Document:

EX-10.3 FORM OF RESTRICTED SHARE AGREEMENT

 

Exhibit 10.3

Employee Form

Grant No.:                     

COLONIAL PROPERTIES TRUST

2008 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

Colonial Properties Trust, an Alabama real estate investment trust (the “Company”), hereby grants
its common shares of beneficial interest, $.01 par value (each, a “Share” and collectively, the
“Shares”), to the Grantee named below, subject to the vesting conditions set forth in the
attachment. Additional terms and conditions of the grant are set forth in this cover sheet and in
the attachment (collectively, the “Agreement”) and in the Company’s 2008 Omnibus Incentive Plan
(the “Plan”).

Grant Date:                           ,                     

Name of Grantee:                                         

Grantee’s Social Security Number:                                         

Number of Shares Covered by Grant:                     

Purchase Price per Share: $0.01

Vesting Start Date:                     , 200   

Vesting Schedule

     In the event that the Schedule set forth below would result in vesting of a fractional number
of Shares, the number of Shares that will vest will be rounded down to the nearest whole Share, and
the last scheduled vesting tranche will be rounded up, to the extent necessary, so that the full
number of Shares will have vested.

	 	 	 
	Vesting Date

	 	Number of Shares that vest, as a percentage of 

the number of
Shares granted

 

 

     By signing this cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which is also attached. You acknowledge that you
have carefully reviewed the Plan, and agree that the Plan will control in the event any provision
of this Agreement should appear to be inconsistent with the Plan. Certain capitalized terms used
in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.

	 	 	 	 	 	 	 
	Grantee:

	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)	 	 
	 
	 	 	 	 	 	 
	Company:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Attachment

This is not a share certificate or a negotiable instrument.

2

 

COLONIAL PROPERTIES TRUST

2008 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

	 	 	 
	Restricted Shares/ Nontransferability

	 	This grant is an award of the number
of Shares set forth on the cover
sheet, at the purchase price set
forth on the cover sheet, and
subject to the vesting conditions
described below (“Restricted
Shares”). The purchase price is
deemed paid by your prior Service to
the Company. To the extent not yet
vested, your Restricted Shares may
not be transferred, assigned,
pledged or hypothecated, whether by
operation of law or otherwise, nor
may the Restricted Shares be made
subject to execution, attachment or
similar process.
	 
	 	 
	Vesting

	 	The Company will issue your
Restricted Shares in your name as of
the Grant Date.
	 
	 	 
	 

	 	Your right to the Shares under this
Restricted Share Agreement vests in
accordance with the schedule shown
on the cover sheet, provided you
then continue in Service.
	 
	 	 
	Forfeiture of Unvested Shares

	 	Except as otherwise provided in this
Agreement, in the event that your
Service terminates for any reason,
you will forfeit to the Company all
of the Shares subject to this grant
that have not yet vested or with
respect to which all applicable
restrictions and conditions have not
lapsed.
	 
	 	 
	Cause

	 	If your Service is terminated for
Cause, then you shall immediately
forfeit all your rights to your
Restricted Shares.
	 
	 	 
	Death

	 	If your Service terminates because
of your death, the Restricted Shares
granted under this Agreement will
automatically be fully vested.
	 
	 	 
	Disability

	 	If your Service terminates because
of your Disability, the Restricted
Shares granted under this Agreement
will automatically be full vested.
	 
	 	 
	Leaves of Absence

	 	For purposes of this grant of
Restricted Shares, your Service does
not terminate when you go on a bona
fide employee leave of absence that
was approved by the Company in
writing, if the terms of the leave
provide for continued Service
crediting, or when continued Service
crediting is required by applicable
law. However, your Service will be
treated as terminating 90 days after
you went on employee leave, unless
your right to return to active work
is guaranteed by law or by a
contract. Your Service

3

 

	 	 	 
	 

	 	terminates
in any event when the approved leave
ends unless you immediately return
to active employee work.
	 
	 	 
	 

	 	The Company determines, in its sole
discretion, which leaves count for
this purpose, and when your Service
terminates for all purposes under
the Plan.
	 
	 	 
	Issuance

	 	The issuance of the Shares under
this grant shall be evidenced in
such a manner as the Company, in its
discretion, will deem appropriate,
including, without limitation,
book-entry, registration or issuance
of one or more share certificates,
with any unvested Restricted Shares
bearing a legend with the
appropriate restrictions imposed by
this Agreement. As your interest in
the Shares vests as described above,
the recordation of the number of
shares of Restricted Shares
attributable to you will be
appropriately modified.
	 
	 	 
	Withholding Taxes

	 	You agree, as a condition of this
grant, that you will make acceptable
arrangements to pay any withholding
or other taxes that may be due as a
result of the payment of dividends
or the vesting of Shares acquired
under this grant.
	 
	 	 
	 

	 	Payment may be made in one (or a
combination) of the following forms:
	 
	 	 
	 

	 	          • Cash, your personal check, a
cashier’s check, a money order or
another cash equivalent acceptable
to the Company.
	 
	 	 
	 

	 	          • Shares withheld by the
Company from the Shares otherwise to
be received, with such withheld
Shares having an aggregate Fair
Market Value equal to the
withholding obligations.
	 
	 	 
	 

	 	          • Shares which have already
been owned by you and which are
surrendered to the Company. The Fair
Market Value of the Shares will be
applied to the withholding
obligations.
	 
	 	 
	 

	 	          • By delivery (on a form
prescribed by the Company) of an
irrevocable direction to a licensed
securities broker acceptable to the
Company to sell Shares subject to
this Agreement and to deliver all or
part of the sale proceeds to the
Company in payment of the
withholding taxes.
	 
	 	 
	Section 83(b)
Election

	 	Under Section 83 of the Internal
Revenue Code of 1986, as amended
(the “Code”), the difference between
the purchase price

4

 

	 	 	 
	 

	 	paid for the
Shares and their fair market value
on the date any forfeiture
restrictions applicable to such
Shares lapse will be reportable as
ordinary income at that time. For
this purpose, “forfeiture
restrictions” include the forfeiture
as to unvested Shares described
above. You may elect to be taxed at
the time the Shares are acquired,
rather than when such Shares cease
to be subject to such forfeiture
restrictions, by filing an election
under Section 83(b) of the Code with
the Internal Revenue Service within
thirty (30) days after the Grant
Date. You will have to make a tax
payment to the extent the purchase
price is less than the fair market
value of the Shares on the Grant
Date. No tax payment will have to
be made to the extent the purchase
price is at least equal to the fair
market value of the Shares on the
Grant Date. The form for making
this election is attached as Exhibit
A hereto. Failure to make this
filing within the thirty (30) day
period will result in the
recognition of ordinary income by
you (in the event the fair market
value of the Shares as of the
vesting date exceeds the purchase
price) as the forfeiture
restrictions lapse.
	 
	 	 
	 

	 	YOU ACKNOWLEDGE THAT IT IS YOUR SOLE
RESPONSIBILITY, AND NOT THE
COMPANY’S, TO FILE A TIMELY ELECTION
UNDER SECTION 83(b), EVEN IF YOU
REQUEST THE COMPANY OR ITS
REPRESENTATIVES TO MAKE THIS FILING
ON YOUR BEHALF. YOU ARE RELYING
SOLELY ON YOUR OWN ADVISORS WITH
RESPECT TO THE DECISION AS TO
WHETHER OR NOT TO FILE ANY 83(b)
ELECTION.
	 
	 	 
	Retention Rights

	 	This Agreement does not give you the
right to be retained or employed by
the Company (or any of its
Affiliates) in any capacity. The
Company (and any of its Affiliates)
reserve the right to terminate your
Service at any time and for any
reason.
	 
	 	 
	Shareholder Rights

	 	Subject to the restrictions
contained herein, you shall have all
the rights of a Company shareholder,
including the right to vote your
Shares and to receive all dividends,
cash or stock, paid or delivered
thereon.
	 
	 	 
	Forfeiture of Rights

	 	If it is ever determined by the
Board, as recommended by the Audit
Committee of the Company, that your
actions have constituted wrongdoing
that contributed to any material
misstatement or omission from any
report or statement filed by the
Company with the U.S. Securities and
Exchange Commission, gross
misconduct, breach of fiduciary duty
to the Company, or fraud, then your
Restricted Shares and any vested

5

 

	 	 	 
	 

	 	Shares held by you as a result of
the vesting of your Restricted
Shares shall be immediately
forfeited and thereupon your
Restricted Shares and such vested
Shares shall be cancelled; provided,
however, that if you have vested in
your Restricted Shares and sold the
underlying Shares within two years
prior to the Board determination,
you shall be required to pay to the
Company an amount equal to the
aggregate value of the Shares sold.
In addition, your Restricted Shares,
vested Shares underlying your award
of Restricted Shares and gains
resulting from the sale of Shares
underlying vested Restricted Shares,
shall be subject to forfeiture in
accordance with the Company’s
standard policies relating to such
forfeitures and clawbacks, as such
policies are in effect at the time
of grant of the Restricted Shares.
	 
	 	 
	Adjustments

	 	In the event of a share split, a
share dividend or a similar change
in the outstanding Shares, the
number of Shares covered by this
grant shall be adjusted (and rounded
down to the nearest whole number)
pursuant to the Plan. Your
Restricted Shares shall be subject
to the terms of the agreement of
merger, liquidation or
reorganization in the event the
Company is subject to such corporate
activity in accordance with the
terms of the Plan.
	 
	 	 
	Legends

	 	The following restricted legend
shall be placed in the book entry
account or on any certificates
representing the Shares issued in
connection with this grant:
	 
	 	 
	 

	 	“THE SHARES REPRESENTED BY THIS
[CERTIFICATE OR BOOK ENTRY ACCOUNT]
ARE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFER SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND
THE REGISTERED HOLDER, OR HIS OR HER
PREDECESSOR IN INTEREST. A COPY OF
SUCH AGREEMENT IS ON FILE AT THE
PRINCIPAL OFFICE OF THE COMPANY AND
WILL BE FURNISHED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE
COMPANY BY THE HOLDER OF RECORD OF
THE SHARES REPRESENTED BY THIS
[CERTIFICATE OR BOOK ENTRY
ACCOUNT].”

	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted
and enforced under the laws of the
State of Maryland, other than any
conflicts or choice of law rule or
principle that might otherwise refer
construction or interpretation of
this Agreement to the substantive
law of another jurisdiction.
	 
	 	 
	Arbitration

	 	Any disputes between you and the
Company in any way concerning this
Agreement shall be submitted at the
initiative of

6

 

	 	 	 
	 

	 	either you or the
Company to mandatory arbitration
before a single arbitrator in
Birmingham, Alabama pursuant to the
Commercial Arbitration Rules of the
American Arbitration Association, or
its successor, then in effect. The
decision of the arbitrator shall be
rendered in writing, shall be final
and may be entered as a judgment in
any court in the State of Alabama.
You and the Company irrevocably
consent to the jurisdiction of the
federal and state courts located in
Alabama for this purpose. Each
party shall be responsible for its
or his own costs incurred in such
arbitration and in enforcing any
arbitration award, including
attorney’s fees.
	 
	 	 
	The Plan

	 	The text of the Plan is incorporated
in this Agreement by reference.
Certain capitalized terms used in
this Agreement are defined in the
Plan, and have the meaning set forth
in the Plan.
	 
	 	 
	 

	 	This Agreement and the Plan
constitute the entire understanding
between you and the Company
regarding this grant of Restricted
Shares. Any prior agreements,
commitments or negotiations
concerning this grant are
superseded.
	 
	 	 
	Data Privacy

	 	In order to administer the Plan, the
Company may process personal data
about you. Such data includes but
is not limited to the information
provided in this Agreement and any
changes thereto, other appropriate
personal and financial data about
you such as home address and
business addresses and other contact
information, payroll information and
any other information that might be
deemed appropriate by the Company to
facilitate the administration of the
Plan.
	 
	 	 
	 

	 	By accepting this grant, you give
explicit consent to the Company to
process any such personal data. You
also give explicit consent to the
Company to transfer any such
personal data outside the country in
which you work or are employed,
including, with respect to non-U.S.
resident Grantees, to the United
States, to transferees who shall
include the Company and other
persons who are designated by the
Company to administer the Plan.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials relating
to the Plan in electronic form. By
accepting this grant you agree that
the Company may deliver the Plan
prospectus and the Company’s annual
report to you in an electronic
format. If at any time you would
prefer to receive paper copies of
these documents, as you are entitled
to, the Company would be pleased to
provide copies. Please contact
                     at

7

 

	 	 	 
	 

	 	                     to request
paper copies of these documents.

     By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.

8

 

EXHIBIT A 

ELECTION UNDER SECTION 83(b) OF

THE INTERNAL REVENUE CODE

          The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue
Code with respect to the property described below and supplies the following information in
accordance with the regulations promulgated thereunder:

          1. The name, address and social security number of the undersigned:

          Name:

           

          Address:

           

           

          Social Security No. :

           

          2. Description of property with respect to which the election is being made:

                              common shares of beneficial interest, par value $.01 per share, of Colonial Properties Trust,
an Alabama real estate investment trust, (the “Company”).

          3. The date on which the property was transferred is                           , 200   .

          4. The taxable year to which this election relates is calendar year 200   .

          5. Nature of restrictions to which the property is subject:

          The common shares are subject to the provisions of a Restricted Share Agreement between
the undersigned and the Company. The shares are subject to forfeiture under the terms of
the Agreement.

          6. The fair market value of the property at the time of transfer (determined without regard to
any lapse restriction) was $                     per share, for a total of $                    .

          7. The amount paid by taxpayer for the property was $                    .

          8. A copy of this statement has been furnished to the Company.

Dated:                     , 200   

	 	 	 	 	 
	 

	 	 

Taxpayer’s Signature
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	Taxpayer’s Printed Name	 	 

 

 

PROCEDURES FOR MAKING ELECTION

UNDER INTERNAL REVENUE CODE SECTION 83(b)

               The following procedures must be followed with respect to the attached form for making an
election under Internal Revenue Code section 83(b) in order for the election to be
effective:1

               1. You must file one copy of the completed election form with the IRS Service Center where you
file your federal income tax returns within 30 days after the Grant Date of your Restricted
Shares.

               2. At the same time you file the election form with the IRS, you must also give a copy of the
election form to the Secretary of the Company.

               3. You must file another copy of the election form with your federal income tax return
(generally, Form 1040) for the taxable year in which the Shares are transferred to you.

 

			
	1	 	Whether or not to make the election is your decision and
may create tax consequences for you. You are advised to consult your tax
advisor if you are unsure whether or not to make the election.EX-10.4 FORM OF RESTRICTED SHARE AGREEMENT

 

Exhibit 10.4

Trustee Form

Grant No.:                     

COLONIAL PROPERTIES TRUST

2008 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

Colonial Properties Trust, an Alabama real estate investment trust (the “Company”), hereby grants
its common shares of beneficial interest, $.01 par value (each, a “Share” and collectively, the
“Shares”), to the Grantee named below, subject to the vesting conditions set forth in the
attachment. Additional terms and conditions of the grant are set forth in this cover sheet and in
the attachment (collectively, the “Agreement”) and in the Company’s 2008 Omnibus Incentive Plan
(the “Plan”).

Grant Date:                     ___,                     

Name of Grantee:                                         

Number of Shares Covered by Grant:                     

Purchase Price per Share: $0.01

Vesting Start Date:                     , 200_

Vesting Schedule

          In the event that the Schedule set forth below would result in vesting of a fractional number
of Shares, the number of Shares that will vest will be rounded down to the nearest whole Share, and
the last scheduled vesting tranche will be rounded up, to the extent necessary, so that the full
number of Shares will have vested.

	 	 	 
	Vesting Date
	 	Number of Shares that vest, as a percentage of
	 
	 	the number of Shares granted

          By signing this cover sheet, you agree to all of the terms and conditions described in the
attached Agreement and in the Plan, a copy of which is also attached. You acknowledge

 

 

that you
have carefully reviewed the Plan, and agree that the Plan will control in the event any provision
of this Agreement should appear to be inconsistent with the Plan. Certain capitalized terms used
in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.

	 	 	 	 	 
	Grantee:
	 	 	 	 
	 	 	 
	 	 	(Signature)

	 
	 	 	 	 
	Company:
	 	 	 	 
	 	 	 
	 	 	(Signature)

	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Attachment
	 	 	 	 
	 
	 	 	 	 
	 	 	This is not a share certificate or a negotiable instrument.

2

 

COLONIAL PROPERTIES TRUST

2008 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE AGREEMENT

	 	 	 
	Restricted Shares/ Nontransferability

	 	This grant is an award of the number
of Shares set forth on the cover
sheet, at the purchase price set
forth on the cover sheet, and
subject to the vesting conditions
described below (“Restricted
Shares”). The purchase price is
deemed paid by your prior Service to
the Company. To the extent not yet
vested, your Restricted Shares may
not be transferred, assigned,
pledged or hypothecated, whether by
operation of law or otherwise, nor
may the Restricted Shares be made
subject to execution, attachment or
similar process.
	 
	 	 
	Vesting

	 	The Company will issue your
Restricted Shares in your name as of
the Grant Date.
Your right to the Shares under this
Restricted Share Agreement vests in
accordance with the schedule shown
on the cover sheet, provided you
then continue in Service.
	 
	 	 
	Forfeiture of Unvested Shares

	 	Except as otherwise provided in this
Agreement, in the event that your
Service terminates for any reason,
you will forfeit to the Company all
of the Shares subject to this grant
that have not yet vested or with
respect to which all applicable
restrictions and conditions have not
lapsed.
	 
	 	 
	Cause

	 	If your Service is terminated for
Cause, then you shall immediately
forfeit all your rights to your
Restricted Shares.
	 
	 	 
	Death

	 	If your Service terminates because
of your death, the Restricted Shares
granted under this Agreement will
automatically be fully vested.
	 
	 	 
	Disability

	 	If your Service terminates because
of your Disability, the Restricted
Shares granted under this Agreement
will automatically be full vested.
	 
	 	 
	Issuance

	 	The issuance of the Shares under
this grant shall be evidenced in
such a manner as the Company, in its
discretion, will deem appropriate,
including, without limitation,
book-entry, registration or issuance
of one or more share certificates,
with any unvested Restricted Shares
bearing a legend with the
appropriate restrictions imposed by
this Agreement. As your interest in
the Shares vests as described above,
the recordation of the number of
shares of Restricted Shares
attributable to you will be
appropriately modified.

3

 

	 	 	 
	Withholding Taxes

[To be inserted in award agreement
if applicable]

	 	You agree, as a condition of this
grant, that you will make acceptable
arrangements to pay any applicable
withholding or other taxes that may
be due as a result of the payment of
dividends or the vesting of Shares
acquired under this grant.

Payment may be made in one (or a
combination) of the following forms:
	 
	 	 
	 

	 	          • Cash, your personal check, a
cashier’s check, a money order or
another cash equivalent acceptable
to the Company.
	 
	 	 
	 

	 	          • Shares withheld by the
Company from the Shares otherwise to
be received, with such withheld
Shares having an aggregate Fair
Market Value equal to the
withholding obligations.
	 
	 	 
	 

	 	          • Shares which have already
been owned by you and which are
surrendered to the Company. The Fair
Market Value of the Shares will be
applied to the withholding
obligations.
	 
	 	 
	 

	 	          • By delivery (on a form
prescribed by the Company) of an
irrevocable direction to a licensed
securities broker acceptable to the
Company to sell Shares subject to
this Agreement and to deliver all or
part of the sale proceeds to the
Company in payment of the
withholding taxes.
	 
	 	 
	Section 83(b)
Election

	 	Under Section 83 of the Internal
Revenue Code of 1986, as amended
(the “Code”), the difference between
the purchase price paid for the
Shares and their fair market value
on the date any forfeiture
restrictions applicable to such
Shares lapse will be reportable as
ordinary income at that time. For
this purpose, “forfeiture
restrictions” include the forfeiture
as to unvested Shares described
above. You may elect to be taxed at
the time the Shares are acquired,
rather than when such Shares cease
to be subject to such forfeiture
restrictions, by filing an election
under Section 83(b) of the Code with
the Internal Revenue Service within
thirty (30) days after the Grant
Date. You will have to make a tax
payment to the extent the purchase
price is less than the fair market
value of the Shares on the Grant
Date. No tax payment will have to
be made to the extent the purchase
price is at least equal to the fair
market value of the Shares on the
Grant Date. The form for making
this election is attached as Exhibit
A hereto. Failure to make this
filing within the thirty

4

 

	 	 	 
	 

	 	(30) day
period will result in the
recognition of ordinary income by
you (in the event the fair market
value of the Shares as of the
vesting date exceeds the purchase
price) as the forfeiture
restrictions lapse.
	 
	 	 
	 

	 	YOU ACKNOWLEDGE THAT IT IS YOUR SOLE
RESPONSIBILITY, AND NOT THE
COMPANY’S, TO FILE A TIMELY ELECTION
UNDER SECTION 83(b), EVEN IF YOU
REQUEST THE COMPANY OR ITS
REPRESENTATIVES TO MAKE THIS FILING
ON YOUR BEHALF. YOU ARE RELYING
SOLELY ON YOUR OWN ADVISORS WITH
RESPECT TO THE DECISION AS TO
WHETHER OR NOT TO FILE ANY 83(b)
ELECTION.
	 
	 	 
	Retention Rights

	 	This Agreement does not give you the
right to be retained or employed by
the Company (or any of its
Affiliates) in any capacity. The
Company (and any of its Affiliates)
reserve the right to terminate your
Service at any time and for any
reason.
	 
	 	 
	Shareholder Rights

	 	Subject to the restrictions
contained herein, you shall have all
the rights of a Company shareholder,
including the right to vote your
Shares and to receive all dividends,
cash or stock, paid or delivered
thereon.
	 
	 	 
	Adjustments

	 	In the event of a share split, a
share dividend or a similar change
in the outstanding Shares, the
number of Shares covered by this
grant shall be adjusted (and rounded
down to the nearest whole number)
pursuant to the Plan. Your
Restricted Shares shall be subject
to the terms of the agreement of
merger, liquidation or
reorganization in the event the
Company is subject to such corporate
activity in accordance with the
terms of the Plan.
	 
	 	 
	Legends

	 	The following restricted legend
shall be placed in the book entry
account or on any certificates
representing the Shares issued in
connection with this grant:
	 
	 	 
	 

	 	“THE SHARES REPRESENTED BY THIS
[CERTIFICATE OR BOOK ENTRY ACCOUNT]
ARE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFER SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND
THE REGISTERED HOLDER, OR HIS OR HER
PREDECESSOR IN INTEREST. A COPY OF
SUCH AGREEMENT IS ON FILE AT THE
PRINCIPAL OFFICE OF THE COMPANY AND
WILL BE FURNISHED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE
COMPANY BY THE HOLDER OF RECORD OF
THE

5

 

	 	 	 
	 

	 	SHARES REPRESENTED BY THIS
[CERTIFICATE OR BOOK ENTRY
ACCOUNT].”

	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted
and enforced under the laws of the
State of Maryland, other than any
conflicts or choice of law rule or
principle that might otherwise refer
construction or interpretation of
this Agreement to the substantive
law of another jurisdiction.
	 
	 	 
	Arbitration

	 	Any disputes between you and the
Company in any way concerning this
Agreement shall be submitted at the
initiative of either you or the
Company to mandatory arbitration
before a single arbitrator in
Birmingham, Alabama pursuant to the
Commercial Arbitration Rules of the
American Arbitration Association, or
its successor, then in effect. The
decision of the arbitrator shall be
rendered in writing, shall be final
and may be entered as a judgment in
any court in the State of Alabama.
You and the Company irrevocably
consent to the jurisdiction of the
federal and state courts located in
Alabama for this purpose. Each
party shall be responsible for its
or his own costs incurred in such
arbitration and in enforcing any
arbitration award, including
attorney’s fees.
	 
	 	 
	The Plan

	 	The text of the Plan is incorporated
in this Agreement by reference.
Certain capitalized terms used in
this Agreement are defined in the
Plan, and have the meaning set forth
in the Plan.
	 
	 	 
	 

	 	This Agreement and the Plan
constitute the entire understanding
between you and the Company
regarding this grant of Restricted
Shares. Any prior agreements,
commitments or negotiations
concerning this grant are
superseded.
	 
	 	 
	Data Privacy

	 	In order to administer the Plan, the
Company may process personal data
about you. Such data includes but
is not limited to the information
provided in this Agreement and any
changes thereto, other appropriate
personal and financial data about
you such as home address and
business addresses and other contact
information, payroll information and
any other information that might be
deemed appropriate by the Company to
facilitate the administration of the
Plan.
	 
	 	 
	 

	 	By accepting this grant, you give
explicit consent to the Company to
process any such personal data. You
also give explicit consent to the
Company to transfer any such
personal data outside the country in
which you work or are employed,
including, with respect to non-U.S.
resident Grantees, to the United
States, to transferees who shall
include the Company and other
persons who are designated by the
Company to administer the Plan.

6

 

	 	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials relating
to the Plan in electronic form. By
accepting this grant you agree that
the Company may deliver the Plan
prospectus and the Company’s annual
report to you in an electronic
format. If at any time you would
prefer to receive paper copies of
these documents, as you are entitled
to, the Company would be pleased to
provide copies. Please contact
                     at                      to request
paper copies of these documents.

          By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.

7

 

EXHIBIT A 

ELECTION UNDER SECTION 83(b) OF

THE INTERNAL REVENUE CODE

          The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue
Code with respect to the property described below and supplies the following information in
accordance with the regulations promulgated thereunder:

          1. The name, address and social security number of the undersigned:

	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Social Security No. :	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

          2. Description of property with respect to which the election is being made:

                               common shares of beneficial interest, par value $.01 per share, of Colonial Properties Trust,
an Alabama real estate investment trust, (the “Company”).

          3. The date on which the property was transferred is                     , 200___.

          4. The taxable year to which this election relates is calendar year 200___.

          5. Nature of restrictions to which the property is subject:

          The common shares are subject to the provisions of a Restricted Share Agreement between
the undersigned and the Company. The shares are subject to forfeiture under the terms of
the Agreement.

          6. The fair market value of the property at the time of transfer (determined without regard to
any lapse restriction) was $                     per share, for a total of $                    .

          7. The amount paid by taxpayer for the property was $                    .

          8. A copy of this statement has been furnished to the Company.

Dated:                     , 200_

                                                            

Taxpayer’s Signature

                                                            

Taxpayer’s Printed Name

 

 

PROCEDURES FOR MAKING ELECTION

UNDER INTERNAL REVENUE CODE SECTION 83(b)

               The following procedures must be followed with respect to the attached form for making an
election under Internal Revenue Code section 83(b) in order for the election to be
effective:1

               1. You must file one copy of the completed election form with the IRS Service Center where you
file your federal income tax returns within 30 days after the Grant Date of your Restricted
Shares.

               2. At the same time you file the election form with the IRS, you must also give a copy of the
election form to the Secretary of the Company.

               3. You must file another copy of the election form with your federal income tax return
(generally, Form 1040) for the taxable year in which the Shares are transferred to you.

 

			
	1	 	Whether or not to make the election is your decision and
may create tax consequences for you. You are advised to consult your tax
advisor if you are unsure whether or not to make the election.

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