Document:

Quadra Realty Trust, Inc. Equity Plan

 Exhibit 10.1 
 QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 

 QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 
  

					
	 	 	 Section
	  	Page
	1.	 	Purpose; Types of Awards; Construction	  	1
			
	2.	 	Definitions	  	1
			
	3.	 	Administration	  	3
			
	4.	 	Eligibility	  	4
			
	5.	 	Stock Subject to the Plan	  	4
			
	6.	 	Terms of Awards	  	5
			
	7.	 	Certain Terminations of Service	  	8
			
	8.	 	General Provisions	  	9

 QUADRA REALTY TRUST, INC. 
 EQUITY PLAN 
 1. Purpose; Types of Awards; Construction. 
 The purposes of the Quadra Realty Trust, Inc. Equity Plan (the “Plan”) are to afford an incentive to the directors and officers, advisors and
consultants of Quadra Realty Trust, Inc. (the “Company”) who are in any case natural persons and providing services to the Company, including without limitation individuals who are employees of the Manager or one of its Affiliates who are
providing services to the Company, to continue as directors, officers, advisors and consultants, to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The Plan provides for the grant of stock
options, restricted stock, restricted stock units, unrestricted shares and other equity-based awards. 
 2. Definitions. 

For purposes of the Plan, the following terms shall be defined as set forth below: 
 (a) “Affiliate” means (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person,
(ii) any executive officer or general partner of such other Person and (iii) any legal entity for which such Person acts as an executive officer or general partner. 
 (b) “Award” means any Option, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award granted under the Plan. 
 (c) “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Cause” for the termination of a Participant’s service to the Company means the occurrence of any one of the following, as determined by the Board in its reasonable discretion: (i) the
intentional or grossly negligent commission of a material or reportable violation of laws, rules or regulations applicable to the Company or any of its Affiliates; (ii) the commission of an act constituting a breach of fiduciary duty, gross
negligence, willful misconduct or willful insubordination which is detrimental to the business, reputation, character or standing of the Company or any of its Affiliates; (iii) the commission of a felony under the laws of the United States or
any state or political subdivision thereof ; (iv) engaging in willful or grossly negligent conduct that violates the Company’s internal policies or procedures and which is detrimental to the business, reputation, character or standing of
the Company or any of its Affiliates; (v) the commission of an act of fraud, dishonesty or misrepresentation that is detrimental to the business, reputation, character or standing of the Company or any of its Affiliates; or (vi) the
continued breach of the Participant’s material obligations to the Company after receiving written notice from the Company of any such breach or default. 

 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
rules and regulations promulgated thereunder. 
 (g) “Committee” means the committee established by the Board to administer the
Plan, the composition of which shall at all times consist of “non-employee directors” within the meaning of Rule 16b-3 under the Exchange Act. 
 (h) “Company” means Quadra Realty Trust, Inc., a Maryland corporation, or any successor corporation. 
 (i) “Effective Date” means February 13, 2007, the date on which the Plan was adopted by the Board, subject to obtaining the approval of the Company’s stockholders. 
 (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder. 
 (k) “Fair Market Value” means, with respect to Stock or other property, the fair market value of such Stock or
other property determined by such methods or procedures as shall be established from time to time by the Board. Unless otherwise determined by the Board in good faith, the per share Fair Market Value of Stock as of a particular date shall mean
(i) the closing sales price per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on which there was a sale of such Stock on such exchange; (ii) if the shares of Stock
are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of Stock in such over-the-counter market for the last preceding date on which there was a sale of such Stock in such market; or
(iii) if the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Board, in its sole discretion, shall determine. 
 (l) “Management Agreement” means the Management Agreement, dated as of February 21, 2007, by and between the Company and the Manager, as such
may be amended from time to time. 
 (m) “Manager” means Hypo Real Estate Capital Corporation, a Delaware corporation. 

(n) “Option” means a right, granted to a Participant under Section 6(b)(i), to purchase shares of Stock. 
 (o) “Other Stock-Based Award” means a right or other interest granted to a Participant that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or related to, Stock, including but not limited to unrestricted shares of Stock or dividend equivalent rights. 
  

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 (p) “Participant” means an eligible person who has been granted an Award under the Plan.

 (q) “Person” means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint
venture, any federal, state or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 
 (r) “Plan” means this Quadra Realty Trust, Inc. Equity Plan, as amended from time to time. 
 (s) “Removal for Cause” shall have the meaning ascribed to such term under the laws of Maryland. 
 (t) “Restricted Stock” means an Award of shares of Stock to a Participant under Section 6(b)(ii) that may be subject to certain
restrictions and to a risk of forfeiture. 
 (u) “Restricted Stock Unit” or “RSU” means a right granted to a Participant
under Section 6(b)(iii) to receive Stock, cash or other property at the end of a specified period, which right may be conditioned on the satisfaction of specified performance or other criteria. 
 (v) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 (w) “Stock” means shares of the common stock, par value $0.001 per share, of the Company. 
 3. Administration. 
 The Plan shall be
administered by the Board. Except with respect to the amendment, modification, suspension or early termination of the Plan, the Board may appoint a Committee to administer all or a portion of the Plan. To the extent that the Board so delegates its
authority, references herein to the Board shall be deemed references to the Committee. The Board may delegate to one or more agents such administrative duties as it may deem advisable, and the Committee or any other person to whom the Board has
delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Board or such Committee or person may have under the Plan. No member of the Board or Committee shall be liable for any action taken
or determination made in good faith with respect to the Plan or any Award granted hereunder. 
 The Board shall have the authority in its
discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the
administration of the Plan, including, without limitation, the authority to: (i) grant Awards; (ii) determine the persons to whom and the time or times 

  

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at which Awards shall be granted; (iii) determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may
relate and the terms, conditions, restrictions and performance criteria relating to any Award; (iv) determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered;
(v) make adjustments in the terms and conditions of Awards; (vi) construe and interpret the Plan and any Award; (vii) prescribe, amend and rescind rules and regulations relating to the Plan; (viii) determine the terms and
provisions of the Award Agreements (which need not be identical for each Participant); and (x) make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of
the Committee shall be final and binding on all persons, including but not limited to the Company, any parent or subsidiary of the Company, any Participant (or any person claiming any rights under the Plan from or through any Participant) and any
stockholder. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, except as provided in the second paragraph of Section 5, neither the Board nor the Committee may take any action which would have the effect of
reducing the aggregate exercise or purchase price of any Award without obtaining the approval of the Company’s stockholders. 
 4.
Eligibility. 
 Awards may be granted, in the discretion of the Board, to individuals who are, as of the date of grant, directors or
officers, advisors or consultants of the Company, who in any case are natural persons and providing services to the Company, including without limitation individuals who are employees of the Manager or one of its Affiliates. In determining the
persons to whom Awards shall be granted and the type of any Award (including the number of shares to be covered by such Award), the Board shall take into account such factors as the Board shall deem relevant in connection with accomplishing the
purposes of the Plan. 
 5. Stock Subject to the Plan. 
 The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be 1,800,000, subject to adjustment as provided herein. No more than 450,000 shares of Stock may be made
subject to Options granted under the Plan, and no more than 1,800,000 shares of Stock may be made subject to stock-based awards other than Options (including Restricted Stock and Restricted Stock Units or Other Stock-Based Awards), in
either case, subject to adjustment as provided herein. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or
otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares to the Participant, or if shares of Stock are surrendered or withheld by the
Company as payment of either the exercise price of an Award and/or withholding taxes in respect of an Award, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding,
termination or expiration, again be available for Awards under the Plan. Upon the exercise of any 

  

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Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of shares of Stock as to which the Award is
exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. 
 In the event
that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase,
or share exchange, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Board shall make
equitable changes or adjustments to any or all of: (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with Awards; (ii) the number and kind of shares of Stock or other
property (including cash) issued or issuable in respect of outstanding Awards; (iii) the exercise price, grant price or purchase price relating to any Award and (iv) the performance goals, if any, applicable to outstanding Awards. In
addition, the Board may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property (including but not limited to shares of Stock). 
 6. Terms of Awards. 
 (a)
General. The term of each Award shall be for such period as may be determined by the Board. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company upon the grant, vesting, maturation or
exercise of an Award may be made in such forms as the Board shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other property, and may be made in a single payment or transfer, in installments or on a
deferred basis. The Board may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments. In addition to the foregoing, the Board may impose on any
Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Board shall determine. 
 (b) Terms of Specified Awards. The Board is authorized to grant the Awards described in this Section 6(b), under such terms and conditions
as deemed by the Board to be consistent with the purposes of the Plan. Such Awards may be granted with vesting, value and/or and payment contingent upon attainment of one or more performance goals. Except as otherwise set forth herein or as may be
determined by the Board, each Award granted under the Plan shall be evidenced by an Award Agreement containing such terms and conditions applicable to such Award as the Board shall determine at the date of grant or thereafter. 
 (i) Options. The Board is authorized to grant Options to Participants on the following terms and conditions: 
  

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 (A) Exercise Price. The exercise price per share of Stock purchasable under an
Option shall be determined by the Board, but in no event shall the per share exercise price of any Option be less than 100% of the Fair Market Value of a share of Stock on the date of grant of such Option. The exercise price for Stock subject to an
Option may be paid in cash or by an exchange of Stock previously owned by the Participant, through a “broker cashless exercise” procedure approved by the Board (to the extent permitted by law) or a combination of the above, in any case in
an amount having a combined value equal to such exercise price; provided that the Board may require that any Stock exchanged by the Participant have been owned by the Participant for at least six months as of the date of exercise. An Award Agreement
may provide that a Participant may pay all or a portion of the aggregate exercise price by having shares of Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company. 
 (B) Term and Exercisability of Options. Options shall be exercisable over the exercise period (which shall not exceed ten years
from the date of grant), at such times and upon such conditions as the Board may determine, as reflected in the Award Agreement; provided, that the Board shall have the authority to accelerate the exercisability of any outstanding Option at such
time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise
to the Board or its designated agent. 
 (C) Termination of Service. Subject to Section 7, an Option may not be
exercised unless: (1) the Participant is then providing services to the Company; and (2) the Participant has continuously maintained such relationship since the date of grant of the Option; provided, that the Award Agreement may contain
provisions extending the exercisability of Options, in the event of specified terminations of service, to a date not later than the expiration date of such Option. 
 (D) Other Provisions. Options may be subject to such other conditions including, but not limited to, restrictions on
transferability of the shares acquired upon exercise of such Options, as the Board may prescribe in its discretion or as may be required by applicable law. 
  

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 (ii) Restricted Stock. The Board is authorized to grant Restricted Stock to
Participants on the following terms and conditions: 
 (A) Issuance and Restrictions. Restricted Stock shall be
subject to such restrictions on transferability and other restrictions, if any, as the Board may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such
installments, or otherwise, as the Board may determine. The Board may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. Unless otherwise determined by the Board,
a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (B) Forfeiture. Subject to Section 7, upon termination of service to the Company during the applicable restriction period,
Restricted Stock and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of
Restricted Stock. 
 (C) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such
manner as the Board shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to
such Restricted Stock, and the Company shall retain physical possession of the certificate. 
 (D) Dividends. Unless
otherwise determined by the Board, dividends paid on Restricted Stock shall be paid at the dividend payment date, provided that such payments may be deferred to such date as determined by the Board, and in any event shall be payable in cash or in
shares of Stock having a Fair Market Value equal to the amount of such dividends. Unless otherwise determined by the Board, Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be
subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 
  

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 (iii) Restricted Stock Units. The Board is authorized to grant Restricted Stock
Units to Participants, subject to the following terms and conditions: 
 (A) Award and Restrictions. Delivery of
Stock, cash or other property, as determined by the Board, will occur upon expiration of the period specified for Restricted Stock Units by the Board during which forfeiture conditions apply, or such later date as the Board shall determine. The
Board may place restrictions on Restricted Stock Units that shall lapse, in whole or in part, only upon the attainment of one or more performance goals. 
 (B) Forfeiture. Subject to Section 7, upon termination of service to the Company prior to the vesting of a Restricted Stock Unit, or upon failure to satisfy any other conditions precedent to the delivery
of Stock or cash to which such Restricted Stock Units relate, all Restricted Stock Units and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that the Board may provide, by
rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be waived in whole or in part in the event of termination resulting from
specified causes, and the Board may in other cases waive in whole or in part the forfeiture of Restricted Stock Units. 
 (C)
Dividend Equivalents. Unless otherwise determined by the Board, Restricted Stock Units shall be credited with dividend equivalents at such time as dividends, whether in the form of cash, Stock or other property, are paid with respect to the
Stock. Unless otherwise determined by the Board, any such dividend equivalents shall be paid on the dividend payment date to the Participant as though each Restricted Stock Unit held by such Participant were a share of outstanding Stock. 

(iv) Other Stock-Based Awards. The Board is authorized to grant Awards to Participants in the form of Other Stock-Based Awards,
as deemed by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with vesting, value and/or payment contingent upon the attainment of one or more performance goals. The Board shall
determine the terms and conditions of such Awards at the date of grant or thereafter. Without limiting the generality of this paragraph, Other Stock-Based Awards may include grants of shares of Stock that are not subject to any restrictions or a
substantial risk of forfeiture. 
 7. Acceleration of Awards Upon Certain Terminations of Service. 
 (a) Independent Directors. Unless otherwise determined by the Board and set forth in an individual Award Agreement, in the event that the service to the
Company of a Participant who is an Independent Director is terminated other than 

  

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pursuant to a Removal for Cause, any Award held by such Participant that was not previously vested and/or exercisable shall become fully vested and/or
exercisable, and any performance conditions imposed with respect to such Award shall be deemed to be fully achieved 
 (b) Other
Participants. Unless otherwise determined by the Board and set forth in an individual Award Agreement, upon termination of the Management Agreement other than for Cause (as defined in the Management Agreement), any Award held by a Participant who is
not an Independent Director that was not previously vested and/or exercisable shall become fully vested and/or exercisable, and any performance conditions imposed with respect to such Award shall be deemed to be fully achieved. 
 8. General Provisions. 
 (a)
Nontransferability. Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Participant except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Participant only
by such Participant or his guardian or legal representative. 
 (b) No Right to Continued Service, etc. Nothing in the Plan or in any
Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon any Participant the right to continue as a director of, or continue to provide services to, the Company or any parent, subsidiary or Affiliate of the
Company or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company to terminate such Participant’s service.

 (c) Taxes. The Company or any parent or subsidiary of the Company is authorized to withhold from any Award granted, any payment
relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Participant, amounts of withholding and other taxes due in connection with any transaction involving an Award, and to take such other action as
the Board may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or
other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations. The Board may provide in the Award Agreement that in the event that a Participant is required to pay any amount to be withheld in
connection with the issuance of shares of Stock in settlement or exercise of an Award, the Participant may satisfy such obligation (in whole or in part) by electing to have the Company withhold a portion of the shares of Stock to be received upon
settlement or exercise of such Award that is equal to the minimum amount required to be withheld. 
  

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 (d) Effective Date; Amendment and Termination. 
 (i) The Plan shall take effect upon the Effective Date, subject to the approval of the Company’s stockholders. 
 (ii) The Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part; provided, however,
that unless otherwise determined by the Board, an amendment that requires stockholder approval in order for the Plan to comply with any law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of
stockholders. The Board may at any time and from time to time amend any outstanding Award in whole or in part. Notwithstanding the foregoing sentence of this clause (ii), no amendment or modification to or suspension or termination of the Plan or
amendment of any Award shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award theretofore granted under the Plan. 
 (e) Expiration of Plan. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall expire on the tenth
anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the Plan shall not affect adversely any of the rights of any Participant, without such Participant’s consent, under any
Award theretofore granted. 
 (f) Deferrals. The Board shall have the authority to establish such procedures and programs that it
deems appropriate to provide Participants with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan. 
 (g) No Rights to Awards; No Stockholder Rights. No Participant shall have any claim to be granted any Award under the Plan. There is no obligation for uniformity of treatment among Participants. Except as
provided specifically herein, a Participant or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance of a stock certificate to him for such shares. 

(h) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With
respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company. 
 (i) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine
whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
  

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 (j) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Board. 
 (ii) Each Award is subject to the requirement that, if at any time the Board determines, in its absolute discretion, that the listing,
registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or
obtained free of any conditions not acceptable to the Board. 
 (iii) In the event that the disposition of Stock acquired
pursuant to the Plan is not covered by a then-current registration statement under the Securities Act and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or
regulations thereunder, and the Board may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such Participant is acquired
for investment only and not with a view to distribution. 
 (iv) The Board may require a Participant receiving Stock pursuant
to the Plan, as a condition precedent to receipt of such Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Board shall determine is necessary or desirable to further the Company’s interests.

 (k) Registration on Form S-8. The Company shall file with the Securities and Exchange Commission a registration statement on Form
S-8 with respect to the securities to be offered to Participants under the Plan and shall during the term of the Plan keep such registration statement effective. 
 (l) Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Maryland without giving effect to the conflict of laws principles thereof. 

 

 11Amended and Restated Employment Agreement

 Exhibit 10.1 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the
“Amendment”) is entered into as of the 29th day of June, 2007, by and between Spectrum Brands, Inc. (“the “Company”) and Kent J. Hussey (the “Executive”) 
 WHEREAS, the Company and the Executive previously entered into an Amended and Restated Employment Agreement (the “Agreement”), dated
April 1, 2005; and 
 WHEREAS, the Company and the Executive wish to amend various provisions of the Agreement consistent with
the Company’s and the Executive’s desire for the Company to employ the Executive in a capacity different from that described in the Agreement and pursuant to the terms and conditions set forth in the Agreement, as modified by this
Amendment; and 
 WHEREAS, the Executive is willing and able to accept such employment on such terms and conditions; and 

WHEREAS, Executive’s continued employment with the Company is expressly conditioned upon the agreement by the Executive to the terms and
conditions of such employment as contained in the Agreement, as modified by this Amendment. 
 NOW, THEREFORE, in consideration of the
premises and mutual agreements contained herein (promises that include benefits to which the Executive would not otherwise be entitled), and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and the Executive hereby agree as follows: 
 1. Section 1 of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	1.	Employment Duties and Acceptance. The Company hereby employs the Executive, and the Executive agrees to serve and accept employment with the Company, as Chief Executive
Officer, reporting directly to the Board of Directors of the Company (the “Board”). As Chief Executive Officer, the Executive shall oversee and direct the operations of the Company and perform such other duties consistent with the
responsibilities of the Chief Executive Officer, all subject to the direction and control of the Board. During the Term (as defined below) the Executive shall devote substantially all of his working time and efforts to such employment.

 2. Section 2 of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	2.	 Term of Employment. Subject to termination of employment under Section 4 hereof, the Executive’s employment and appointment hereunder shall be for
a term commencing on May 23, 2007 and expiring on May 22, 2008 (the “Initial Term”). Upon expiration of the Initial Term and subject to termination of employment under Section 4 hereof, this Agreement shall automatically
extend for successive renewal periods of one (1) year 

	 	 
(“Renewal Term(s)”). The Initial Term and any Renewal Terms shall be collectively referred to as the “Term.”

 3. The first sentence of Section 3(a) of the Agreement is hereby deleted and the following substituted therefor: 
 The Executive shall receive a base salary of Seven Hundred Fifty Thousand Dollars ($750,000) per annum effective May 23, 2007 for the duration of the
Term (“Base Salary”), which Base Salary shall be paid in equal semi-monthly installments each year, to be paid semi-monthly in arrears. 
 4. The
first sentence of Section 3(b) of the Agreement is hereby deleted and the following substituted therefor: 
 The Executive shall receive
a bonus for each fiscal year ending during the Term, payable annually in arrears, which shall be based on a target of One Hundred percent (100%) of Base Salary paid during such fiscal year, provided the Company achieves certain annual
performance goals established by the Board from time to time (the “Bonus”). 
 5. Section 3(e) of the Agreement is hereby amended in its
entirety to read as follows: 
  

	 	(e)	Long-Term Incentive Award. Subject to Board approval, Executive shall be eligible to receive each fiscal year during the Term (commencing with fiscal year 2008) a
Company-stock based award or other consideration valued at 150% of Executive’s Base Salary at the time of the award, and with such award containing certain vesting conditions to be based on achievement of Company’s performance objectives
established by the Board from time to time. 

 6. Section 3(f) of the Agreement is hereby deleted in its entirety. 
 7. Section 3(g) of the Agreement is hereby designated as Section 3(f) and amended to replace the words “four (4)” therein with “five (5).”

 8. Section 3(h) of the Agreement is hereby designated as Section 3(g). 
 9. Section 3(i) of the Agreement is hereby designated as Section 3(h) and amended in its entirety to read as follows: 
  

	 	(h)	 Vehicle. Pursuant to the Company’s policy for use of vehicles by executives, Executive shall be provided the use of a leased vehicle suitable for a
Chief Executive Officer of a company similar to the Company. Unless the Executive’s employment is terminated by the Company for Cause or by the Executive pursuant to Section 4(d), Executive shall be entitled to purchase such vehicle for
$100 upon the earlier of (i) the 

	 	 
expiration of the lease for such vehicle or (ii) the termination of Executive’s employment. In the event of the termination of the Company’s
leased car policy, Executive shall be entitled thereafter to receive the monthly car allowance then in effect under the Company’s policy for his position. 

 10. Section 3(j) of the Agreement is hereby designated as Section 3(i) and amended in its entirety to read as follows: 
  

	 	(i)	D&O Insurance. The Company shall indemnify the Executive against any and all claims and costs of defense arising from or relating to Executive’s performance of his
job responsibilities to the maximum extent provided by law, but not for any action, suit, arbitration or other proceeding (or portion thereof) initiated by the Executive, unless authorized or ratified by the Board. Such indemnification shall be
covered by the terms of the Company’s policy of insurance for directors and officers in effect from time to time (the “D&O Insurance”). Copies of the Company’s charter, by-laws and D&O Insurance will be made available to
the Executive upon request. 

 11. Section 3(k) of the Agreement is hereby designated as Section 3(j). 
 12. Section 4(d) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	(d)	Voluntary Termination by Executive. The Executive shall be entitled to voluntarily terminate his employment hereunder upon sixty (60) days prior written notice to the
Company. Except as provided in Section 4(e), any such termination shall be treated as a termination by the Company for “Cause” under Section 5, unless notice of such termination was given within sixty (60) days after a
Change in Control (which, for purposes of this Agreement, shall have the meaning given that term in the 2004 Rayovac Incentive Plan), in which case such termination shall be treated in accordance with Section 5(c) hereof.

 13. Section 4(e) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	(e)	Termination by Executive Arising Out of Constructive Termination. The Executive shall be entitled to terminate his employment and appointment hereunder, without prior notice,
upon, but in no event later than three months after, the occurrence of a Constructive Termination. For the purposes of this Agreement and any stock option agreements or restricted stock award agreements between the Company and the Executive, any
such termination shall be treated as a termination by the Company without Cause. For this purpose, a “Constructive Termination” shall mean: 

  

	 	(i)	any reduction, not consented to by Executive, in Executive’s Base Salary then in effect; 

	 	(ii)	the relocation, not consented to by Executive, of the Company’s office at which Executive is principally employed as of the date hereof to a location more than fifty
(50) miles from such office, or the requirement by the Company that Executive be based at an office other than the Company’s office at such location on an extended basis, except for required travel on the Company’s business to an
extent substantially consistent with Executive’s business travel obligations; 

  

	 	(iii)	a substantial diminution or other substantive adverse change, not consented to by Executive, in the nature or scope of Executive’s responsibilities, authorities, powers,
functions or duties; or 

  

	 	(iv)	a breach by the Company of any of its other material obligations under this Agreement and the failure of the Company to cure such breach within thirty (30) days after written
notice thereof by Executive. 

 14. Section 5(a) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	(a)	Termination by the Company with Cause or Voluntarily by the Executive. If the Executive’s employment hereunder is terminated by the Company with Cause or if the
Executive voluntarily terminates his employment hereunder (except under circumstances constituting a Constructive Discharge, or as provided in Section 5(c)), the Executive’s salary and other benefits specified in Section 3 shall cease
at the time of such termination, and the Executive shall not be entitled to any compensation specified in Section 3 which was not required to be paid prior to such termination; provided, however, that the Executive shall be entitled to continue
to participate in the Company’s medical benefit plans to the extent required by law. Upon any termination of employment, the Company shall promptly pay to the Executive accrued salary and vacation pay, reimbursement for expenses incurred
through the date of termination in accordance with Company policy, and accrued benefits through the Company’s benefit plans, programs and arrangements. 

 15. Section 5(b) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	(b)	Without Cause, Death or Disability. If the Executive’s employment hereunder is terminated by the Company (a) without Cause or (b) by reason of death or
Disability, and the Executive executes a separation agreement with a release of claims agreeable to the Company (to the extent that the Executive is physically and mentally capable to execute such an agreement), the ongoing compensation obligations
specified in Section 3 shall be discontinued as of the date of termination and the Company shall thereafter timely remit the amounts and provide the Executive the benefits as follows: 

	 	(i)	The Company shall pay to the Executive as severance, an amount in cash equal to double the sum of (A) the Executive’s Base Salary, and (B) the annual Bonus (if any)
earned by the Executive pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year ending immediately prior to the fiscal year in which the termination occurs. Additionally, the Company shall pay to the
Executive an amount equal to a pro rata portion of the annual Bonus the Executive actually would have earned for the fiscal year in which termination occurs if the Executive had not terminated employment. Such pro-ration shall be based on the number
of weeks the Executive worked during such fiscal year prior to such termination divided by 52. Except as otherwise provided below, payment of this cash amount will be made at the time at which a Bonus would have been paid to the Executive for the
fiscal year in which termination occurs if the Executive had not terminated Employment with the Company. 

 Notwithstanding the
foregoing, the aggregate amount described in the preceding paragraph shall be paid to the Executive in a single-sum payment on the first day of the seventh month following the date of the Executive’s termination of employment except to the
extent that payment is not required to be delayed under to comply with section 409A of the Internal Revenue Code of 1986, as amended, and any Treasury regulations or other guidance promulgated thereunder, pertaining to “specified
employees,” in which case, the payment will be made upon the Executive’s termination of employment. 
  

	 	(ii)	 For the greater of (i) the 24-month period immediately following such termination or (ii) the remainder of the Initial Term, the Company shall arrange to
provide the Executive and his dependents the additional benefits specified in Section 3(c) substantially similar to those provided to the Executive and his dependents by the Company immediately prior to the date of termination, at no greater
cost to the Executive than the cost to the Executive immediately prior to such date. Benefits otherwise receivable by the Executive pursuant to this Section 5(b)(ii) shall cease immediately upon the discovery by the Company of the
Executive’s breach of the covenants contained in Section 6 or 7 hereof. In addition, benefits otherwise receivable by the Executive pursuant to this Section 5(b)(ii) shall be reduced to the extent benefits of the same type are
received by or made available to the Executive during the 24-month period following the Executive’s termination of employment (and any such benefits received by or made available to the Executive shall be reported to the Company by the
Executive); provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such 

	 	 
benefits to the Executive over such cost immediately prior to the date of termination. 

  

	 	(iii)	The Executive’s accrued vacation (determined in accordance with Company policy) at the time of termination shall be paid as soon as reasonably practicable.

  

	 	(iv)	Executive shall continue to be entitled to indemnification pursuant to Section 3(i) for events occurring prior to the date of Executive’s termination.

  

	 	(v)	Any outstanding awards made pursuant to Section 3(e) will become vested immediately. 

  

	 	(vi)	Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state, or local law and any additional withholding to which the Executive
has agreed. 

 16. Section 5(c) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	(c)	Following Change in Control. If the Executive elects to terminate his employment within sixty (60) days following a Change in Control in accordance with
Section 4(d), and the Executive executes a separation agreement with a release of claims agreeable to the Company (to the extent that the Executive is physically and mentally capable to execute such an agreement), then such termination by the
Executive shall be treated as a termination by the Company without Cause, and the Executive shall be entitled to the compensation provided in Section 5(b), except that instead of the payment provided for in Section 5(b)(i)(B) hereof, the
Executive shall be entitled to the annual Bonus (if any) earned pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year in which such termination occurs, and he shall be entitled to the full amount of
such Bonus even if he terminates his employment before the end of such fiscal year. Notwithstanding the foregoing, the Company may require that the Executive continue to remain in the employ of the Company for up to a maximum of three
(3) months following the Change in Control (the “Post-Term Period”). Notwithstanding the foregoing, if payment in accordance with the preceding sentence would subject the Executive to tax under section 409A of the Internal Revenue
Code of 1986, as amended, then payment will be suspended until the first date as of which payment can be made without subjecting the Executive to such tax. 

 17. Section 5(d) is hereby further amended to eliminate Section 5(d)(i), to redesignate Section 5(d)(ii) as Section 5(d)(i), and to redesignate Section 5(d)(iii) as Section 5(d)(ii).

 18. Section 6(a) is hereby amended in its entirety to read as follows: 

	 	(a)	The Executive agrees that during the during his employment and for the two-year period immediately following the termination of his employment for any reason (hereafter, the
“Non-Competition Period”), he will not, directly or indirectly, either separately, jointly or in association with others, as an officer, director, consultant, agent, employee, owner, principal, partner or stockholder of any business,
provide services of the same or similar kind or nature that he provides to the Company to, or have a financial interest in (excepting only the ownership of not more than 5% of the outstanding securities of any class listed on an exchange or the
Nasdaq Stock Market), any competitor of the Company (which means any person or organization that is in the business of or makes money from designing, developing, or selling products or services similar to those products and services developed,
designed or sold by the Company); provided, however, that the Executive may provide services to or have a financial interest in a business that competes with the Company if his employment or financial interest is with a separately managed or
operated division or affiliate of such business that does not compete with the Company. The Executive recognizes, acknowledges and agrees that his duties and responsibilities hereunder will be performed throughout the United States and Canada and
will result in Executive’s having material contact with the Company’s customers, suppliers, vendors, and employees throughout the United States and Canada. Accordingly, the Parties acknowledge and agree that the restrictions set
forth in this Section 6(a) shall extend to the United States and Canada (hereafter, the “Restricted Territory”) and that this geographic scope is reasonable based on the geographic scope of Executive’s duties and
responsibilities. 

 19. Section 6(b) is hereby amended in its entirety to read as follows: 
  

	 	(b)	Without limiting the generality of clause (a) above, the Executive further agrees that, during the Non-Competition Period, he will not, within the Restricted Territory,
directly or indirectly, either separately, jointly or in association with others, solicit, divert, take away, or attempt to solicit, divert, or take away, any customer or person to whom the Company has sent a written sales or servicing proposal or
contract in connection with the business of the Company within the immediately preceding two-year period (hereafter, a “Prospective Customer”), for the purpose of or with the intention of selling or providing to such customer or
Prospective Customer any product or service similar to any product or service sold, provided, offered, or under development by the Company during the two-year period immediately preceding the termination of Executive’s employment for any reason
(or during the preceding two years if during Executive’s employment); provided, however, that this restriction shall only apply to customers or Prospective Customers of the Company with whom Executive had contact or about whom the
Executive acquired confidential information by virtue of his employment with the Company at any time during such two-year period. 

 20. Section 6(d) is hereby amended to add the following sentence at the end thereof: 
 Sections 6(a), 6(b), and 6(c) each are intended to be considered and construed as separate and independent covenants; any ruling that any one or more
of these sections is overbroad or otherwise invalid shall not affect the validity of any of the other sections or any other section of this Agreement. 
 21.
Section 7(a) is hereby amended in its entirety to read as follows: 
  

	 	(a)	The Executive agrees to hold in strict confidence and, except as the Company may authorize or direct, not disclose to any person or use (except in the performance of his services
hereunder) any confidential information or materials received by the Executive from the Company and any confidential information or materials of other parties received by the Executive in connection with the performance of his duties hereunder. For
purposes of this Section 7(a), confidential information or materials shall include, but are not limited to, existing and potential customer information, existing and potential supplier information, product information, design and construction
information, pricing and profitability information, financial information, sales and marketing strategies and techniques and business ideas or practices (hereafter “Confidential Information”). The restriction on the Executive’s use or
disclosure of Confidential Information shall remain in force during the Executive’s employment hereunder and until the earlier of (x) the expiration of a period of two (2) years thereafter or (y) such time as the Confidential
Information is of general knowledge in the industry through no fault of the Executive or any agent of the Executive. The Executive also agrees to return to the Company promptly upon its request any Company information or materials in the
Executive’s possession or under the Executive’s control. This Section 7(a) is not intended to preclude Executive from being gainfully employed by another. Rather, it is intended to prohibit Executive from using the Company’s
confidential information or materials in any subsequent employment or employment undertaken that is not for the benefit of the Company during the identified period. 

 22. Section 7(c) is hereby amended to add the following sentence at the end thereof: 
 Nothing in this
Agreement or elsewhere shall prevent the Executive from retaining his desk calendars, address book and rolodex. 
 23. Section 8 is hereby amended in
its entirety to read as follows: 
  

	 	8.	 Notices. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered personally,
(b) upon confirmation of receipt when such notice or other 

	 	 
communication is sent by facsimile or telex, (c) one day after delivery to an overnight delivery courier, or (d) on the fifth day following the
date of deposit in the United States mail if sent first class, postage prepaid, by registered or certified mail. The addresses for such notices shall be as follows: 

  

	 	(a)	For notices and communications to the Company: 

 Spectrum
Brands, Inc. 
 Six Concourse Parkway 
 Suite 3300 
 Atlanta, GA 30328 
 Facsimile: (770) 829-6298 
 Attention: John Wilson 
  

	 	(b)	For notices and communications to the Executive: at the address set forth in the records of the Company, as updated at the request of the Executive from time to time.

 Any party hereto may, by notice to the other, change its address for receipt of notices hereunder. 
 24. The changes to the Agreement made by this Amendment shall be effective as of May 23, 2007 (the “Effective Date”). Except as modified by this
Amendment, the Agreement remains in full force and effect, and the execution of this Amendment shall not affect the rights of the Company or the Executive under the terms of the Agreement as in effect immediately prior to the Effective Date with
respect to events occurring before the Effective Date. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

	
	SPECTRUM BRANDS, INC
	
	/s/ John T. Wilson
	By: John T. Wilson
	Vice President, Secretary and General Counsel
	
	EXECUTIVE:
	
	/s/ Kent J. Hussey
	Name: Kent J. Hussey

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