Document:

EX-10.5

 Exhibit 10.5 

RESTRICTED STOCK AWARD AGREEMENT 

THIS AGREEMENT (the “Agreement”), is made effective as of the
         day of             , 20    , (the “Date of Grant”), between Oaktree Real
Estate Income Trust, Inc., a Maryland corporation (the “Company”), and
                             (the “Participant”): 

R E C I T A L S: 

WHEREAS, the Board has determined that it would be in the best interests of the Company and its shareholders to grant the restricted stock
award provided for herein (the “Restricted Stock Award”) to the Participant pursuant to the terms set forth herein. 
 NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Definitions. The
following definitions shall be applicable throughout the Agreement: 
 (a) “Affiliate” means any Person that directly or
indirectly controls, is controlled by or is under common control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

(b) “Board” means the Board of Directors of the Company. 

(c) “Change in Control” shall mean the occurrence of any of the following events: 

 

	 	(i)	any Person or Group, other than a Permitted Holder, is or becomes the “beneficial owner” (as defined in rules 13d-3 and 13d-5 under the Exchange Act) directly or indirectly of more than 30% of the total voting
power of the voting stock of the Company (or any entity which controls the Company) within a 12-month period, including by way of merger, consolidation, tender or exchange offer, or otherwise; 

 

	 	(ii)	a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the Company, unless securities representing 70% or more of the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate Transaction (or the parent of such corporation) are held subsequent to such transaction by the
Person or Persons who were the “beneficial owners” of the outstanding voting securities entitled to vote generally in the election of directors of the Company immediately prior to such Corporate Transaction, in substantially the same
proportions as their ownership immediately prior to such Corporate Transaction; 

	 	(iii)	the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company to any Person or Group other than the Permitted Holders; or 

 

	 	(iv)	during any period of 12 months, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the shareholders of
the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the Board, then in office. 

 (d) “Code” means the Internal Revenue Code of
1986, as amended, and any successor thereto. 
 (e) “Disability” shall have the meaning of such term as set forth in
Section 409A of the Code. The Disability determination shall be in the sole discretion of the Board. 
 (f) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. 
 (g) “Group” shall mean
“group,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act. 
 (h) “Permitted
Holder” means any of the following: (i) the Company, Oaktree Capital Management, L.P. or any of their respective Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions
as their ownership of stock of the Company. 
 (i) “Person” means any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 2. Grant of the Restricted Shares. Subject to the terms and conditions set
forth in this Agreement, the Company hereby grants to the Participant a Restricted Stock Award consisting of              Shares (hereinafter called the “Restricted
Shares”). The Restricted Shares shall vest and become nonforfeitable in accordance with Section 3 hereof. 
 3. Vesting

 (a) Subject to the Participant’s continued service on the board of directors of the Company (“Board Service”), the
Restricted Shares shall vest and become non-forfeitable with respect to 100% of the Restricted Shares on             , 20__. Notwithstanding the foregoing, in the event the
Participant’s Board Service ends due to the Participant’s death or Disability, then the Restricted Shares shall be deemed to fully vest on the date of such death or Disability, as applicable. 

(b) If the Participant’s Board Service with the Company ends for any reason other than the reasons set forth in 3(a) above, the
Restricted Shares, to the extent not previously vested, shall be forfeited by the Participant without consideration. 

  
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 (c) Notwithstanding any other provision of this Agreement to the contrary, in the event of a
Change in Control, the Restricted Shares shall, to the extent not then vested and not previously forfeited, immediately become fully vested. 

4. Book Entry Ownership. The Company shall recognize the Participant’s ownership of the Restricted Shares through uncertificated
book entry. To the extent required by the Company, the Participant shall deliver to the Company a stock power, duly endorsed in blank, relating to the Restricted Shares that have not previously vested. 

5. Rights as a Stockholder. The Participant shall be the record owner of the Restricted Shares until or unless such Restricted Shares
are forfeited pursuant to Section 3 hereof, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting and dividend rights with respect to the Restricted Shares;
provided that the Restricted Shares that have not previously vested shall be subject to the limitations on transfer and encumbrance set forth in Section 8. 

6. Notations. To the extent applicable, all book entries representing the vested Restricted Shares shall be subject to the rules,
regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Restricted Shares are listed, and any applicable Federal or state laws, and the Board may cause notations to be made next to the book
entries to make appropriate reference to such restrictions. 
 7. No Right to Continued Board Service. The granting of the Restricted
Shares evidenced by this Agreement shall impose no obligation on the Company or any Affiliate to continue the Board Service of the Participant and shall not lessen or affect the Company’s or its Affiliate’s right to terminate the Board
Service of such Participant. 
 8. Transferability. The Restricted Shares may not, at any time prior to becoming vested pursuant to
Section 3, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

9. Withholding. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the right and is
hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Shares, their grant or vesting or any payment or transfer with respect to the Restricted Shares and to take such action as may be necessary in the opinion
of the Board to satisfy all obligations for the payment of such withholding taxes. 
 10. Securities Laws. Upon the vesting of any
Restricted Shares, the Participant will make or enter into such written representations, warranties and agreements as the Board may reasonably request in order to comply with applicable securities laws or with this Agreement. 

  
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 11. Notices. Any notice necessary under this Agreement shall be addressed to the
Company in care of its Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party
hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

12. Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Maryland without
regard to conflicts of laws. 
 13. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Signatures on next
page.] 

  
 4 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the day and
year first above written. 
  

	
	OAKTREE REAL ESTATE INCOME TRUST, INC.
	
	   

	Name:
	Title:
	
	PARTICIPANT
	
	   

  
 5Exhibit

EXHIBIT 10.29

                                          
                                    

Year 2018

Annual
Management Incentive
Program

(Elected Officers Only)

USG Corporation

PURPOSE

To enhance USG Corporation's ability to attract, motivate, reward and retain key employees of the Corporation and its operating subsidiaries and to align management's interests with those of the Corporation's stockholders by providing incentive award opportunities to managers who make a measurable contribution to the Corporation’s business objectives.

INTRODUCTION

This Annual Management Incentive Program (the “Program”) is in effect from January 1, 2018 through December 31, 2018. The Program is established under the USG Corporation Management Incentive Plan, as Amended and Restated effective May 13, 2015 (the “Plan”) and is subject in all respects to the terms and conditions therein to the extent a participant is an executive officer of the Corporation.

ELIGIBILITY

Individuals eligible for participation in this Program are the Corporation’s elected officers. This Program is elected officers only.

GOALS

For the 2018 Annual Management Incentive Program, Consolidated Net Earnings adjusted for incentive plan purposes and consolidated, subsidiary and division Focus Targets will be determined by the USG Board of Directors after review by the Compensation and Organization Committee of the USG Board of Directors (the “Committee”). The Committee will consider recommendations submitted from management of USG Corporation. 

AWARD VALUES

For this Program, position target incentive values are based on level of accountability and are expressed as a percent of approved annualized salary.  Resulting award opportunities represent a fully competitive incentive opportunity for 100% (target) achievement of goals:

	
		
	Position Title
	Position Target Incentive

	•    President & Chief Executive Officer, USG Corporation

	115%

	•    Executive Vice President & Chief Financial Officer, USG Corporation

	75%

	•    Senior Vice President, General Counsel & Corporate Secretary, USG Corporation
•    Senior Vice President, USG Corporation; President, Gypsum

	70%

	•    Executive Vice President and Chief Customer and Innovation Officer, USG Corporation
•    Executive Vice President and Chief Administrative Officer, USG Corporation
•    Senior Vice President, Manufacturing, Technology and Global Operations, USG Corporation

	65%

	•    Senior Vice President, USG Corporation; President, Performance Materials 
•    Senior Vice President, USG Corporation; President, Ceilings

	60%

	•    Vice President, Corporate Innovation Center, USG Corporation

	50%

	•    Vice President, Advanced Manufacturing and Corporate Excellence, USG Corporation
•    Vice President, Manufacturing & Global Supply Chain, USG Corporation 
•    Vice President and Associate General Counsel, USG Corporation
•    Vice President and Treasurer, USG Corporation
•    Vice President and Controller, USG Corporation
	45%

AWARDS

Incentive awards for all participants in this Program will be reviewed and approved by the Committee.  For all participants, the annual incentive award par opportunity is the annualized salary approved by March 31, 2018 that is in effect on March 1, 2018 multiplied by the applicable position target incentive value percent. 
 
Awards are subject to achievement of any Management Objective(s) (as defined in the Plan) established by the Committee and ratified by the Board.  If such Management Objective(s) is/are not achieved, no bonuses will be paid under this Program.  After the Management Objective(s) has/have been met, incentive awards for 2018 will thereafter be based on a combination of the following elements:

		
	I.
	CONSOLIDATED NET EARNINGS ADJ. FOR IC PLAN PURPOSES:    25-50% OF     INCENTIVE

Consolidated Net Earnings adjusted for incentive plan purposes will be as reported on the Corporation’s year-end financial statements with adjustments for significant non-operational charges. Such adjustments have in the past been for impairments or other non-recurring gains or charges.  For all participants, this portion of the award represents 25-50% of the incentive par as determined by the Committee, with any remaining portion being determined by the Committee. This portion of the award will be paid once threshold is met, subject to achievement of the Management Objective(s) as noted above. The threshold award begins at 50% of segment par.  The maximum award for this segment is capped at two times par. Straight line interpolation will be used to determine points between par and minimum or maximum.         
  
For each elected officer, their individual Net Earnings par and their individual factors shall be determined by the Committee. 

		
	II.
	FOCUS TARGETS:    50% OF INCENTIVE

Focus Targets will be measurable, verifiable and derived from the formal strategic planning process.  For 2018, Focus Targets are expected to include Adjusted Operating Margin, Growth Index – Incremental Sales, and U.S. Wallboard Cost or other operational priorities. The Focus Targets will be determined by the Committee. The award adjustment factor for this segment will range from 0.5 (after achieving a minimum threshold performance level) to 2.0 for maximum attainment, subject to achievement of the Management Objective(s) as noted above.  

The weighting on any individual Focus Target generally will be in 5% increments and not be less than 10%.The weighting of all assigned Focus Targets will equal 50% of the individual’s total par.

PAYOUT CRITERIA

The maximum payment to a participant is two times the participant’s par value amount. No payments will be made beyond this two times maximum payment level.

GENERAL PROVISIONS

		
	1.
	If the Board, or an appropriate committee thereof, has determined that any fraud or intentional misconduct by an elected officer was a significant contributing factor to the Corporation having to restate all or a portion of its financial statement(s), the Board or committee shall take, in its discretion, such action as it deems necessary to remedy the misconduct and prevent its recurrence. In determining what remedies to pursue, the Board or committee will take into account all relevant factors, including whether the restatement was the result of fraud or intentional misconduct. The Board may, to the extent permitted by applicable law, require reimbursement of any award under this Program paid to the elected officer after January 1, 2018,  if and to the extent that a) the amount of the award was calculated based upon the achievement of certain financial results that were subsequently reduced due to a restatement, b) the elected officer engaged in any fraud or intentional misconduct that caused or contributed to the need for the restatement, and c) the amount of the compensation that would have been awarded to the elected officer under this Program had the financial results been properly reported would have been lower than the amount actually awarded.  The remedy specified herein shall not be exclusive and shall be in addition to every other right or remedy at law or in equity that may be available to the Corporation. If this paragraph 1 is held invalid, unenforceable or otherwise illegal, the remainder of this Program shall be deemed to be unenforceable due to a failure of consideration, and the elected officer’s rights to any incentive compensation that would otherwise be awarded under this Program shall be forfeited.

In order to be entitled to an award of compensation under this Program, an elected officer must execute a written acknowledgement that such award shall be subject to the terms and conditions of this paragraph 1.
    
		
	2.
	The Committee reserves the right to adjust award amounts under this Program down based on its assessment of the Corporation’s overall performance relative to market conditions, provided, however, in no event may the Committee adjust an award under this Program upward. 

		
	3.
	The Committee shall review and approve the awards recommended eligible participants in this Program.  The Committee shall submit to the Board of Directors, for its ratification, a report of the awards for all eligible participants approved by the Committee in accordance with the provisions of the Program. 

		
	4.
	Consistent with the terms of the Plan, the Committee shall have full power to make the rules and regulations with respect to the determination of achievement of goals and the distribution of awards.  No awards will be made until the Committee has certified financial achievements (including of the Management Objective(s)) and applicable awards in writing as provided in the Plan.

		
	5.
	The judgment of the Committee in construing this Program or any provisions thereof, or in making any decision hereunder, shall be final and conclusive and binding upon all employees of the Corporation and its subsidiaries whether or not selected as beneficiaries hereunder, and their heirs, executors, personal representatives and assignees.

		
	6.
	Nothing herein contained shall limit or affect in any manner or degree the normal and usual powers of management, exercised by the officers, and the Board of Directors or committees thereof, to change the duties or the character of employment of any employee of the Corporation or to remove the individual from the employment of the Corporation at any time, all of which rights and powers are expressly reserved.

The awards made to employees shall become a liability of the Corporation or the appropriate subsidiary as of December 31 of the year earned and all payments to be made hereunder will be made as soon as practicable, but in any event before two and one half months after December 31 of the year earned, after said awards have been approved by the Committee.

ADMINISTRATIVE GUIDELINES

		
	1.
	The following administrative guidelines will be applied and administered by the Committee consistent with the requirements for “performance-based compensation” in Section 162(m) of the Internal Revenue Code and the applicable regulations thereunder.

		
	2.
	Award values will be based on annualized salary in effect on March 1, 2018 for each qualifying participant.  Any change in duties, dimensions or responsibilities of a current position resulting in an increase or decrease in salary range reference point or market rate will result in a pro-rata incentive award.  Respective reference points, target incentive values or goals will be applied based on the actual number of full months of service at each position. 

		
	3.
	No award is to be paid to any participant who is not a regular full-time employee, or a part time employee as approved by the Executive Vice President and Chief Administrative Officer, USG Corporation, in good standing at the end of the calendar year to which the award applies.  However, if an eligible participant with three (3) or more months of active service in the Program year subsequently retires, becomes disabled, dies, is discharged from the employment of the Corporation without cause, or is on an approved unpaid leave, the participant (or beneficiary) may, in the Committee’s sole discretion, be recommended for an award which would otherwise be payable based on goal achievement, prorated for the actual months of active service during the year. 

		
	4.
	Employees participating in any other incentive or bonus program of the Corporation or a subsidiary who are transferred during the year to a position covered by this Program will be eligible to receive a potential award prorated for actual full months of service in the two positions with the respective incentive program and target incentive values to apply.  

		
	5.
	In the event of transfer of an employee from an assignment which does not qualify for participation in any incentive or bonus plan to a position covered by this Program, the employee is eligible to participate in this Program with any potential award prorated for the actual months of service in the position covered by this Program during the year.  A minimum of three months of service in the eligible position is required.

		
	6.
	Participation during the current Program year for individuals employed from outside the Corporation is possible with any award to be prorated for actual full months of service in the eligible position.  A minimum of three full months of eligible service is required for award consideration.

		
	7.
	Exceptions to established administrative guidelines can only be made by the Committee.

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