Document:

Exhibit 10.1

 

FORM OF INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (the “Agreement”) is made and entered into this       
day of           (the “Effective
Date”), by and among Boston Capital Real Estate Investment Trust, Inc., a Maryland
corporation (the “Company”), and                 
(the “Indemnitee”)

 

WHEREAS,
it is essential that the Company be able to retain and attract as directors the
most capable persons available;

 

WHEREAS,
increased corporate litigation has subjected directors to litigation risks and
expenses, and there are limitations on the availability of directors liability
insurance;

 

WHEREAS, the Company is organized under the Maryland
General Corporation Law (the “MGCL”) and Section 2-418 of the MGCL
empowers corporations to indemnify and advance expenses of litigation to a
person serving as a director, officer, employee or agent of a corporation and
to persons serving at the request of the corporation, while a director or
officer of a corporation, as a director, officer, partner, trustee, employee or
agent of another foreign or domestic corporation, partnership, joint venture,
trust, other enterprise or employee benefit plan, and further provides that the
indemnification and advancement of expenses set forth in said section, are not “exclusive
of any other rights, by indemnification or otherwise, to which a director may
be entitled under the charter, the bylaws, a resolution of stockholders or
directors, an agreement or otherwise, both as to action in an official capacity
and as to action in another capacity while holding such office”;

 

WHEREAS,
the Company’s charter (the “Charter”) provides
that the Company shall indemnify its directors,
advisors or affiliates, as such terms are defined in the Charter and permit it
to make other indemnification arrangements and agreements;

 

WHEREAS, the Board of Directors of the Company has
concluded that it is reasonable and prudent for the Company contractually to
obligate itself to indemnify in a reasonable and adequate manner the Indemnitee
and to assume for itself maximum liability for expenses and damages in
connection with claims brought against Indemnitee for Indemnitee’s decisions
and actions as a director of the Company and any of its subsidiaries or
affiliates (collectively, “Affiliates”);

 

NOW,
THEREFORE, in consideration of the promises and the covenants contained herein,
the Company and Indemnitee do hereby covenant and agree as follows:

 

1.             Definitions.

 

(a)           “Change in
Control” means a change in control of the Company occurring after the Effective
Date of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or in response to any similar item on any
similar schedule or form) promulgated under the Securities Exchange Act of
1934, as amended (the “Act”), whether or not the Company is then subject to
such reporting requirement; provided, however, that, without

 

 

limitation, such a Change in Control shall be deemed
to have occurred if after the Effective Date (i) any “person” (as such term
is used in Sections 13(d) and 14(d) of the Act) is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Act), directly or indirectly,
of securities of the Company representing 15% or more of the combined voting
power of the Company’s then outstanding securities without the prior approval
of at least two-thirds of the members of the Board of Directors in office
immediately prior to such person attaining such percentage interest; (ii) there
occurs a proxy contest, or the Company is a party to a merger, consolidation,
sale of assets, plan of liquidation or other reorganization not approved by at
least two-thirds of the members of the Board of Directors then in office, as a
consequence of which members of the Board of Directors in office immediately
prior to such transaction or event constitute less than a majority of the Board
of Directors thereafter; or (iii) during any period of two consecutive
years, other than as a result of an event described in clause (a)(ii) of
this Section 1, individuals who at the beginning of such period
constituted the Board of Directors (including for this purpose any new director
whose election or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds of the directors then still in office
who were directors at the beginning of such period) cease for any reason to
constitute at least a majority of the Board of Directors.

 

(b)           “Corporate
Status” describes the status of a person who is serving or has served (i) as
a director of the Company, (ii) in
any capacity with respect to any employee benefit plan of the Company, or (iii) as
a director, partner, trustee, officer, employee, agent, member or manager of
any other Entity at the request of the Company. 
For purposes of subsection (iii) of this Section 1(a), if
Indemnitee is serving or has
served as a director, partner, trustee, officer, employee or agent of a
Subsidiary, Indemnitee shall be deemed to be serving at the request of the
Company.

 

(c)           “Disinterested
Director” shall mean a director of the Company who neither is nor was a party
to the Proceeding in respect of which indemnification is being sought by the
Indemnitee.

 

(d)           “Entity”
shall mean any corporation, partnership, limited liability company, joint
venture, trust, foundation, association, organization or other legal entity.

 

(e)           “Expenses”
shall mean all fees, costs and expenses incurred by Indemnitee in connection
with any Proceeding (as defined below), including, without limitation,
attorneys’ fees, disbursements and retainers (including, without

 

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limitation, any such fees, disbursements and retainers
incurred by Indemnitee pursuant to Sections 6 and 11(c) of this
Agreement), fees and disbursements of expert witnesses, private investigators
and professional advisors (including, without limitation, accountants and
investment bankers), court costs, transcript costs, fees of experts, travel
expenses, duplicating, printing and binding costs, telephone and fax transmission
charges, postage, delivery services, secretarial services, and other
disbursements and expenses.

 

(f)            “Good Faith Act or Omission” shall mean an act or omission of the Indemnitee other than (i) if
the Indemnitee is not an Independent Director (as defined in the Charter), one
involving negligence or misconduct, or, if the Indemnitee is an Independent Director,
one involving gross negligence or willful misconduct; (ii) one that was
material to the loss or liability and that was committed in bad faith or that
was the result of active or deliberate dishonesty; (iii) one from which
the Indemnitee actually received an improper personal benefit in money,
property or services; or (iv) in the case of a criminal Proceeding, one as
to which the Indemnitee had cause to believe his conduct was unlawful.

 

(g)           “Indemnifiable
Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have
the meanings ascribed to those terms in Section 4(b) below.

 

(h)           “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither is, nor in the past five years has
been, retained to represent:  (i) the
Company or Indemnitee in any matter material to either such party, or (ii) any
other party to or witness in the Proceeding giving rise to a claim for
indemnification hereunder. 
Notwithstanding the foregoing, the term “Independent Counsel” shall not
include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.  If a Change of Control has
not occurred, Independent Counsel shall be selected by the Board of Directors,
with the approval of Indemnitee, which approval will not be unreasonably
withheld.  If a Change of Control has
occurred, Independent Counsel shall be selected by Indemnitee, with the
approval of the Board of Directors, which approval will not be unreasonably
withheld.

 

(i)            “Liabilities”
shall mean judgments, damages, liabilities, losses, penalties, excise taxes,
fines and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or in respect of such judgments,
fines, penalties or amounts paid in settlement) in connection with

 

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the investigation, defense, settlement or appeal of
any Proceeding or any claim, issue or matter therein.

 

(j)            “Proceeding”
shall mean any threatened, pending or completed claim, action, suit,
arbitration, alternate dispute resolution process, inquiry, subpoena, investigation,
administrative hearing, appeal, or any other proceeding, whether civil,
criminal, administrative, arbitrative or investigative, in each case whether
formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 6
of this Agreement to enforce Indemnitee’s rights hereunder.

 

(k)           “Subsidiary”
shall mean any corporation, partnership, limited liability company, joint
venture, trust or other Entity of which the Company owns (either directly or
through or together with another Subsidiary of the Company) either (i) a
general partner, managing member or other similar interest or (ii) (A) 50%
or more of the voting power of the voting capital equity interests of such
corporation, partnership, limited liability company, joint venture, trust or
other Entity, or (B) 50% or more of the outstanding voting capital stock
or other voting equity interests of such corporation, partnership, limited
liability company, joint venture, trust  or other Entity.

 

2.             Termination of Agreement.  This Agreement shall continue until, and terminate upon the later to occur
of (i) ten years after the Indemnitee ceases to hold Indemnitee’s
Corporate Status; or (ii) the final termination of all Proceedings
(including possible Proceedings) in respect of which the Indemnitee is granted
rights of indemnification or advancement of expenses hereunder and of any
proceeding commenced by the Indemnitee regarding the interpretation or enforcement
of this Agreement.

 

3.             Services
of Indemnitee.  In
consideration of the Company’s covenants and commitments hereunder, Indemnitee
agrees to serve as a director of the Company. 
However, this Agreement shall not impose any obligation on Indemnitee or
the Company to continue Indemnitee’s service to the Company.

 

4.             Agreement
to Indemnify.  The
Company agrees to indemnify Indemnitee as follows:

 

(a)           General.  The Company shall indemnify
Indemnitee, and advance Indemnifiable Expenses to, Indemnitee (a) as
specifically provided in this Agreement, (b) as specifically provided in
the Charter and (c) otherwise to the fullest extent permitted by Maryland
law in effect on the date hereof and as amended from time to time; provided, however,
that no change in Maryland law shall have the effect of reducing the benefits
available to Indemnitee hereunder based on Maryland law as in effect on the
date hereof.  The rights of Indemnitee

 

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provided in this Section shall include, but shall
not be limited to, the rights set forth in the other Sections of this
Agreement, including any additional indemnification permitted by Section 2-418(g) of
the MGCL.

 

(b)           Proceedings
Other Than By or In the Right of the Company.  If Indemnitee was or is a party or is
threatened to be made a party to any Proceeding or was or is a witness or is
threatened to be made a witness in any Proceeding (other than an action by or
in the right of the Company or any Affiliate), in each case by reason of
Indemnitee’s Corporate Status, or by reason of alleged action or inaction by
Indemnitee in any such capacity, Indemnitee shall be indemnified by the Company
against all Expenses and Liabilities incurred or paid by Indemnitee in
connection with such Proceeding (referred to herein as “Indemnifiable Expenses”
and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable
Amounts”) if the act(s) or omission(s) of the Indemnitee giving rise to the
Proceeding were Good Faith Act(s) or Omission(s).

 

(c)           Proceedings
By or In the Right of the Company.  If
Indemnitee was or is a party or is threatened to be made a party to any
Proceeding by or in the right of the Company or any Affiliate by reason of
Indemnitee’s Corporate Status, or by reason of alleged action or inaction by
Indemnitee in any such capacity, Indemnitee shall be indemnified by the Company
against all Indemnifiable Expenses and amounts paid in settlement if the act(s)
or omission(s) of the Indemnitee giving rise to the Proceeding were Good Faith
Act(s) or Omission(s).

 

(d)           Court-Ordered
Indemnification.  Notwithstanding any other
provision of this Agreement, a court of appropriate jurisdiction, upon
application of Indemnitee and such notice as the court shall require, may order
indemnification in the following circumstances:

 

(i)                                     if
it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of
the MGCL, the court shall order indemnification, in which case Indemnitee shall
be entitled to recover the expenses of securing such reimbursement; or

 

(ii)                                  if
it determines that Indemnitee is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether or not
Indemnitee (x) has met the standards of conduct set forth in Section 2-418(b) of
the MGCL or (y) has been adjudged liable for receipt of an improper personal
benefit under Section 2-418(c) of the MGCL, the court may order such
indemnification as the court shall deem proper. 
However, indemnification with respect to any Proceeding by or in the
right of the Company or in which liability shall have been adjudged in the
circumstances described in 

 

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Section
2-418(c) of the MGCL shall be limited to Expenses actually and reasonably
incurred by him or on his behalf in connection with a Proceeding.

 

 

(e)           Conclusive
Presumption Regarding Standard of Conduct. 
In making any determination required to be made under Maryland law with
respect to entitlement to indemnification hereunder, the person, persons or
entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee submitted a request therefor
in accordance with Section 6 of this Agreement, and the Company shall have
the burden of proof to overcome that presumption in connection with the making
by any person, persons, entity, regulatory authority or court of any
determination contrary to that presumption.

 

5.             Exceptions
to Indemnification.

 

(a)          Securities
Proceedings.   If such claim, issue or matter relates to an
alleged violation of federal or state securities law by the Indemnitee,
Indemnitee shall not be entitled to payment of Indemnifiable Expenses, or
amounts paid in settlement, hereunder with respect to such claim, issue or
matter, unless (A) there has been a successful adjudication on the merits
of each count involving alleged securities law violations as to Indemnitee, (B) such
claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to Indemnitee; or (C) a court of competent jurisdiction
approves a settlement of the claims against Indemnitee and finds that
indemnification of the settlement and the related costs should be made, and the
court considering the request for indemnification has been advised of the
position of the Securities and Exchange Commission and of the published
position of any state securities regulatory authority in which securities of
the Company were offered or sold as to indemnification for violations of
securities laws.

 

(b)           Insurance
Proceeds.  To the extent payment is
actually made to the Indemnitee under a valid and collectible insurance policy
in respect of Indemnifiable Amounts in connection with such specific claim,
issue or matter, Indemnitee shall not be entitled to payment of Indemnifiable
Amounts hereunder except in respect of any excess beyond the amount of payment
under such insurance.

 

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6.             Procedure
for Payment of Indemnifiable Amounts.

 

(a)           Procedure
for Payment. To obtain indemnification for Liabilities under this
Agreement, the Indemnitee shall submit to the Company a written request for
payment, specifying the Indemnifiable Amounts for which Indemnitee seeks
payment under Section 4 of this Agreement and including with such request
such documentation as is reasonably available to the Indemnitee and reasonably
necessary to determine whether, and to what extent, the Indemnitee is entitled
to indemnification and payment hereunder. The Secretary of the Company, or such
other person as shall be designated by the Board of Directors, promptly upon
receipt of a request for indemnification shall advise the Board of Directors,
in writing, of such request. Any indemnification payment due hereunder shall be
paid by the Company no later than five (5) business days following the
determination, pursuant to this Section 6, that such indemnification
payment is proper hereunder.

 

(b)           No Determination Necessary when the Indemnitee
was Successful. To the extent the Indemnitee has been successful, on
the merits or otherwise, in defense of any Proceeding referred to in Sections 4(b) and
4(c) above or in the defense of any claim, issue or matter described
therein, the Company shall indemnify the Indemnitee against Indemnifiable
Expenses actually and reasonably incurred by or for Indemnitee in connection
with the investigation, defense or appeal of such Proceeding.

 

(c)           Determination of Good Faith Act or Omission.
In the event that Section 6(b) is inapplicable, the Company also
shall hold harmless and indemnify the Indemnitee unless the Company shall prove
by clear and convincing evidence to a forum listed in Section 6(d) below
that the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding
were not Good Faith Act(s) or Omission(s).

 

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(d)           Determination of Entitlement to
Indemnification.  Upon written
request by Indemnitee for indemnification pursuant to Section 6(a) hereof,
a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall promptly be made in the specific case: (i) if a
Change in Control shall have occurred, by Independent Counsel in a written
opinion to the Board of Directors, a copy of which shall be delivered to
Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by
the Board of Directors (or a duly authorized committee thereof) by a majority
vote of a quorum consisting of Disinterested Directors, or (B) if a quorum
of the Board of Directors consisting of Disinterested Directors is not
obtainable or, even if obtainable, such quorum of Disinterested Directors so
directs, by Independent Counsel in a written opinion to the Board of Directors,
a copy of which shall be delivered to Indemnitee, or (C) if so directed by
a majority of the members of the Board of Directors, by the stockholders of the
Company.

 

(e)           Remedies for Indemnitee; Right to Appeal.  (a) If (i) a determination is made
pursuant to Section 6 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advance of Expenses is not timely
made pursuant to Section 9 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 6(d) of
this Agreement within 90 days after receipt by the Company of the request for
indemnification, or (iv) payment of indemnification is not made within ten
days after a determination has been made that Indemnitee is entitled to indemnification,
Indemnitee shall be entitled to an adjudication in an appropriate court located
in  the State of Maryland, or in any
other court of competent jurisdiction, of his entitlement to such
indemnification or advance of Expenses. 
Alternatively, Indemnitee, at his option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the commercial
Arbitration Rules of the American Arbitration Association.  Indemnitee shall commence such proceeding
seeking an adjudication or an award in arbitration within 180 days following
the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 6(e); provided, however, that the foregoing
clause shall not apply to a proceeding brought by Indemnitee to enforce his
rights under Section 7 of this Agreement.

 

(f)            Expenses under this Agreement.
Notwithstanding any other provision in this Agreement to the contrary, the
Company shall indemnify the Indemnitee against all Expenses incurred by the
Indemnitee in connection with any hearing or proceeding under this Section 6
involving the Indemnitee and against all Expenses incurred by the Indemnitee in
connection with any other action between the Company and the Indemnitee
involving the interpretation or enforcement of the rights of the Indemnitee
under this Agreement, if it is ultimately determined

 

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that the Indemnitee is entitled to indemnification or
advancement of expenses in whole or in part hereunder.

 

7.             Indemnification for Expenses of a
Party Who is Wholly or Partly Successful.  Notwithstanding any other
provision of this Agreement, and without limiting any such provision, to the
extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party
to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee
shall be indemnified against all Expenses and Liabilities reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection therewith.  If Indemnitee is not wholly successful in
such Proceeding but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee against all Expenses reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection with each successfully
resolved claim, issue or matter.  For
purposes of this Agreement, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, by reason of
settlement, judgment, order or otherwise, shall be deemed to be a successful
result as to such claim, issue or matter, so long as there has been no finding
that the act(s) or omissions of the Indemnitee giving rise to such Proceeding
were not a Good Faith Act(s) or Omission(s).

 

8.             Effect of Certain Resolutions.

 

(a)           Effect
of Other Proceedings.  The termination of any Proceeding by
judgment, order, settlement, conviction, a plea of nolo contendere or its
equivalent, or an entry of an order of probation prior to judgment, does not
create a presumption that Indemnitee did not meet the requisite standard of
conduct described herein for indemnification.

 

(b)           Reliance
as Safe Harbor.  For purposes of any
determination of whether any act or omission of the Indemnitee was a Good Faith
Act or Omission, each act of the Indemnitee shall be deemed to be a Good Faith
Act or Omission if the Indemnitee’s action is based upon reasonable reliance on
the records or books of accounts of the Company, including financial
statements, or on information supplied to the Indemnitee by the officers of the
Company in the course of their duties, or on the advice of legal counsel for
the Company or on information or records given or reports made to the Company
by an independent certified public accountant or by an appraiser or other
expert selected with reasonable care by the Company, provided that Indemnitee
had no reason to believe the reliance was unwarranted.  The provisions of this Section 8(b) shall
not be deemed to be exclusive or to limit in any way the other circumstances in
which the Indemnitee may be deemed to have met the applicable standard of
conduct set forth in this Agreement or under applicable law.

 

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(c)           Actions
of Others.  The knowledge and/or
actions, or failure to act, of any director, officer, agent or employee of the
Company shall not be imputed to the Indemnitee for purposes of determining the
right to indemnification under this Agreement.

 

9.             Agreement to Advance Expenses;
Undertaking.  Notwithstanding any provision to the contrary
in Section 6 hereof, the Company shall pay to Indemnitee all Indemnifiable
Expenses incurred by Indemnitee in connection with any Proceeding, including a
Proceeding by or in the right of the Company, in advance of the final
disposition of such Proceeding, if (i) the Proceeding relates to acts or
omissions with respect to the performance of duties or services on behalf of
the Company, (ii) the Proceeding was initiated by a third party who is not
a stockholder of the Company acting in his capacity as such, (iii) a court
of competent jurisdiction approves the advance of Indemnifiable Expenses, (iv) the
Indemnitee furnishes the Company with a written affirmation by the Indemnitee
of the Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Company has been met (v) the Indemnitee
furnishes a written agreement (the “Undertaking”) by or on behalf of the
Indemnitee to repay the amount of such Indemnifiable Expenses, together with
the applicable legal rate of interest thereon, advanced to Indemnitee if it is
finally determined by a court of competent jurisdiction that Indemnitee is not
entitled under this Agreement to indemnification with respect to such
Indemnifiable Expenses.  The Indemnitee
shall be required to execute and submit the Undertaking to repay Expenses
advanced in the form of Exhibit A attached hereto or in such form
as may be required under applicable law as in effect at the time of execution
thereof.

 

10.          Procedure for Advance Payment of Expenses. 
Indemnitee shall submit to the Company a written request or requests specifying
the Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 9
of this Agreement, together with documentation evidencing that Indemnitee has
incurred such Indemnifiable Expenses. 
Payment of Indemnifiable Expenses under Section 9 shall be made no
later than five (5) business days after the Company’s receipt of such
request and the affirmation and undertaking required by Section 9.

 

11.          Defense of the Underlying Proceeding.

 

(a)           Notice/Cooperation
by Indemnitee.  Indemnitee agrees to
notify the Company promptly upon being served with any summons, citation,
subpoena, request for information or documents, complaint, indictment,
information, or other document relating to any Proceeding which may result in
the payment of Indemnifiable Amounts or the advancement of Indemnifiable
Expenses hereunder; provided, however, that the failure to give any such notice
shall not disqualify Indemnitee from the right, or otherwise affect in any
manner any right of Indemnitee, to receive payments of Indemnifiable Amounts or
advancements of Indemnifiable Expenses unless the Company’s ability to defend
in such

 

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Proceeding
is materially and adversely prejudiced thereby. 
Indemnitee shall give the Company such information and cooperation as it
may reasonably require and as shall be within Indemnitee’s power.

 

(b)           Defense
by Company.  Subject to the
provisions of the last sentence of this Section 11(b) and of Section 11(c) below,
the Company shall have the right to defend Indemnitee in any Proceeding which
may give rise to the payment of Indemnifiable Amounts hereunder with counsel
approved by Indemnitee, which approval shall not be unreasonably withheld,
provided, however that the Company shall notify Indemnitee of any such decision
to defend within ten (10) calendar days of receipt of notice of any such
Proceeding under Section 11(a) above. 
The Company shall not, without the prior written consent of Indemnitee,
consent to the entry of any judgment against Indemnitee or enter into any
settlement or compromise which (i) includes an admission or finding of
fault of Indemnitee or (ii) does not include, as an unconditional term
thereof, the full release of Indemnitee from all liability in respect of such
Proceeding, which release shall be in form and substance reasonably
satisfactory to Indemnitee.  This Section 11(b) shall
not apply to a Proceeding brought by Indemnitee under Section 6 above or
pursuant to Section 19 below.

 

(c)           Indemnitee’s
Right to Counsel.  Notwithstanding
the provisions of Section 11(b) above, if in a Proceeding to which
Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee
reasonably concludes that he or she may have separate defenses or counterclaims
to assert with respect to any issue which may not be consistent with the
position of other defendants in such Proceeding, (ii) a conflict of
interest or potential conflict of interest exists between Indemnitee and the
Company, or between Indemnitee and another director or officer of the Company
who is defended by the Company with the same counsel as counsel representing
Indemnitee or (iii) if the Company fails to assume the defense of such
proceeding in a timely manner, Indemnitee shall be entitled to be represented
by separate legal counsel of Indemnitee’s choice at the expense of the
Company.  In addition, if the Company
fails to comply with any of its obligations under this Agreement or in the
event that the Company or any other person takes any action to declare this
Agreement void or unenforceable, or institutes any action, suit or proceeding
to deny or to recover from Indemnitee the benefits intended to be provided to
Indemnitee hereunder, Indemnitee shall have the right to retain counsel of
Indemnitee’s choice, at the expense of the Company, to represent Indemnitee in
connection with any such matter.

 

12.          Representations and Warranties of the Company.  The Company hereby represents and warrants to Indemnitee as follows:

 

(a)           Authority.  The Company has all necessary power and
authority to enter into, and be bound by the terms of, this Agreement, and the
execution, delivery

 

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and
performance of the undertakings contemplated by this Agreement have been duly
authorized by the Company.

 

(b)           Enforceability.  This Agreement, when executed and delivered
by the Company in accordance with the provisions hereof, shall be a legal,
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, moratorium, reorganization or similar laws
affecting the enforcement of creditors’ rights generally.

 

13.          Insurance.  The Company shall,
from time to time, make the good faith determination whether or not it is
practicable for the Company to obtain and maintain a policy or policies of
insurance with a reputable insurance company providing the Indemnitee with
coverage for losses from wrongful acts. 
For so long as Indemnitee shall remain a director of the Company and
with respect to any such prior service, in all policies of director and officer
liability insurance, Indemnitee shall be named as an insured in such a manner
as to provide Indemnitee the same rights and benefits as are accorded to the
most favorably insured of the Company’s officers and directors.  Notwithstanding the foregoing, the Company
shall have no obligation to obtain or maintain such insurance if the Company
determines in good faith that such insurance is not reasonably available, if
the premium costs for such insurance are disproportionate to the amount of
coverage provided, or if the coverage provided by such insurance is limited by
exclusions so as to provide an insufficient benefit. The Company shall promptly
notify Indemnitee of any good faith determination not to provide such coverage.

 

14.          Contract Rights Not Exclusive. 
The rights to payment of Indemnifiable Amounts and advancement of
Indemnifiable Expenses provided by this Agreement shall be in addition to, but
not exclusive of, any other rights which Indemnitee may have at any time under
applicable law, the Company’s Charter or Bylaws, as amended, or any other
agreement, vote of stockholders or directors (or a committee of directors), or
otherwise, both as to action in Indemnitee’s official capacity and as to action
in any other capacity as a result of Indemnitee’s serving as a director of the Company.

 

15.          Successors.  This Agreement
shall be (a) binding upon all successors and assigns of the Company
(including any transferee of all or a substantial portion of the business,
stock and/or assets of the Company and any direct or indirect successor by
merger or consolidation or otherwise by operation of law) and (b) binding
on and shall inure to the benefit of the heirs, personal representatives,
executors and administrators of Indemnitee. 
This Agreement shall continue for the benefit of Indemnitee and such
heirs, personal representatives, executors and administrators after Indemnitee
has ceased to have Corporate Status.

 

16.          Subrogation.  In the event of any
payment of Indemnifiable Amounts under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of

 

12

 

contribution or recovery of Indemnitee against other
persons, and Indemnitee shall take, at the request of the Company, all
reasonable action necessary to secure such rights, including the execution of
such documents as are necessary to enable the Company to bring suit to enforce
such rights.

 

17.          Change in Law.  To the extent that
a change in Maryland law or other applicable law or regulation  (whether by statute or judicial decision)
shall permit broader indemnification or advancement of expenses than is
provided under the terms of the Charter or Bylaws of the Company, each as
amended, and this Agreement, Indemnitee shall be entitled to such broader
indemnification and advancements, and this Agreement shall be deemed to be
amended to such extent.

 

18.          Severability.  Whenever possible,
each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this
Agreement, or any clause thereof, shall be determined by a court of competent
jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such
provision or clause shall be limited or modified in its application to the
minimum extent necessary to make such provision or clause valid, legal and
enforceable, and the remaining provisions and clauses of this Agreement shall
remain fully enforceable and binding on the parties.

 

19.          Indemnitee as Plaintiff.  Except as provided
in the next sentence, Indemnitee shall not be entitled to payment of
Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to
any Proceeding brought by Indemnitee against the Company, any Entity which it
controls, any director or officer thereof, or any third party, unless (a) the
Proceeding is brought to enforce indemnification under this Agreement  and Indemnitee has been successful on the
merits or otherwise or (b) the Company’s Bylaws, as amended, the Charter,
a resolution of the Company’s board of directors or an agreement approved by
the Company’s board of directors to which the Company is party expressly
provide otherwise. This Section shall not apply to affirmative defenses
asserted by Indemnitee in an action brought against Indemnitee.

 

20.          Modifications and Waiver.  Except as
provided in Section 17 above with respect to changes in applicable law
which broaden the right of Indemnitee to be indemnified by the Company, no
supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by each of the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement (whether or not similar), nor shall such waiver constitute a
continuing waiver.

 

21.          General Notices.  All notices,
requests, demands and other communications hereunder shall be in writing and
shall be deemed to have been duly given (a) when delivered by hand, (b) when
transmitted by facsimile and receipt is acknowledged, or (c) if mailed by
certified

 

13

 

or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed:

 

(i)            If
to Indemnitee, to:

 

 

 

 

(ii)           If
to the Company, to:

Boston
Capital Real Estate Investment Trust, Inc.

c/o
Boston Capital Corporation

One
Boston Place, Suite 2100

Boston,
MA 02108-4406

Attn:  General Counsel

 

With a
Copy to:

Goodwin Procter LLP

One Exchange Place

Boston, MA 02109

Attn: Gilbert G. Menna, Esq.

 

or to such other address
as may have been furnished in the same manner by any party to the others.

 

22.          Governing Law; Consent to Jurisdiction; Service of Process. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of Maryland without regard to its rules of conflict of
laws.

 

 [signature page follows]

 

14

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written.

 

	
   

  	
  INDEMNITEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BOSTON CAPITAL
  REAL ESTATE

  INVESTMENT TRUST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

15

 

EXHIBIT A
 

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

 

The
Board of Directors of  Boston Capital
Real Estate Investment Trust, Inc.

 

Re:  Undertaking to Repay Expenses Advanced

 

Ladies
and Gentlemen:

 

This undertaking is being
provided pursuant to that certain Indemnification Agreement dated the        
day of                       ,
by and among Boston Capital Real Estate Investment Trust, Inc. and the
undersigned Indemnitee (the “Indemnification Agreement”),  pursuant to which I am entitled to
advancement of expenses in connection with 
[Description of Proceeding] (the  “Proceeding”).  Terms used herein and not otherwise defined
shall  have the meanings specified in the
Indemnification Agreement.

 

         I am subject to the Proceeding by
reason of my Corporate Status or by reason of alleged actions or omissions by
me in such capacity.  During the period
of time to which the Proceeding relates I was                                 
[name of office(s) held] of Boston Capital Real Estate Investment Trust, Inc.  Pursuant to Section 4 of the
Indemnification Agreement, the Company is obligated to reimburse me for
Indemnifiable Expenses that are actually and reasonably incurred by or for me
in connection with the Proceeding, provided that I execute and submit to the
Company an Undertaking in which I (i) undertake to repay any Expenses paid
by the Company on my behalf, together with the applicable legal rate of
interest  thereon, if it shall be ultimately
determined that I am not entitled to be indemnified thereby against such Expenses;
(ii) affirm my good faith belief that I have met the standard of conduct
necessary for indemnification; and (iii) reasonably evidence the Expenses
incurred by or for me.

 

[Description of expenses
incurred by or for Indemnitee]

 

This letter shall constitute
my undertaking to repay to the Company any Expenses paid by it on my behalf,
together with the applicable legal rate of interest thereon, in connection with
the Proceeding if it is ultimately determined that I am not  entitled to be indemnified with respect to
such expenses as set forth above.  I
hereby affirm my good faith belief that I have (1) acted in good
faith and honestly, [and] (2) did
not receive any improper personal benefit in money, property or services [and (3) in the case of any criminal proceeding, had no reasonable
cause to believe that any act or omission by me was unlawful.]

 

	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date<PAGE>

                                                                   Exhibit 10.1

                                 DATASCOPE CORP.
                           2005 EQUITY INCENTIVE PLAN

                        RESTRICTED SHARES AWARD AGREEMENT

                  THIS RESTRICTED SHARES AWARD AGREEMENT (the "Agreement"),
dated as of [date] (the "Date of Grant"), is made by and between Datascope Corp.
(the "Company"), and [participant] (the "Participant").

                  WHEREAS, the Company has duly adopted the 2005 Equity
Incentive Plan (the "Plan");

                  WHEREAS, in accordance with the Plan, the Committee (as such
term is defined in the Plan) has adopted a resolution granting the Participant
an award under the Plan on the terms and conditions set forth in this Agreement
and in the Plan.

                  NOW, THEREFORE, in consideration of the mutual covenants
hereinafter set forth and for other good and valuable consideration, the parties
hereto agree as follows:

         1. Restricted Shares Award.

                  (a) The Award. Subject to the provisions of this Agreement and
to the provisions of the Plan, the Company hereby agrees to grant to the
Participant, on the Date of Grant, [number of shares] shares of Common Stock,
par value $.01 (the "Restricted Shares" or the "Award"). The Award is subject to
the transfer and forfeiture restrictions described herein and in the Plan and
shall vest and become nonforfeitable in accordance with Section 2 hereof.

                  (b) Incorporation by Reference, Etc. The provisions of the
Plan are hereby incorporated herein by reference. Except as otherwise expressly
set forth herein, this Agreement shall be construed in accordance with the
provisions of the Plan and any capitalized terms not otherwise defined in this
Agreement shall have the meaning set forth in the Plan.

         2. Terms and Conditions.

                  (a) Payment of Par Value. The Participant on the date hereof
shall pay an amount of $.01 per Restricted Share to the Company. The Participant
hereby acknowledges and agrees that such amount shall not be repaid in the event
that the Award is forfeited pursuant to the provisions hereof.

                  (b) Vesting. Contingent upon the Participant's continued
employment with the Company or its Subsidiaries, the restrictions on the Award
shall lapse and the Award shall vest and become non-forfeitable on [vesting
date]. In addition, in the event of a Change in Control while the Participant is
employed by the Company or its Subsidiaries, the restrictions on the Award shall
lapse and the Award shall vest and become non-forfeitable.

<PAGE>

                  When the Award becomes vested, the Company shall promptly
issue and deliver to the Participant, in exchange for the then issued stock
certificate, a new stock certificate registered in the name of the Participant
for such shares that are the subject of the Award without the legend set forth
in Section 3 hereof.

                  (c) Termination. If the Award has not vested as of the date of
the Participant's termination of employment with the Company or its
Subsidiaries, it shall be forfeited as of the date of such termination without
any further consideration being due or owing to the Participant in respect of
such Award. However, the Committee may, in its sole discretion, at any time
fully vest all or any portion of the Award.

         3. Certificates.

         The certificates evidencing the Restricted Shares, and a stock power
executed by the Participant in blank with respect hereto in the form annexed
hereto as Exhibit A, shall be deposited with an escrow agent designated by the
Committee, which may be the Company (the "Escrow Agent") until such time as
either (i) any such Restricted Shares are forfeited in accordance with Section 2
hereof, or (ii) the restrictions on any such Restricted Shares lapse in
accordance with Section 2 hereof, in which case any such shares shall be
delivered to the Participant in accordance with, and subject to the limitations
of, Section 4 hereof. The period during which any of the Restricted Shares are
held by the Escrow Agent in accordance with the preceding sentence is referred
to herein as the "Restricted Period" with respect to such Restricted Shares. The
Committee shall cause the Escrow Agent to issue to the Participant a receipt
evidencing the stock certificates held by the Escrow Agent registered in the
name of the Participant. Each such certificate shall bear the following legend
until the lapse of the Restricted Period with respect to the Restricted Shares
represented by such certificate:

                  Transfer of this certificate and the shares represented hereby
         is restricted pursuant to the terms of the Datascope Corp. 2005 Equity
         Incentive Plan and the Restricted Shares Award Agreement, effective
         [date] between Datascope Corp. and the Participant. Copies of the
         Agreement and Plan are on file at the offices of Datascope Corp.

         4. Ownership Rights.

         Subject to the restrictions set forth in this Agreement, from and after
the date that the restrictions lapse pursuant to Section 2 of this Agreement,
the Participant shall possess all incidents of ownership of the Restricted
Shares granted hereunder, including the right to receive dividends or
distributions in cash or in kind with respect to such Restricted Shares and the
right to vote such Restricted Shares. If any dividends or distributions are made
in-kind in respect of Restricted Shares prior to the lapse of the restrictions
relating to any Restricted Shares granted hereunder, any such dividends or
distributions made in respect of Restricted Shares as to which the restrictions
have not lapsed shall be paid to the Participant as and when, and if the
restrictions on such Restricted Shares lapse and such Restricted Shares become
vested and non-forfeitable. If any dividends or distributions are made in cash
in respect of Restricted Shares prior to the lapse of the restrictions relating
to any Restricted Shares granted hereunder, any such dividends or distributions
made in respect of Restricted Shares as to which the restrictions have not
lapsed shall be paid to the Participant on the payment date for such dividend or
distribution, but not later than the later of (i) the end of the calendar year
in which such dividends or distributions are paid to other holders of Common
Stock or (ii) the 15th day of the third month following the date on which
dividends or distributions are paid to other holders of Common Stock.

<PAGE>

         5. Changes in Capital Structure.

         Subject to the applicable section of the Plan related to changes in
capital structure, the Award shall be subject to adjustment or substitution, as
determined by the Committee in its sole discretion, as to the number or kind of
Common Stock or other authorized shares of stock of the Company as the Committee
may from time to time authorize for use under the Plan, or as otherwise
determined by the Committee to be equitable (i) in the event of changes in the
outstanding Common Stock or in the capital structure of the Company by reason of
(x) any stock dividends, stock splits, combination or exchange of shares,
recapitalization or other change in capital structure, (y) any mergers,
consolidations, spin-offs, spin-outs, split-offs, split-ups, reorganizations,
partial or complete liquidations or other distributions of assets (other than a
normal cash dividend), issuance of rights or warrants to purchase securities, or
(z) any other corporate transaction or event having an effect similar to any of
the foregoing, or (ii) in the event of any change in applicable laws or any
change in circumstances which results in or would result in any substantial
dilution or enlargement of the rights granted to, or available for, the
Participant, or which otherwise warrants equitable adjustment because it
interferes with the intended operation of the Award and/or the Plan, to the end
that after such event the Participant's proportionate interest shall be
maintained as before the occurrence of such event.

         6. Nontransferability.

         No Restricted Shares may at any time prior to becoming vested pursuant
to Section 2 hereof be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by the Participant except in accordance with the
applicable provisions of this Agreement and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company.

         7. Other Restrictions.

         Notwithstanding any provision of this Agreement or the Plan to the
contrary, the grant of Restricted Shares shall not be effective prior to (i) the
obtaining of any approval from any governmental agency which the Company shall,
in its sole discretion, determine to be necessary or advisable, (ii) the
admission of such Restricted Shares to listing on the stock exchange on which
Common Stock may be listed, and (iii) the completion of any registration or
other qualification of such Restricted Shares under any state or federal law or
ruling of any governmental body which the Company shall, in its sole discretion,
determine to be necessary or advisable.

<PAGE>

         8. Taxation, Withholding; 83(b) Election.

         The Participant agrees to make appropriate arrangements with the
Company for satisfaction of any applicable federal, state or local income tax,
withholding requirements or like requirements, including the payment to the
Company upon the vesting of Restricted Shares (or such later date as may be
applicable under Section 83 of the Code), or other settlement in respect of, the
Restricted Shares of all such taxes and requirements and the Company shall be
authorized to take such action as may be necessary in the opinion of the
Company's counsel (including, without limitation, withholding amounts from any
compensation or other amount owing from the Company to the Participant) to
satisfy all obligations for the payment of such taxes. Notwithstanding the
foregoing, the Participant may make an election pursuant to Section 83(b) of the
Code in respect of the Restricted Shares and, if he does so, he shall timely
notify the Company of such election and send the Company a copy thereof. The
Participant shall be solely responsible for properly and timely completing and
filing any such election.

         9. No Effect on Employment. Neither this Agreement nor the Award
granted hereunder shall confer upon the Participant any right to, or impose upon
the Participant any obligation of, continued employment with the Company and
shall not in any way modify or restrict any right the Company may otherwise have
to terminate such employment.

         10. Notices. Any notice hereunder to any party shall be effective upon
receipt (or refusal of receipt) and shall be in writing and delivered personally
or sent by telecopy, or certified or registered mail, postage prepaid, as
follows:

         If to the Company:

                 Datascope Corp.
                 14 Philips Parkway
                 Montvale, NJ 07645
                 Attention:  Chief Executive Officer

                 If to the Participant, to the address set forth on the
signature page hereto or at any other address as any party shall have specified
by notice in writing to the other party.

         11. Miscellaneous. This Agreement, together with the Plan, constitutes
the entire agreement of the parties with respect to the subject matter hereof
and may not be modified or amended except by a written agreement signed by the
Company and Participant. In the event that any provision of this Agreement shall
conflict with any provision of the Plan, the provision of the Plan shall
control, except to the extent that the same would violate applicable law.

                  (a) Except as otherwise expressly provided herein, this
Agreement shall be binding upon and inure to the benefit of the Company and its
successors and assigns and the Participant and his heirs and personal
representatives.

                  (b) If any provision of this Agreement shall be invalid or
unenforceable, such invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render invalid or unenforceable
any other severable provision of this Agreement, and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

<PAGE>

                  (c) Words in the singular shall be read and construed as
though in the plural and words in the plural shall be read and construed as
though in the singular in all cases where they would so apply.

                  (d) This Agreement may be executed in one or more
counterparts, all of which taken together shall be deemed one original.

                  (e) This Agreement shall be deemed to be a contract under the
laws of the State of Delaware and for all purposes shall be construed and
enforced in accordance with the internal laws of such state without regard to
the principles of conflicts of law.

                            [Signature page follows]

<PAGE>

                  IN WITNESS WHEREOF, this Agreement has been executed and
delivered by the parties, effective as of the day and year first written above.

                                  DATASCOPE CORP.

                                   By:________________________________
                                      Name:
                                      Title:

                                  By:________________________________
                                       [participant]

                                   Address:___________________________

                                   ----------------------------------

                                   ----------------------------------

<PAGE>

                                    EXHIBIT A

                                   STOCK POWER

         For value received, I hereby sell, assign and transfer unto
_________________________ ______ shares of the Common Stock of Datascope Corp.
standing in my name on the books of such Company represented by Certificate(s)
Number(s) _________________ herewith, and do hereby irrevocably constitute and
appoint ____________________ attorney to transfer the such stock on the books of
such Company with full powers of substitution in the premises.

         Date:__________________________________

         Printed Name:__________________________

         Signature:_____________________________

         Witness Signature:_____________________

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