Document:

Exhibit 10.1

 

GOVERNMENT PROPERTIES INCOME TRUST

 

2009 INCENTIVE SHARE AWARD PLAN

 

Government Properties Income Trust (the “Company”)
hereby adopts the Government Properties Income Trust 2009 Incentive Share Award
Plan (as amended from time to time, the “Plan”), effective as of June 11, 2009.

 

I.                                         PURPOSE

 

The Plan is intended to advance the interests
of the Company and its subsidiaries by providing a means of rewarding selected
officers, employees and Trustees of the Company, employees of its manager and
others rendering valuable services to the Company or its subsidiaries, through
grants of the Company’s Shares.

 

II.                                     DEFINITIONS

 

Terms that are capitalized in the text of the
Plan have the meanings set forth below:

 

(a)           “Board”
means the Board of Trustees of the Company.

 

(b)           “Company”
means Government Properties Income Trust, a Maryland real estate investment
trust.

 

(c)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(d)           “Key
Person” means an employee, consultant, manager, Trustee, officer or other
person providing services to the Company, to a subsidiary of the Company or to
the Manager on behalf of the Company.

 

(e)           “Manager”
means the person or entity serving as manager to the Company.

 

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(f)            “Participant”
means a person to whom Shares have been granted, or any other person who
becomes owner of the Shares by reason of such person’s death or incapacity.

 

(g)           “Securities
Act” means the Securities Act of 1933, as amended.

 

(h)           “Share
Agreement” means an agreement between the Company and a Participant regarding
Shares issued to the Participant pursuant to the Plan.

 

(i)            “Shares”
means the Company’s common shares of beneficial interest, par value $.01 per
share.

 

(j)            “Trustee”
means a member of the Board.

 

III.                                 SHARES SUBJECT TO THE
PLAN

 

Subject to the provisions of Section VII,
the total number of Shares which may be granted under the Plan is 2,000,000
Shares.  A holder of Shares granted under
the Plan, whether or not vested, shall have all of the rights of a shareholder
of the Company, including the right to vote the Shares and the right to receive
any distributions, unless the Board shall otherwise determine.  Certificates representing Shares and statements
representing Shares issued in book-entry form may be imprinted with a legend to
the effect that the Shares represented may not be sold, exchanged, transferred,
pledged, hypothecated or otherwise disposed of except in accordance with the
terms of the Securities Act and the applicable Share Agreement, if any.  Shares subject to awards under the Plan which
are forfeited shall again be available for grant under the Plan.

 

IV.                                 METHOD OF GRANTING
SHARES

 

Grants of Shares to any person shall be made
by action of the Board, and shall be made solely in accordance with the
instructions of the Board as to the selection of persons to whom Shares are to
be granted, the amount and timing of each such grant, and the extent, if any,
to which vesting restrictions or other conditions shall apply to the granted
Shares.  If a person to whom such a grant
of Shares has been made fails to execute and deliver to the Company a Share
Agreement within ten (10) days after it is submitted to him or her, the
grant of Shares related to such Share Agreement may be cancelled by the
Company, acting by the Board, at its option without further notice to the
Participant.  Nothing in this Section IV
shall prevent the Board from delegating its authority to make grants to a
committee pursuant to Section V.

 

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V.                                     ADMINISTRATION OF
THE PLAN

 

The Plan shall be administered by the Board
or, in the discretion of the Board, a committee designated by the Board and
composed of at least two (2) members of the Board.  All references in the Plan to the Board shall
be understood to refer to such committee or the Board, whoever shall administer
the Plan.  As of the effective date of
the Plan, the Board has delegated its authority to administer the Plan to the
Compensation Committee of the Company pursuant to the written charter for such
committee; however, the Board may revoke or rescind this delegation of
authority in whole or in part at any time. 
All questions of interpretation and application of the Plan and of
grants of Shares shall be determined by the Board or its designated committee
in its sole discretion, and its determination shall be final and binding upon
all persons, including the Company and all Participants.  Without limiting the generality of the
foregoing, the Board or the designated committee is authorized to adopt and
approve from time to time the forms and, subject to the terms of the Plan, the
terms and conditions of any Share Agreement. 
If it determines to do so, the Board or its designated committee may
grant Shares under this Plan which are not subject to a Share Agreement.

 

For so long as Section 16 of the
Exchange Act is applicable to the Company, each member of any committee
designated to administer the Plan shall be a “non-employee director” or the
equivalent within the meaning of Rule 16b-3 under the Exchange Act and,
for so long as Section 162(m) of the Internal Revenue Code of 1986,
as amended from time to time (the “Code”), is applicable to the Company, an “outside
director” within the meaning of Section 162(m) of the Code and the
regulations thereunder.

 

With respect to persons subject to Section 16
of the Exchange Act, grants under the Plan are intended to be exempt from the
provisions of Section 16(b) of the Exchange Act pursuant to Rule 16b-3
or its successor under the Exchange Act.

 

VI.                                 ELIGIBLE PERSONS

 

The persons eligible to receive grants of
Shares shall be those persons selected by the Board or designated committee
from among Key Persons who contribute to the business of the Company and its
subsidiaries.

 

VII.                             CHANGES IN CAPITAL
STRUCTURE

 

In the event that the outstanding Shares are
hereafter changed for a different number or kind of Shares or other securities
of the Company, or are otherwise affected by reason of a merger, sale of
assets, reorganization, recapitalization, exchange of shares, stock split,
combination of shares or dividend payable in shares or other securities or any
similar corporate transaction, a corresponding adjustment shall be made in the
number and kind of Shares or other 

 

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securities covered by
outstanding grants of Shares, and for which Shares may be granted under the
Plan.

 

VIII.                         DURATION, AMENDMENT AND
TERMINATION OF PLAN

 

Shares may be granted under the Plan from
time to time until the close of business on the tenth anniversary of its
effective date.  Subject to any
shareholder approval that may be required under applicable law or the rules of
any stock exchange on which the Shares are listed, the Board hereafter may at
any time amend or extend the Plan, including amendments to change the number of
shares subject to the Plan.  The Plan may
be terminated at any time by action of the Board without, however, affecting
the rights of a Participant or the Company as to Shares granted prior to such
termination.

 

IX.                                MISCELLANEOUS

 

A.            Nonassignability of Shares. 
Shares subject to a Share Agreement shall not be assignable or
transferable by a Participant except in accordance with the terms of the
applicable Share Agreement.

 

B.            No Guarantee of Employment. 
Neither the award of Shares nor a Share Agreement shall give any person
the right to continue in the employment of, or to continue to act as an officer
or Trustee of, or to serve in any other capacity with, the Company, any
subsidiary or the Manager, or give the Company, any subsidiary or the Manager
the right to require such person to continue in any such capacity.

 

C.            Tax Withholding.  To
the extent required by law, the Company shall withhold or cause to be withheld
income and other taxes incurred by a Participant by reason of a grant of
Shares, and as a condition to the receipt of any grant such a Participant shall
agree that if the amount payable to him by the Company in the ordinary course
is insufficient to pay such taxes, he or she shall upon request of the Company
pay to the Company an amount sufficient to satisfy its tax withholding
obligations.

 

D.            Compliance with Law. 
This Plan, the granting and vesting of Shares hereunder, and the other
obligations of the Company under this Plan and any Share Agreement, shall be
subject to all applicable federal and state laws, rules and regulations,
and to such approvals by any regulatory or governmental agency as may be
required.  The Company, in its reasonable
discretion, may postpone the issuance or delivery of Shares until completion of
any required action under any state or federal law, rule or regulation as
the Company may consider appropriate in order to comply with the applicable
laws, and may require any Participant to make such representations and furnish
such information as it may consider appropriate in connection 

 

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with
the issuance or delivery of Shares in compliance with applicable laws, rules and
regulations.  No provisions of this Plan
shall be interpreted or construed to obligate the Company to register any
Shares under federal or state law.

 

E.             Governing Law.  The
validity, construction and effect of this Plan, any rules and regulations
relating to this Plan and any Share Agreement shall be determined in accordance
with the laws of the State of Maryland without giving effect to principles of
conflict of laws.

 

5Exhibit 10.2

 

GOVERNMENT PROPERTIES INCOME TRUST

 

RESTRICTED SHARE AGREEMENT

 

This
Restricted Share Agreement (this “Agreement”) is made as of September 16,
2009 between              (the “Employee”) and Government Properties
Income Trust (the “Company”).

 

In
consideration of the mutual promises and covenants contained in this Agreement,
and for other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Grant of Shares. 
The Company hereby grants to the Employee, effective as of the date of
this Agreement, «GOV» shares of its
common shares.  The shares so granted are
hereinafter referred to as the “Shares,” which term shall also include any
shares of the Company issued to the Employee by virtue of his or her ownership
of the Shares, by share dividend, share split, recapitalization or otherwise.

 

2.                                       Vesting; Repurchase of Shares.

 

(a)                                  The Shares shall vest one-fifth as of the
date hereof, a further one-fifth on the September 16 of the year first
following the date of this Agreement, a further one-fifth on the September 16
of the second year following the date of this Agreement, a further one-fifth on
the September 16 of the third year following the date of this Agreement
and the final one-fifth on the September 16 of the fourth year following
the date of this Agreement.  Any Shares
not vested as of any date are herein referred to as “Unvested Shares.”

 

(b)                                 In the event the Employee
ceases to render significant services, whether as an employee or otherwise, to (i) the
Company, (ii) the entity which is the advisor, manager or shared
services provider to the Company or an entity controlled by, under common
control with or controlling such entity (collectively, the “Manager”), or (iii) an
affiliate of the Company (which shall be deemed for such purpose to include any
other entity to which the Manager is the advisor, manager or shared
services provider), the
Company shall have the right and option to purchase from the Employee, for an
amount equal to $.01 per share (as adjusted for any share split or combination,
share dividend, recapitalization or similar event) all or any portion of the
Unvested Shares as of the date the Employee ceases to render such
services.  The Company may exercise such
purchase option by delivering or mailing to the Employee (or his estate), at
any time after the Employee has ceased to render such services, a written
notice of exercise of such option.  Such
notice shall specify the number of Unvested Shares to be purchased.  The price to be paid for the Unvested Shares
to be repurchased may be payable, at the option of the Company, by wire
transfer of immediately available funds or in cash (by check) or any other
reasonable method.

 

 

3.                                       Legends.  Each
certificate or share statement relating to the Shares shall prominently bear
legends in substantially the following terms:

 

“GOVERNMENT
PROPERTIES INCOME TRUST IS A MARYLAND REAL ESTATE INVESTMENT COMPANY (THE “COMPANY”).  THE SHARES COVERED BY THIS CERTIFICATE ARE
ISSUED AND SHALL BE HELD SUBJECT TO ALL OF THE PROVISIONS OF THE AMENDED AND
RESTATED DECLARATION OF TRUST OF THE COMPANY, AS AMENDED FROM TIME TO TIME (THE
“DECLARATION OF TRUST”) AND THE AMENDED AND RESTATED BYLAWS ADOPTED BY THE
COMPANY, AS AMENDED FROM TIME TO TIME (THE “BYLAWS”).  THE HOLDER OF THE SHARES COVERED BY THIS
CERTIFICATE AND EVERY TRANSFEREE OR ASSIGNEE THEREOF BY ACCEPTING OR HOLDING
THE SAME AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF THE DECLARATION OF
TRUST AND BYLAWS.

 

PURSUANT
AND SUBJECT TO THE TERMS OF THE DECLARATION OF TRUST, THE COMPANY HAS THE
AUTHORITY TO CREATE ONE OR MORE ADDITIONAL CLASSES OR SERIES OF SHARES AND
ISSUE ADDITIONAL SHARES OF ANY EXISTING CLASS OR SERIES OF SHARES. THE
COMPANY WILL FURNISH A FULL STATEMENT OF (i) THE AUTHORITY OF THE COMPANY
TO CREATE ADDITIONAL CLASSES OR SERIES OF SHARES AND ISSUE ADDITIONAL SHARES OF
ANY EXISTING CLASS OR SERIES OF SHARES, (ii) THE TERMS OF ANY
EXISTING CLASS OR SERIES OF SHARES, AND (iii) SUCH OTHER INFORMATION
AS IS REQUIRED BY APPLICABLE LAW, WITHOUT CHARGE TO ANY SHAREHOLDER UPON
REQUEST TO THE SECRETARY OF THE COMPANY.

 

THE SHARES EVIDENCED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER WHICH
ARE OR MAY HEREAFTER BE CONTAINED IN THE DECLARATION OF TRUST OR IN THE
BYLAWS, INCLUDING PROVISIONS OF THE DECLARATION OF TRUST WHICH PROHIBIT THE
OWNERSHIP OF MORE THAN 9.8% OF ANY CLASS OR SERIES OF THE COMPANY’S SHARES
OF BENEFICIAL INTEREST BY ANY PERSON OR GROUP. 
THIS DESCRIPTION OF THE RESTRICTIONS UPON OWNERSHIP OR TRANSFER OF THE
COMPANY’S SECURITIES IS NOT COMPLETE.  A
MORE COMPLETE DESCRIPTION OF THESE RESTRICTIONS AND OF VARIOUS RIGHTS AND
OBLIGATIONS OF SHAREHOLDERS APPEARS IN THE DECLARATION OF TRUST OR BYLAWS, AS
APPLICABLE, AND IN CERTAIN OTHER AGREEMENTS WHICH MAY FROM TIME TO TIME BE
ENTERED INTO BY THE COMPANY AFFECTING THE RIGHTS AND OBLIGATIONS OF
SHAREHOLDERS.  COPIES OF THE DECLARATION
OF TRUST, BYLAWS AND AGREEMENTS AFFECTING THE RIGHTS AND OBLIGATIONS OF
SHAREHOLDERS AS IN EFFECT FROM TIME TO TIME WILL BE SENT WITHOUT CHARGE TO ANY
SHAREHOLDER UPON REQUEST TO THE SECRETARY OF THE COMPANY.

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). 
SUCH SHARES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE ACT OR AN
OPINION OF THE COMPANY’S COUNSEL THAT REGISTRATION IS NOT REQUIRED UNDER THE
ACT.

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED PURSUANT TO AN INCENTIVE PLAN
MAINTAINED BY THE COMPANY.  THESE SHARES MAY BE
SUBJECT TO TRANSFER AND/OR VESTING RESTRICTIONS, AND UNVESTED SHARES ARE
SUBJECT TO REPURCHASE RIGHTS CONTAINED IN THE PLAN, THE RELATED GRANT OF SHARES
OR AN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER OF THESE
SHARES.  A COPY OF APPLICABLE
RESTRICTIONS AND 

 

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REPURCHASE
RIGHTS WILL BE FURNISHED TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON
REQUEST TO THE SECRETARY OF THE COMPANY.”

 

4.                                       Tax Withholding 
To the extent required by law, the Company shall withhold or cause to be
withheld income and other taxes incurred by the Employee by reason of a grant
of Shares, and the Employee agrees that he or she shall upon request of the
Company pay to the Company an amount sufficient to satisfy its tax withholding
obligations from time to time (including as Shares become vested) as the
Company may request.

 

5.                                       Termination. 
This Agreement shall continue in full force and effect until the
earliest to occur of the following, at which time except as otherwise specified
below this Agreement shall terminate:  (a) the
date on which all repurchase rights referred to in Section 2 hereof have
terminated; or (b) except to the extent specified in such notice, upon
notice of termination by the Company to the Employee pursuant to action taken
by the Company’s Board of Trustees.

 

6.                                       Miscellaneous.

 

(a)                                  Amendments.  Neither this
Agreement nor any provision hereof may be changed or modified except by an
agreement in writing executed by the Employee and the Company.

 

(b)                                 Binding Effect of the Agreement. 
This Agreement shall inure to the benefit of, and be binding upon , the
Company, the Employee and their respective estates, heirs, executors,
transferees, successors, assigns and legal representatives.

 

(c)                                  Provisions Separable. 
In the event that any of the terms of this Agreement shall be or become
or is declared to be illegal or unenforceable by any court or other authority
of competent jurisdiction, such terms shall be null and void and shall be
deemed deleted from this Agreement, and all the remaining terms of this
Agreement shall remain in full force and effect.

 

(d)                                 Notices.  Any notice in
connection with this Agreement shall be deemed to have been properly delivered
if it is in writing and is delivered by hand or by facsimile or sent by
registered certified mail, postage prepaid, to the party addressed as follows,
unless another address has been substituted by notice so given:

 

	
  To
  the Employee:

  	
  To
  his address as set forth on the signature page hereof.

  
	
   

  	
   

  
	
  To
  the Company:

  	
  Government
  Properties Income Trust

  
	
   

  	
  400
  Centre Street

  
	
   

  	
  Newton,
  MA 02458

  
	
   

  	
  Attn:
  Secretary

  

 

(e)                                  Construction.  The headings and subheadings of this
Agreement have been inserted for convenience only, and shall not affect the
construction of the provisions 

 

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hereof.  All
references to sections of this Agreement shall be deemed to refer as well to
all subsections which form a part of such section.

 

(f)                                    Employment Agreement. 
This Agreement shall not be construed as an agreement by the Company,
any affiliate or advisor of the Company to employ the Employee, nor is the
Company, any affiliate or advisor of the Company obligated to continue
employing the Employee by reason of this Agreement or the grant of shares to
the Employee hereunder.

 

(g)                                 Applicable Law. 
This Agreement shall be construed and enforced in accordance with the
laws of The Commonwealth of Massachusetts.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement, or caused
this Agreement to be executed under seal, as of the date first above written.

 

 

	
   

  	
  GOVERNMENT
  PROPERTIES INCOME TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NAME:

  
	
   

  	
  ADDRESS:

  
	
   

  	
   

  

 

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