Document:

EXHIBIT 10

EXHIBIT 10.22

 

AMENDMENT FOUR TO THE 1995

KEY EMPLOYEES’ STOCK

OPTION PLAN OF

DUKE REALTY

INVESTMENTS, INC.

 

This Amendment

Four to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,

Inc. (“Plan”) is hereby adopted  this

27th of July, 1999, but effective as of July 2, 1999, by Duke-Weeks Realty

Corporation, f/k/a Duke Realty Investments, Inc.,  (“Company”);

 

WITNESSETH:

 

WHEREAS, the

Company adopted the Plan for the purposes set forth therein; and

 

WHEREAS,

pursuant to Section 4.1 of the Plan, the Company has reserved the right to

amend the Plan with respect to certain matters, by action of the Board of

Directors or the Executive Compensation Committee thereof (“Committee”); and

 

WHEREAS, the

Committee has determined to amend Section 3.9 of the Plan to allow the

Committee to grant, on a case-by-case basis, additional time during which an

optionee can exercise an option after termination of employment for reasons

other than For Cause, but not beyond the original term of the option; and

 

WHEREAS, the

Committee has approved and adopted this Amendment Four;

 

NOW,

THEREFORE, pursuant to the authority reserved to the Committee under Section

4.1 of  the Plan, the Plan is hereby

amended, effective as of July 2, 1999, in the following particular:

 

By adding the

following subsection (d) to the end of Section 3.9 effective as of July 2,

1999:

 

“(d)   Committee Discretion to Extend Time For

Exercising Option.  If an optionee’s

employment terminates for any reason other than For Cause, the Committee may, in

its sole discretion, grant an extension of the period of time specified in

subsections (a) and (c) for exercising an option, but not later than the date

the option expires pursuant to its terms. 

During such extended period, subject to the limitations of this Plan and

the option agreement between the Company and the optionee, the optionee, his

guardian, attorney-in-fact or personal representative, as the case may be, may

exercise the option in full. 

Notwithstanding the foregoing, in the case of an ISO, such option shall

be exercisable as an ISO only during the three (3) month period following the

optionee’s termination of employment (for reasons other than Total and

Permanent Disability, in which case the option may be exercised as an ISO for a

period of twelve (12) months) or death and in no event later than the date

specified in the stock option agreement. 

During the remainder of such extended period, the option may be

exercised as an NSO.”

 

All other

provisions of the Plan shall remain the same.

 

IN WITNESS

WHEREOF, Duke-Weeks Realty Corporation, f/k/a Duke Realty Investments, Inc., by

its officers thereunder duly authorized, has executed this Amendment Four to

the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc.,

this 27th of July, 1999, but effective as of July 2, 1999.EXHIBIT 10

EXHIBIT 10.23

AMENDMENT FIVE TO THE

1995 KEY EMPLOYEES’

STOCK OPTION PLAN OF

DUKE REALTY

INVESTMENTS, INC.

 

This Amendment

Five to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,

Inc. (“Plan”) is hereby adopted this 25th day of January, 2000 by Duke-Weeks

Realty Corporation, f/k/a Duke Realty Investments, Inc. (“Company”), effective

as of the date specified herein;

 

W I T N E S S E T H:

 

WHEREAS, the

Company adopted the Plan for the purposes set forth therein; and

 

WHEREAS,

pursuant to Section 4.1 of the Plan, the Company has reserved the right to

amend the Plan with respect to certain matters by action of the Executive

Compensation Committee of the Board of Directors (“Committee”); and

 

WHEREAS, the

Committee has increased the maximum number of shares of the Company’s common

voting stock to be delivered upon the exercise of options thereunder by

5,000,000 shares; and

 

WHEREAS, the

Committee has approved and authorized this Amendment Five;

 

NOW,

THEREFORE, pursuant to the authority reserved to the Company under Section 4.1

of the Plan, the Plan is hereby amended, effective as of January 1, 2000, by

substituting the following for the phrase “(i) three million six hundred

sixteen thousand eight hundred (3,616,800) shares and” where that phrase

appears in Section 3.1 of the Plan:

 

“(i)          eight million six

hundred sixteen thousand eight hundred (8,616,800) shares, for years beginning

on or after January 1, 2000 and”

 

All other

provisions of the Plan shall remain the same.

 

IN WITNESS

WHEREOF, Duke-Weeks Realty Corporation, f/k/a Duke Realty Investments, Inc.,

has executed this Amendment Five to the 1995 Key Employees’ Stock Option Plan

of Duke Realty Investments, Inc. this 25th day of January, 2000, but effective

as of January 1, 2000.

 

RESOLUTIONS

OF THE EXECUTIVE COMPENSATION

COMMITTEE

OF THE BOARD OF DIRECTORS OF DUKE-WEEKS

REALTY

CORPORATION APPROVING AND ADOPTING

AMENDMENT

FIVE TO THE 1995 KEY EMPLOYEES’ STOCK OPTIONPLAN

OF

DUKE REALTY INVESTMENTS, INC. AND APPROVING

RESERVATION

OF ADDITIONAL SHARES FOR ISSUANCE THEREUNDER

 

WHEREAS,

Duke-Weeks Realty Corporation, f/k/a Duke Realty Investments, Inc. (“Company”)

maintains the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,

Inc. (“Plan”); and

 

WHEREAS,

pursuant to Section 4.1 of the Plan, this Company has reserved the right to

amend the Plan, with respect to certain matters, by action of the Board of

Directors (“Board”) or the Executive Compensation Committee thereunder

(“Committee”); and

 

WHEREAS, This

Committee has determined, in its best business judgment, that the Plan should

be amended to increase, by Five Million (5,000,000), to Eight Million Six

Hundred Sixteen Thousand Eight Hundred (8,616,000), the number of shares of

this Company’s common voting stock for issuance thereunder; and

 

WHEREAS,

special counsel to this Company has prepared, for approval and adoption by this

Committee, Amendment Five to the Plan, which reflects the change described in

the preceding recital;

 

 

NOW,

THEREFORE, BE IT RESOLVED, that Amendment Five to the Plan, substantially in

the form presented to this meeting, be and it hereby is, in all respects

approved and adopted, effective as of January 1, 2000, but subject to approval

thereof by a majority of this Company’s outstanding shares represented at the

2000 annual meeting of the shareholders; and

 

RESOLVED,

FURTHER, that an additional Five Million (5,000,000) shares of this Company’s

common voting stock be and they hereby are reserved for issuance under the

Plan, effective for years beginning on and after January 1, 2000, but subject

to approval thereof by a majority of this Company’s outstanding shares

represented at the 2000 annual meeting of the shareholders; and

 

RESOLVED,

FURTHER, that the members of this Committee be and they hereby are, and the

appropriate officers of the Company be and they hereby are, authorized,

empowered and directed, for and on behalf of this Committee and this Company,

to execute and deliver Amendment Five to the Plan; to execute, deliver and file

such documents, certificates and other writings, and to take such additional

action as may be necessary or appropriate in the discretion of any such members

of officers, to carry out the intent and purpose of this and the foregoing

resolutions.

 

2EXHIBIT 10

EXHIBIT 10.24

 

AMENDMENT SIX TO THE

1995 KEY EMPLOYEES’

STOCK OPTION PLAN OF

DUKE REALTY

INVESTMENTS, INC.

 

This Amendment

Six to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,

Inc. (“Plan”) is hereby adopted this 1st day of June, 2000 by Duke-Weeks Realty

Corporation, f/k/a Duke Realty Investments, Inc. (“Company”).  Each capitalized term not otherwise defined

herein has the meaning set forth in the Plan.

 

WITNESSETH:

 

WHEREAS, the

Company adopted the Plan for the purposes set forth therein; and

 

WHEREAS,

pursuant to Section 4.1 of the Plan, the Company has reserved the right to

amend the Plan with respect to certain matters by action of the board of

directors of the Company (“Board of Directors”) or the Executive Compensation

Committee of the Board of Directors (“Committee”); and

 

WHEREAS, the

Committee has determined to amend Sections 3.8 and 3.9 of the Plan to change

the age of retirement thereunder to age fifty-five (55) and to permit optionees

who retire to exercise their options at any time over the remaining term

thereof; and

 

WHEREAS, the

Committee has approved and authorized this Amendment Six to the Plan;

 

NOW,

THEREFORE, pursuant to the authority reserved to the Committee under Section

4.1 of the Plan, the Plan is hereby amended, effective with respect to all

options outstanding as of June 1, 2000 and all options granted after that date,

in the following particulars:

 

1.                             By

substituting the following for Section 3.8 of the Plan:

 

“3.8         Vesting on Change in Control or

Death, Retirement or Disability of Optionee.  Notwithstanding the provisions of Section 3.7, in the event of a

Change in Control of the Company or upon the death, Permanent and Total

Disability or retirement on or after attaining age fifty-five (55) of the optionee,

any options granted under this Plan may be exercised in full without regard to

any restrictions on the vesting of the options contained in the option

agreement between the Company and the optionee.”

 

1.                             By

substituting the following for Section 3.9(a):

 

“(a)         Termination of Employment.  All rights to exercise an option shall

terminate ninety (90) days after the effective date of the optionee’s

termination of employment with the Company and its Subsidiaries, but not later

than the date the option expires pursuant to its terms, unless such termination

is For Cause or is on account of the Permanent and Total Disability, death or

retirement of the optionee on or after attaining age fifty-five (55).  Transfer of employment from the Company to a

Subsidiary, or vice versa, or from one Subsidiary to another, shall not be

deemed a termination of employment.  The

Committee shall have the authority to determine in each case whether a leave of

absence on military or government service shall be deemed a termination of employment

for purposes of this subsection (a).”

 

1.                             By

substituting the following for Section 3.9(d) of the Plan:

 

“(d)         Committee Discretion to Extend Time

for Exercising Option.  If an

optionee’s employment terminates, for any reason other than (i) retirement on

or after attaining age fifty-five (55), or (ii) For Cause, the Committee may,

in its sole discretion, grant an extension of the period of time specified in

subsections (a) and (c) for exercising an option, but not later than the date

the option expires pursuant to its terms. 

During such extended period, subject to the limitations of this Plan and

the option agreement

 

 

 

between the

Company and the optionee, the optionee, his guardian, attorney-in-fact or

personal representative, as the case may be, may exercise the option in

full.  Notwithstanding the foregoing, in

the case of an ISO, such option shall be exercisable as an ISO only during the

three (3) month period following the optionee’s termination of employment (for

reasons other than Total and Permanent Disability, in which case the option may

be exercised as an ISO for a period of twelve (12) months) and in no event

later than the date specified in the stock option agreement.  During the remainder of such extended

period, the option may be exercised as an NSO.”

 

1.                             By

adding the following new subsection (e) to Section 3.9:

 

“(e)         Retirement.  If an optionee’s employment terminates due

to retirement on or after attaining age fifty-five (55), the optionee shall

have the right to exercise his option at any time during the remaining term

thereof.  During such period, subject to

the limitations of this Plan and the option agreement between the Company and

the optionee, the optionee may exercise the option in full.  If the optionee dies during such period, the

right to exercise the options shall continue until the date the option expires

pursuant to its terms.  Notwithstanding

the foregoing, in the case of an ISO, such option shall be exercisable as an

ISO only during the three (3) month period immediately following the optionee’s

retirement.  During the remainder of the

option term, the option may be exercised as an NSO.”

 

All other

provisions of the Plan shall remain the same.

 

IN WITNESS

WHEREOF, Duke-Weeks Realty Corporation, f/k/a Duke Realty Investments, Inc., by

its officers thereunder duly authorized, has executed this Amendment Six to the

1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. this 1st

day of June, 2000, but effective as of the date specified herein.

 

2

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