Document:

Exhibit
10.47

 

 

GRAMERCY CAPITAL CORP.

2004 EQUITY
INCENTIVE PLAN

PHANTOM SHARE
AWARD AGREEMENT

 

 

AGREEMENT by and between Gramercy Capital Corp., a
Maryland corporation (the “Company”) and           
(the “Grantee”), dated as of the    st day of
              ,
200   .

 

WHEREAS, the Company maintains the Gramercy Capital
Corp. 2004 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, under the Plan, the Company maintains the
Gramercy Capital Corp. Directors’ Deferral Program, as it may be amended from
time to time (the “Program”);

 

WHEREAS, the Grantee is Director of the Company; and

 

WHEREAS, the Board has determined with respect to
the compensation package of each Director for 200_ that one of the restricted
equity components of such compensation shall be an award of
           Shares vesting
over three years, and the Grantee has heretofore elected under the Plan and the
Program to receive such award in the form of Phantom Shares;

 

NOW, THEREFORE, IT IS
HEREBY AGREED AS FOLLOWS:

 

1.             Grant
of Phantom Shares. The Company hereby grants the Grantee
           Phantom
Shares.  The Phantom Shares are subject
to the terms and conditions of this Agreement, and are also subject to the
provisions of the Plan.  The Plan and the
Program are hereby incorporated herein by reference as though set forth herein
in their entirety.

 

2.             Vesting.

 

                The
Phantom Shares shall be subject to the following:

 

(a)                                  The Phantom Shares shall vest, except as
provided herein, if and as service as a Director continues, pursuant to the
following schedule:

 

	
  Number of Phantom Shares

  	
   

  	
  Vesting Date

  	
   

  
	
   

  	
   

  	
  ,
  200  

  	
   

  
	
   

  	
   

  	
  ,
  200  

  	
   

  
	
   

  	
   

  	
  ,
  200  

  	
   

  

 

(b)                                 In addition to the foregoing, the Phantom
Shares shall fully vest in the event that (i) the Grantee is not nominated for re-election as a Director upon
expiration of the term of his service as a Director, other than on account of
Cause, (ii) the Grantee is nominated for re-election but is not
re-elected, other than on account of Cause, (iii) the Grantee’s services
as a Board member are terminated by the Company for any reason, other than on
account of Cause, or (iv) there is a Change in Control during the Grantee’s
term of service as a Director.

 

(c)                                  Upon Termination of
Service, all Phantom Shares which have not vested prior to or concurrently with
such Termination of Service shall thereupon, and with no further action, be
forfeited by the Grantee.

 

 

 

 

 

 

[3.                                   Dividend Equivalent Rights.

 

                                                                                                A Dividend Equivalent Right is hereby
granted to the Grantee, consisting of the right to receive, with respect to
each Phantom Share, cash in an amount equal to the cash dividend distributions
paid in the ordinary course on a Share to the Company’s common shareholders
(each, a “Dividend Payment”), as set forth below.  For each Phantom Share then outstanding,
whether or not then vested, if a cash dividend is payable in the ordinary
course on a Share, 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; provided that the Grantee may elect, in accordance with such
procedures as may be prescribed by the Board, to receive, in lieu of such
Dividend Payment, a number of additional Phantom Shares equal to (x) the
otherwise payable Dividend Payment, divided by (y) the Fair Market Value
of a Share on the date of the Dividend Payment.]

 

4.                                       Miscellaneous.

 

(a)                                  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.

 

(b)                                 The Board may make such rules and
regulations and establish such procedures for the administration of this
Agreement as it deems appropriate. 
Without limiting the generality of the foregoing, the Board may
interpret this Agreement, with such interpretations to be conclusive and
binding on all persons and otherwise accorded the maximum deference permitted
by law.   In the event of any dispute or
disagreement as to the interpretation of this Agreement or of any rule, regulation
or procedure, or as to any question, right or obligation arising from or
related to this Agreement, the decision of the Board shall be final and binding
upon all persons.

 

(c)                                  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 Board; 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 4(c).

 

(d)                                 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.

 

(e)                                  Nothing in this Agreement shall confer on
the Grantee any right to continue in the service of the Company or its
Subsidiaries or interfere in any way with the right of the Company or its
Subsidiaries and its shareholders to terminate the Grantee’s service at any
time.

 

(f)                                    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.

 

 

 

 

2

 

 

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

 

 

	
   

  	
  GRAMERCY CAPITAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                           ]

  

 

 

 

 

 

 

3Exhibit 10.13

 

Phase Forward Incorporated

 

 

Management Incentive Plan

 

 

 

 

Effective January 1, 2008

 

 

 

Phase Forward Incorporated

Management Incentive Plan (MIP)

Plan Document

Effective January 1, 2008

 

TABLE
OF CONTENTS

 

 

	
  Section

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  I.

  	
  Purpose

  	
  3.

  
	
   

  	
   

  	
   

  
	
  II.

  	
  Effective Date of Plan

  	
  3.

  
	
   

  	
   

  	
   

  
	
  III.

  	
  Eligibility

  	
  3.

  
	
   

  	
   

  	
   

  
	
  IV.

  	
  MIP Target Payouts

  	
  3.

  
	
   

  	
   

  	
   

  
	
  V.

  	
  Measurement

  	
  3.

  
	
   

  	
   

  	
   

  
	
  VI.

  	
  Payment and Transition Issues

  	
  3.

  
	
   

  	
   

  	
   

  
	
  VII.

  	
  Administration

  	
  4.

  
	
   

  	
   

  	
   

  
	
  VIII.

  	
  Excess Distributions

  	
  4.

  
	
   

  	
   

  	
   

  
	
  Plan Exhibits

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  A.

  	
  Plan Components

  	
  5.

  
	
   

  	
   

  	
   

  
	
  B.

  	
  Participant Notification

  & Acknowledgement Sheet

  	
  6.

  

 

 

2

Phase Forward

Management Incentive Plan (MIP)

Plan Document

 

I.       Purpose

 

The objective of the
Management Incentive Plan (MIP) is to recognize and to reward the achievement
of financial performance goals that are essential to the success of Phase
Forward. This program, in conjunction with base salary, is designed to offer
designated employees of Phase Forward Incorporated and/or its subsidiaries (the
“Company”) total cash compensation opportunities that are fully competitive
with market levels.

 

II.     Effective Date of Plan

 

The effective date for
implementation of the Plan shall be January 1, 2008.  A Plan year is equivalent to a calendar year.
The Plan may be modified or terminated at any time by the Management
Development and Compensation Committee or their designee in its or their sole
discretion, without notice or consent of the Participants.

 

III.   Eligibility

 

Certain employees,
designated by executive management in its sole discretion, whose roles and
responsibilities are deemed by executive management to be critical to
operations and/or who are at a management level in the organization are
eligible for participation in the MIP. Target Participation Percentage is
defined by the position.

 

IV.    MIP Target Payout

 

Participants will be
assigned a target payout for the MIP, expressed as a percentage of total base
salary, set forth in Exhibit B. This percentage represents the potential
dollar award that could be earned upon achievement of goals for all Plan
components.  The target payout percentage
will vary according to the Participant’s position.  Actual Plan payments will vary based on
performance and time in position.

 

V.     Measurement

 

The MIP consists of one
component for all Participants.  The
Participant will be assigned a target payout, expressed as a percentage of base
salary, to be used to calculate an amount (i.e. 10 % of $90,000 base salary
equals $9,000).  The Plan component and
quarterly weighting is set forth in Exhibit A.

 

VI.             Payment and Transition Issues

 

A Participant in the Plan
must be actively employed by the company through payment dates to receive any
payout under the plan. Payment dates are typically during the month of March following
the end of the Plan year. Payments
will be made no later than 75 days after the close of the Plan year. Since the
annual components are calculated on base salary as of December 31 of the
plan year, payouts for annual components will be pro-rated for those eligible
Participants who join the plan during the year, prior to October 1.
Employees who transfer out of an eligible position during the year into a
non-eligible position in the company, but who are still employed as of the
payment date, will be considered for an award 

 

 

3

 

based on the number of
months in the eligible position and earnings accrued during those months.

 

Employees hired or
promoted for the first time into bonus eligible positions after October 1
will not be eligible to participate in any component of the Plan for that plan
year.

 

VII.        Administration

 

The adoption, eligibility
and participation in this Plan in no way infers or reflects any guarantee of a
contract of employment.  Except as
expressly set forth in any Participant’s employee agreement signed by the
company and employee, all of the employees of the company are employees “at
will”. Participation in this plan does not confer any right to continue in the
company’s employ or limit the right of the company to terminate the participant
at any time, with or without cause or notice.

 

The financial targets
assigned and recognized as goals on any of the performance factors may be
revised or otherwise modified by the executive management of the company at any
time to account for any material change in the business of the company.  Any such revisions or modifications will be
made in writing to all Participants as soon as possible after the need for such
change is determined.

 

If any term or condition
of this Plan is found to be in non-conformance with a given state, federal, or
country law, that term or condition will be non-enforceable but will not negate
other terms and conditions of the Plan. 
However, the company will review and modify the overall plan to conform
to such law.

 

The company is an Equal
Opportunity Employer committed to a diverse workforce.  The company will not discriminate on the
basis of race, color, religion, age, sexual orientation, national origin,
physical or mental disability, or veteran status.

 

All matters of MIP
interpretation should be directed to the VP, Human Resources, and will be
resolved at his/her discretion subject to the approval of the CEO and where
necessary the Management Development and Compensation Committee.

 

VIII.
Return of Excess Distributions (Applies to Executive Officers only)

 

Notwithstanding any
provision hereof to the contrary, if the company restates its financial results
for any period covered by this Plan, the company will re-measure the
achievement of performance targets using the restated financial results. Following
such recalculation, if the aggregate amount of a previously paid bonus to a
Participant identified on Schedule B (a “Senior Participant”) exceeds
the aggregate amount of his or her bonus actually earned, such excess shall be
deemed to constitute a “bonus overpayment”. The company shall notify each
Senior Participant of the amount of his or her bonus overpayment as soon as
reasonably practical. The amount of such bonus overpayment shall be, at the
company’s election, either (i) repaid to the company by the Senior
Participant within 30 days of receipt of the notice of bonus overpayment or (ii) deducted
from the Senior Participant’s future compensation. The provisions of this
section shall survive the termination or expiration of this Plan.

 

 

4

 

Exhibit A

 

Plan Component

The Plan Component is:

 

1.              Operating Income before Bonus and
Stock Based Expenses

 

This relates to the
global performance by the Company against the Company’s planned earnings for
the fiscal year corresponding to the Plan year, as established by the Board at
the beginning of the Plan year. The specific criteria upon which any bonuses
may be earned during the Plan year is based on operating income before bonus,
stock based compensation expenses and acquisition purchase price amortization expenses.  The achievement of performance targets will
be measured when or shortly after the Company publicly reports its financial
results for the applicable period.   All
Participants are measured on this component. The targets may change as approved
by the Board of Directors in its sole discretion, for items such as an
acquisition or other extraordinary corporate event.

 

For acquisitions during the Plan year, the approved operating income
(loss) of the acquired company for the remainder of the Plan year will be added
(subtracted) to the Plan target income.

 

This component is earned
on a quarterly basis but paid annually, by the end of the March following
the end of the plan year. A minimum achievement or “threshold” of 80% of global
performance in each quarter is required for payout of the component applicable
to that quarter.  Total payments for the
year may not exceed 200% of the Target Payout. Payments are paid according the
following schedule:

 

	
   

  	
  First, Second and Third Quarter
  Payment Schedule

  
	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Achievement %

  	
   

  	
  Payout %

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  <80%

  	
   

  	
  0%

  
	
   

  	
  80% - 99.9%

  	
   

  	
  50% + 2.5% for each additional % achieved

  
	
   

  	
  >100

  	
   

  	
  100% + 3% for each additional % achieved

  

 

	
   

  	
  Fourth Quarter Payment Schedule

  
	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Achievement %

  	
   

  	
  Payout %

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  <80%

  	
   

  	
  0%

  
	
   

  	
  80% - 99.9%

  	
   

  	
  50% + 2.5% for each additional % achieved

  
	
   

  	
  >100

  	
   

  	
  100% + 2.5% for each additional % achieved

  

 

For Illustration Purposes: (Quarters are not weighted equally)

Q-1 Achievement of 110% would result in a payout of
130% of target

 

Q-2 Achievement of 100%
would result in a payout of 100% of target

 

 

5

 

Q-3 Achievement of 85%
would result in a payout of 62.5% of target

 

Q-4 Achievement of 105%
would result in a payout of 112.5% of target

 

 

6

 

 

Exhibit B

Participant Notification Sheet

Certificate of Acknowledgement

 

2008
Management Incentive Plan

 

	
  Name
  of Participant:

  	
   

  
	
   

  	
   

  
	
  Base Salary as of 3-1-08

  	
  $

  
	
   

  	
   

  
	
  Target Participation
  Percentage: 

  	
    %

  
	
   

  	
   

  
	
  MIP Target Payout Annualized:

  	
  $

  

 

The information above is for
illustration purposes only and assumes annualized participation. Actual
payments will be made in accordance with the plan and will vary based on actual
achievement of targets.

 

 

Plan Components and Weighting:

 

100% Operating Income Before Bonus, Stock Based
Expenses and acquisition purchase price amortization expense (earned quarterly
as follows):

 

	
   

  	
  Q-1

  	
  10%

  
	
   

  	
  Q-2

  	
  15%

  
	
   

  	
  Q-3

  	
  30%

  
	
   

  	
  Q-4

  	
  45%

  

 

The information above is for
illustration purposes only and actual payments will be made in accordance with
the plan and will vary based on actual achievement of targets.

 

 

 

I,                                               ,
hereby certify that I have read the Phase Forward Incorporated Management
Incentive Plan.  I understand and agree
to the terms of the plan.

 

 

	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
  Date

  

 

 

7

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