Document:

Exhibit 10.1

Exhibit 10.1

CAREY WATERMARK INVESTORS INCORPORATED

2010 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

AGREEMENT by and between Carey Watermark Investors Incorporated, a Maryland corporation (the
“Company”), and _____ (the
“Grantee”), dated as of the _____ day of _____,
20_____ (the
“Effective Date”).

WHEREAS, the Company maintains the Carey Watermark Investors Incorporated 2010 Equity
Incentive Plan, as it may be amended from time to time (the “Plan”) (capitalized terms used
but not defined herein shall have the respective meanings ascribed thereto by the Plan);

WHEREAS, the Grantee, as an employee of [Carey Lodging Advisors, LLC, as advisor to the
Company (the “Advisor”),][CWA, LLC, as subadvisor to the Company (the
“Subadvisor”)], is an Eligible Person; and

WHEREAS, the Plan Administrator has determined that it is in the best interests of the Company
and its stockholders to grant Restricted Stock Units (also generally known as “RSUs”) to the
Grantee subject to the terms and conditions set forth below.

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

	 	1.	 	Grant of Restricted Stock Units.

The Company hereby grants the Grantee [•] Restricted Stock Units. The Restricted Stock Units
are subject to the terms and conditions of this Agreement, and are also subject to the provisions
of the Plan. The Plan is hereby incorporated herein by reference as though set forth herein in its
entirety.

	 	2.	 	Vesting.

The Restricted Stock Units shall be subject to the terms and conditions set forth in this
paragraph 2. To the extent such terms or conditions conflict with any provision in the Plan, the
terms and conditions set forth herein shall govern.

	 	(a)	 	A portion of the Restricted Stock Units shall vest, except as otherwise provided
herein, on the following schedule (each, a “Vesting Date”, and together, the
“Vesting Period”):

	 	 	 
	 	 	Number of Restricted Stock
	 	 	Units for Which the
	Date	 	Vesting Period Shall Lapse
	 
	 	 
	1st anniversary of the Effective Date

	 	1/3
	2nd anniversary of the Effective Date

	 	1/3
	3rd anniversary of the Effective Date

	 	1/3

	 	(b)	 	In the event that, during the Vesting Period, the Grantee has a Termination of
Service (i) by the [Advisor][Subadvisor] for Cause or (ii) by the Grantee for any reason
other than as set forth in paragraph 2(c) below, then the Restricted Stock Units for
which the Vesting Period has not lapsed in accordance with paragraph 2(a) shall
thereupon, and with no further action, be forfeited by the Grantee.

	 	(c)	 	In the event that, during the Vesting Period, the Grantee has a Termination of
Service (i) due to his or her death or Disability or (ii) in the event of a Change in
Control, then all Restricted Stock Units granted to the Grantee hereunder shall
immediately vest and shall be settled as provided in paragraph 4
hereunder.

 

 

 

	 	(d)	 	In the event that, during the Vesting Period, the Grantee has a Termination of
Service by the [Advisor][Subadvisor] for any reason other than Cause, then the
Restricted Stock Units for which the Vesting Period has not lapsed in accordance with
paragraph 2(a) shall thereupon, and with no further action, be forfeited by the Grantee,
unless otherwise approved by the independent directors of the Company.

	 	(e)	 	Except as contemplated above, in the event that the Grantee has a Termination of
Service, any and all of the Grantee’s Restricted Stock Units which have not vested prior
to or as of such termination shall thereupon, and with no further action, be forfeited
and cease to be outstanding.

	 	3.	 	Dividend Equivalent Rights.

A Dividend Equivalent Right is hereby granted to the Grantee, consisting of the right to
receive, with respect to each Restricted Stock Unit, cash in an amount equal to the cash dividend
distributions paid in the ordinary course on a share of Common Stock to the Company’s common
stockholders (each, a “Dividend Payment”), as set forth below. For each Restricted Stock
Unit then outstanding, whether or not then vested, if a cash dividend is payable in the ordinary
course on a share of Common Stock, the Company shall make a payment to the Grantee in an amount
equal to the applicable Dividend Payment, on or about the date of the Dividend Payment, but in no
event later than March 15th of the year following the date of the Dividend Payment.

	 	4.	 	Settlement.

Each vested and outstanding Restricted Stock Unit shall be settled in shares of Common Stock
of the Company on the Settlement Date regarding the applicable Vesting Date or, if earlier, upon a
Termination of Service (in accordance with paragraph 2(c)). For the avoidance of doubt, to the
extent the terms of this paragraph 4 conflict with any terms of the Plan relating to the settlement
of Restricted Stock Units, the terms of this paragraph 4 shall govern. To the extent any payment
pursuant to this paragraph 4 is required to be delayed six months pursuant to the special rules of
Section 409A related to “specified employees,” each affected payment shall be delayed until six
months after the Grantee’s Termination of Service (other than on account of the death of the
Grantee).

	 	5.	 	Restrictions and Conditions.

	 	(a)	 	During the three-year period following the Effective Date, the Grantee shall not be
permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or
assign the unvested Restricted Stock Units (except by will or the laws of descent and
distribution).

	 	(b)	 	For a period of five years following the Effective Date, the Grantee shall not be eligible
to participate in the Company’s discretionary redemption plan, except upon death or qualifying
disability in accordance with the terms and conditions of the Company’s discretionary redemption
plan.

	 	6.	 	Miscellaneous.

	 	(a)	 	The value of a Restricted Stock Unit may decrease depending upon the Fair Market
Value of a Share from time to time. Neither the Company nor the Plan Administrator, nor
any other party associated with the Plan, shall be held liable for any decrease in the
value of the Restricted Stock Units. If the value of such Restricted Stock Units
decrease, there will be a decrease in the underlying value of what is distributed to the
Grantee under the Plan and this Agreement.

	 	(b)	 	With respect to this Agreement, (i) the Restricted Stock Units are bookkeeping
entries, (ii) the obligations of the Company under the Plan are unsecured and constitute
a commitment by the Company to make benefit payments in the future, (iii) to the extent
that any person acquires a right to receive payments from the Company under the Plan,
such right shall be no greater than the right of any general unsecured creditor of the
Company, (iv) all payments under the Plan (including distributions of Shares) shall be
paid from the general funds of the Company and (v) no special or separate fund shall be
established or other segregation of assets made to assure such payments (except that the
Company may in its discretion
establish a bookkeeping reserve to meet its obligations under the Plan). The award of
Restricted Stock Units is intended to be an arrangement that is unfunded for tax
purposes and for purposes of Title I of the Employee Retirement Income Security Act of
1974, as amended.

 

 

 

	 	(c)	 	Notwithstanding anything in this Agreement to the contrary, the Company shall be
entitled to recover the Restricted Stock Units granted hereby to the Grantee if (i)
following the Effective Date, the Company discovers that, prior to the Settlement Date,
the Grantee engaged in an act that would have been, but for such latent discovery,
grounds for the Grantee’s Termination of Service for Cause, or (ii) such recoupment is
provided under any policy issued by the Company, including any policy issued pursuant to
the Dodd—Frank Wall Street Reform and Consumer Protection Act.

	 	(d)	 	THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. The captions of this Agreement are not
part of the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified except by a written agreement executed by the parties hereto or
their respective successors and legal representatives. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement.

	 	(e)	 	The Plan Administrator may construe and interpret this Agreement and establish,
amend and revoke such rules, regulations and procedures for the administration of this
Agreement as it deems appropriate. In this connection, the Plan Administrator may
correct any defect or supply any omission, or reconcile any inconsistency in this
Agreement or in any related agreements, in the manner and to the extent it shall deem
necessary or expedient to make the Plan fully effective. All decisions and
determinations by the Plan Administrator in the exercise of this power shall be final
and binding upon the Company and the Grantees.

	 	(f)	 	All notices hereunder shall be in writing and, if to the Company, shall be
delivered to the Board or mailed to its principal office, addressed to the attention of
the Plan Administrator and, if to the Grantee, shall be delivered personally or mailed
to the Grantee at the address appearing in the records of the Company. Such addresses
may be changed at any time by written notice to the other party given in accordance with
this paragraph 6(f).

	 	(g)	 	The Company shall be entitled to withhold from any payments or deemed payments
any amount of tax withholding it determines to be required by law.

	 	(h)	 	The failure of the Grantee or the Company to insist upon strict compliance with
any provision of this Agreement or the Plan, or to assert any right the Grantee or the
Company, respectively, may have under this Agreement or the Plan, shall not be deemed to
be a waiver of such provision or right or any other provision or right of this Agreement
or the Plan.

	 	(i)	 	Nothing in this Agreement shall (i) confer on the Grantee any right to continue
in the service of the Company or its Subsidiaries or otherwise confer any additional
rights or benefits upon the Grantee with respect to the Grantee’s employment with the
Company or (ii) interfere in any way with the right of the Company or its Subsidiaries
and its stockholders to terminate the Grantee’s service at any time.

	 	(j)	 	This Agreement contains the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements, written or oral, with
respect thereto.

 

 

 

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

	 	 	 	 	 	 	 

	 	 	CAREY WATERMARK INVESTORS INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[GRANTEE]exv10w1

Exhibit 10.1

SECOND AMENDMENT TO THE REGISTRATION RIGHTS AGREEMENT

     This SECOND AMENDMENT (this “Amendment”), dated as of May 12, 2011, to the
Registration Rights Agreement, dated as of November 10, 2010, between Primo Water Corporation, a
Delaware corporation (the “Company”), and Culligan International Company, a Delaware
corporation (“Culligan”) (as amended by the First Amendment thereto, dated as of March 8,
2011, the “Registration Rights Agreement”), is made between the Company and Culligan.
Capitalized terms used in this Amendment without definition shall have the meanings ascribed to
such terms in the Registration Rights Agreement.

     The parties hereto agree as follows:

     1. Sections 1(a), 2(a) and 2(i) of the Registration Rights Agreement are each hereby amended
by deleting the phrase “within 181 days of the Closing Date” and replacing it with the phrase “on
or before the Target Effective Date”.

     2. Section 6(a) of the Registration Rights Agreement is hereby amended by deleting the phrase
“on the date which is 181 days after the Closing Date (the ‘Target Effective Date’)” and
replacing it with the phrase “on the Target Effective Date”.

     3. Section 8 of the Registration Rights Agreement is hereby amended to include the following
defined terms and corresponding definitions:

	 	 	“Qualifying Combined Offering” means an underwritten offering of shares of
Common Stock in which (i) at least 2,200,000 of the shares sold in such
offering are Registrable Securities and (ii) all of the first 694,717 shares
sold in such offering in excess of 6,000,000 shares (including but not limited to
shares sold pursuant to any over-allotment option granted to the underwriters of
such offering) are Registrable Securities.
	 
	 	 	“Target Effective Date” means July 15, 2011 or, if a registration statement
for a Qualifying Combined Offering is declared effective by the Commission prior to
July 15, 2011, the date which is 75 days after the effective date of such
registration statement.

     4. Confirmation of Registration Rights Agreement. Other than as expressly modified
pursuant to this Amendment, all of the terms, covenants and other provisions of the Registration
Rights Agreement are hereby ratified and confirmed and shall continue to be in full force and
effect in accordance with their respective terms.

     5. Waiver of Ticking Fee. Culligan hereby waives all rights to any Ticking Fee which
accrued on or before the date hereof.

     6. References. All references to the Registration Rights Agreement (including
“hereof,” “herein,” “hereunder,” “hereby” and “this Agreement”) shall refer to the Registration
Rights Agreement as amended by this Amendment.

     7. Miscellaneous. The provisions of Section 9 of the Registration Rights Agreement
shall apply to this Amendment mutatis mutandis.

[signature page follows]

 

 

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

	 	 	 	 	 
	 

	 	PRIMO WATER CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	/s/ Mark Castaneda 
	 

	 	 	 	 
	 

	 	 	 	Name: Mark Castaneda

Title:   Chief Financial Officer
	 
	 	 	 	 
	 

	 	CULLIGAN INTERNATIONAL COMPANY
	 
	 	 	 	 
	 

	 	By:	 	/s/ Susan E. Bennett 
	 

	 	 	 	 
	 

	 	 	 	Name: Susan E. Bennett

Title:   Senior Vice President,

            General
Counsel and Secretary

[Registration Rights Agreement Second Amendment]

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