Deferred Units, if any, held by the Participant as of the
related distribution date, multiplied by (b) the per Blackstone Holdings Partnership Unit amount of such cash distribution. 
 7.
Adjustments Upon Certain Events. The Administrator shall, in its sole discretion, make certain substitutions or adjustments to any Retention Units or Deferred Units subject to this Award Agreement pursuant to Section 9 of the Plan.

 8. No Right to Continued Employment. The granting of the Deferred Units evidenced by this Award Agreement shall impose no
obligation on the Partnership or any Affiliate to continue the Employment of the Participant and shall not lessen or affect the Partnership’s or its Affiliate’s right to terminate the Employment of such Participant. 
 9. No Rights of a Holder of Blackstone Holdings Partnership Units. Except as otherwise provided herein, the Participant shall not have any rights
as a holder of Blackstone Holdings Partnership Units until such Blackstone Holdings Partnership Units have been issued or transferred to the Participant. 
  

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 10. Restrictions. Any Blackstone Holdings Partnership Units issued or transferred to the
Participant pursuant to Section 4 of this Award Agreement shall be subject to such stop transfer orders and other restrictions as the Administrator may deem advisable under the Plan or the rules, regulations, and other requirements of the
Securities and Exchange Commission, any stock exchange upon which such Blackstone Holdings Partnership Units are listed and any applicable U.S. or non-U.S. federal, state or local laws, and the Administrator may cause a notation or notations to be
put entered into the books and records of the Partnership to make appropriate reference to such restrictions. 
 11. Transferability.
Unless otherwise determined or approved by the Administrator, no Deferred Units or Retention Units may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of
descent and distribution, and any purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance not permitted by this Section 11 shall be void and unenforceable against the Partnership or any Affiliate. 
 12. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by courier service, by fax, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this Section 12): 
 (a) If to the Partnership,
to: 
 The Blackstone Group L.P. 
 345 Park Avenue 
 New York, New York, 10154 
 Attention: Chief Legal Officer 
 Fax: (212) 583-5258 
 (b) If to the Participant, to the address appearing in the personnel records of the Partnership or any Affiliate. 
 13. Withholding. The Participant may be required to pay to the Partnership or any Affiliate and the Partnership or any Affiliate shall have the right and is hereby authorized to withhold from any issuance or transfer due under this
Agreement or under the Plan or from any compensation or other amount owing to the Participant, applicable withholding taxes with respect to any issuance or transfer under this Award Agreement or under the Plan and to take such action as may be
necessary in the opinion of the Partnership to satisfy all obligations for the payment of such withholding taxes, including, without limitation, by reducing the number of Blackstone Holdings Partnership Units that would otherwise be transferred or
issued pursuant to this Award Agreement. Without limiting the foregoing, the Administrator may, from time to time, permit the Participant to make arrangements prior to any vesting date or delivery date described herein to pay the applicable
withholding taxes by remitting a check prior to the applicable vesting or delivery date. 
  

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 14. Choice of Law. The interpretation, performance and enforcement of this Award Agreement shall
be governed by the law of the State of New York. 
 15. Subject to Plan. By entering into this Award Agreement, the Participant agrees
and acknowledges that the Participant has received and read a copy of the Plan. All Deferred Units, Retention Units and Blackstone Holdings Partnership Units issued or transferred with respect thereof are subject to the Plan. In the event of a
conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 
 16. Entire Agreement. This Award Agreement contains the entire understanding between the parties with respect to the Deferred Units granted hereunder (including, without limitation, the vesting and delivery
schedules described herein), and hereby replaces and supersedes any prior communication and arrangements between the Participant and the Partnership or any of its Affiliates with respect to the matters set forth herein and any other pre-existing
economic or other arrangements between the Participant and the Partnership or any of its Affiliates, unless otherwise explicitly provided for in any other agreement that the Participant has entered into with the Partnership or any of its
Affiliates and that is set forth on Schedule A hereto. Unless set forth on Schedule A hereto, no such other agreement entered into prior to the date hereof shall have any effect on the terms of this Award Agreement. 
 17. Modifications. Notwithstanding any provision of this Award Agreement to the contrary, the Partnership reserves the right to modify the terms
and conditions of this Award Agreement, including, without limitation, the timing or circumstances of the issuance or transfer of Blackstone Holdings Partnership Units to the Participant hereunder, to the extent such modification is determined by
the Partnership to be necessary to comply with applicable law or preserve the intended deferral of income recognition with respect to the Deferred Units and Retention Units until the issuance or transfer of Blackstone Holdings Partnership Units
hereunder. 
 18. Signature in Counterparts. This Award Agreement may be signed in counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Signatures on next page.] 

 

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 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement. 
  

			
	THE BLACKSTONE GROUP L.P.
		
	By:	 	  

	Name:	 	
	
	THE PARTICIPANT
		
	By:	 	  

	Name:	 	

  

 8Employment Agreement between GateHouse Media, Inc. and Mark Maring

 Exhibit 10.1 
 

 
 February 4, 2008 
 Mr. Mark Maring 
 Dear Mark: 
 To confirm our recent conversation, I am pleased to offer you the position Vice President, Investor Relations and Strategic Development at GateHouse Media, Inc. (“GHS”). This position will report to the CEO
along with dotted line reporting responsibility to the CFO. Your initial annual base salary will be at the rate of $200,000.00 per year. You will also be eligible for an annual bonus based on achievement of annually agreed upon targets, of up to 70%
of base pay. This bonus will be paid with a combination of cash and restricted stock and is subject to approval by the Compensation Committee. For fiscal year 2008 only, you will receive a cash bonus of not less than $70,000. 
 You can elect to receive as soon as practicable from your start date, assuming you are an employee in good standing at such time, either 1) an initial
award of GateHouse Media, Inc. restricted stock having a value on the date of grant equal to $100,000.00, or 2) an initial award of GateHouse Media, Inc. restricted stock equal to three times an initial investment made by you in GateHouse Media,
Inc. stock. Any such award will be subject to review and approval of our Compensation Committee. Once approved, the restricted stock award will be subject to certain transfer and forfeiture restrictions and will vest ratably over five years, equally
in the last three years of the period, and otherwise be subject to the terms and conditions of the GateHouse Media, Inc. Omnibus Stock Plan then in effect. THIS LETTER DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES OF GATEHOUSE MEDIA, INC. 
 In addition, you will be entitled to participate in all GHS benefit plans we offer for which you are
eligible, all in accordance with the terms of such plans. While the plans offered may change from time to time during your employment we currently offer the following: 
  

	 	•	 	 Vacation: 20 days per year (pro-rated for 2008) 

	 	•	 	 Health Insurance: Excellus Blue Cross Blue Shield PPO plans 

	 	•	 	 Dental Insurance: MetLife 

	 	•	 	 Life Insurance: Sun Life Financial 

	 	 •
	 	 401(k) with a company match : Available the 1st of the month following 30 days of employment 

	 	•	 	 Short and Long Term Disability 

 

 
 Your starting date will be at a mutually agreed upon date. 
 As a formal indication of your acceptance of this position, please sign this letter in the space below and return it to me no later than 5:00 p.m. local
time, on February 12, 2008. 
 In accepting our offer of employment, you certify your understanding that your employment will be on an
at-will basis, and that neither yourself nor the company has entered into a contract regarding the terms or duration of your employment. As an at-will employee, you will be free to terminate your employment with the company at any time, with or
without cause or advance notice. Likewise, the company will have the right to reassign you, to change your compensation, or to terminate your employment at any time, with or without cause or advance notice. 
 In the event of involuntary not for cause termination or a change in control with termination, you shall be entitled to: 
  

	 	(i)	accrued but unpaid base salary and accrued and unused vacation pay through the date of such termination; 

	 	(ii)	an amount equal to twelve (12) months’ current base salary; 

	 	(iii)	the annual bonus including any declared bonus not yet paid; 

	 	(iv)	continuation of health benefits at the same levels until the earlier of (a) the time it takes to become eligible for benefits from a new employer or (b) twelve
(12) months from the date of termination 

	 	(v)	the shares subject to the Initial Stock Grant and any additional Restricted Stock Bonuses that would have vested on the next anniversary date following the date of such termination,
but in no event less than one-third (1/3) each of the shares subject to the Initial Stock Grant and any additional Restricted Stock Bonuses; and 

	 	(vi)	if within twelve (12) months of a change in control, 100% of the remaining unvested shares subject to the Initial Stock Grant and an additional Restricted Stock Bonuses, which
shall automatically vest. 

 We look forward to your arrival at GHS and are confident that you will play a key role in our
company’s growth and expansion. Please let me know if you have any questions or if I can do anything to make your arrival easier. 

 

 
 If you have any questions, please feel free to contact me by calling (585) 598-0029. For information
regarding your benefit programs, please contact Amy V. Kahn, SPHR, Director, Human Resources at (585) 598-0045. 
  

	
	Very truly yours,
	
	 Mike Reed
 Chief Executive Officer

 Agreed and accepted this        day of
                                    , 2008 

 

			
	
		
	By:	 	/s/ Mark Maring
		 	    Mark Maring

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