Document:

ITC 2012.6.30 Ex_10.105 - Restricted Stock Award Agreement

EXHIBIT 10.105

RESTRICTED STOCK AWARD AGREEMENT

THIS AGREEMENT (the “Agreement”) is made effective as of ____________, ____ (the “Grant Date”), between ITC Holdings Corp., a Michigan corporation (hereinafter called the “Company”), and the individual whose name is set forth on the signature page hereof, who is an employee of the Company or a Subsidiary of the Company, hereinafter referred to as the “Employee”.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Second Amended and Restated 2006 Long Term Incentive Plan (the “Plan”).
WHEREAS, Employee is employed by the Company or one of its Subsidiaries and the Company desires to grant the Employee shares of Common Stock, pursuant to the terms and conditions of this Agreement (the “Restricted Stock Award”) and the Plan (the terms of which are hereby incorporated by reference and made a part of this Agreement); and
WHEREAS, this Agreement and the grants made pursuant to this Agreement are not otherwise subject to and shall not be governed by any Management Stockholder's Agreement between Company and Employee; and
WHEREAS, the Committee has determined that it would be in the best interest of the Company and its shareholders to grant the shares of Common Stock provided for herein to the Employee as an incentive for increased efforts during his or her employment, has approved the grant of the Restricted Stock Award on the Grant Date and has advised the Company thereof and instructed the undersigned officer to grant said Restricted Stock Award.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:
Grant of the Restricted Stock.  Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Employee _____ shares of Common Stock (hereinafter called the “Restricted Stock”).  The Restricted Stock shall vest and become nonforfeitable in accordance with Section 2 hereof.  In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control, it being understood that variations in this Agreement from terms set forth in the Plan shall not be considered to be in conflict if the Plan permits such variations.
Vesting and Forfeiture.
So long as the Employee continues to be employed by the Company or its Subsidiaries, the Restricted Stock shall become 100% vested and non-forfeitable upon the earliest to occur of (i) the third anniversary of the Grant Date (the “Vesting Date”), (ii) the Employee ceasing to be employed due to Employee's death or Disability, or (iii) the occurrence of a Change in Control other than any Change in Control arising out of the transactions contemplated by the Merger Agreement, dated as of December 4, 2011, among Entergy Corporation, Mid South TransCo LLC, the Company and Ibis Transaction Subsidiary LLC (the “Merger Agreement”).  The Committee has irrevocably determined not to, and shall not (and shall not permit the Board to), exercise any right it may have under the Plan, including without limitation under such Section 9.2(c), to determine that the Restricted Stock shall not become immediately 100% vested upon a Change in Control other than any Change in Control in connection with any transaction contemplated by the Merger Agreement. For the avoidance of doubt, the parties agree that, notwithstanding any other provision herein to the contrary, neither the timing of vesting or payment nor the number of shares of Common Stock subject to the Restricted Stock Award shall be affected by the transactions contemplated by the Merger Agreement.
If Employee's employment is terminated for any reason other than Employee's death, Disability or Retirement prior to the Vesting Date or a Change in Control, Employee's right to shares of Common Stock subject to the Restricted Stock Award that are not yet vested automatically shall terminate and be forfeited by Employee unless the Committee, in the exercise of its authority under the Plan, modifies the Vesting Date in connection with such termination.
If Employee's employment is terminated due to Employee's Retirement prior to the Vesting Date or a Change in Control, the Restricted Stock shall become vested in increments of 33 1/3% of such shares in respect of each one year anniversary of the date of this Agreement prior to the date of such termination of employment and the remaining unvested 

shares of Restricted Stock shall be cancelled.  “Retirement” as used in this Agreement shall mean the termination of the Employee's employment, by the Company or by Employee, on or after Employee's 65th birthday other than due to death or Disability.
Certificates.
Certificates evidencing the Restricted Stock shall be issued by the Company and shall be registered in the Employee's name on the stock transfer books of the Company promptly after the date hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the vesting of such Restricted Stock pursuant to Section 2.  The Employee hereby acknowledges and agrees that the Company shall retain custody of such certificate or certificates until the restrictions imposed by Section 2 on the Common Stock granted hereunder lapse. As a condition to the receipt of this Restricted Stock Award, the Employee shall deliver to the Company a stock power, duly endorsed in blank, relating to the Restricted Stock.  Alternatively, instead of issuing a stock certificate, the shares may be issued in book entry form.  No certificates shall be issued for fractional shares.
As soon as practicable following the vesting of the Restricted Stock pursuant to Section 2, certificates for the Restricted Stock which shall have vested shall be delivered to the Employee or to the Employee's legal guardian or representative along with the stock powers relating thereto.  If the shares have been issued in book entry form, the restrictive notation made pursuant to Section 5 of this Agreement shall be removed.
Rights as a Stockholder.  The Employee shall have no rights as a stockholder of the Company until certificates are issued.  Once issued, the Employee shall be the record owner of the Restricted Stock unless or until such Restricted Stock is forfeited pursuant to Section 2 hereof or is otherwise sold, and as record owner shall be entitled to all rights of a common stockholder of the Company (including, without limitation, the right to vote and to receive dividends and other distributions on the shares of Restricted Stock).
Legend on Certificates.  The certificates representing the vested Restricted Stock delivered to the Employee as contemplated by Section 3(b) above shall bear the following legend:
The sale or other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary or by operation of law, is subject to certain restrictions on transfer set forth in the ITC Holdings Corp. Second Amended and Restated 2006 Long Term Incentive Plan (“Plan”), rules and administrative guidelines adopted pursuant to such Plan and an Agreement dated ______ __, ____. A copy of the Plan, such rules and such Agreement may be obtained from the Secretary of ITC Holdings Corp.
Such certificates shall also be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission or any stock exchange upon which such Common Stock is listed, any applicable Federal or state laws and the Company's Articles of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.  If issued in book entry form, a notation shall be made therewith to the same restrictive effect as set forth above.
Transferability.  The Restricted Stock may not, at any time prior to becoming vested pursuant to Section 2 or thereafter, be transferred, sold, assigned, pledged, hypothecated or otherwise alienated.
Employee's Employment by the Company.   Nothing contained in this Agreement or in any other agreement entered into by the Company or any of its Subsidiaries and the Employee, other than the applicable provisions of any offer letter from the Company or any of its Subsidiaries to the Employee or any employment agreement entered into by and between the Employee and the Company or any of its Subsidiaries, as applicable, (i) obligates the Company or any Subsidiary to employ the Employee in any capacity whatsoever or (ii) prohibits or restricts the Company or any Subsidiary from terminating the employment, if any, of the Employee at any time or for any reason whatsoever, with or without cause, and the Employee hereby acknowledges and agrees that neither the Company nor any other person or entity has made any representations or promises whatsoever to the Employee concerning the Employee's employment or continued employment by the Company or any Subsidiary thereof.

Change in Capitalization.  In the event of a merger, reorganization, consolidation, recapitalization, dividend or distribution (whether in cash, shares or other property), stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the Common Stock or the value thereof, prior to the time the restrictions imposed by Section 2 on the Restricted Stock granted hereunder lapse, such adjustments and other substitutions shall be made to the Restricted Stock Awards as the Committee, in its sole discretion, deems equitable or appropriate; provided, however, the parties acknowledge that the number of shares of Common Stock subject to the Restricted Stock Award shall not be adjusted in connection with the transactions contemplated by the Merger Agreement.  Any stock, securities or other property exchangeable for Restricted Stock pursuant to such transaction shall be deposited with the Company and shall become subject to the restrictions and conditions of this Agreement to the same extent as if it had been the original property granted hereby, all pursuant to the Plan.
Withholding.  The Company shall have the right to withhold from Employee's compensation or to require Employee to remit sufficient funds to satisfy applicable withholding for income and employment taxes upon the vesting of Restricted Stock pursuant to Section 2. Subject to limitations in the Plan, Employee may, in order to fulfill the withholding obligation, tender previously-acquired shares of Common Stock that have been held at least six months, provided that the shares have an aggregate Fair Market Value sufficient to satisfy in whole or in part the applicable withholding taxes. The Company shall be authorized to take such action as may be necessary, in the opinion of the Company's counsel (including, without limitation, withholding vested Common Stock otherwise deliverable to the Employee and/or withholding amounts from any compensation or other amount owing from the Company to the Employee), to satisfy the obligations for payment of the minimum amount of any such taxes.  
Limitation on Obligations.  The Company's obligation with respect to the Restricted Stock granted hereunder is limited solely to the delivery to the Employee of shares of Common Stock on the date when such shares are due to be delivered hereunder, and in no way shall the Company become obligated to pay cash in respect of such obligation.  This Restricted Stock Award shall not be secured by any specific assets of the Company or any of its Subsidiaries, nor shall any assets of the Company or any of its subsidiaries be designated as attributable or allocated to the satisfaction of the Company's obligations under this Agreement.  In addition, the Company shall not be liable to the Employee for damages relating to any delay in issuing the share certificates, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves.
Securities Laws.  Upon the vesting of any Restricted Stock, the Company may require the Employee to make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.  The granting of the Restricted Stock hereunder shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required. 
Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary, and any notice to be given to the Employee shall be addressed to him or her at the address stated in the Company's employee records.  By a notice given pursuant to this Section 12, either party may hereafter designate a different address for notices to be given to the party.  Any notice that is required to be given to the Employee shall, if the Employee is then deceased, be given to the Employee's personal representative if such representative has previously informed the Company of his status and address by written notice under this Section 12.  Any notice shall have been deemed duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
Governing Law.  The laws of the State of Michigan shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
Amendment.  Subject to Section 2(b) of this Agreement and Section 10.6 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto if such amendment would adversely affect Employee.  Any such amendment shall specifically state that it is amending this Agreement.
Signature in Counterparts.  This 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]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

EMPLOYEE

Name:_______________________________

ITC HOLDINGS CORP.

By:__________________________________
Name:
Title:Exhibit 10.1 - 6th Amend. to TPO Sublease 6.12.12

Exhibit 10.1

SIXTH AMENDMENT TO SUBLEASE

THIS SIXTH AMENDMENT TO SUBLEASE (this “Sixth Amendment”) is dated as of June 12, 2012 (the “Effective Date”) between HYATT CORPORATION, a Delaware corporation (“Sublandlord”), and THE PRITZKER ORGANIZATION, L.L.C., a Delaware limited liability company (“Subtenant”), with reference to the following:

RECITALS:

A.Sublandlord and Subtenant heretofore entered into a certain Sublease dated as of June 15, 2004 (the “Original Sublease”), pursuant to which Subtenant subleased from Sublandlord certain premises in the building located at 71 South Wacker Drive, Chicago, Illinois, and known as Hyatt Center, (the “Building”). 

B.The Original Sublease has been amended by that certain Master Landlord Recognition Agreement dated as of June 15, 2004 (the “Recognition Agreement”), by that certain Ratification Agreement and First Amendment to Sublease dated as of February 1, 2007 (the “First Amendment”), by that certain Second Amendment to Sublease dated as of January 25, 2008 (the “Second Amendment”), by that certain Third Amendment to Sublease dated as of February 9, 2009 (the “Third Amendment”), by that certain Fourth Amendment to Sublease dated as of April 28, 2009 (the “Fourth Amendment”) and by that certain Fifth Amendment to Sublease dated as of November 2, 2011, (the “Fifth Amendment”).  The Original Sublease, as amended by the Recognition Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment, is herein referred to as the “Sublease.”

C.The space subleased by Subtenant pursuant to the Sublease in effect immediately prior to the date hereof, which currently contains approximately 31,993 square feet of Rentable Area on the 47th floor of the Building, is herein referred to as the “Existing Subleased Premises.”  

D.Sublandlord and Subtenant desire to amend the Sublease to provide for, among other things, the subleasing by Subtenant of certain additional premises on the 47th floor of the Building, upon the terms and conditions herein set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties, Sublandlord and Subtenant agree as follows:

1.Incorporation and Defined Terms.  The recital paragraphs set forth above are hereby incorporated herein as if fully set forth herein.  Capitalized terms not otherwise defined herein shall have the same meanings as are ascribed to such terms in the Sublease.

2.Leasing of Fourth Additional 47th Floor Subleased Premises.  Effective as of the Sixth Amendment Expansion Date (as defined below), Sublandlord hereby subleases to Subtenant, and Subtenant hereby accepts from Sublandlord, an additional 1,378 rentable square feet comprising a portion of the 47th floor of the Building (the portion so subleased being herein referred to as the “Fourth Additional 47th Floor Subleased Premises”), such Fourth Additional 47th Floor Subleased Premises being depicted more particularly on Exhibit J attached hereto.  Subtenant's leasing of the Fourth Additional 47th Floor Subleased Premises shall be in accordance with, and subject to, all of the terms, covenants and conditions of the Sublease applicable to the Existing Subleased Premises, except as otherwise provided in this Sixth Amendment.

Exhibit 10.1

3.References to Subleased Premises.  Except as expressly set forth herein to the contrary, from and after the Sixth Amendment Expansion Date, all references in the Sublease and this Sixth Amendment to the “Subleased Premises” shall be deemed to include the Existing Subleased Premises and the Fourth Additional 47th Floor Subleased Premises.

4.Rentable Area.  Effective as of the Sixth Amendment Expansion Date, the Subleased Premises shall consist of 33,371 square feet of Rentable Area.

5.Floor Plan.  Effective as of the Sixth Amendment Expansion Date, the floor plan of the Subleased Premises shall be as set forth in Exhibit B-Sixth Amended attached hereto, which replaces in its entirety Exhibit B-Fifth Amended attached to the Fifth Amendment, and for all purposes of the Sublease, the Subleased Premises, as so depicted on Exhibit B-Sixth Amended, shall be the Subleased Premises under the Sublease.

6.Net Rent.  Effective as of the Sixth Amendment Expansion Date, (i) Exhibit E-Fifth Amended attached to the Fifth Amendment shall be deleted in its entirety and Exhibit E-Sixth Amended attached hereto shall be substituted therefor and (ii) Net Rent payable by Subtenant to Sublandlord in respect of the Subleased Premises from and after the Sixth Amendment Expansion Date shall be as set forth in Exhibit E-Sixth Amended.

7.Subtenant's Share.  Subject to adjustment from time to time in accordance with Paragraph 1.5 of the Original Sublease, effective as of the Sixth Amendment Expansion Date, Subtenant's Share shall be adjusted to 10.499% (calculated by dividing the 33,371 square feet of Rentable Area of the Subleased Premises by the 317,826 square feet of the Rentable Area of the Master Premises).

8.Common 47th Floor Master Leased Space.  Effective as of the Sixth Amendment Expansion Date, Subtenant is the sole subtenant of Sublandlord on the 47th Floor.  Therefore, as of the Sixth Amendment Expansion Date, no further allocation of the Common 47th Floor Master Leased Space shall be required as between Subtenant and any other subtenants.  Subtenant shall continue to have the rights, in common with Sublandlord, to use and have access to the Common Facilities of the 47th Floor.

9.Delivery of Possession and Improvements.  Sublandlord shall deliver possession of the Fourth Additional 47th Floor Subleased Premises to Subtenant on or before the Sixth Amendment Expansion Date.  Subtenant shall accept possession of the Fourth Additional 47th Floor Subleased Premises in as-is condition, it being acknowledged that no agreement of Sublandlord to alter, remodel, decorate, clean or improve the Fourth Additional 47th Floor Subleased Premises or the Building, and no representation or warranty regarding the condition of the Fourth Additional 47th Floor Subleased Premises or the Building has been made by Sublandlord or by any party acting on Sublandord's behalf.  Any work necessary for Subtenant's use and occupancy thereof shall be performed by Subtenant at Subtenant's sole cost and expense.  Any such work shall be performed in accordance with, and subject to, the terms and provisions of the Sublease.

10.Certain Defined Terms.  “Sixth Amendment Expansion Date” means February 1, 2012.

11.Confirmation Agreements.  At any time and from time to time upon either Sublandlord's or Subtenant's request Sublandlord and Subtenant shall execute a Confirmation Agreement confirming Subtenant's Share and any other information reasonably requested by Sublandlord or Subtenant pertinent to this Sublease.

Exhibit 10.1

12.No Offer.  Submission of this Sixth Amendment by Sublandlord to Subtenant is not an offer to enter into this Sixth Amendment but rather is a solicitation for such an offer from Subtenant.  Sublandlord shall not be bound by this Sixth Amendment until Sublandlord has executed and delivered the same to Subtenant. 

13.Integration of Sublease and Controlling Language.  This Sixth Amendment and the Sublease shall be deemed to be, for all purposes, one instrument.  In the event of any conflict between the terms and provisions of this Sixth Amendment and the terms and provisions of the Sublease, the terms and provisions of this Sixth Amendment, in all instances, shall control and prevail. 

14.Severability.  If any provision of this Sixth Amendment or the application thereof to any person or circumstances is or shall be deemed illegal, invalid or unenforceable, the remaining provisions hereof shall remain in full force and effect and this Sixth Amendment shall be interpreted as if such legal, invalid or unenforceable provision did not exist herein. 

15.Entire Agreement.  This Sixth Amendment and the Sublease contain the entire integrated agreement between the parties respecting the subject matter of this Sixth Amendment and the Sublease and supersede all prior and contemporaneous understandings and agreements other than the Sublease between the parties respecting the subject matter of this Sixth Amendment and the Sublease.  There are no representations, agreements, arrangements or understandings, oral or in writing, between or among the parties to this Sixth Amendment relating to the subject matter of this Sixth Amendment or the sublease which are not fully expressed in this Sixth Amendment and the Sublease, and no party hereto has relied upon any other representations, agreements, arrangements or understandings.  The terms of this Sixth Amendment and the Sublease are intended by the parties as the final expression of their agreement with respect to those terms and may not be contradicted by evidence of any prior agreement or of any contemporaneous agreement.  The parties further intend that no extrinsic evidence whatsoever may be introduced in any judicial proceeding involving this Sixth Amendment (and, for avoidance of doubt, the Sublease is not extrinsic for this purpose).

16.Successors and Assigns.  Each provision of the Sublease and this Sixth Amendment shall extend to and shall bind and inure to the benefit of Sublandlord and Subtenant, their respective heirs, legal representatives, and permitted successors and assigns.

17.Time of the Essence.  Time is of the essence of this Sixth Amendment and the Sublease and each provision hereof.

18.Multiple Counterparts.  This Sixth Amendment may be executed in counterparts, all of which, when taken together, shall constitute a fully executed instrument.

19.Authority.  Sublandlord and Subtenant each represent and warrant that it has full authority to execute and deliver this Sixth Amendment.

20.Real Estate Brokers.  Each of Sublandlord and Subtenant represent that it has not dealt with any broker, agent or finder in connection with this Sixth Amendment, and that insofar as each party knows, no brokers have participated in the procurement of Subtenant or in the negotiation of this Sixth Amendment or are entitled to any commission in connection therewith.  Each of Sublandlord and Subtenant shall indemnify and hold the other harmless from all damages, judgments, liabilities and expenses (including reasonable attorneys' fees) arising from its breach of the foregoing representation.

Exhibit 10.1

21.Ratification Generally.  Except as amended and modified hereby, the Sublease shall be and shall remain unchanged and in full force and effect in accordance with its terms, and, as the Sublease is amended and modified hereby, the sublease is hereby ratified, adopted and confirmed.

[SIGNATURE PAGE FOLLOWS]

Exhibit 10.1

IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sixth Amendment to Sublease as of the date and year first above written.

	
			
	 
	 
	SUBLANDLORD:

HYATT CORPORATION, a Delaware corporation

By:   /s/ Robert Webb                                     
Name:   Robert Webb                                     
Title:     Attorney-in-Fact                               

SUBTENANT:

THE PRITZKER ORGANIZATION, L.L.C., a Delaware limited liability company

By:   /s/ Ronald Wray                                     
Name:   Ronald Wray                                    
Title:     Vice President                                   

Exhibit 10.1

EXHIBIT B - SIXTH AMENDED

FLOOR PLAN OF THE SUBLEASED PREMISES
47TH FLOOR

(See Attached)

Exhibit 10.1

Exhibit 10.1

EXHIBIT E - SIXTH AMENDED

NET RENT SCHEDULE

OFFICE PREMISES FLOOR 47 (33,371 FEET OF RENTABLE AREA

	
				
	TIME PERIOD
	NET RENT PER SQUARE FOOT OF RENTABLE AREA
	ANNUAL NET RENT
	MONTHLY INSTALLMENT OF NET RENT

	February 1, 2012 to December 31, 2012
	$12.50
	$417,137.50
	$34,761.46

	January 1, 2013 to December 31, 2013
	$12.86
	$429,151.06
	$35,762.59

	January 1, 2014 to December 31, 2014
	$13.26
	$442,499.46
	$36,874.96

	January 1, 2015 to December 31, 2015
	$13.66
	$455,847.86
	$37,987.32

	January 1, 2016 to December 31, 2016
	$14.07
	$469,529.97
	$39,127.50

	January 1, 2017 to December 31, 2017
	$14.49
	$483,545.79
	$40,295.48

	January 1, 2018 to December 31, 2018
	$14.92
	$497,895.32
	$41,491.28

	January 1, 2019 to December 31, 2019
	$15.37
	$512,912.27
	$42,742.69

	January 1, 2020 to February 29, 2020
	$15.83
	$528,262.93
	$44,021.91

Exhibit 10.1

EXHIBIT J

FOURTH ADDITIONAL 47TH FLOOR SUBLEASED PREMISES

(See Attached)

Exhibit 10.1

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