Document:

(Directors)

    

    CAPITAL
      LEASE FUNDING, INC.

    

    Stock
      Award Agreement

     

    THIS
      AGREEMENT dated the ____ day of ______, 20__, between CAPITAL LEASE FUNDING,
      INC., a Maryland corporation (the “Company”), and _______________ (the
“Participant”), is made pursuant and subject to the provisions of the Company’s
      2004 Stock Incentive Plan (the “Plan”), a copy of which has been made available
      to the Participant. All terms used herein that are defined in the Plan have
      the
      same meaning given them in the Plan.

     

    1.  Stock
      Award.
      Pursuant to the Plan, the Company, on ________ __, 20__, (the “Date of Grant”)
      granted to the Participant, subject to the terms and conditions of the Plan
      and
      subject further to the terms and conditions herein set forth, a Stock Award
      covering ________ shares of Common Stock, hereafter described as the
“Shares.”

     

    2.  Restrictions.
      Except
      as provided in this Stock Award Agreement (“Agreement”), the Shares are
      nontransferable and are subject to a substantial risk of
      forfeiture.

     

    3.  Vesting.
      Subject
      to Paragraph 6
      and
      except as provided in Paragraphs 4
      and
5
      below,
      the Participant’s interest in the Shares granted under this Agreement shall
      become nonforfeitable and transferable (“Vested”) in three equal annual
      installments commencing on the one-year anniversary of the Date of Grant.

     

    4.  Death
      or Disability. Paragraph
      3 to the contrary notwithstanding, if the Participant dies or becomes Disabled
      prior to the forfeiture of the Shares under Paragraph 6,
      all
      Shares shall become Vested as of the date of the Participant’s death or
      Disability.
      For
      purposes of this Agreement, the term “Disabled” means that the Participant has a
      permanent and total disability as described in Section 22(e)(3) of the
      Code.

     

    5.  Change
      in Control. Notwithstanding
      any other provision of this Agreement, all Shares not previously forfeited
      shall
      become Vested on a Control Change Date in accordance with the Plan. 

     

    6.  Forfeiture.
      All
      Shares that are not then Vested shall be forfeited if the Participant ceases
      to
      be a member of the Board for any reason other than on account of the
      Participant’s death or Disability.

     

    7.  Fractional
      Shares.
      Fractional shares shall not Vest hereunder, and when any provision hereof may
      cause a fractional share to Vest, any Vesting in such fractional share shall
      be
      postponed until such fractional share and other fractional shares equal a Vested
      whole share.

     

    8.  Change
      in Capital Structure.
      The
      terms of this Agreement shall be adjusted as the Board determines is equitably
      required in the event the (a) Company (i) effects one or more stock dividends,
      stock split-ups, subdivisions or consolidations of shares or (ii) engages in
      a
      transaction to which Section 424 of the Code applies or (b) there occurs any
      other event which, in the judgment of the Board, necessitates such
      action.

     

    
      
         

      

      
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          1 of 3

        
          

        

      

      
         

      

    

    9.       
      Governing
      Law.
      This
      Agreement shall be governed by the laws of the State of New York.

     

    10.  Stock
      Power. With
      respect to any Shares that are forfeited in accordance with Paragraph
6,
      the
      Participant hereby irrevocably appoints the Company’s Secretary as his attorney
      to transfer any forfeited Shares on the books of the Company with full power
      of
      substitution in the premises. The Company’s Secretary shall use the authority
      granted in this Paragraph 10
      to
      cancel any Shares that are forfeited in accordance with Paragraph 6.
      The
      authority granted in this Paragraph 10
      shall
      terminate with respect to Shares on the date that such Shares become Vested
      in
      accordance with Paragraphs 3
      or
4.

     

    11.  Shareholder
      Rights. The
      Participant shall have all of the rights of a Shareholder with respect to the
      Shares, including the right to vote the Shares and receive dividends thereon,
      from the Date of Grant and prior to a forfeiture of the Shares. On and after
      the
      date that any Shares are forfeited in accordance with Paragraph 6
      the
      Participant shall have no further rights as a Shareholder with respect to the
      forfeited Shares. The Company shall retain custody of the certificates
      evidencing the Shares until the Shares become Vested in accordance with
      Paragraphs 3
      or
4
      at which
      time the Company shall deliver to the Participant a certificate evidencing
      the
      Vested Shares.

     

    12.  No
      Right to Continued Service.
      This
      Agreement does not confer upon the Participant any right with respect to
      continued service to the Company or an Affiliate or membership on the Board.
      

     

    13.  Conflicts.
      In the
      event of any conflict between the provisions of the Plan as in effect on the
      date hereof and the provisions of this Agreement, the provisions of the Plan
      shall govern. All references herein to the Plan shall mean the Plan as in effect
      on the date hereof. 

     

    14.  Participant
      Bound by Plan.
      The
      Participant hereby acknowledges that a copy of the Plan has been made available
      to him and agrees to be bound by all the terms and provisions
      thereof.

     

    15.  Binding
      Effect.
      Subject
      to the limitations stated above and in the Plan, this Agreement shall be binding
      upon and inure to the benefit of the legatees, distributees, and personal
      representatives of the Participant and the successors of the
      Company.

     

    
      
         

      

      
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          2 of 3

        
          

        

      

      
         

      

    

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly
      authorized officer, and the Participant has affixed his signature
      hereto.

     

     

    CAPITAL
      LEASE FUNDING,
      INC.

     

    
      	 	 	 	 
	By:
              	 	 	
               

            
	 	 	 	
              Participant

            

    

     

    
      

      
        
           

        

        
          Page
            3 of 3(Executive
      Officers)

    CAPITAL
      LEASE FUNDING, INC.

    

    Stock
      Award Agreement

     

    THIS
      AGREEMENT dated the ____ day of _______ 20__, between CAPITAL LEASE FUNDING,
      INC., a Maryland corporation (the “Company”), and _________ (the “Participant”),
      is made pursuant and subject to the provisions of the Company’s 2004 Stock
      Incentive Plan (the “Plan”), a copy of which has been made available to the
      Participant. All terms used herein that are defined in the Plan have the same
      meaning given them in the Plan. 

     

    1.  Stock
      Award.
      Pursuant to the Plan, the Company, on ________ __, 20__ (the “Date of Grant”)
      granted to the Participant, subject to the terms and conditions of the Plan
      and
      subject further to the terms and conditions herein set forth, a Stock Award
      covering _________ shares of Common Stock, hereafter described as the
“Shares.”

     

    2.  Restrictions.
      Except
      as provided in this Stock Award Agreement (“Agreement”), the Shares are
      nontransferable and are subject to a substantial risk of
      forfeiture.

     

    3.  Vesting.
      Subject
      to Paragraph 6
      and
      except as provided in Paragraphs 4
      and
5
      below,
      the Participant’s interest in the Shares granted under this Agreement shall
      become nonforfeitable and transferable (“Vested”) [(i) as to ________ shares, in
      three equal annual installments commencing on the one-year anniversary of the
      Date of Grant (the “Time Vesting Shares”) and/or (ii) as to ________ shares,
      over a three year period ending on the third anniversary of the Date of Grant
      (the “Performance Termination Date”) if the restrictions lapse or expire based
      on the attainment of performance criteria determined by the Administrator in
      its
      sole discretion (the “Performance Vesting Shares”). One-third of the Performance
      Vesting Shares shall be available for Vesting annually (beginning on the first
      anniversary of the Date of Grant); provided, however, that any Performance
      Vesting Shares which fail to Vest will accumulate and not be forfeited but
      shall
      be available for Vesting in subsequent years until the Performance Termination
      Date at which time all Performance Vesting Shares which have not Vested shall
      be
      forfeited.]

     

    4.  Death,
      Disability or Termination. Paragraph
      3
      to the
      contrary notwithstanding, if, prior to the forfeiture of the Shares under
      Paragraph 6,
      the
      Participant dies or becomes Disabled while in the employ of the Company or
      an
      Affiliate or terminates employment for Good Reason or is terminated other than
      for Cause, all Shares that are not then Vested shall become Vested as of the
      date of the Participant’s death, Disability, termination for Good Reason or
      termination other than for Cause. For purposes of Paragraphs 4
      and
6
      of this
      Agreement, Disability, Good Reason, and Cause shall have the same meaning as
      set
      forth in the Employment Agreement between the Company and the Participant as
      in
      effect on the date hereof. 

     

    5.  Change
      in Control. Notwithstanding
      any other provision of this Agreement, all Shares not previously forfeited
      shall
      become Vested on a Control Change Date in accordance with the Plan.

     

    
      
         

      

      
        Page
          1 of 3

        
          

        

      

      
         

      

    

    6.  Forfeiture.
      All
      Shares that are not then Vested shall be forfeited if the Participant’s
      employment with the Company terminates for any reason other than on account
      of
      the Participant’s death, Disability, termination for Good Reason or termination
      other than for Cause.

     

    7.  Fractional
      Shares.
      Fractional shares shall not Vest hereunder, and when any provision hereof may
      cause a fractional share to Vest, any Vesting in such fractional share shall
      be
      postponed until such fractional share and other fractional shares equal a Vested
      whole share.

     

    8.  Change
      in Capital Structure.
      The
      terms of this Agreement shall be adjusted as the Board determines is equitably
      required in the event the (a) Company (i) effects one or more stock dividends,
      stock split-ups, subdivisions or consolidations of shares or (ii) engages in
      a
      transaction to which Section 424 of the Code applies or (b) there occurs any
      other event which, in the judgment of the Board, necessitates such
      action.

     

    9.  Governing
      Law.
      This
      Agreement shall be governed by the laws of the State of New York.

     

    10.  Stock
      Power. With
      respect to any Shares that are forfeited in accordance with Paragraph
6,
      the
      Participant hereby irrevocably appoints the Company’s Secretary as his attorney
      to transfer any forfeited Shares on the books of the Company with full power
      of
      substitution in the premises. The Company’s Secretary shall use the authority
      granted in this Paragraph 10
      to
      cancel any Shares that are forfeited in accordance with Paragraph 6.
      The
      authority granted in this Paragraph 10
      shall
      terminate with respect to Shares on the date that such Shares become Vested
      in
      accordance with Paragraphs 3
      or
4.

     

    11.  Shareholder
      Rights. The
      Participant shall have all of the rights of a Shareholder with respect to the
      Shares, including the right to vote the Shares and receive dividends thereon,
      from the Date of Grant and prior to a forfeiture of the Shares. On and after
      the
      date that any Shares are forfeited in accordance with Paragraph 6
      the
      Participant shall have no further rights as a Shareholder with respect to the
      forfeited Shares. The Company shall retain custody of the certificates
      evidencing the Shares until the Shares become Vested in accordance with
      Paragraphs 3
      or
4
      at which
      time the Company shall deliver to the Participant a certificate evidencing
      the
      Vested Shares.

     

    12.  No
      Right to Continued Employment.
      This
      Agreement does not confer upon the Participant any right with respect to
      continuance of employment by the Company or an Affiliate nor shall it interfere
      in any way with the right of the Company or an Affiliate to terminate his
      employment at any time. 

     

    13.  Conflicts.
      In the
      event of any conflict between the provisions of the Plan as in effect on the
      date hereof and the provisions of this Agreement, the provisions of the Plan
      shall govern. All references herein to the Plan shall mean the Plan as in effect
      on the date hereof.

     

    14.  Participant
      Bound by Plan.
      The
      Participant hereby acknowledges that a copy of the Plan has been made available
      to him and agrees to be bound by all the terms and provisions
      thereof.

     

    15.  Binding
      Effect.
      Subject
      to the limitations stated above and in the Plan, this Agreement shall be binding
      upon and inure to the benefit of the legatees, distributees, and personal
      representatives of the Participant and the successors of the
      Company.

     

    
      
         

      

      
        Page
          2 of 3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly
      authorized officer, and the Participant has affixed his signature
      hereto.

     

     

    CAPITAL
      LEASE FUNDING,
      INC.

     

     

     

    
      	By:	 	 	 
	 	 	 	
              Participant

            

    

     

     

     

    
 

    
      
         

      

      
        Page
          3 of 3

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