Document:

Exhibit 10.7- Rstd Stock Award Agree

EXHIBIT 10.7

Independent Director Restricted Stock Award 
F O R M   O F   R E S T R I C T E D   S T O C K   A W A R D   N O T I F I C A T I O N 
Non-transferable 
GRANT TO 
______________________
(“Grantee”) 
by NorthStar/RXR New York Metro Income, Inc. (the “Company”) of 
______________________ 
shares of its common stock, $0.01 par value (the “Shares”) 
pursuant to and subject to the provisions of the NorthStar/RXR New York Metro Income, Inc. Independent Director Compensation Plan (the “Director Compensation Plan”), which is operated as a subplan of the NorthStar/RXR New York Metro Income, Inc. Long Term Incentive Plan (the “Long Term Incentive Plan” and, together with the Director Compensation Plan, the “Plans”) and to the terms and conditions set forth on the following page (the “Terms and Conditions”). By accepting the Shares, Grantee shall be deemed to have agreed to the Terms and Conditions set forth in this Award Notification and the Plans. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plans. 
Unless vesting is accelerated in the discretion of the Board, the Shares will vest (become non-forfeitable) over two (2) years in equal quarterly installments beginning on the first day of the first quarter following the Grant Date, provided that Grantee is still serving as a director of the Company on each such date. 
     IN WITNESS WHEREOF, NorthStar/RXR New York Metro Income, Inc., acting by and through its duly authorized officers, has caused this Award Notification to be executed as of the Grant Date. 
	
					
	 
	 
	 
	 
	 

	 
	NORTHSTAR/RXR NEW YORK METRO INCOME, INC.
 
	 

	 
	By:
	 
	 

	 
	 
	Its: Authorized Officer
	 

	 
	Grant Date: _________________________
	 

	 

 
  

 TERMS AND CONDITIONS

1. Restrictions. The Shares are subject to each of the following restrictions. “Restricted Shares” mean those Shares that are subject to the restrictions imposed hereunder which restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. If Grantee’s service as a director of the Company terminates for any reason other than as described in (b) below, then, unless vesting is accelerated in the discretion of the Board, Grantee shall forfeit all of Grantee’s right, title and interest in and to the Restricted Shares as of the date of termination, and such Restricted Shares shall be reconveyed to the Company without further consideration or any act or action by the Grantee. The restrictions imposed under this Paragraph shall apply to all shares of the Company’s common stock or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the common stock of the Company. 
2. Expiration and Termination of Restrictions. The restrictions imposed under Paragraph 1 will expire on the earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted Period”): 
          (a) as to the installments specified on the cover page hereof, on such respective quarterly dates; provided Grantee is providing services as a director of the Company on each such date, or 
          (b) the termination of Grantee’s service as a director of the Company by reason of his or her death or Disability, or 
          (c) the effective date of a Change in Control. 
3. Delivery of Shares. The Shares will be registered in the name of Grantee as of the Grant Date and may be held by the Company during the Restricted Period in certificated or uncertificated form. If a certificate for Restricted Shares is issued during the Restricted Period, such certificate shall be registered in the name of Grantee and shall bear a legend in substantially the following form: “This certificate and the shares of stock represented hereby are subject to the terms and conditions contained in a Restricted Stock Award Notification between the Grantee and NorthStar/RXR New York Metro Income, Inc. Release from such terms and conditions shall be made only in accordance with the provisions of such Award Notification, copies of which are on file in the offices of NorthStar/RXR New York Metro Income, Inc.” Stock certificates, if any, for the Shares, without the above legend, shall be delivered to Grantee or Grantee’s designee upon request of Grantee after the expiration of the Restricted Period, but delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply, if deemed advisable by the Company, with registration requirements under the Securities Exchange Act of 1933, listing requirements of any national securities exchange, and requirements under any other law or regulation applicable to the issuance or transfer of the Shares. 
4. Voting and Dividend Rights. Grantee, as beneficial owner of the Shares, shall have full voting and dividend rights with respect to the Shares during and after the Restricted Period. Each dividend payment, if any, shall be made when the dividend is paid to the Company’s shareholders. Any non-cash dividends shall be subject to the restrictions imposed under Paragraph 1. If Grantee forfeits any rights he may have under this Award Notification, Grantee shall no longer have any rights as a shareholder with respect to the Restricted Shares or any interest therein and Grantee shall no longer be entitled to receive dividends on such stock. In the event that for any reason Grantee shall have received dividends upon such stock after such forfeiture, Grantee shall repay to the Company any amount equal to such dividends. 
5. No Right of Continued Service. Nothing in this Award Notification shall interfere with or limit in any way the right of the Company to terminate Grantee’s service at any time, nor confer upon Grantee any right to continue in the service of the Company. 
6. Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon such award under Section 83(b) of the Internal Revenue Code. To effect such election, Grantee may file an appropriate election with the Internal Revenue Service within thirty (30) days after award of the Shares and otherwise in accordance with applicable Treasury Regulations. Grantee will, no later than the date as of which any amount related to the Shares first becomes includable in Grantee’s gross income for federal income tax purposes, pay to the Company, or make other arrangements satisfactory to the Board regarding payment of, any federal, state and local taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to such amount. The obligations of the Company under this Award Notification will be conditional on such payment or arrangements, and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Grantee. 
7. Plans Control. The terms contained in the Plans are incorporated into and made a part of this Award Notification and this Award Notification shall be governed by and construed in accordance with the Plans. In the event of any actual or alleged conflict between the provisions of the Plans and the provisions of this Award Notification, the provisions of the Plans shall be controlling and determinative. In the event of any actual or alleged conflict between the provisions of the two Plans, the provisions of the Long Term Incentive Plan shall be controlling and determinative. 
8. Successors. This Award Notification shall be binding upon any successor of the Company, in accordance with the terms of this Award Notification and the Plans. 

9. Severability. If any one or more of the provisions contained in this Award Notification is invalid, illegal or unenforceable, the other provisions of this Award Notification will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included. 
10. Notice. Notices and communications hereunder must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to NorthStar/RXR New York Metro Income, Inc., 399 Park Avenue, 18th Floor, New York, New York 10022, Attn: Secretary, or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.Exhibit 10.8-Dist Support Agree

Exhibit 10.8

NORTHSTAR/RXR NEW YORK METRO INCOME, INC.

FORM OF DISTRIBUTION SUPPORT AGREEMENT

DISTRIBUTION SUPPORT AGREEMENT (the “Agreement”) dated [•], 20[•] by and among NorthStar Realty Finance Corp. (“NRFC”), RXR Realty LLC (“RXR”) and NorthStar/RXR New York Metro Income, Inc. (the “Company”).
WHEREAS, the Company has registered for public sale (the “Offering”) a maximum of $2,000,000,000 in shares of its common stock, $0.01 par value per share (the “Shares”), of which amount: (a) up to $1,800,000,000 in Shares are being offered to the public pursuant to the Company’s primary offering; and (b) up to $200,000,000 in Shares are being offered to stockholders of the Company (the “Stockholders”) pursuant to the Company’s distribution reinvestment plan;
WHEREAS, the majority of the net proceeds of the Offering are intended to be invested in a portfolio of commercial real estate properties, with a lesser portion permitted to be invested in commercial real estate debt and commercial real estate related investments; and
WHEREAS, to ensure that the Company has a sufficient amount of funds to cover cash distributions authorized and declared to Stockholders during the Offering, NRFC and RXR have agreed to purchase up to an aggregate of $10,000,000 in Shares in accordance with the terms set forth herein.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1.Definitions.  The following terms, when used herein, shall have the following meanings:
“Advisor” means NSAM J-NS/RXR Ltd., the Company’s advisor, or any Affiliated successor.
“Advisor Entities” means the Advisor and the Sub-Advisor. 
“Affiliate” means with respect to any Person: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person.  An entity shall not be deemed to control or be under common control with a program sponsored by the sponsor of the Company unless (A) the entity owns 10.0% or more of the voting equity interests of such program or (B) a majority of the Board (or equivalent governing body) of such program is composed of Affiliates of the entity.
“Agreement” has the meaning set forth in the recitals.

“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized  or required by law, regulation or executive order to close.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.
“Company” has the meaning set forth in the recitals.
“Distribution Shortfall” means, with respect to any calendar quarter during the Term, the amount by which Quarterly Distributions exceed MFFO for such quarter or, in the event MFFO is negative, the amount of the Quarterly Distributions for such quarter. 
“Invested Capital” means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the Issue Price, reduced by: (i) any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares; and (ii) the aggregate amount of net sale proceeds distributed to Stockholders as a result of the sale of one or more of the Company’s investments.
“Issue Date” has the meaning set forth in Section 3(b) hereof.
“Issue Price” means the gross price per Share the original purchasers of Shares paid to the Company for the Shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Shares).
             “MFFO” means the Company’s modified funds from operations as disclosed in the Company’s Periodic Report filed with respect to the applicable period. 
“NRFC” has the meaning set forth in the recitals.
 “Offering” has the meaning set forth in the recitals.
 “Periodic Report” means the Company’s quarterly report on Form 10-Q or annual report on Form 10-K, as applicable.
“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.
“Prospectus” means the prospectus for the Offering contained in the Company’s registration statement on Form S-11, filed with the SEC pursuant to the Securities Act of 1933, as amended,  and the applicable rules and regulations of the SEC promulgated thereunder, and declared effective by the SEC, as such prospectus may be supplemented or amended thereafter.
“Purchase Price” means, as of any given date, the per share price of the Shares in the Offering, net of the maximum per share selling commissions and maximum dealer manager fees specified in the Prospectus.

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“Quarterly Distributions” means the aggregate amount of cash distributions paid to Stockholders during a calendar quarter.
“RXR” has the meaning set forth in the recitals.
“SEC” means the United States Securities and Exchange Commission.
“Shares” has the meaning set forth in the recitals.
“Stockholders” has the meaning set forth in the recitals.
“Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on aggregate Invested Capital (calculated like simple interest on a daily basis based on a 365 day year).  For purposes of calculating the Stockholders’ 6% Return, aggregate Invested Capital shall be determined for each day during the period for which the Stockholders’ 6% Return is being calculated.
“Sub-Advisor” means RXR NTR Sub-Advisor LLC, the Company’s sub-advisor, or any Affiliated successor.
“Threshold Amount” means an amount equal to the Stockholders’ 6% Return, prorated for such quarter.  
“Term” has the meaning set forth in Section 4 hereof.
2.Share Purchase Commitment.  In the event of a Distribution Shortfall for any calendar quarter during the Term, NRFC and RXR shall purchase Shares from the Company in an aggregate amount equal to the Distribution Shortfall, with NRFC and RXR purchasing 75% and 25%, respectively, of any Shares required to be purchased; provided, however, that NRFC and RXR shall not be obligated to purchase Shares for any quarter in which MFFO for such quarter exceeds the Threshold Amount and further provided, that NRFC’s and RXR’s obligation to purchase Shares pursuant to this Agreement, shall be limited to an aggregate of $10,000,000 in purchase amount (when aggregated with any Shares NRFC and RXR or their Affiliates purchased in order to satisfy the minimum Offering requirements set forth in the Prospectus).  Any Shares purchased by NRFC and RXR pursuant to this Section 2 shall be purchased pursuant to the Offering and at the Purchase Price in effect as of the date of purchase of the Shares.  
		
	3.
	Procedure for Purchase of Shares.

		
	(a)
	In the event of a Distribution Shortfall, the Company shall deliver to NRFC and RXR a written notice within ten (10) Business Days following the Company’s filing with the SEC of its Periodic Report for such calendar quarter or year, as the case may be, specifying the number of Shares to be purchased by each of NRFC and RXR pursuant to Section 2 above and the Company’s calculation of the Distribution Shortfall.

		
	(b)
	On the fifth Business Day following the delivery of such notice (the “Issue Date”), the Company shall issue to each of NRFC and RXR the Shares being sold against NRFC’s and RXR’s delivery of its executed subscription for the Offering and payment of the purchase price for such Shares by wire transfer of immediately available funds. 

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	(c)
	If either NFRC or RXR fails to deliver the required amount of funds (“Deficit Amount”) pursuant to Section 3(b) above (the party so failing, hereinafter, the “Defaulting Party”), then within three (3) Business Days thereafter, the non-defaulting party shall pay to the Company the Deficit Amount.  Thereafter, from time to time when the Company would otherwise be obligated to pay fees to the Defaulting Party (or its Affiliates) for services performed for the Company, the Company shall instead pay to the non-defaulting party any such fees until such time as the non-defaulting party has been repaid the Deficit Amount.  After the non-defaulting party has been repaid the Deficit Amount, any Shares purchased by the non-defaulting party as a result of the Defaulting Party’s failure to deliver the Deficit Amount pursuant to Section 3(b) above shall be transferred to the Defaulting Party.

4.Term.  This Agreement shall be in effect until the earlier of (a) the second anniversary of the commencement of the Offering or (b) (i) with respect to NRFC, the date upon which neither NSAM J-NS/RXR Ltd nor another Affiliate of NRFC is serving as the Company’s Advisor, or (ii) with respect to RXR, the date upon which neither RXR NTR Sub-Advisor LLC nor another Affiliate of RXR is serving as the Company’s Sub-Advisor (the “Term”).
5.Notices.  All notices shall be in writing and shall be given or made, by delivery in person or by guaranteed delivery overnight courier to NRFC and RXR at the addresses set forth below:
NorthStar Realty Finance Corp.
399 Park Avenue, 18th Floor
New York, NY 10022
Attention:  Daniel R. Gilbert, Chief Investment and Operating Officer

RXR Realty LLC
625 RXR Plaza
Uniondale, NY 11556
Attention:  Michael Maturo, President and Chief Financial Officer

or to such other addresses as NRFC and RXR may designate to the Company in writing.  Notices shall be effective upon receipt in the case of personal delivery or one Business Day after being sent in the case of delivery by overnight courier.
6.Voting Agreement.  Each of NRFC and RXR agrees and shall cause any of its Affiliates to whom either may transfer Shares to agree on behalf of NRFC or RXR, as the case may be, and to require any subsequent transferees that are Affiliates to agree that, with respect to any Shares purchased pursuant to this Agreement or otherwise acquired, NFRC and RXR will not vote or consent on matters submitted to the Stockholders regarding any transaction between the Company and the Advisor and/or the Sub-Advisor or a transaction between the Company and any Affiliate of either NRFC or RXR, including, without limitation, the removal of one or more of the Advisor Entities or any of their Affiliates as the Company’s Advisor or Sub-Advisor, as the case may be.  These voting restrictions shall survive with respect to NFRC until such time that the Advisor or its Affiliates are no longer serving as the Company’s Advisor and with respect to RXR until such time that the Sub-Advisor or its Affiliates are no longer serving as the Company’s Sub-Advisor.
7.Assignment; Third Party Beneficiaries.  This Agreement may not be assigned by any of the parties; provided, however, that each of NRFC and RXR may assign its obligations under this Agreement 

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to any one or more of its Affiliates, but no such assignments shall relieve NRFC or RXR of its obligations hereunder.  This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto.
8.Governing Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without reference to conflict of laws provisions.
9.Amendment.  No amendment, modification or waiver of this Agreement will be valid unless made in writing and duly executed by each party hereto.
10.Entire Agreement.  This agreement constitutes the entire understanding among the parties with respect to the subject matter hereof.  This agreement may be executed in one or more counterparts.

[The remainder of this page is intentionally left blank.  Signature page follows.]

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

	
		
	NORTHSTAR/RXR NEW YORK METRO INCOME, INC.

	 
	

	By:
	________________________________________

	Name:
	 

	Title:
	 

	
		
	NORTHSTAR REALTY FINANCE CORP.

	 
	 

	By:
	________________________________________

	Name:
	 

	Title:
	 

            
	
		
	RXR REALTY LLC

	 
	 

	By:
	________________________________________

	Name:
	 

	Title:

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