Document:

EXHIBIT 10.3

 

AMENDMENT
NINE TO THE

1995 KEY EMPLOYEES’ STOCK OPTION PLAN

OF DUKE REALTY INVESTMENTS, INC.

 

This Amendment
Nine to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc.,
as heretofore amended (“Plan”), is hereby adopted this 26th day of October,
2005, by Duke Realty Corporation (the “Company”).  Each capitalized term
not otherwise defined herein has the meaning set forth in the Plan.

 

WITNESSETH:

 

WHEREAS, the
Company, formerly known as Duke Realty Investments, Inc., adopted the Plan
for the purposes set forth therein; and

 

WHEREAS,
pursuant to Section 4.1 of the Plan, the Board of Directors or the
Committee has the right to amend the Plan with respect to certain matters; and

 

WHEREAS, the
Board of Directors has determined that no further options will be granted under
the Plan from and after April 27, 2005; and

 

WHEREAS, the
Committee has approved and authorized this Amendment Nine to the Plan;

 

NOW,
THEREFORE, pursuant to the authority reserved to the Committee under Section 4.1
of the Plan, the Plan is hereby amended, effective as of the date hereof in the
following particulars:

 

1.  By deleting provision (vi) of Section 1.3
of the Plan (as amended in Amendment Three), and renumbering the provision
accordingly.

 

2.               By substituting the following for Section 3.10
of the Plan:

 

“3.10               Payment
for Stock.  Full payment for shares
purchased hereunder shall be made at the time the option is exercised.  Payment for such shares shall be in (a) cash,
(b) shares of common stock of the Company previously acquired by the
optionee, which have been held by the optionee for such period of time, if any,
as necessary to avoid the recognition of an expense under generally accepted
accounting principles as a result of the exercise of the option, (c) withholding
of shares from the option, but only if such withholding would not result in the
recognition of an expense under generally accepted accounting principles as a
result of the exercise of the option, or (d) any combination thereof, for
the number of shares being purchased.  To
the extent permitted under Regulation T of the Federal Reserve Board, and
subject to applicable securities laws and any limitations as may be applied
from time to time by the Committee (which need not be uniform), the options may
be exercised through a broker in a so-called “cashless exercise” whereby the
broker sells option shares on behalf of the optionee and delivers cash sales
proceeds to the Company in payment of the exercise price and/or any required
withholding tax.  Stock delivered or
withheld shall be valued by the Committee at its Fair Market Value determined
as of the date of the exercise of the option.

 

 

No shares shall be issued until full payment for them has been made,
and an optionee shall have none of the rights of a shareholder with respect to
any shares until they are issued to him or her. 
Upon payment of the full purchase price, and any required withholding
taxes, the Company shall take such action as may be required to register the
purchaser as the holder of record of the shares purchased pursuant to the
exercise of the option, including, when requested by the purchaser, the
issuance of a certificate or certificates evidencing such shares.

 

3.  All other provisions of the Plan shall remain
the same.

 

IN WITNESS
WHEREOF, Duke Realty Corporation, by a duly authorized officer, has executed
this Amendment Nine to the 1995 Key Employees’ Stock Option Plan of Duke Realty
Investments, Inc., as amended, this 26th day of October, 2005.

 

	
   

  	
  DUKE REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dennis D. Oklak

  	
   

  
	
   

  	
   

  	
  Dennis D. Oklak

  
	
   

  	
   

  	
  Chairman of the Board and Chief Executive

  
	
   

  	
   

  	
  OfficerEXHIBIT 10.4

 

AMENDMENT
TWO TO THE

DIRECTORS’ DEFERRED COMPENSATION PLAN OF

DUKE-WEEKS REALTY CORPORATION

 

This Amendment
Two to the Directors’ Deferred Compensation Plan of Duke-Weeks Realty
Corporation, as heretofore amended (the “Plan”), is hereby adopted this 26th
day of October, 2005, by Duke Realty Corporation (the “Corporation”). 
Each capitalized term not otherwise defined herein has the meaning set forth in
the Plan.

 

WITNESSETH:

 

WHEREAS, the
Corporation adopted the Plan for the purposes set forth therein; and

 

WHEREAS,
pursuant to Section 7.1 of the Plan, the Executive Compensation Committee
of the Board of Directors of the Corporation (the “Committee”) has the right to
amend the Plan in whole or in part; and

 

WHEREAS, the
Committee has approved and authorized this Amendment Two to the Plan;

 

NOW,
THEREFORE, pursuant to the authority reserved to the Committee under Section 7.1
of the Plan, the Plan is hereby amended, effective as of the date hereof, in
the following particulars:

 

1.  By deleting Section 2.8 and replacing it
with the following:

 

“2.8.        “Fees”
means the two forms of fees paid to a Director for services as a member of the
Board.  The first form of Fees is Stock
Fees which consist of (i) that portion of a Director’s compensation paid
in the form of Duke Stock under the Duke Realty Corporation 2005 Non-Employee
Directors Compensation Plan or any successor thereto and (ii) that portion
of a Director’s compensation paid in the form of Restricted Stock Units granted
in 2006 or later pursuant to the Duke Realty Corporation 2005 Non-Employee
Directors Compensation Plan.  The second
form of Fees is Cash Fees, which consists of that portion of a Director’s
compensation paid in the form of cash pursuant to the Duke Realty Corporation
2005 Non-Employee Directors Compensation Plan.”

 

2.  By deleting Section 2.12
and replacing it with the following, and by changing all references to “Duke-Weeks
Stock” in the Plan to “Duke Stock”:

 

“2.12.      “Duke
Stock” means the common stock, $0.01 par value, of Duke Realty Corporation.”

 

 

3.  By deleting Section 4.3 and replacing it
with the following:

 

“4.3.        Stock
Subaccount.  Any Stock Fees deferred
under this Plan and all amounts transferred hereto from the stock subaccounts
under the Weeks Plan shall automatically be treated as being allocated to a
corresponding Stock Subaccount, on a share-for-share basis after taking into
account, for transfers from the Weeks Plan, the conversion of Weeks Corporation
common stock into Duke Stock.  Such
allocation shall be made as of (i) the day on which Duke-Weeks would have
otherwise paid such Duke Stock to the Director under the 1996 Directors’ Stock
Payment Plan of Duke Realty Investments, Inc. or (ii) July 2,
1999 in the case of stock subaccounts under the Weeks Plan which are transferred
to this Plan, as the case may be, or (iii) the day immediately preceding
the day on which shares of Duke Stock would have been issued to the holder of
Restricted Stock Units granted pursuant to the Duke Realty Corporation 2005
Non-Employee Directors Compensation Plan but for this deferral.  Any Cash Fees that a Director elects to defer
into his or her Stock Subaccount shall be deemed to be used to purchase shares
of Duke Stock.  The number of shares
deemed to be purchased shall be determined by dividing the deferrals allocated
to the Stock Subaccount as of any date by the per share closing price of Duke
Stock on such date as reported by the New York Stock Exchange.”

 

All other
provisions of the Plan shall remain the same.

 

IN WITNESS
WHEREOF, Duke Realty Corporation, by a duly authorized officer, has executed
this Amendment Two to the Directors’ Deferred Compensation Plan of Duke-Weeks
Realty Corporation, this 26th day of October, 2005.

 

	
   

  	
  DUKE REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dennis D. Oklak

  	
   

  
	
   

  	
   

  	
  Dennis D. Oklak

  
	
   

  	
   

  	
  Chairman of the Board and Chief Executive
  OfficerEXHIBIT 10.5

 

AMENDMENT
ONE TO THE

2005 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN OF

DUKE REALTY CORPORATION

 

This Amendment
One to the Duke Realty Corporation 2005 Non-Employee Director Compensation Plan
(the “Plan”), is hereby adopted this 26th day of October, 2005, by Duke Realty
Corporation (the “Company”).  Each
capitalized term not otherwise defined herein has the meaning set forth in the
Plan.

 

WITNESSETH:

 

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

 

WHEREAS,
pursuant to Section 7.1 of the Plan, the Board has the right to amend the
Plan from time to time; and

 

WHEREAS, the Board has determined that it is
in the best interests of the Company and its shareholders to amend the Plan to (i) determine
the number of shares of Common Stock granted to each Non-Employee Director as
quarterly Base Retainer based on a fixed dollar amount of $60,000 as opposed to
the current fixed share amount, (ii) increase from $25,000 to $35,000 the
dollar value of the annual restricted stock unit awards, (iii) increase
the fees paid for attendance at certain Board committee meetings from $500 to
$1,000, and (iv) increase the Supplemental Retainer paid to the Chair of
the Audit Committee from $7,500 to $10,000; and

 

WHEREAS, the
Board has approved and authorized this Amendment One to the Plan;

 

NOW,
THEREFORE, pursuant to the authority reserved to the Board under Section 7.1
of the Plan, the Plan is hereby amended, effective as of the date hereof, in
the following particulars:

 

1. The first
paragraph of Section 5.1 of the Plan hereby is amended by deleting the
existing paragraph in its entirety and substituting the following:

 

“5.1.        BASE
RETAINER.  Each Eligible Participant shall be paid a Base
Retainer for service as a director during each Plan Year.  The amount and form of payment of the Base
Retainer shall be established from time to time by the Board.  Until changed by the Board, the Base Retainer
shall be paid in Shares, subject to availability under the Equity Incentive
Plan.  Unless deferred pursuant to the
Directors’ Deferred Compensation Plan, the Base Retainer shall be paid on a
quarterly basis as soon as practicable following the end of a calendar quarter
for the prior quarter’s service.  The
number of Shares to be granted to an Eligible Participant as Base Retainer for
a calendar quarter shall be determined by dividing $15,000 by the Fair Market
Value of one share of Common Stock as of last business day of the calendar
quarter to which the Base Retainer relates, and rounding up to the nearest
whole Share.  A pro-rata Base Retainer
will be paid to any Eligible Participant who joins the Board on a date other
than the beginning of a calendar quarter, based on the number of days between
the date such Non-Employee Director joined the Board and the end of the
applicable calendar quarter.  For
example, an Eligible Participant joining the Board on August 1 would be
entitled to 60/91 times the normal Base Retainer for such partial quarter of
service, payable as soon as practical following September 30th.

 

2.  The
chart in Section 5.2(a) of the Plan hereby is amended by increasing
the Supplemental Retainer for the Chair of the Audit Committee from $7,500 to
$10,000.

 

3.  The
last sentence of the first paragraph of Section 5.3 of the Plan hereby is
amended by deleting such sentence in its entirety and substituting the
following:

 

 

“Until changed by the Board, the meeting fee
for attending a committee meeting of the Board shall be $1,000.”

 

4.  Section 6.2
of the Plan hereby is amended by replacing the dollar amount “$25,000” with “$35,000.”

 

All other
provisions of the Plan shall remain the same.

 

IN WITNESS
WHEREOF, Duke Realty Corporation, by a duly authorized officer, has executed
this Amendment One to the Duke Realty Corporation 2005 Non-Employee Directors
Compensation Plan, this 26th day of October, 2005.

 

	
   

  	
  DUKE REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dennis D. Oklak

  	
   

  
	
   

  	
   

  	
  Dennis D. Oklak

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

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