Document:

EXHIBIT 10

EXHIBIT 10.14

 

AMENDMENT THREE TO

DUKE REALTY SERVICES LIMITED PARTNERSHIP

1993 STOCK OPTION PLAN

 

WHEREAS, Duke Realty Services Limited Partnership

(“Partnership”) maintains the Duke Realty Services Limited Partnership 1993

Stock Option Plan (“Plan”), which became effective as of July 29, 1993; and

 

WHEREAS,

pursuant to the provisions Section 12 of the Plan, the Board of Directors of

Duke Services, Inc. retained the right to amend, suspend or terminate the Plan

or any portion thereof at any time; and

 

WHEREAS, by

corporate resolutions, Duke Services, Inc. has approved and adopted this

Amendment Three to the Plan, effective as of January 1, 1998.

 

NOW, THEREFORE, Duke Realty Services, Inc.

hereby amends the Plan as follows:

 

1. New Section

2(o) of the Plan, defining what shall constitute a “Change in Control of the

Company”, is hereby added to the Plan as follows:

 

“2(o) “Change

in Control of the Company” means (i) any merger, consolidation or similar

transaction which involves the Company and in which persons who are the

shareholders of the Company immediately prior to such transaction own,

immediately after such transaction, shares of the surviving or combined entity

which possess voting rights equal to or less than fifty percent (50%) of

the voting rights of all shareholders of such entity, determined on a fully

diluted basis; (ii) any sale, lease, exchange, transfer or other disposition of

all or any substantial part of the consolidated assets of the Company; (iii)

any tender, exchange, sale or other disposition (other than disposition of the

stock of the Company or any Subsidiary in connection with bankruptcy,

insolvency, foreclosure, receivership or other similar transactions) or

purchases (other than purchases by the Company or any Company sponsored employee

benefit plan, or purchases by members of the Board of Directors of the Company

or any Subsidiary) of shares which represent more than twenty-five percent (25%) of

the voting power of the Company or any Subsidiary; (iv) during any period of

two (2) consecutive years, individuals who at the date of the adoption of the

Plan constitute the Company’s Board of Directors cease for any reason to

constitute at least a majority thereof, unless the election of each director at

the beginning of such period has been approved by directors representing at

least a majority of the directors then in office who were directors on the date

of the adoption of the Plan; (v) a majority of the Company’s Board of Directors

recommends the acceptance of or accept any agreement, contract, offer or other

arrangement providing for, or any series of transactions resulting in, any of

the transactions described above. Notwithstanding the foregoing, a Change in

Control of the Company (A) shall not occur as a result of the issuance of stock

by the Company in connection with any public offering of its stock, or (B) be

deemed to have occurred with respect to any transaction unless such transaction

has been approved or shares have been tendered by a majority of the

shareholders who are not Section 16 Grantees.”

 

2. New Section

2(p) of the Plan, defining “Section 16 Grantees,” is hereby added to the Plan

to read as follows:

 

“2(p) “Section

16 Grantee” means a person subject to potential liability under Section 16(b)

of the Exchange Act with respect to transactions involving equity securities of

the Company.”

 

3. New Section

15 of the Plan, regarding the vesting of stock options upon a Change in

Control, is hereby added to the Plan to read as follows:

 

 

 “15. Vesting on Change in Control. In

the event of a Change in Control of the Company, any options granted under this

Plan may be exercised in full without regard to any restrictions on thevesting

of the options contained in the Option Agreement between the Company and the

Optionee.”

 

The Plan will remain the same in all other respects except as provided

by Amendment Three above.

 

IN WITNESS

WHEREOF, Duke Services, Inc., by its officers thereunder duly authorized,

adopts on behalf of Duke Realty Services Limited Partnership, this Amendment

Three this 18th day of December, 1997, but effective as of January 1. 1998.

 

2EXHIBIT 10

EXHIBIT 10.19

 

AMENDMENT ONE TO THE

1995

KEY EMPLOYEES’ STOCK

OPTION PLAN OF

DUKE REALTY

INVESTMENTS, INC.

 

This Amendment

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

Inc. (“Plan”) is hereby adopted this 25th day of August, 1997 by

Duke Realty Investments, Inc. (“Company”), effective as of the dates specified

herein;

 

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 (“Board”) or the Executive Compensation Committee thereof

(“Committee”); and

 

WHEREAS, the

Board has approved a two (2) for one (1) stock split of the Company’s common

stock effective as of August 25, 1997, with respect to all shareholders of

record as of August 18, 1997; and

 

WHEREAS, the

Plan currently provides that the maximum number of shares to be delivered upon

the exercise of all options thereunder shall not exceed five hundred

fifty-eight thousand four hundred (558,400) shares; and

 

WHEREAS, the

two (2) for one (1) stock split requires that the maximum number of shares to

be delivered upon the exercise of all options under the Plan be increased, on a

two (2) for one (1) basis;

 

WHEREAS, the

Committee has determined to amend the Plan in certain additional respects; and

 

WHEREAS, the

Committee has approved and adopted this Amendment One;

 

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 the dates specified

herein, in the following particulars:

 

1    By substituting the following

for Section 1.3 of the Plan effective as of October 1, 1995:

 

“1.3. Administration.  The Plan

shall be administered by the Committee. 

The Committee, from time to time, may adopt any rule or procedure it

deems necessary or desirable for the proper and efficient administration of the

Plan provided it is consistent with the terms of the Plan. The decision of a

majority of the Committee members shall constitute the decision of the

Committee. Subject to the provisions of the Plan, the Committee is authorized

(i) to grant ISO’s and NSO’s; (ii) to determine the employees to be granted

ISO’s and NSO’s; (iii) to determine the option period, the option price and,

subject to the limitations of Section 3.2, the number of shares subject to each

option; (iv) to determine the time or times at which options will be granted;

(v) to determine the time or times at which each option becomes exercisable and

the duration of the exercise period; (vi) to permit, in its discretion, the

limited transferability of NSO’s granted to an optionee; (vii) to determine

other conditions and limitations, if any, applicable to the exercise of each

option; and (viii) to determine the nature and duration of the restrictions, if

any, to be imposed upon the sale or other disposition of shares acquired by any

optionee upon exercise of an option, and the nature of the events , if any, and

the duration of the period, in or with respect to which any optionee’s rights

to shares acquired upon exercise of an

 

 

option may be

forfeited.  Each option granted under

the Plan shall be evidenced by a written stock option agreement containing

terms and conditions established by the Committee consistent with the

provisions of the Plan, including such terms as the Committee shall deem

advisable in order that each ISO shall constitute an “incentive stock option”

within the meaning of Section 422 of the Internal Revenue Code of 1986, as

amended (the “Code”).  The Committee’s

determinations and interpretations with respect to the Plan shall be final and

binding on all parties.  Any notice or

document required to be given to or filed with the Committee will be properly

given or filed if delivered or mailed by certified mail, postage prepaid, to

the Committee at 8888 Keystone Crossing, Suite 1200, Indianapolis, IN  46240-2182.

 

2.   By substituting the following

for Section 3.1 of the Plan effective as of August 25, 1997:

 

“3.1. Shares Covered by the Plan.  

The stock to be subject to options under the Plan shall be shares of

authorized common stock of the Company and may be unissued shares or reacquired

shares (including shares purchased in the open market), or a combination of the

two, or shares which are not issued in connection with the Duke Realty Services

Limited Partnership 1993 Stock Option Plan, as the Committee may from time to

time determine. Subject to the provisions of Section 4.2 and the provisions of

this Section 3.1, the maximum number of shares to be delivered upon exercise of

all options granted under the Plan shall not exceed (i) one million one hundred

sixteen thousand eight hundred (1,116,800) shares and (ii) the number of shares

authorized under the Duke Realty Services Limited Partnership 1993 Stock Option

Plan that become available due to the lapse, forfeiture or other termination of

stock options granted under such plan. Provided, however, the total number of

shares to be delivered upon exercise of the options granted under the Plan

under clause (ii) of the previous sentence shall not exceed eight hundred

thousand (800,000) shares. Shares covered by an option that remains unpurchased

upon the expiration or termination of the option may be made subject to further

options.”

 

3.   By substituting the following

for Section 3.2 of the Plan effective as of August 25, 1997:

 

“3.2. Grant of Options.  The

Committee shall be responsible for granting all options under the Plan.  The Committee shall also determine, it is

sole discretion, with respect to each optionee, whether the options granted

shall be ISO’s or NSO’s, or a combination of the two; and whether any employee

shall be given discretion to determine whether any options granted to him shall

be ISO’s or NSO’s or a combination of the two. Provided, however,

notwithstanding any other Plan provision, during any calendar year, no optionee

shall be granted options to acquire more than fifty thousand (50,000) shares of

Company stock.”

 

4.   By substituting the following

for Section 3.7 of the Plan effective as of October 1, 1995:

 

“3.7 Vesting of Options.  All

options granted under the Plan shall vest, and thereby become exercisable, at

such time or times as shall be determined by the Committee in its sole discretion.  The stock option agreement between the

Company and the optionee shall include the schedule under which the option

shall vest.  The Committee may, in its

sole discretion, amend such schedule in a manner which causes options

previously granted under the Plan to vest under a more rapid schedule.  The Committee shall not amend such schedule

to provide for the slower vesting of any options previously granted under the

Plan.”

 

5.   By adding the following

sentence to the end of Section 3.10 of the Plan effective as of October 1,

1995:

 

“For purposes of this Section 3.10, payment for shares purchased

hereunder may be delivered to the Company through such attestation or

certification procedures as may be established by the Committee from time to

time in its sole discretion.”

 

6.   By substituting the following

for Section 4.12 of the Plan effective as of October 1, 1995:

“4.12. Nontransferability.

 

2

 

(a)       No

option shall be transferable, except by the optionee’s will or the laws of

descent and distribution.  During the

optionee’s lifetime, his option shall be exercisable (to the extent

exercisable) only by him.  The option,

and any rights and privileges pertaining thereto, shall not be transferred,

assigned, pledged or hypothecated by the optionee in any way, whether by

operation of law or otherwise and shall not be subject to execution, attachment

or similar process.

 

(b)       Notwithstanding

the provisions of subsection (a), the Committee may, in its sole discretion,

permit the transfer of NSO’s by an optionee to: (i) the spouse, child or

grandchildren of the optionee (“Immediate Family Members”);  (ii) a trust or trusts for the exclusive

benefit of Immediate Family Members; or (iii) a partnership or limited liability

company in which the optionee and/or the Immediate Family Members are the only

equity owners, (collectively, “Eligible Transferees”). Provided that, in the

event the Committee permits the transferability of NSO’s granted to the

optionee, the Committee may subsequently, in its discretion, restrict the

ability of the optionee to transfer NSO’s granted to the Optionee thereafter.

An option that is transferred to an Immediate Family Member shall not be  transferable by such Immediate Family

Member, except for any transfer by such Immediate Family Member’s will or by

the laws of descent and distribution upon the death of such Immediate Family

Member. ISO’s granted under the Plan shall be nontransferable.

 

(c)       In

the event that the Committee, in its sole discretion, permits the transfer of

NSO’s by an optionee to an Eligible Transferee under this Section 4.12, the

options transferred to the Eligible Transferee must be exercise by such

Eligible Transferee and, in the event of the death of such Eligible Transferee,

by such Eligible Transferee’s executor or administrator only in the same

manner, to the same extent and under the same circumstances (including, without

limitation, the time period within which the options must be exercised) as the

optionee or, in the event of the optionee’s death, the executor or

administrator of the optionee’s estate, could have exercised such options. The

optionee, or in the event of optionee’s death, the optionee’s estate, shall

remain liable for all federal, state, city and local taxes applicable upon the

exercise of an NSO by an Eligible Transferee.”

 

7.   All other provisions of the

Plan shall remain the same.

 

IN WITNESS

WHEREOF, Duke Realty Investments, Inc., by its officers thereunder duly

authorized, has executed this Amendment One to the 1995 Key Employees’ Stock

Option Plan of Duke Realty Investments, Inc. this 25th day of August, 1997, but

effective as of the dates specified herein.

 

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