Document:

exhibit101

  Exhibit 10.1      1    FORM OF  PERFORMANCE AWARDS AGREEMENT –   BRT APARTMENTS CORP.      Name of Participant:   ______________  Number of AFFO Units:  ______________  Number of Initial TSR Units:  ______________  Number of Additional TSR Units: ______________     THIS PERFORMANCE AWARDS AGREEMENT (the “Agreement”, is made as of June 9, 2021  between BRT Apartments Corp., a Maryland corporation (the “Company”), and ___________, (“Participant”).     WHEREAS, the Compensation Committee of the Board of Directors (“Committee”) has  determined to grant, pursuant to BRT Apartments Corp. 2020 Incentive Plan (the “Plan”), to the Participant (i)  Performance Awards in the form of performance based restricted stock units (“PSUs”) payable upon the  attainment by the Company over the Performance Cycle of the Performance Criteria established by the  Committee as set forth herein and (ii) cash settled dividend equivalent rights, which are granted in tandem with  the PSUs.     WHEREAS, these awards are subject to forfeiture and vesting as set forth herein.      NOW THEREFORE, the parties hereby agree as follows:    1. Definitions.  Capitalized terms used without being defined herein shall have the meanings  given to such terms in the Plan or Exhibit A annexed hereto.      2. Administration.  The Performance Awards shall be administered by the Committee with the  powers and authority set forth in the Plan.    3. Terms of the Awards.  Unless otherwise forfeited in accordance with this Agreement, including  pursuant to Section 7 hereof, the number of Shares underlying PSUs that vest will be based on  (i) compounded annual growth rate in AFFO and (ii) compounded annual growth rate in TSR,  in each case as measured over the Performance Cycle.  The number of PSUs that vest based on  satisfaction of the compounded annual growth rate in TSR is subject to adjustment based on a  comparison of the Company’s performance to the performance of its Peer Group’s  compounded annual growth rate.  In the case of fractions, the number of Shares underlying  PSUs that vest shall, for such Participant, be rounded to the nearest whole integer.    4. TSR Units Vesting on the Basis of Compounded Annual Growth Rate in TSR.  (a) The number  of Initial TSR Units that vest based on compounded annual growth rate in TSR over the  Performance Cycle will be determined in accordance with the following table:    Compounded Annual Growth Rate in AFFO    Null Threshold Target Maximum  <5% 5% 8% 11% and above  Number of Initial TSR Units that Vest 0        

 

2    In the event that compounded annual growth rate in TSR falls between two levels in the above table,  straight-line linear interpolation will be used to determine the number of Initial TSR Units that vest.    (b) The base or initial price that shall be used in calculating compounded annual growth in TSR is  $16.84, the closing price as reported by the New York Stock Exchange on March 31, 2021, subject to  appropriate adjustment (as determined by the Committee) for stock splits, reverse splits, and similar  events.    (c) In the event that such growth rate in TSR is in the: (i) top quartile of the corresponding growth rate  of its Peer Group over the corresponding period, the number of Additional TSR Units that vest shall  equal 25% of the Initial TSR Units that vest (the “Peer Group Addition”); and (ii) bottom quartile of  the corresponding growth rate of its Peer Group over the corresponding period, the number of Initial  TSR Units that vest pursuant to Section 4(a) shall be reduced by 25% (the “Peer Group Diminution”;  and together with the Peer Group Addition, the “Peer Group Adjustment”).    5. AFFO Units Earned on the Basis of the Compounded Annual Growth Rate in AFFO.  The number of  AFFO Units that vest based on compounded annual growth rate in AFFO over the Performance Cycle  will be determined in accordance with the following table:    Compounded Annual Growth Rate in AFFO    Null Threshold Target Maximum  <4% 4% 6% 8% and above       Number of AFFO Units that Vest 0      The base AFFO which shall be used in measuring whether the applicable compounded annual growth  rate is achieved shall be the AFFO for the 12 months ended March 31, 2021 (i.e., $20,370,000) and  except as otherwise contemplated herein in connection with a DDR Event or Change of Control, the  concluding AFFO shall be the AFFO for the 12 months ending March 31, 2024.  In the event that such  growth rate in AFFO falls between two levels in the above table, straight-line linear interpolation shall  be used to determine the number of AFFO Units that vest.    6. Determinations Made as of the Valuation Date.     (a)  Promptly following March 31, 2024 (or within 60 days of a DDR Event and contemporaneously  with a Change in Control), the Committee shall perform or cause to be performed, the necessary  calculations to determine the number of PSUs earned by the Participant as of such date pursuant to  Sections 4 and 5, as applicable.     (b)  The Participant shall have no rights to PSUs that vest pursuant to Sections 4 and 5, as applicable,  above until the number of such PSUs are determined by the Committee; provided that any PSUs that  vest will be deemed to have vested as of the Valuation Date for purposes of determining the  Participant’s rights hereunder. Any PSUs that do not vest pursuant to Sections 4 and 5 above shall,  without payment of any consideration by the Company, automatically and without notice terminate, be  forfeited and be and become null and void as of the March 31, 2024 (or earlier, in accordance with this  Agreement, including Section 7 hereof), and neither the Participant nor any of his or her successors,  heirs, assigns, or personal representatives will thereafter have any further rights or interests in such  unvested Units or the underlying Shares.    7.   Forfeiture.  Upon a termination, prior to March 31, 2024, of the Participant’s status as a Participant for  any reason other than a DDR Event or Change in Control, all Units that have not vested shall  immediately terminate and be forfeited without consideration.    8. Vesting Upon the Occurrence of a DDR Event or Change of Control.    

 

3    (a) Notwithstanding the forfeiture provisions of this Agreement, including Sections 6 and 7 hereof,  upon the occurrence of a DDR Event, subject to the satisfaction of the applicable Performance Criteria  (proportionately adjusted to give effect to the reduction in the Performance Cycle), a pro rata portion  of Initial TSR Units and AFFO Units, as applicable, shall vest.    (b) Notwithstanding the forfeiture provisions of this Agreement, including Sections 6 and 7 hereof,  and subject to the satisfaction of the Performance Criteria (proportionately adjusted to give effect to  the reduction in the Performance Cycle), (i) the Initial TSR Units and AFFO Units shall vest upon a  Change of Control if the effective date thereof is after September 30, 2022, and (ii) if the effective date  of the Change of Control occurs prior to or on September 30, 2022, a pro rata (as defined) portion of  Initial TSR Units and AFFO Units shall vest upon such Change of Control.     (c) The number of Initial TSR Units that vest pursuant to Section 8(a) or (b) hereof will be subject to  the Peer Group Adjustment which will be measured as of the date of the DDR Event or Change of  Control, as the case may be.    (d) For the purposes of this Section 8, the pro rata portion of Initial TSR Units and AFFO Units that  vest, subject to the satisfaction of the applicable Performance Criteria, shall equal the product obtained  by multiplying the Initial TSR Units and AFFO Units, as applicable, by a fraction, the numerator of  which is the number of days during the period beginning April 1, 2021 and ending on the DDR Event  or the effective date of the Change of Control, as applicable, and the denominator of which is 1,095.    9. Restrictions on Transfer.  None of the PSUs granted hereunder shall be sold, assigned, transferred,  pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether  voluntarily or by operation of law (each such action a “Transfer”) until after the date that such PSUs  vest. Any attempted Transfer of PSUs not in accordance with the terms and Performance Goals of  this  Section 9 shall be null and void, and the Company shall not reflect on its records any change in  record ownership of any PSUs as a result of any such Transfer, shall otherwise refuse to recognize any  such Transfer and shall not in any way give effect to any such Transfer of any PSUs.  This Agreement  is personal to the Participant, is non-assignable and is not transferable in any manner, by operation of  law or otherwise, other than by will or the laws of descent and distribution.    10. Rights as a Stockholder; Dividend Equivalents.    (a)  The Participant shall not have any rights of a stockholder with respect to the Shares underlying the  PSUs unless and until the Units vest.    (b)  The Participant shall not be entitled to receive any dividends with respect to the Shares underlying  the PSUs unless and until such PSUs vest.  Within 60 days following the Committee’s determination  of whether, and to what extent, the Performance Criteria has been achieved, the Company shall pay the  Participant in respect of each PSUs that vests, an amount in cash equal to the aggregate amount of cash  dividends that would have been paid in respect of the Shares underlying such vested PSUs had such  Shares been outstanding (as of the applicable record date with respect to the payment of the related  dividend) during the Performance Cycle.    11. Taxes.  The Participant shall be liable for any and all taxes, including withholding taxes, arising out of  this grant, the vesting of RSUs and the issuance of Shares hereunder.    12. Claw-back.  The Participant acknowledges and agrees that the grant of this Award, the issuance of  Shares and the payment of dividends (including amounts paid or payable based on dividend equivalent  rights) on these awards pursuant to this Agreement is subject to the applicable provisions of any claw- back policy implemented by the Company, whether implemented prior to or after the grant of such  awards.    13. Miscellaneous    

 

4    (a) Neither this Agreement nor the granting or vesting of RSUs shall confer upon the Participant any  right to continue as an officer, director, employee of or consultant to, the Company or an affiliate, nor  shall it interfere in any way with the right of the Company or an affiliate to terminate Participant’s  relationship with at any time and for any reason whatsoever.    (b) The parties agree to execute such further documents and instruments and to take such action as  may reasonably be necessary to carry out the intent of this Agreement, including without limitation the  imposition of appropriate legends on the Shares and the issuance of “stop transfer” orders to  implement the restrictions imposed herein.    (c) This Award shall be governed by the laws of the State of Maryland (without regard to its choice of  law principles) and applicable Federal law.    (d) Except as otherwise provided herein, in any event of any conflict between the provisions of the  Plan and the provisions of this Award, the provisions of the Plan shall govern.        BRT Apartments Corp.      By: _________________________      ____________________________  Signature of Participant           ____________________________  Name of Participant                                                        

 

5                  EXHIBIT A  Definitions  Capitalized terms used without being defined herein shall have the means ascribed to such terms by the  Plan.    “Additional TSR Units” means the units so denominated at the beginning of this Agreement.    “AFFO” means adjusted funds from operations as presented in the Company’s filings with the Securities  and Exchange Commission.    “AFFO Units” means the units so denominated at the beginning of this Agreement.  “DDR Event” means the death, Disability or Retirement of the Participant.  “Initial TSR Units” means the units so denominated at the beginning of this Agreement.    “Peer Group” means the FTSE NAREIT Equity Apartment Index, excluding companies whose primary  focus is the provision of housing for college and/or graduate students.    “Performance Criteria” means the criteria described in Section 4 and/or Section 5 of this Agreement, as  applicable, and as adjusted as contemplated by the Agreement.    “Performance Cycle” means the period from April 1, 2021 through March 31, 2024, subject to adjustment  in the event of a DDR Event or Change of Control.   “TSR” means total stockholder return as calculated by a third-party selected by the Committee.    “RSUs” means the AFFO Units and the TSR Units.     “Valuation Date” means March 31, 2024, the date of a DDR Event or the effective date of a change of  control, as applicable.exhibit102

Exhibit 10.2  1        RESTRICTED STOCK AWARDS AGREEMENT    RESTRICTED STOCK AWARDS AGREEMENT, dated as of June 9, 2021, by and between  BRT Apartments Corp., a Maryland corporation, having its principal place of business at 60 Cutter Mill  Road, Great Neck, New York 11021 (the “Company”) and the person named on the signature page of this  Agreement (“Holder”).    W I T N E S S E T H    A. The Board of Directors of the Company adopted, and the stockholders of the Company  approved, the BRT Apartments Corp. 2020 Incentive Plan (the “Plan”), a copy of which is made a part  hereof (the “Plan”);      B. The Holder acknowledges that it previously received a copy of the Plan;    C. The Compensation Committee of the Board of Directors (“Committee”) has approved an  award of restricted shares of the Company’s common stock, $0.01 par value per share (the “Restricted  Stock”) to the Holder, all in accordance with the terms and conditions of the Plan and this Agreement; and    D. Unless otherwise defined herein, the defined terms used in this Agreement shall have the  meanings set forth in the Plan.    NOW THEREFORE, in consideration of the foregoing and the mutual promises herein contained,  the Company and the Holder hereby agree as follows:    1. Participant.  Holder is a Participant.    2. Award.  Holder is hereby awarded the number of shares of Restricted Stock set forth  opposite Holder’s name on the signature page hereof.  At the sole discretion of the Company, the Restricted  Stock will be issued in either (a) uncertificated form, with such shares recorded in the name of the Holder  on the books and records of the Company’s transfer agent (the “Transfer Agent”) with appropriate  notations to reflect the restrictions imposed by the Plan and this Agreement; or (b) certificated form.     3. Stock Power; Legend.  The Restricted Stock registered in the name of the Holder shall  remain, either directly, or indirectly through the Transfer Agent, in the custody of the Company.  The  Holder shall execute, deliver to and deposit with the Company a stock power, duly endorsed in blank, so as  to permit the re-transfer to the Company of the Restricted Stock if the Restricted Stock shall be forfeited or  otherwise does not vest in accordance with the Plan and this Agreement.  The certificate representing the  Restricted Stock shall bear (or if the Restricted Stock is issued in uncertificated form, the books and records  of the Transfer Agent shall reflect) the following (or other similar) restrictive legend:    “The transferability of these shares is subject to the terms and conditions of the BRT  Apartments Corp. 2020 Incentive Plan and to the terms and conditions of an Agreement  entered into between the owner of these shares and BRT Apartments Corp.  Copies of the  Plan and the Agreement are on file at the offices of the Company.”    4. Vesting of Restricted Stock.  (a) Unless the Restricted Stock is earlier forfeited pursuant  to this Agreement or the Plan, the Period of Restriction for the Restricted Stock shall terminate upon the  earlier of (such date, the “Vesting Date,”) (i) the death, Disability or Retirement of the Holder, (ii) June 8,  2026, and (iii) a Change in Control.     (b) On the Vesting Date, (i) the Period of Restriction shall terminate, (ii) the Restricted Stock shall  vest and be delivered to the Holder and (iii) Retained Distributions (as defined in Section 5), if any, with  respect to the Restricted Stock shall vest and be delivered (and in the case of subparagraphs (ii) or (iii), if  

 

    2    the Restricted Stock or Retained Distributions are in uncertificated form, made available by the Transfer  Agent) to Holder.       5. Rights During Restriction Period.  During the Period of Restriction, if the Restricted  Stock has not been forfeited, Holder will have the right to vote the Restricted Stock, to receive and retain  dividends and distributions paid or distributed on the Restricted Stock by the Company in the ordinary  course of its business as a real estate investment trust and to exercise all other rights, powers and privileges  of a holder of the Company’s Shares (as defined in the Plan) with respect to the Restricted Stock, except  that (a) the Holder will not be entitled to delivery of the stock certificate representing the Restricted Stock  until the Vesting Date, (b) the Company (either directly, or indirectly through the Transfer Agent) will  retain custody of the Restricted Stock until the Vesting Date, (c) other than regular and special distributions  paid by the Company in the ordinary course of its business as a real estate investment trust, the Company  will retain custody of all distributions made or declared with respect to the Restricted Stock (the “Retained  Distributions”) until the Vesting Date, and such Retained Distributions shall not vest or bear interest or be  segregated in a separate account, (d) the Holder may not sell, assign, transfer, pledge, encumber or dispose  of the Restricted Stock or any Retained Distributions or his or her interest in any of them until the Vesting  Date, and (e) a breach of any restrictions, terms or conditions provided herein or in the Plan will cause a  forfeiture of the Restricted Stock and any Retained Distributions with respect thereto.    6. Forfeiture.  In the event that during the Period of Restriction the Holder ceases to be a  Participant for any reason other than Holder’s death, Disability, Retirement or a Change in Control, then  the Holder’s rights to the Restricted Stock and to any Retained Distributions shall be forfeited, the  Company shall transfer the certificate representing (or if the Restricted Stock is issued in uncertificated  form, shall instruct the Transfer Agent to transfer) the Restricted Stock to the Company and the Holder  shall not have any rights whatsoever (including the right to receive any dividends and voting rights) with  respect to the Restricted Stock and the Retained Distributions.     7. Changes in Status as a Participant.  Nothing contained in this Agreement shall interfere in  any way with the right of the Company, its Subsidiaries or affiliates to terminate the Holder’s status as a  Participant.    8. Pledge, Sale Assignment, Etc.  Holder shall not permit the Restricted Stock to be subject  to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or  charge and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer,  encumber or charge shall be deemed void by the Company, and the Committee may, at its sole discretion  cause the Restricted Stock to be forfeited upon such event.  No right or benefit hereunder shall in any  manner be liable for or subject to the debts, contracts, liabilities or torts of the Holder.    9. Stock Registration.  The Holder acknowledges that the Restricted Stock has been  registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a Registration  Statement on Form S-8, and that until such time as the Restriction Period has been satisfied or accelerated,  the Restricted Stock may not be sold, assigned, transferred, pledged, exchanged, encumbered or disposed  of, except pursuant to the Securities Act of 1933 and the rules and regulations thereunder and the rules and  regulations of any securities exchange or association on which the Shares may be listed or quoted.    10. Board’s Authority.  The execution and delivery by the Company of this Agreement shall  not be construed as creating any limitations on the power of the Board of Directors to adopt such other  incentive arrangements as it may deem desirable, including without limitation, the granting of stock options  and the awarding of stock and cash otherwise than under the Plan, and such arrangements may be either  generally applicable or applicable only in specific cases.    11. Incentive Compensation.  By acceptance of the Restricted Stock and the execution of this  Agreement, the Holder agrees that the Restricted Stock is special incentive compensation that will not be  taken into account, in any manner, as salary, compensation or bonus in determining the amount of any  payment under any pension, retirement or other employee benefit plan, program or policy of the Company,  Subsidiary or any affiliate.  In addition, each beneficiary of a deceased Holder shall be deemed to have  

 

    3    agreed that the Restricted Stock will not effect the amount of any life insurance, if any, provided by the  Company, any Subsidiary or affiliate on the life of the Holder which is payable to such beneficiary under  any life insurance plan covering Eligible Participants.    12. No Segregation.  Neither the Company nor any Subsidiary shall be required to segregate  any cash or Shares which may at any time be represented by awards under the Plan and the Plan shall  constitute an “unfunded” plan of the Company.  Neither the Company nor any Subsidiary shall by any  provisions of the Plan be deemed a trustee of any Shares or any other property, and the liabilities of the  Company and any Subsidiary to the Holder pursuant to the Plan shall be those of a debtor pursuant to such  contract obligations as are created by or pursuant to the Plan and this Agreement and the rights of the  Holder or his/her beneficiary under the Plan shall be limited to those of a general creditor of the Company  or the applicable Subsidiary, as the case may be.     13. Clawback Policy.  The Participant acknowledges and agrees that the grant of the  Restricted Stock and the payment of dividends thereon is subject to the applicable provisions of any claw- back policy implemented by the Company, whether implemented prior to or after the grant of such  Restricted Stock.           

 

    4      IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first  above written.            BRT APARTMENTS CORP.      By: ______________________  David W. Kalish,  Senior Vice President - Finance      Name of Holder    Number of Shares of Restricted Stock   Awarded to Holder           _____________________  Signature of Holder      _____________________  Holder’s Address      ___________________________  Holder’s Social Security Number

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