Document:

EX-10.3

 Exhibit 10.3 

 
  

FORM OF JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 
 INDEPENDENT DIRECTORS COMPENSATION PLAN 
  

 
  

 JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 

INDEPENDENT DIRECTORS COMPENSATION PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not
employees of Jones Lang LaSalle Income Property Trust, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with competitive compensation. The Plan is a sub-plan of the Jones Lang LaSalle Income
Property Trust, Inc. 2011 Incentive Plan (the “Incentive Plan”). 
 1.2. ELIGIBILITY. Independent
Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 

ARTICLE 2 

DEFINITIONS 
 2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Incentive Plan. Unless the context clearly indicates otherwise, the
following terms shall have the following meanings: 
 “Base Annual Retainer” means the annual retainer
(excluding Supplemental Annual Retainers and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time. 

“Board” means the Board of Directors of the Company. 

“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time
to time. 
 “Company” means Jones Lang LaSalle Income Property Trust, Inc. 

“Effective Date” of the Plan has the meaning set forth in Section 8.4 of the Plan. 

“Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent
Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible Participant.

 “Independent Director” means a director of the Company who is not a common law employee of the Company and
who meets the additional requirements set forth for an “independent director” in the Charter. 

“Plan” means this Jones Lang LaSalle Income Property Trust, Inc. Independent Directors Compensation Plan, as amended
from time to time. 
 “Plan Year(s)” means the approximate twelve-month periods between annual meetings of the
stockholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned. 

  
 - 1 -

 “Restricted Stock” means Class M Stock granted to an Independent Director
under Article 6 that is subject to certain restrictions and to risk of forfeiture. 
 “SEC Effective Date” has
the meaning set forth in Section 6.1 of the Plan. 
 “Stock” means the $0.01 par value Class A and
Class M common stock of the Company. 
 “Supplemental Annual Retainer” means the annual retainer (excluding the
Base Annual Retainer and expenses) payable by the Company to an Independent Director pursuant to Section 5.2 hereof for service as the chair or a member of the Audit Committee of the Board, as such amount may be changed from time to time.

 ARTICLE 3 
 ADMINISTRATION 
 3.1. ADMINISTRATION. The Plan shall be
administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or
advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties
concerned, including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or
powers of the Board. 
 3.2. RELIANCE. In administering the Plan, the Board may rely upon any information furnished by
the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This limitation of liability shall not be
exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise. 
 ARTICLE 4 
 SOURCE OF SHARES 

4.1. SOURCE OF SHARES. The shares of Stock or other equity that may be issued pursuant to the Plan shall be issued under the
Incentive Plan, subject to all of the terms and conditions of the Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this Plan with respect to shares of Stock or other equity granted pursuant hereto
and any such grant shall be governed by and construed in accordance with the Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Incentive Plan and the provisions of this Plan, the provisions of the Incentive
Plan shall be controlling and determinative. This Plan does not constitute a separate source of Shares for the grant of awards of Restricted Stock described herein. 
 ARTICLE 5 
 RETAINERS AND EXPENSES 

5.1. BASE ANNUAL RETAINER. Each Eligible Participant shall be paid a Base Annual Retainer for service as a director during
each Plan Year. The amount of the Base Annual Retainer shall be established from time to time by the Board. Until changed by the Board, the Base Annual Retainer for a full Plan Year shall be [    ] (which Base Annual
Retainer includes fees for attendance at meetings of the Board or its committees). The Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning on the date of the annual stockholders meeting;
provided, however, that for the first Plan Year, the first 

  
 - 2 -

 
installment shall begin on the Effective Date and be prorated based on the number of full months in such quarter after the Effective Date. A pro rata Base Annual Retainer will be paid to any
person who becomes an Eligible Participant on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as an Independent Director during the Plan Year. Payment of such prorated Base Annual Retainer shall
begin on the date that the person first becomes an Eligible Participant, and shall resume on a quarterly basis thereafter. 

5.2. SUPPLEMENTAL ANNUAL RETAINERS.  

(a) The chairperson of the Audit Committee of the Board shall be paid a Supplemental Annual Retainer for his or her
service as such chairperson during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The amount of the Supplemental Annual Retainer for the chairperson of the Audit Committee shall be established from time
to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the chairperson of the Audit Committee shall be $[        ]. A pro rata Supplemental Annual
Retainer will be paid to any Eligible Participant who becomes the chairperson of the Audit Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as a chairperson of the Audit
Committee of the Board during the Plan Year. Payment of such pro rated Supplemental Annual Retainer shall begin on the date that the person first becomes chairperson of the Audit Committee, and shall resume on a quarterly basis thereafter.

 (b) Each member of the Audit Committee of the Board, other than the chairperson of the Audit Committee whose
supplemental retainer is set forth above, shall be paid a Supplemental Annual Retainer for his or her service as a member of the Audit Committee during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The
amount of the Supplemental Annual Retainer for a member of the Audit Committee shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for a member of the Audit
Committee, other than the chairperson of the Audit Committee, shall be $[        ]. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes a member of the Audit
Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as a member of the Audit Committee of the Board during the Plan Year. Payment of such pro rated Supplemental Annual
Retainer shall begin on the date that the person first becomes a member of the Audit Committee, and shall resume on a quarterly basis thereafter. 
 5.3. TRAVEL EXPENSE REIMBURSEMENT. All Eligible Participants shall be reimbursed for reasonable travel expenses in connection with attendance at meetings of the Board and its committees, or
other Company functions at which the Chief Executive Officer or Chair of the Board requests the Independent Director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this Section 5.3 shall
be limited to expenses incurred during such director’s service as an Independent Director. Such payments will be made within 30 days after delivery of the Independent Director’s written requests for payment, accompanied by such evidence of
expenses incurred as the Company may reasonably require, but in no event later than the last day of the Independent Director’s tax year following the tax year in which the expense was incurred. The amount reimbursable in any one tax year
shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not be subject to liquidation or exchange for another benefit. 

  
 - 3 -

 ARTICLE 6 
 EQUITY COMPENSATION 
 6.1. INITIAL RESTRICTED STOCK GRANT.

 (a) Subject to share availability under the Incentive Plan and the terms of this Section 6.1(a), on the
first date an Independent Director is initially elected or appointed to the Board, he or she shall receive an award of [__] shares of Restricted Stock. Notwithstanding the foregoing, each Independent Director elected or appointed to the Board prior
to the last day of the first full calendar quarter following the date that the Company’s Registration Statement on Form S-11 relating to its offering of up to $3,000,000,000 in any combination of Class A and Class M shares is declared
effective by the Securities and Exchange Commission (the “SEC Effective Date”) and who remains an Independent Director as of the SEC Effective Date shall receive such initial Restricted Stock grant on the SEC Effective Date. Such
shares of Restricted Stock shall be subject to the terms and restrictions described below in Section 6.1(b) and shall be in addition to any otherwise applicable annual grant of Restricted Stock granted to such Independent Director under
Section 6.2. 
 (b) Shares of Restricted Stock granted under this Section 6.1 shall be evidenced by a
written Award Certificate and shall be subject to the terms and conditions described herein and in the Incentive Plan. Unless and until provided otherwise by the Board, the shares of Restricted Stock granted pursuant to this Section 6.1 shall
vest and become non-forfeitable as to one hundred percent (100%) of the shares on the first anniversary of the Grant Date; provided, however, that the shares of Restricted Stock shall become fully vested on the earlier occurrence of
(i) the termination of the grantee’s service as a director of the Company due to his or her death or Disability, or (ii) a Change in Control of the Company. If the grantee’s service as a director of the Company terminates other
than as described in clause (i) of the foregoing sentence, then the grantee shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the Board and such
Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the grantee. 
 6.2.
SUBSEQUENT RESTRICTED STOCK GRANT. Subject to share availability under the Incentive Plan, the Board may approve, at its discretion, an additional award of shares of Restricted Stock upon subsequent re-election of the Independent Director to
the Board, subject to such terms and conditions as provided by the Board and in the Incentive Plan. 
 ARTICLE 7

 AMENDMENT, MODIFICATION AND TERMINATION 
 7.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an
amendment to the Plan would, in the reasonable opinion of the Board, require stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities exchange on which the Stock is listed or
traded, then such amendment shall be subject to stockholder approval; and provided further, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason. 

ARTICLE 8 

GENERAL PROVISIONS 
 8.1. ADJUSTMENTS. The adjustment provisions of the Incentive Plan shall apply with respect to equity awards granted pursuant to this Plan. 

  
 - 4 -

 8.2. DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the
Board. 
 8.3. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company.

 8.4. EFFECTIVE DATE. The Plan was originally adopted by the Board on [__], 2011, and became effective on that
date (the “Effective Date”). 
 ***** 
 The foregoing is hereby acknowledged as being the Jones Lang LaSalle Income Property Trust, Inc. Independent Directors Compensation Plan as adopted by the Board on [__], 2011. 

 

			
	JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 - 5 -Ex-10.4

 Exhibit 10.4 
 JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 
 FORM OF INDEPENDENT
DIRECTOR 
 RESTRICTED STOCK AWARD CERTIFICATE 
 Non-transferable 
 GRANT TO 

 
  

(“Grantee”) 
 by Jones Lang LaSalle Income Property Trust, Inc. (the “Company”) of 
  

 
 shares of its
Class M common stock, $0.01 par value (the “Shares”) 
 pursuant to and subject to the provisions of the Jones Lang LaSalle Income
Property Trust, Inc. Independent Directors Compensation Plan (the “Directors Plan”), which is a subplan of the Jones Lang LaSalle Income Property Trust, Inc. 2011 Incentive Plan (the “Incentive Plan” and, together with the
Directors Plan, the “Plans”) and to the terms and conditions set forth on the following pages of this Certificate (the “Terms and Conditions”). By accepting the Shares, Grantee shall be deemed to have agreed to the Terms and
Conditions set forth in this Certificate and the terms and conditions of the Plans. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plans. 

Unless sooner vested in accordance with Section 2 of the Terms and Conditions, the restrictions imposed under Section 1 of the
Terms and Conditions will expire as to one hundred percent (100%) of the Restricted Shares on the first anniversary of the Grant Date, provided that Grantee is then still serving as a director of the Company. 

IN WITNESS WHEREOF, Jones Lang LaSalle Income Property Trust, Inc., acting by and through its duly authorized officers, has caused this
Certificate to be executed. 
  

									
	 JONES LANG LASALLE INCOME PROPERTY

 TRUST, INC.
	 		 	Grant Date:                     
					
	By:  	 	 	 		 		 	
	Its:	 	Authorized Officer	 		 		 	

 TERMS AND CONDITIONS 
 1. Restrictions. The Shares are subject to each of the following restrictions. “Restricted Shares” mean those Shares that are subject to the restrictions imposed hereunder which
restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered to or in favor of any party other than the Company, or be subjected to any lien,
obligation or liability of the Grantee to any other party other than the Company. If Grantee’s service as a director of the Company terminates for any reason other than as set forth in paragraph (b) of Section 2 hereof, then Grantee
shall forfeit all of Grantee’s right, title and interest in and to the Restricted Shares as of the date of termination of service, and such Restricted Shares shall revert to the Company. The restrictions imposed under this Section shall apply
to all shares of the Company’s Stock or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure
affecting the Stock. 
 2. Expiration and Termination of Restrictions. The restrictions imposed under Section 1 will expire on the
earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”): 
  

	(a)	as to one hundred percent (100%) of the Shares, on the first anniversary of the Grant Date, provided Grantee is then still serving as a director of the Company; or

  

	(b)	as to one hundred percent (100%) of the Shares, upon the termination of Grantee’s service as a director of the Company by reason of death or Disability; or

  

	(c)	as to one hundred percent (100%) of the Shares, upon the occurrence of a Change in Control.

 3. Delivery of Shares. The Shares will be registered on the books of the Company in Grantee’s
name as of the Grant Date and will be held by the Company during the Restricted Period in certificated or uncertificated form. If a certificate for Restricted Shares is issued during the Restricted Period with respect to such Shares, such
certificate shall be registered in the name of Grantee and shall bear a legend in substantially the following form: 
 “This certificate
and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in a Restricted Stock Award Certificate between the registered owner of the shares represented
hereby and Jones Lang LaSalle Income Property Trust, Inc. Release from such terms and conditions shall be made only in accordance with the provisions of such Certificate, copies of which are on file in the offices of Jones Lang LaSalle Income
Property Trust, Inc.” 
 Stock certificates for the Shares, without the above legend, shall be delivered to Grantee or Grantee’s
designee upon request of Grantee after the expiration of the Restricted Period, but delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply if deemed advisable by the Company, with
registration requirements under the 1933 Act, listing requirements under the rules of any stock exchange, and requirements under any other law or regulation applicable to the issuance or transfer of the Shares. 

4. Voting and Dividend Rights. Grantee, as beneficial owner of the Shares, shall have full voting and dividend rights with respect to the Shares
during and after the Restricted Period. Each dividend payment, if any, shall be made at the same time that such dividend is paid to all other shareholders. Any non-cash dividends shall be subject to the restrictions imposed under Section 1. If
Grantee forfeits any rights he may have under this Certificate, Grantee shall no longer have any rights as a shareholder with respect to the Restricted Shares or any interest therein and Grantee shall no longer be entitled to receive dividends on
such stock. In the event that for any reason Grantee shall have received dividends upon such stock after such forfeiture, Grantee shall repay to the Company any amount equal to such dividends.

 

  
 Terms and Conditions

 Independent Director Restricted Stock Award Certificate 
 Page 1 of 2 

 5. No Right of Continued Service. Nothing in this Certificate shall interfere with or limit in any
way the right of the Company to terminate Grantee’s service as a director at any time, nor confer upon Grantee any right to continue service as a director of the Company. 
 6. No Entitlement to Future Awards. The grant of this Award does not entitle Grantee to the grant of any additional awards under the Plans in the future. Future grants, if any, will be at the sole
discretion of the Board. 
 7. Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon
such award under Section 83(b) of the Code. To effect such election, Grantee may file an appropriate election with the Internal Revenue Service within thirty (30) days after award of the Shares and otherwise in accordance with applicable
Treasury Regulations. Grantee will, no later than the date as of which any amount related to the Shares first becomes includable in Grantee’s gross income for federal income tax purposes, pay to the Company, or make other arrangements
satisfactory to the Board regarding payment of, any federal, state and local taxes of any kind required by law to be withheld with respect to such amount. The obligations of the Company under this Certificate will be conditional on such payment or
arrangements, and the Company, and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such taxes from the award or any payment of any kind otherwise due to Grantee. 

8. Amendment. The Board may amend, modify or terminate this Certificate without approval of Grantee; provided, however, that such amendment,
modification or termination shall not, without Grantee’s consent, reduce or diminish the value of this award determined as if it had been fully vested (i.e., as if all restrictions on the Shares hereunder had expired) on the date of such
amendment or termination. 

 9. Plans Control. The terms contained in the Plans are hereby incorporated into and made a part of
this Certificate and this Certificate shall be governed by and construed in accordance with the Plans. In the event of any actual or alleged conflict between the provisions of the Plans and the provisions of this Certificate, the provisions of the
Plans shall be controlling and determinative. 
 10. Successors. This Certificate shall be binding upon any successor of the Company, in
accordance with the terms of this Certificate and the Plans. 
 11. Severability. If any one or more of the provisions contained in this
Certificate is deemed to be invalid, illegal or unenforceable, the other provisions of this Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included. 

12. Notice. Notices and communications hereunder must be in writing and either personally delivered or sent by registered or certified United
States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to Jones Lang LaSalle Income Property Trust, Inc., 200 East Randolph Drive, Chicago, Illinois 60601; Attn: Secretary, or any other address designated by
the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.

 

  
 Terms and Conditions

 Independent Director Restricted Stock Award Certificate 
 Page 2 of 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]