Document:

formex10a.htm

    THE
TAUBMAN COMPANY LLC

    2008
OMNIBUS LONG-TERM INCENTIVE PLAN

    
      RESTRICTED
SHARE UNIT AWARD AGREEMENT

    

    
      

       

      

    

    Participant
Name:         [                ]                                            

     

    Grant
Date:             [                ]                                                                    

     

    RSUs
Granted:                              [                                                ]

     

    Vesting Date:                [                                        ]      (or,
if earlier, the “Vesting Date” defined inparagraph 3 of this Award
Agreement)

     

    THIS AWARD AGREEMENT, dated as of this
[         ] day of
[        ], 200__, is entered into
by and between THE TAUBMAN COMPANY LLC, a Delaware limited liability
company (the “Company”), and [  ](the
“Participant”).  Capitalized terms have the meaning defined herein or
as defined in the Plan, as applicable.

     

    1.           Incorporation of
Plan.  This Award is granted as of
[         ], pursuant to and subject to
all of the terms and conditions of The Taubman Company LLC 2008 Omnibus
Long-Term Incentive Plan, as effective May 29, 2008, and as may be amended from
time to time (the “Plan”), the provisions of which are incorporated in full by
reference into this Award Agreement, which means that this Award Agreement is
limited by and subject to the express terms of the Plan.  A copy of
the Plan is on file in the office of the Company.  If there is any
conflict between the provisions of this Award Agreement and the Plan, the Plan
will control.

     

    2.           RSU
Award.  The Company hereby grants the Participant an Award of
[        ] Restricted Share Units
(“RSUs”).  Each RSU represents the right to receive, upon vesting and
the satisfaction of any required tax withholding obligation, one share of common
stock, par value $0.01, of Taubman Centers, Inc. (“TCO”) (“Common
Stock”).

     

    3.           Vesting
Date.  “Vesting Date” means the date that is the earlier of (a)
the calendar date determined by the Compensation Committee and that is specified
above or (b) the death, Retirement or Disability of the Participant, or
occurrence of a Change in Control, provided that, in each case ((a) and (b)),
the Participant is in Service on such date.

     

    4.           Conversion of RSUs, and
Issuance of Shares.  As soon as practicable after the vesting
of this Award, TCO will issue and transfer to the Company one share of Common
Stock for each RSU granted under this Award.  The Company will
transfer the shares of Common Stock to the Participant upon satisfaction of any
required tax withholding obligation.  No fractional shares will be
issued.

     

    5.           Forfeiture in the Event of a
Termination of Service Due to Lay-off in Connection With a
Reduction-in-Force.  The provisions of Section 10.6 of the Plan
providing for the full vesting of the unvested portion of the Award in the event
the Participant’s Service terminates due to lay-off in connection with a
reduction in force does not apply to the Award granted under this Award
Agreement.  Instead, in the event the Participant’s Service terminates
due to a lay-off in connection with a reduction in force, the unvested portion
of the Award will automatically and immediately terminate and be forfeited by
the Participant, and the vested portion of the Award will continue in effect
according to terms of this Award Agreement.

     

    6.           Tax Withholding
Obligation.  The Company will determine, in its discretion,
which of the following two methods will be used to satisfy the statutory minimum
tax withholding obligations in connection with the Payment of this
Award:  (a) withholding from payment to the Participant
sufficient cash and/or shares of Common Stock issuable under the Award having a
fair market value sufficient to satisfy the withholding obligation; or
(b) payment by the Participant to the Company the withholding amount by
wire transfer, certified check, or other means acceptable to the Company, or by
additional payroll withholding in the event the Participant fails to pay the
withholding amount.  To the extent that the value of any whole shares
of Common Stock withheld exceeds applicable tax withholding obligations, the
Company agrees to pay the excess in cash to the Participant through payroll or
by check as soon as practicable.

     

    7.           Rights of
Participant.  This Award does not entitle the Participant to
any ownership interest in any actual shares of Common Stock unless and until
such shares are issued to the Participant pursuant to the terms of the
Plan.  Since no property is transferred until the shares are issued,
the Participant acknowledges and agrees that the Participant cannot and will not
attempt to make an election under Section 83(b) of the Internal Revenue Code of
1986, as amended, to include the fair market value of the RSUs in the
Participant’s gross income for the taxable year of the grant of the
Award.

     

    8.           Beneficiary/Beneficiaries.  Each
Participant may, at any time, subject to the provisions of Section 10.2 of the
Plan, designate a Beneficiary or Beneficiaries to whom payment under this Plan
will be made in the event of such Participant’s death.  Beneficiary
Designation forms are available from Human Resources.

     

    9.           Registration.  TCO
currently has an effective registration statement on file with the Securities
and Exchange Commission with respect to the shares of Common Stock subject to
this Award.  TCO intends to maintain this registration but has no
obligation to do so.  If the registration ceases to be effective, the
Participant will not be able to transfer or sell shares issued pursuant to this
Award unless exemptions from registration under applicable securities laws are
available.  Such exemptions from registration are very limited and
might be unavailable.   The Participant agrees that any resale by
him or her of the shares of Common Stock issued pursuant to this Award will
comply in all respects with the requirements of all applicable securities laws,
rules, and regulations (including, without limitation, the provisions of the
Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended, and the respective rules and regulations promulgated
thereunder) and any other law, rule, or regulation applicable thereto, as such
laws, rules, and regulations may be amended from time to time. TCO will not be
obligated to either issue the shares or permit the resale of any shares if such
issuance or resale would violate any such requirements.

     

    10.           Acknowledgment of
Participant.  The Participant accepts and agrees to the terms
of the Award as described in this Award Agreement and in the Plan, acknowledges
receipt of a copy of this Award Agreement, the Plan, and any applicable summary
of the Plan, and acknowledges that he or she has read all these documents
carefully and understands their contents.

     

    11.           General
Provisions.

     

    a.           Participant is Unsecured
General Creditor.  The Participant and the Participant’s
Beneficiaries, heirs, successors, and assigns shall have no legal or equitable
rights, interest, or claims in any specific property or assets of the Company,
TRG, TCO, nor of any entity for which the Company or any affiliate of the
Company provides services.  Assets of the Company or such other
entities shall not be held under any trust for the benefit of the Participant or
the Participant’s Beneficiaries, heirs, successors, or assigns, or held in any
way as collateral security for the fulfilling of the obligations of the Company
under this Award Agreement and the Plan.  Any and all of the Company’s
and such other entities’ assets shall be, and remain, the general unrestricted
assets of the Company or such other entities.  The Company’s sole
obligation under the Plan shall be merely that of an unfunded and unsecured
promise of the Company to pay the Participant in the future, subject to the
conditions and provisions of this Award Agreement and the Plan.

    

    b.           Nonassignability.  The
Participant’s rights and interests under the Plan may not be assigned or
transferred other than by will or the laws of descent and distribution, and,
during the Participant’s lifetime, only the Participant personally, or, in the
event of the Participant’s legal incapacity or incompetence, the Participant’s
guardian or other legal representative, may exercise the Participant’s rights
under the Plan and this Award Agreement.  A Participant’s Beneficiary
may exercise the Participant’s rights to the extent they are exercisable under
the Plan following the death of the Participant.  No part of the
amounts payable under the Plan shall, prior to actual Payment, be subject to
seizure or sequestration for the payment of any debts, judgments, alimony, or
separate maintenance owed by the Participant or any other Person, or be
transferable by operation of law in the event of the Participant’s or any other
Person’s bankruptcy or insolvency.

    

    c.           No Right to Continued
Employment.  The adoption and maintenance of the Plan and the
grant of the Award to the Participant under this Award Agreement shall not be
deemed to constitute a contract of employment between the Company, an affiliate
of the Company, or of TRG or TCO, and the Participant or to be a condition of
the employment of the Participant.  The Plan and the Award granted
this Award Agreement shall not confer on the Participant any right with respect
to continued employment by the Company or an affiliate of the Company, nor shall
they interfere in any way with the right of the Company or an affiliate of the
Company to terminate the employment of the Participant at any time, and for any
reason, with or without Cause, it being acknowledged, unless expressly provided
otherwise in writing, that the employment of the Participant is “at
will.”

    

    12.           Specified
Employee.  Notwithstanding any other provision of the Plan or
this Award Agreement to the contrary, for any Payment under this Award Agreement
that is made on account of a Participant’s Retirement, and the Participant is a
‘specified employee’ as determined under the default rules under Code Section
409A, and the regulations thereunder, on the Retirement date, the Payment will
be made on the day next following the date that is the six-month anniversary of
the date of the Participant’s Retirement, or, if earlier, the date of the
Participant’s death; any payments that would have been paid prior to the
six-month anniversary plus one day Payment date specified above.

     

    13.           Definitions.  As
used in this Award Agreement, the following definitions shall
apply:

     

    a.           “Beneficiary”
means:  (i) an
individual, trust, estate, or family trust who or that, by will or by operation
of the laws of descent and distribution, succeeds to the rights and obligations
of the Participant under the Plan on the Participant’s death; or (ii) an
individual who, as a result of designation by the Participant in a Beneficiary
Designation, or as otherwise provided in the Beneficiary Designation rules set
forth below, succeeds to the rights and obligations of the Participant under the
Plan on such Participant’s death.

     

    b.           “Beneficiary
Designation” means a writing executed by the Participant pursuant to the
following rules:

     

    i.           
The Participant may, at any time, designate any Person or Persons as the
Participant’s Beneficiary or Beneficiaries (both principal as well as
contingent) to whom Payment under this Award Agreement will be made in the event
of such Participant’s death prior to Payment due the Participant under this
Award Agreement.  Such designation may be changed at any time prior to
the Participant’s death, without consent of any previously designated
beneficiary.  Any designation must be made in writing.  A
Beneficiary Designation shall be effective only if properly completed and only
on receipt by the Company.  Any properly completed Beneficiary
Designation received by the Company prior to the Participant’s death shall
automatically revoke any prior Beneficiary Designation.  In the event
of divorce, the person from whom such divorce has been obtained shall be deemed
to have predeceased the Participant in determining who shall be entitled to
receive Payment pursuant to the Participant’s Beneficiary Designation, unless
the Participant completes and submits after the divorce a Beneficiary
Designation which designates the former spouse as the Participant’s Beneficiary
for purposes of this Award Agreement.

     

    ii.           If
the Participant fails to designate a Beneficiary as provided above, or if all
designated Beneficiaries predecease (or are deemed to predecease) the
Participant or die prior to Payment of the amounts due to the Participant under
this Award Agreement, then such Participant’s designated Beneficiary shall be
deemed to be the Person or Persons surviving the Participant in the first of the
following classes in which there is a survivor, share and share
alike:

     

    
      	
               
      

            	
              A.

            	
              The
      Participant’s surviving spouse.

            

    

     

    
      	
               
      

            	
              B.

            	
              The
      Participant’s children, except that if any of such Participant’s children
      predecease the Participant but leave issue surviving, then such issue
      shall take, by right of representation, the share their parent would have
      taken if living.  The term “children” shall include natural or
      adopted children but shall not include a child (or children) whom the
      Participant has placed for adoption or foster
  care.

            

    

     

    
      	
               
      

            	
              C.

            	
              The
      Participant’s estate.

            

    

     

    c.           “Partnership
Agreement” means The Second Amendment and Restatement of Agreement of
Limited Partnership of The Taubman Realty Group Limited Partnership, as the same
has been and may subsequently be amended and/or supplemented.

     

    d.           “Payment” means the
transfer of shares of Common Stock equal to the number of RSUs that vest under
this Award Agreement as of the Vesting Date, net of any taxes as provided in
paragraph 6 of this Award Agreement and Section 18.3 of the Plan.

     

    f.           “Person” means an
individual, partnership (general or limited), corporation, limited liability
company, joint venture, business trust, cooperative, association, or other form
of business organization, whether or not regarded as a legal entity under
applicable law, a trust (inter vivos or testamentary), an estate of a deceased,
insane, or incompetent person, a quasi-governmental entity, a government or any
agency, authority, political subdivision, or other instrumentality thereof, or
any other entity.

     

    IN WITNESS WHEREOF, this Award
Agreement is duly authorized as of the day and year first above
written.

     

    PARTICIPANT     
SIGNATURE                                          THE TAUBMAN COMPANY LLC, a Delaware
limited liability company

     

     

     

     _________________________________                         By:__________________________                                                     

     

    Date:  _____________________________                                             
   Its: _________________________                                                                  

                                   

                                              
  Date:  _______________________

    

            TAUBMAN CENTERS,
INC., a Michigan corporation, CONSENTS TO THE AWARD:

    

                 
By: __________________________                                                     

    

                  Its: __________________________                                                     

    

                  Date: _________________________                                         

    

    

    PLEASE
RETURN ONE SIGNED AGREEMENT TO
[                   ]
BY [            ] AND
KEEP ONE FOR YOUR RECORDS.

    

    

    
      
        
          3481969.8│030409formex10b.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THE
TAUBMAN COMPANY LLC

    2008
OMNIBUS LONG-TERM INCENTIVE PLAN

    OPTION
AWARD AGREEMENT

    

    

    THIS
AWARD AGREEMENT, dated as of
[                ],
20[           ] (which
date is the “Grant Date”), is entered into by and between THE TAUBMAN REALTY
GROUP LIMITED PARTNERSHIP, a Delaware limited liability partnership (“TRG”), and
[        ] (the “Optionee”).

    

    1.      
Incorporation of
Plan.   This Option is granted as of the date written
above pursuant to and subject to all of the terms and conditions of The Taubman
Company LLC 2008 Omnibus Long-Term Incentive Plan, as effective May 29, 2008
(the “Plan”), the provisions of which are by reference made a part hereof to the
same extent as if set forth in their entirety herein, and to such other terms
and conditions as are hereinafter stated, all determinations necessary or
appropriate to the grant hereof having been made.  A copy of the Plan
is on file in the office of The Taubman Company, LLC (the
“Company”).  The Optionee hereby acknowledges that he or she has
received a copy of the Plan.

    

    2.      Grant of
Option.  Pursuant to the Plan, TRG hereby grants to the
Optionee as of the Grant Date specified above an Option to purchase any one or
more of an aggregate of
[            ] TRG Units,
subject to adjustment in accordance with Section 17.1 of the
Plan.  The Option will vest in accordance with the schedule attached
hereto as Exhibit A.  The Option granted under this Award
Agreement is a Non-Qualified Option under the Plan.

    

    3.      Option
Price.  The price to be paid for each TRG Unit made the subject
of the Option upon the Optionee’s exercise of the Option or any part thereof
shall be the Option Price of $[] per TRG Unit, which price is the Fair Market
Value of a TRG Unit on the Grant Date.

    

    4.      Exercise of
Option.  The Option, to the extent exercisable, may be
exercised as provided in the Plan and by delivering to TRG in care of the
Company at the Company’s principal business office  (a) a written
notice of exercise, and such other forms as may be required, in substantially
the form prescribed from time to time by the Committee or its delegate and (b)
except as provided for under (i) Section 12.3 of the Plan (cashless exercise) in
the manner determined by the Company or (ii) Section 12.4 of the Plan (other
forms of payment) subject to approval by the Committee, full payment in cash of
the Option Price times the total number of TRG Units purchased under the Option,
plus, as provided in paragraph 5 below, payment of any federal, state, or local
income and withholding taxes, all on the date of exercise.  Such
notice shall specify the number of TRG Units with respect to which the Option is
being exercised and shall be signed by the Person exercising the
Option.  Any exercise of the Option shall be subject to the minimum
number of TRG Units as provided under Section 8.7 of the Plan and the Continuing
Offer provisions of paragraph 15 below.  If the Option is exercised by
a Person other than the Optionee, such notice shall be accompanied by proof,
satisfactory to TRG or the Company of such Person’s right to exercise the
Option.

    

    5.      Tax Withholding
Obligation.  As permitted under Section 18.3 of the Plan, TRG
shall have the right to require the Optionee, or other Person exercising the
Option, to pay on the date of exercise any federal, state, or local income and
withholding taxes that accrue in connection with the exercise of the Option. TRG
shall have the right to determine (a) the amount of such income and withholding
taxes, and (b) the manner by which such income and withholding taxes must be
paid.

    

    6.      Nontransferability of
Option.

    

    (a)  The Optionee’s rights
and interests under the Plan and this Award Agreement shall not be assignable or
transferable other than by will or the laws of descent and distribution, and,
during the Optionee’s lifetime, only the Optionee personally, or, in the event
of the Optionee’s legal incapacity or incompetence, the Optionee’s guardian or
other legal representative, may exercise the Optionee’s rights under the Plan
and this Award Agreement.  An Optionee’s Beneficiary may exercise the
Optionee’s rights to the extent they are exercisable under the Plan following
the death of the Optionee.

    

    (b)  Notwithstanding
paragraph 6(a) above, the Optionee may transfer, not for value, all or part of
the Option to any Family Members.  A “not for value” transfer is a
transfer that is (i) a gift to a trust for the benefit of the Optionee and/or
one or more Family Members, or (ii) a transfer under a domestic relations order
in settlement of marital property rights.  Following a transfer under
this paragraph 6(b), the Option shall continue to be subject to the same terms
and conditions as were applicable immediately prior to
transfer.  Subsequent transfer of the transferred Option is prohibited
except in accordance with this paragraph 6(a) or by will or the laws of descent
and distribution.  The events of termination of Service of Section 8.4
of the Plan shall continue to be applied with respect to the Optionee, following
which the Option shall be exercisable by the transferee only to the extent and
for the periods specified in Section 8.4 of the Plan.

    

    7.      Rights as an
Employee.  The grant of the Option pursuant to the Plan and
this Award Agreement shall not in any way be deemed to constitute a contract of
employment between the Company, TRG, the Manager, or a Manager Entity and the
Optionee or any other Person; nor shall the Plan or this Award Agreement be
construed to give the Optionee or any other Person the right to remain in the
employment of the Company, TRG, the Manager or a Manager Entity or to affect the
right of the Company, TRG, the Manager or a Manager Entity to terminate the
Optionee’s or such other Person’s employment at any time with or without
cause.  It being acknowledged, unless expressly provided otherwise in
writing, that the Optionee’s or such other Person’s employment is “at
will.”

    

    8.      Notices.  Any
notice contemplated by this Agreement shall be addressed to TRG in care of the
Company, at 200 East Long Lake Road, Suite 300, Bloomfield Hills, Michigan
48304-2324; and any notice to the Optionee shall be addressed to him or her at
the address on file with the Company on the date hereof or at such other address
as he or she may hereafter designate in writing.

    

    9.      Interpretation.  The
Interpretation, construction, performance, and enforcement of this Award
Agreement and of the Plan shall lie within the sole discretion of the Committee,
and the Committee’s determination shall be conclusive and binding on all
interested Persons.  In the event of any inconsistency between any
provision of the Plan and any provision of this Award Agreement, the provision
of the Plan shall govern.

    

    10.   Amendment.  The
Committee may from time to time amend this Award Agreement to the extent the
Committee deems necessary for the purpose of attaining or preserving consistency
with the terms and provisions of the Plan and the Continuing Offer, or as
permitted by the Plan, and in such manner as the Committee deems equitable or as
may be required pursuant to the applicable law.

    

    11.  Termination of Management
Contract.  Upon the termination of the Master Services
Agreement (as defined in the Partnership Agreement) between TRG and the Manager,
for any reason, the Option granted under this Award Agreement shall fully vest
and shall continue to be exercisable through the normal date of expiration of
the exercise rights provided for under this Award Agreement.

    

    12.  Dissolution of
TRG.  The dissolution of TRG (provided that TRG is not
reconstituted as provided in the Partnership Agreement) shall automatically and
without further action cause the Option granted under this Award Agreement to
fully vest and the Option shall continue to be exercisable through the normal
date of expiration of the exercise rights provided for under this Award
Agreement.

    

    13.  Termination of the
Plan.  If the Plan is terminated as provided for under Section
5.3 of the Plan, the Option granted under this Award Agreement shall continue to
vest according to the regular vesting schedule provided for under this Agreement
and shall to be exercisable through the normal date of expiration of the
exercise rights provided for under this Award Agreement and the terms and
conditions of the Plan shall otherwise continue to apply with respect to the
Option.

    

    14. 
Forfeiture in the
Event of a Termination of Service Due to Lay-off in Connection With a
Reduction-in-Force.  The provisions of Section 8.4 of the Plan
providing for the full vesting of the Option in the event the Optionee’s Service
terminates due to lay-off in connection with a reduction in force do not apply
to the Option granted under this Award Agreement.  Instead, in the
event the Optionee’s Service terminates due to a lay-off in connection with a
reduction in force, the unvested portion of the Option will automatically and
immediately terminate and be forfeited by the Optionee, and the vested portion
of the Option will continue in effect according to terms of this Award
Agreement.

    

    15.
 Award Subject to
Continuing Offer.  An Optionee or other Person who is not
permitted to be a partner of TRG under the terms of the Partnership
Agreement is required to comply with the terms and conditions of the
Continuing Offer upon the exercise of an Option.  The
Continuing Offer has been filed as an exhibit to the periodic reports filed
by Taubman Centers, Inc. with the Securities and Exchange Commission;
copies are also available from the Company.  The exchange of Options
for Shares upon the exercise of an Option pursuant to the Continuing Offer and
this paragraph 15 shall not operate and shall not be applied in any manner that
constitutes a feature for the deferral of compensation resulting from the Option
granted under this Award Agreement

    

    16.  Additional Defined
Terms.  As used in this Award Agreement, the following
definitions shall apply:

    

    (a)  “Committee” means the
Compensation Committee of the Board of Directors of Taubman Centers, Inc.
(“Board”), or if the Board so elects, a different committee of, and designated
from time to time by resolution of, the Board, which shall be constituted as
provided in Section 3.1 of the Plan.

    

    (b)  “Continuing Offer” means
the Second Amended and Restated Continuing Offer, effective May 16, 2000, as the
same has been or may be amended and/or supplemented, which provides for, among
other things, the exchange of an Option for Shares at a specified ratio upon the
exercise of an Option.

    

    (c)  “Manager” means the
Company, or such other Person who has by written contract with TRG agreed to
provide management, administration, leasing, and development services for the
properties of TRG.

    

    (d)  “Manager Entity” means a
Person in which the Company, or one or more of the Persons possessing a
beneficial interest in the Company, possesses a beneficial interest and which
Person has agreed to provide personnel, management, administration, leasing
and/or development or other services for the properties of TRG, or to the
Company for the benefit of TRG, or for TRG itself.

    

    (e)  “Partnership Agreement”
means The Second Amended and Restated Agreement of Limited Partnership of The
Taubman Realty Group Limited Partnership, as the same has been amended or may be
amended and/or supplemented.

    

    (f)  “Person” or “Persons”
means an individual, a partnership (general or limited), corporation, joint
venture, business trust, cooperative, association, or other form of business
organization, whether or not regarded as a legal entity under applicable law, a
trust (inter vivos or testamentary), an estate of a deceased, insane or
incompetent person, a quasi-governmental entity, a government or any agency,
authority, political subdivision, or other instrumentality thereof, or any other
entity.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has executed this Award Agreement,
and in the case of TRG by its duly authorized officer, as of the day and year
first above written.

    

    

    OPTIONEE
SIGNATURE                                                               
  THE TAUBMAN REALTY GROUP LIMITEDPARTNERSHIP, a Delaware limited
partnership

    

    By: ____________________________________                                                   

    __________________________________

     

    Date: ______________________________                               
Its:  Authorized Signatory

    

    Date:____________________________________                                                               

    

    
      	
              TAUBMAN
      CENTERS, INC., a Michigan

              corporation,
      CONSENTS TO THE AWARD:

               

              By:___________________________________                                                      

               

              Its:___________________________________                                                     

               

              Date: _________________________________                                                     

               

            	
              THE
      TAUBMAN COMPANY LLC, a Delaware

              limited
      liability company, CONSENTS TO THE AWARD:

               

              By:______________________________                                                     

               

              Its:______________________________                                                     

               

              Date:_____________________________                                                     

               

            

    

    

    

    NOTE
TO OPTIONEE:  PLEASE RETURN ONE SIGNED AWARD AGREEMENT TO
[                      
] BY
[                   
] AND KEEP ONE FOR YOUR RECORDS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]