Document:

ex103-2021x3x1formofinit

      GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.  RESTRICTED SHARE AWARD AGREEMENT     This RESTRICTED SHARE AWARD AGREEMENT (the “Award”) is made and entered into as  of the 1st day of March, 2021, by and between Griffin Capital Essential Asset REIT, Inc., a Maryland  corporation (the “Company”), and _______________ (the “Participant”).     Upon and subject to the Additional Terms and Conditions attached hereto and incorporated herein  by reference as part of this Award, the Company hereby awards as of the Grant Date to the Participant the  Restricted Shares described below in consideration of the Participant’s services to the Company and  Participant hereby accepts the Restricted Shares subject to the terms of the Plan and this Award.    A. Grant Date:  March 1, 2021    B. Restricted Shares:  3,901 shares of the Company’s Common Stock, $0.001 par value per share.    C. Plan (under which Award is granted): Griffin Capital Essential Asset REIT, Inc. Amended and  Restated Employee and Director Long-Term Incentive Plan    D. Vesting:  The Restricted Shares shall be fully vested as of the Grant Date.         IN WITNESS WHEREOF, the Company and Participant have signed this Award as of the Grant  Date set forth above.     GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.     By:                Participant   Title:         

 

  1    ADDITIONAL TERMS AND CONDITIONS OF  GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.  RESTRICTED SHARE AWARD    1. Code Section 83(b) Election.  Pursuant to Section 23.5 of the Plan, the Participant  acknowledges that the Participant may not make an election under Section 83(b) of the Code without the  Company’s consent.  Any attempt by the Participant to make an election under Section 83(b) of the Code  without the Company’s consent will result in the immediate forfeiture of this Award.    2. Issuance of Restricted Shares.       (a) The Company shall issue the Restricted Shares as of the Grant Date in one or  more of the manners described below, as determined by the Company, in its sole discretion:     (i) by the issuance of share certificate(s) evidencing Restricted Shares to the  Secretary of the Company or such other agent of the Company as may be designated by  the Company or the Secretary (the “Share Custodian”); or    (ii) by documenting the issuance in uncertificated or book entry form on the  Company’s stock records.      Evidence of the Restricted Shares either in the form of share certificate(s) or book entry, as the  case may be, shall be held by the Share Custodian or the Company, as applicable, until the  Restricted Shares become Vested Shares in accordance with the Vesting Schedule.     (b) In the event that the Participant forfeits any of the Restricted Shares, the  Company shall cancel the issuance on its stock records and, if applicable, the Share Custodian  shall promptly deliver the share certificate(s) representing the forfeited shares to the Company.    (c) Participant hereby irrevocably appoints the Share Custodian, and any successor  thereto, as the true and lawful attorney-in-fact of Participant with full power and authority to  execute any stock transfer power or other instrument necessary to transfer any Restricted Shares  to the Company in accordance with this Award, in the name, place, and stead of the Participant,   by completing an irrevocable stock power in favor of the Share Custodian in the form attached  hereto as Exhibit 1.  The term of such appointment shall commence on the Grant Date of this  Award and shall continue until the last of the Restricted Shares are delivered to the Participant as  Vested Shares or are returned to the Company as forfeited Restricted Shares.    (d) In the event the number of shares of Common Stock is increased or reduced as a  result of a subdivision or combination of shares of Common Stock or the payment of a stock  dividend or any other increase or decrease in the number of shares of Common Stock or other  transaction such as a merger, reorganization or other change in the capital structure of the  Company, the Participant agrees that any certificate representing shares of Common Stock or  other securities of the Company issued as a result of any of the foregoing shall be delivered to the  Share Custodian or recorded in book entry form, as applicable, and shall be subject to all of  the  provisions of this Award as if initially granted hereunder.    3. Rights of a Stockholder.  Until the stock ledger entry reflecting the Restricted Shares  accruing to the Participant upon vesting of the Restricted Shares is made, the Participant shall not have  any rights as a stockholder.    

 

  2    4. Dividends.  The Participant shall be entitled to dividends or other distributions paid or  made on Restricted Shares but only as and when the Restricted Shares to which the dividends or other  distributions are attributable become Vested Shares.  Dividends paid on Restricted Shares will be held by  the Company and transferred to the Participant, without interest, on such date as the Restricted Shares  become Vested Shares.  Dividends or other distributions paid on Restricted Shares that are forfeited shall  be retained by the Company.    5. Restrictions on Transfer of Restricted Shares.      (a) Except to the extent approved in writing by the Committee, the Participant shall  not have the right to make or permit to exist any transfer or hypothecation, whether outright or as  security, with or without consideration, voluntary or involuntary, of all or any part of  any r ight,   title, or interest in or to any Restricted Shares or Vested Shares prior to the date the Participant  becomes fully vested in all Restricted Shares granted pursuant to this Award.  After all Restricted  Shares have become fully vested pursuant to this Award, there shall be no restrictions on the  transfer of the Vested Shares other than those restrictions imposed by any Applicable Laws.      (b) The restrictions contained in this Section will not apply with respect to transfers  of the Restricted Shares pursuant to the laws of descent and distribution governing the state in  which the Participant is domiciled at the time of the Participant’s death; provided that the  restrictions contained in this Section will continue to be applicable to the Restricted Shares after   any such transfer; and provided further that the transferee(s) of such Restricted Shares must agree  in writing to be bound by the provisions of this Award.    6. Changes in Capitalization.     (a) The number of Restricted Shares shall be proportionately adjusted from and after   the record date for any nonreciprocal transaction between the Company and the holders of capital  stock of the Company that causes the per share value of the shares of Common Stock underlying  the Award to change (an “Equity Restructuring”), such as a stock dividend, stock split, spinoff,  rights offering, or recapitalization through a large, nonrecurring cash dividend.     (b) In the case of any reclassification or change of outstanding Common Stock  issuable upon vesting of the Award, or in the case of any consolidation or merger of the Company  with or into another entity (other than a merger in which the Company is the surviving entity and  which does not result in any reclassification or change in the then-outstanding Stock) or in the  case of any sale or conveyance to another entity of the property of the Company as an entirety or   substantially as an entirety, in each case that is not an Equity Restructuring, then, as a condition  of such reclassification, change, consolidation, merger, sale or conveyance, the Company or such  successor or purchasing entity, as the case may be, shall make lawful and adequate provision  whereby the Participant shall thereafter have the right, on exercise of the Award, to receive the  kind and amount of securities, property and/or cash receivable upon such reclassification, change,  consolidation, merger, sale or conveyance by a holder of the number of securities issuable upon  vesting of the Award immediately before such reclassification, change, consolidation, merger,  sale or conveyance. Such provision shall include adjustments that shall be as nearly equivalent as  may be practicable to the adjustments provided for in Subsection (a). Notwithstanding the  foregoing, if such a transaction occurs, in lieu of causing such rights to be substituted for the  Award, the Committee may, upon 20 days’ prior written notice to the Participant, in its sole  discretion: (i) shorten the period during which the Award vests, provided it vests not more than  20 days after the date the notice is given, or (ii) cancel the Award upon payment to the Participant  in cash, with respect to the Award, of an amount which, in the sole discretion of the Committee,   

 

  3    is determined to be equivalent to the amount, if any, by which the Fair Market Value (at the  effective time of the transaction) of the consideration that the Participant would have received if   the Award had been vested before the effective time. The actions described in this Subsection (b)   may be taken without regard to any resulting tax consequences to the Participant. Any  determination made by the Committee pursuant to this Subsection (b) will be final and binding on  the Participant.  Any action taken by the Committee need not treat all Participants under the Plan  similarly.     (c) The existence of the Plan and this Award shall not affect in any way the r ight or   power of the Company to make or authorize any adjustment, reclassification, reorganization or  other change in its capital or business structure, any merger or consolidation of the Company, any  issue of debt or equity securities having preferences or priorities as to the Common Stock or  the  rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or any part  of its business or assets, or any other corporate act or proceeding.     7. Compliance With Laws.  The Plan, the granting and vesting of this Award under the Plan,  the issuance and delivery of the Restricted Shares, and the payment of money or other consideration  allowable under the Plan or this Award are subject to compliance with all applicable federal and state  laws, rules and regulations (including, but not limited to, state and federal securities laws and federal  margin requirements) and to such approvals by any listing, regulatory or governmental authority as may,   in the opinion of counsel for the Committee, the Board or the Company, be necessary or advisable in  connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the  person acquiring such securities shall, if requested by the Company, provide such assurances and  representations to the Company as the Committee, the Board or the Company may deem necessary or  desirable to assure compliance with all applicable legal requirements. To the extent permitted by  applicable law, the Plan and this Award shall be deemed amended to the extent necessary to conform to  such laws, rules and regulations. Nothing in the Plan or in this Award shall require the Company to issue  any Stock with respect to the Award if, in the opinion of counsel for the Company, that issuance could  constitute a violation of any Applicable Laws. As a condition to the grant or exercise of the Award, the  Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal  representatives, heirs, legatees or distributees) to provide written representations concerning the  Participant’s (or such other person’s) intentions with regard to the retention or disposition of the  Restricted Shares and written covenants as to the manner of disposal of such Stock as may be necessary  or useful to ensure that the grant, exercise or disposition thereof will not violate the Securities Act, any  other law or any rule of any applicable securities exchange or securities association then in effect. The  Company shall not be required to register any Stock under the Securities Act or register or qualify any  Stock under any state or other securities laws.    8. Legend on Stock Certificates. Certificates evidencing the Restricted Shares, if issued,  may have the following legend and statements of other applicable restrictions endorsed thereon:    THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE LAWS.   THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED OR  OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE  SATISFACTORY TO THE ISSUER (WHICH, IN THE SOLE DISCRETION OF THE ISSUER,  MAY  INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER,   SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE ANY APPLICABLE  FEDERAL OR STATE SECURITIES LAWS.    This legend shall not be required for any shares of Stock issued pursuant to an effective  

 

  4    registration statement under the Securities Act.  Certificates evidencing the Restricted Shares, to the  extent appropriate at the time, shall also have noted conspicuously on the certificates a legend intended to  give all persons full notice of the existence of any other conditions, restrictions, rights and obligations set  forth in this Award and in the Plan.     Instead of the foregoing legend, the certificate may state that the Company will furnish a full  statement about certain restrictions on transferability to a stockholder on request and without charge. Such  statement shall also be sent on request and without charge to stockholders who are issued shares without a  certificate.       9. Governing Laws.  This Award shall be construed, administered and enforced according to  the laws of the State of Maryland; provided, however, no Restricted Shares shall be issued except,  in the  reasonable judgment of the Company, in compliance with exemptions under applicable state securities  laws of the state in which the Participant resides, and/or any other applicable securities laws.    10. Successors.  This Award shall be binding upon and inure to the benefit of the heirs, legal  representatives, successors, and permitted assigns of the parties.    11. Notice.  Except as otherwise specified herein, all notices and other communications under  this Award shall be in writing and shall be deemed to have been given if personally delivered or if sent by  registered or certified United States mail, return receipt requested, postage prepaid, addressed to the  proposed recipient at the last known address of the recipient.  Any party may designate any other address  to which notices shall be sent by giving notice of the address to the other parties in the same manner as  provided herein.    12. Severability.  In the event that any one or more of the provisions or portion thereof  contained in this Award shall for any reason be held to be invalid, illegal, or unenforceable in any respect,  the same shall not invalidate or otherwise affect any other provisions of this Award, and this Award shall  be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been  contained herein.    13. Entire Agreement.  Subject to the terms and conditions of the Plan, this Award expresses  the entire understanding and agreement of the parties.  This Award may be executed in two or more  counterparts, each of which shall be deemed an original but all of which shall constitute one and the same  instrument.    14. Violation.  Except as provided in Section 5, any transfer, pledge, sale, assignment, or  hypothecation of the Award or any portion thereof shall be a violation of the terms of this Award and  shall be void and without effect.    15. Headings.  Paragraph headings used herein are for convenience of reference only and  shall not be considered in construing this Award.      16. Specific Performance.  In the event of any actual or threatened default in,  or  breach of ,  any of the terms, conditions and provisions of this Award, the party or parties who are thereby aggrieved  shall have the right to specific performance and injunction in addition to any and all other rights and  remedies at law or in equity, and all such rights and remedies shall be cumulative.    17. No Right to Continued Service.  Neither the establishment of the Plan nor the award of  Restricted Shares hereunder shall be construed as giving the Participant the right to continue as a director   with the Company.  

 

  5      18. Special Definitions.  As used in this Award,    (a) “Liquidation Event” means any one of the following events which may occur  after the Grant Date:    (1) the dissolution or liquidation of the Company;     (2) the sale of all or substantially all of the assets of the Company on a  consolidated basis to an unrelated person or entity;     (3) a merger, reorganization or consolidation in which the outstanding shares  of Stock are converted into or exchanged for securities of the successor entity and the  holders of the Company’s outstanding voting power immediately prior to such  transaction do not own a majority of the outstanding voting power of the successor entity  immediately upon completion of such transaction;     (4) the sale of all or a majority of the outstanding capital stock of the  Company to an unrelated person or entity; or     (5) any other transaction in which the owners of the Company’s outstanding  voting power immediately prior to such transaction do not own at least a majority of  the  outstanding voting power of the successor entity immediately upon completion of the  transaction; provided, however, that a Liquidation Event shall not include any transaction  where the holders of capital stock of the Company do not receive consideration with  respect to their shares of capital stock of the Company in such transaction and such  shares of capital stock of the Company remain outstanding after the consummation of  such transaction.    Notwithstanding the foregoing, no Liquidation Event shall be deemed to have occurred with  respect to the Participant by reason of any actions or events in which the Participant participates  in a capacity other than in the Participant’s capacity as a director of the Company or as a  stockholder of the Company solely exercising the Participant’s voting or tendering rights.    (b) Other capitalized terms that are not defined herein have the meaning set forth in  the Plan, except where the context does not reasonably permit.  

 

  6    EXHIBIT 1      IRREVOCABLE STOCK POWER      The undersigned hereby assigns and transfers to Griffin Capital Essential Asset REIT, Inc. (the  “Company”), 3,901 shares of the Common Stock of the Company registered in the name of the  undersigned on the stock transfer records of the Company; and the undersigned does hereby irrevocably  constitute and appoint Javier F. Bitar, his attorney-in-fact, to transfer the aforesaid shares on the books of   the Company, with full power of substitution; and the undersigned does hereby ratify and confirm all that  said attorney-in-fact lawfully shall do by virtue hereof.      Date:      Signed:               Print Name:            IN THE PRESENCE OF:              (Print Name)              (Signature)ex104-2021x3x25formofawa

  GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.  TIME-BASED RESTRICTED STOCK UNIT AGREEMENT    This Restricted Stock Unit Agreement (this “Agreement”) is made by and between Griffin  Capital Essential Asset REIT, Inc., a Maryland corporation (the “Company”), and _______________ (the  “Participant”).    WHEREAS, the Company maintains a long-term incentive plan named Griffin Capital Essential  Asset REIT, Inc. Amended and Restated Employee and Director Long-Term Incentive Plan (the “Plan”);    WHEREAS, the Plan allows the grant of Awards to full-time employees of the Company;    WHEREAS, the compensation committee (the “Committee”) of the board of directors of the  Company (the “Board”) has designated employees of Griffin Capital Real Estate Company, LLC  (“GRECO”), a Delaware limited liability company and wholly-owned subsidiary of Griffin Capital  Essential Asset Operating Partnership, L.P., the operating partnership of the Company and owner of  100% of the equity interests of GRECO (the “Operating Partnership”), as  employees of  the Company  for purposes of the Plan and has otherwise determined that such employees of GRECO are eligible  persons under the Plan;    WHEREAS, the Committee has determined that GRECO is an Affiliate under the Plan;    WHEREAS, the Participant is a full-time employee of GRECO;    WHEREAS, Section 10 of the Plan provides for the issuance of restricted stock units (“RSUs”)  to eligible persons; and    WHEREAS, the Committee has determined that it would be to the advantage and in the best  interest of the Company and its Affiliates to cause RSUs to be issued to the Participant under the Plan,  subject to the terms and conditions set forth herein (the “Award”).    NOW, THEREFORE, in consideration of the mutual covenants herein contained and for  other   good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do  hereby agree as follows:    1. Issuance of RSUs. The Participant shall be granted, by the Company, a total of _____  RSUs, granted as of March 25, 2021 (the “Grant Date”), subject to the terms and conditions, rights,  voting powers, restrictions and limitations set forth herein and in the Plan.      2. Definitions. For purposes of this Agreement, the following terms shall have the meanings  set forth below.  All capitalized terms used but not otherwise defined herein shall have the meanings  ascribed to such terms in the Plan.    (a) “Cause” means “Cause” as defined in the Employment Agreement.    (b)  “Change in Control” means a “change in control event” with respect to either GRECO or the  Company, or both of them, within the meaning of Section 409A of the Code.    (c) “Code” means the Internal Revenue Code of 1986, as amended.    

 

(d) “Disability” means “Disability” as defined in the Employment Agreement.    (e) “Employment Agreement” means that certain employment agreement between the Company,  GRECO, the Operating Partnership, and the Participant dated __________ [  ], 20__, as in effect on the  date hereof.    (f)  “Good Reason” means “Good Reason” as defined in the Employment Agreement.    (g) “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of  1934, as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof,  except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or  other   fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries,  (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a  corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same  proportions as their ownership of stock of the Company.     (h)  “Qualifying Termination” means a termination of the Participant’s employment and service  with GRECO and its Subsidiaries (or any successors thereto) by reason of (i) the Participant’s death, (ii) a  termination due to the Participant’s Disability, (iii) an involuntary termination by the Company, GRECO  or any of their Subsidiaries other than for Cause, or (iv) a voluntary termination by the Participant for  Good Reason.    (i) “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of  the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.    (j) “Share” means one share of common stock of the Company.    (k) “Subsidiary” means with respect to any Person, any entity in which it owns, directly or  indirectly, the majority of the equity.     3. Plan Governs; Stockholder Rights; Transfer Restrictions.    (a) The RSUs are subject to the terms of the Plan and this Agreement.      (b) The Award shall not confer upon the Participant any rights as a stockholder of the Company,   including but not limited to, the right to receive any cash distributions or dividends and the r ight to vote  on any issues presented to stockholders for a vote, unless and until such issued Shares are reflected as  issued and outstanding on the Company’s stock ledger.  For the avoidance of doubt, a Participant will not  receive any cash distributions or dividends on any RSUs until such RSUs have vested.  For instance, if  the RSUs vest in accordance with the vesting schedule described in Section 4 below, a Participant will  receive an amount of Shares equal to 1/4 of the Participant’s RSUs as of March 25, 2022, 1/4 of the  Participant’s RSUs as of March 25, 2023, 1/4 of the Participant’s RSUs as of March 25, 2024 and 1/4 of the  Participant’s RSUs as of March 25, 2025, and will accordingly have all rights of a stockholder of the  Company with respect to such Shares at such time.    (c) Without the consent of the Committee (which it may give or withhold in its sole discretion),   the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively,   “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or  any  securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the  laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the  “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any  

 

Transfer of unvested RSUs or the Award to the Company.  Any permitted transferee of the Award or  RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement.  Any such  permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and  restrictions as the Company may reasonably require.  Any Transfer of the Award or RSUs which is not  made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.      4.  Vesting. The RSUs shall vest and become nonforfeitable with respect to 1/4 of the RSUs on  March 25 of each of 2022, 2023, 2024 and 2025, subject to the Participant’s continued employment and  service with GRECO, the Company or any of their Subsidiaries (or applicable successors thereto) through  the applicable vesting date; provided that vesting may accelerate as specifically set forth in the  Employment Agreement, or in the following situations:      (a)  Change in Control.  Subject to Section 4(b), in the event that a Change in Control occurs, the  RSUs shall vest in full as of immediately prior thereto, unless this Award is assumed, continued,  converted or replaced with a substantially similar award by the Company or a successor entity or its  parent or subsidiary.     (b)  Effect of Termination of Service.  In the event that the Participant incurs a Qualifying  Termination, the RSUs shall vest in full as of immediately prior to such Qualifying Termination.    In the event of the Participant’s termination of employment and service with GRECO, the  Company and their Subsidiaries for any reason (other than a Qualifying Termination), all RSUs that have  not vested as of the date of such termination of employment or service (after taking into account any  accelerated vesting that occurs in connection with such termination) shall automatically and without  further action be cancelled and forfeited without payment of any consideration therefor, and the  Participant shall have no further right to or interest in such RSUs.    The benefits provided by this Section 4(b) are subject to the condition that the Participant (or ,  in  the event of the Participant’s death or Disability, the Participant’s estate or personal representative, as the  case may be) timely execute and not revoke a written release of claims against GRECO, the Company and  their Subsidiaries in the form attached as Exhibit A to the Employment Agreement (a “Release”).   Such  signed Release must be delivered to the Company on or within sixty (60) days following the date of  such  Qualifying Termination.  If the date for signing the Release spans two calendar years, then the Shares that  are otherwise due upon vesting of the RSUs shall not be issued prior to the first day of the second such  calendar year.    5. Settlement of Award.  Subject to the release requirements set forth in Section 4(b) and  Participant’s timely execution of any required documents as described in Section 7, as soon as  administratively practicable following the date that an RSU vests, but in any event within seventy (70)  days thereafter, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one  basis).  In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a  short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed  and administered in such a manner.     6.  Adjustments for Corporate Transactions and Other Events.    (a)  Stock Dividend, Stock Split and Reverse Stock Split.  Upon a stock dividend of, or stock split  or reverse stock split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in  an equitable manner to reflect such event. Adjustments under this paragraph will be made by the  Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will  be final, binding and conclusive.  

 

(b) Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting  corporation in any merger or consolidation in which the Shares are converted into other securities, the  RSUs shall pertain to and apply to the securities to which a holder of the number of Shares subject to the  RSUs would have been entitled.  If the stockholders of the Company receive by reason of any distribution  in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets,  securities of another entity or other property (including cash), then the rights of the Company under this  Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the  securities or other property (including cash) to which a holder of the number of Shares subject to the  RSUs would have been entitled, in the same manner and to the same extent, including the same  restrictions and vesting and payment schedule, as the RSUs.    (c) Other Adjustments.  Notwithstanding the foregoing, the RSUs shall be subject to adjustment  as set forth in the Plan.    7. Company Documents.  At the Company’s reasonable and customary request, the Participant  must timely execute and deliver to the Company any shareholders’ agreements, investment  representations or other documents that the Company, in its sole discretion, deems necessary or desirable  to effectuate the issuance of the Shares.      8.  Securities Law Compliance.  None of the Company’s securities are presently publicly traded,   and the Company has made no representations, covenants or agreements as to whether there will be a  public market for any of its securities.  The RSUs cannot be transferred by the Participant unless such  transfer is registered under the Securities Act or an exemption from such registration is available.  The  Company has made no agreements, covenants or undertakings whatsoever to register the transfer of the  RSUs under the Securities Act.  The Company has made no representations, warranties, or covenants  whatsoever as to whether any exemption from the Securities Act, including, without limitation, any  exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act,  shall be available.  If an exemption under Rule 144 is available at all, it shall not be available until at least  six months from issuance of the Award and then not unless the terms and conditions of Rule 144 have  been satisfied.    To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or   distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or  exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities  Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of   any public or private debt or equity securities offering by the Company (except as part of such offering),   if and to the extent requested in writing by the Company in the case of a non-underwritten public or  private offering or if and to the extent requested in writing by the managing underwriter or underwriters  (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which  consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an  underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided  by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers,  as the  case may be).    Certificates evidencing the Shares issued in connection with the RSUs, to the extent such  certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel  may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without  limitation, the following legends or any legends similar thereto:     “Any transfer of the securities represented hereby shall be invalid unless a  Registration Statement under the Securities Act of 1933, as amended (the  

 

“Securities Act”) is in effect as to such transfer or in the opinion of  counsel  for Griffin Capital Essential Asset REIT, Inc. (the “Company”) such  registration is unnecessary in order for such transfer to comply with the  Securities Act.  The securities represented hereby are subject to  transferability and other restrictions as set forth in (i) a written agreement  with the Company and (ii) the Griffin Capital Essential Asset REIT II, Inc.  Employee and Director Long Term Incentive Plan, in each case, as has been  and as may in the future be amended (or amended and restated) from time to  time, and such securities may not be sold or otherwise transferred except  pursuant to the provisions of such documents.”    The Participant acknowledges that the Plan and this Agreement are intended to conform to the  extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all  applicable laws.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the  Award is granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent  permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent  necessary to conform to such laws, rules and regulations.    9.  Taxes.  GRECO, the Company or any of their Subsidiaries may withhold from the  Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or  employment taxes resulting from the vesting or settlement of the Award (including the RSUs); provided,   however, that GRECO, the Company and their Subsidiaries, and the Affiliates, have not made warranties  or representations to the Participant with respect to the income tax consequences of the transactions  contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or  any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax  consequences.  Notwithstanding the foregoing, and with the prior approval of the Committee, the  Participant may, upon vesting or settlement of the RSUs, elect to have the Company withhold Shares  equal in value to the maximum statutory rate for federal, state, and local income and employment taxes  applicable in Participant’s jurisdiction to satisfy any withholding tax obligations resulting from the  vesting and settlement of the RSUs.  To the extent that the Shares withheld are not sufficient to cover all  taxes due, the Participant shall be responsible for any remaining amount of taxes that may be due.  To the  extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with  the Award, the Company shall accelerate the payment of a portion of the Award sufficient to satisfy (but  not in excess of) such tax withholding obligations and any tax withholding obligations associated with  any such accelerated payment, and the Company shall withhold such amounts in satisfaction of such  withholding obligations.  The Participant is advised to consult with his or her own tax advisor with  respect to such tax consequences and his or her receipt and settlement of the RSUs.      10. Remedies.  The Participant shall be liable to GRECO, the Company and their Subsidiaries for  all costs and damages, including incidental and consequential damages, resulting from a disposition of the  Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the  generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific  performance of the obligations of the Participant under this Agreement and immediate injunctive relief in  the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge  as a defense that there is an adequate remedy at law.     11. Code Section 409A.      (a) General.  To the extent applicable, this Agreement shall be interpreted so that this Award is  exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code  and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section  

 

409A”).  Notwithstanding any provision of this Agreement to the contrary, in the event that following the  Grant Date the Company determines that the Award must be revised to maintain exemption from or to  comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other   policies and procedures (including amendments, policies and procedures with retroactive effect), or  take  any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award  from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the  Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 11  shall not create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt  any such amendment, policy or procedure or take any such other action, and none of GRECO, the  Company or any of their Subsidiaries shall have any obligation to indemnify any Person for any taxes  imposed under or by operation of Section 409A (except to the extent such taxes are imposed due to an  operational failure).    (b) Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the  Participant under this Agreement during the six (6)-month period following the Participant’s “separation  from service” to the extent that the Committee determines that the Participant is a “specif ied employee”  (each within the meaning of Code Section 409A) at the time of such separation from service and that  paying such amounts at the time or times indicated in this Agreement would be a prohibited distr ibution  under Code Section 409A(a)(2)(b)(i).  If the payment of any such amounts is delayed as a result of the  previous sentence, then on the first business day following the end of such six (6)-month period (or  such  earlier date upon which such amount can be paid under Code Section 409A without being subject to such  additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have  otherwise been payable to the Participant during such six (6)-month period under this Agreement.   Such  specified employee delay does not apply to payments made on account of payment of employment taxes  or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).    12. Miscellaneous.       (a)  Incorporation of the Plan.  This Agreement is subject to the terms and conditions of the Plan,   which are incorporated herein by reference. In the event of any inconsistency between the Plan and this  Agreement, the terms of the Plan shall control.     (b)  Not a Contract of Service Relationship.  Nothing in this Agreement or in the Plan shall confer  upon the Participant any right to continue to serve as an employee or other service provider  of  GRECO,   the Company or any of their Subsidiaries or shall interfere with or restrict in any way the rights of  GRECO, the Company or any of their Subsidiaries, which rights are hereby expressly reserved, to  discharge or terminate the services of the Participant at any time for any reason whatsoever, with or  without Cause, except to the extent expressly provided otherwise in a written agreement between  GRECO, the Company or any Subsidiary and the Participant.    (c)  No Benefit Accruals.  This Award is designated as a bonus that is in addition to the regular  cash wages of the Participant. No amount of stock or income received by the Participant pursuant to this  Award will be considered compensation for purposes of any severance or any pension, retirement,  insurance or other employee benefit plan or program of GRECO, the Company or any of their  Subsidiaries in calculating any employment-related benefits to which the Participant may be entitled from  the Participant’s employment or service with GRECO.  Participation in the Plan is discretionary and  voluntary, and the Plan can be terminated at any time.  This Award does not create a right or entitlement  to future awards, whether pursuant to the Plan or otherwise.     

 

(d)  Governing Law.  The laws of the State of California shall govern the interpretation, validity,  administration, enforcement and performance of the terms of this Agreement regardless of the law that  might be applied under principles of conflicts of laws.    (e)  Amendment, Suspension and Termination.  To the extent permitted by the Plan, this  Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any  time or from time to time by the Committee or the Board; provided, however, that, except as may  otherwise be provided by the Plan, no amendment, modification, suspension or termination of this  Agreement shall adversely affect the Award in any material way without the prior written consent of  the  Participant.  For purposes of this paragraph, “material” means a change that the Committee or Board  determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of  the  RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the  Shares hereunder.  For clarity, changes to features that the Committee or Board determines in good faith  are an insignificant or unimportant feature of the Award, involve an administrative process, or are too  remote to be reasonably expected to occur, shall not be considered “material.”      (f)  Notices. Any notice to be given under the terms of this Agreement shall be addressed to the  Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be  given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on  GRECO’s records.  Any notice shall be deemed duly given when sent via email or when sent by reputable  overnight courier or by certified mail (return receipt requested) through the United States Postal Service.       (g)  Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its  rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit  of the successors and assigns of GRECO, the Company and their Subsidiaries.  Subject to the restrictions  on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or   her heirs, executors, committees, successors and assigns.     (h)  Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any)  constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and  agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject  matter hereof.     (i)  Clawback.  This Award shall be subject to any clawback or recoupment policy required by  law.     (j)  Spousal Consent.  As a condition to GRECO’s, the Company’s and any Affiliate’s  obligations under this Agreement, the spouse of the Participant, if any, shall execute and deliver to the  Company the Consent of Spouse attached hereto as Exhibit A.     [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]    

 

  IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first  above written.     GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC.,  a Maryland corporation     By: __________________________________  Name: Michael J. Escalante  Title: Chief Executive Officer     The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this  Agreement.     _____________________________________  Participant     Print Name: _______________        

 

Exhibit A    CONSENT OF SPOUSE     I, ____________________, spouse of ____________________, have read and approve the  foregoing Time-Based Restricted Stock Unit Agreement (the “Agreement”), and the Plan (as defined in  the Agreement). In consideration of the granting to my spouse of the RSUs of Griffin Capital Essential  Asset REIT, Inc. (the “Company”) as set forth in the Agreement, I hereby appoint my spouse as my  attorney-in-fact in respect to the exercise of any rights and taking of all actions under the Agreement and  agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement  or any Shares issued pursuant thereto under the community property laws or similar laws relating to  marital property in effect in the state of our residence as of the date of the signing of the foregoing  Agreement or otherwise. I understand that this Consent of Spouse may not be altered, amended, modified  or revoked other than by a writing signed by me, and the Company.     Grant Date: March 25, 2021        By: ________________________________  Print name: _________________________  Dated: ___________________        If applicable, you must print, complete and return this Consent of Spouse to Griffin Capital  Essential Asset REIT, Inc. Please only print and return this page.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]