Document:

EX-10(A)(IV) FORM OF RESTRICTED STOCK CERTIFICATE

 

Exhibit 10(a)(iv)

COUSINS PROPERTIES INCORPORATED

2005 Restricted Stock Unit Plan

Restricted Stock Unit Certificate – Performance Conditioned

     This Restricted Stock Unit Certificate evidences the grant by Cousins Properties Incorporated
(“CPI”) of an award (“Award”) of restricted stock units (“Restricted Stock Units”) to the employee
named below (“Key Employee”) pursuant to CPI’s 2005 Restricted Stock Unit Plan (the “Plan”). The
definitions set forth in the Plan are incorporated in this Certificate, and this Award is subject
to all of the terms and conditions set forth in the Plan (to the extent such terms are not
inconsistent with the terms in this Award) and in this Certificate.

Terms and Conditions

	1.	 	Name of Key Employee:                                                             .
	 
	2.	 	Grant Date. The Grant Date is February 20, 2006.
	 
	3.	 	Number of Restricted Stock Units. This Award is for 100,000 Restricted Stock Units. The
Value of each Restricted Stock Unit is equal to the Fair Market Value of one share of common stock
of CPI (“Stock”) as of the date payment is due under the Plan.
	 
	4.	 	Vesting and Forfeiture.

     a. In general. This Award shall vest with respect to 100% of the Restricted
Stock Units on the fifth anniversary of the Grant Date provided (i) Key Employee has been
continuously employed by CPI at Key Employee’s current position or an equivalent or higher
position for the Applicable Period, (ii) CPI achieves an average annual total shareholder
return of at least 10% (as determined by the Committee) for the Applicable Period (as
defined below), and (iii) CPI has a minimum aggregate total of $1 Billion of new development
starts (as determined by the Committee) (“Development Target”) during the Applicable Period.
If Key Employee’s employment with CPI at Key Employee’s current position or an equivalent
or higher position terminates before the last day of the Applicable Period for any reason,
including termination with or without cause or due to death, or if any of the other vesting
conditions are not met, the Restricted Stock Units shall be forfeited and expire immediately
and automatically. For purposes of this § 4, Key Employee shall be treated as having
terminated employment with CPI if Key Employee is unable to perform his duties due to
permanent disability (as determined by the Committee). “Applicable Period” shall mean the
period that begins on the Grant Date and ends on the fifth anniversary of such date.
Vesting shall be determined solely under this § 4 of this Certificate,

 

 

and no vesting or
payment shall occur upon a Change in Control (except as described in § 4(b) below) or upon
death pursuant to § 6 or § 8 of the Plan.

     b. Change in Control. Notwithstanding any language in § 7 of the Plan to the
contrary, upon a Change in Control, the Committee shall in its discretion take the action
described in either Alternative 1 or Alternative 2 as described in this § 4(b). Under
Alternative 1, the Committee shall adjust in an equitable manner the outstanding Restricted
Stock Units and the vesting conditions in §4(a)(ii) and, if appropriate, §4(a)(iii), in each
case to take into account the Change in Control and then the Restricted Stock Units shall
remain outstanding subject to such adjustments. Under Alternative 2, the Committee shall
(i) divide the number of days that have elapsed from the Grant Date to the date of the
Change in Control (as determined by the Committee) by 1825 (i.e., 365 days x 5 years) to
determine the percentage of the Applicable Period that has elapsed as of the Change in
Control date (“Applicable Percentage”), (ii) multiply the number of Restricted Stock Units
by the Applicable Percentage to get the number of Restricted Stock Units subject to
potential vesting upon the Change in Control (“Potentially Vested Units”) and any remaining
Restricted Stock Units shall be forfeited, (iii) adjust the Development Target by
multiplying $1 Billion by the Applicable Percentage, (iv) apply all the vesting conditions
using the Adjusted Applicable Period (as defined below), and
determine if the vesting conditions are met, and if so, vest the Potentially Vested
Units, and (v) if the vesting conditions are not met, forfeit the Potentially Vested Units.
Solely for purposes of Alternative 2, “Adjusted Applicable Period” means the period that
begins on the Grant Date and ends upon the date of a Change in Control.

	5.	 	Individual Account. A separate bookkeeping account shall be established and maintained by
CPI (the “Account”) to record Key Employee’s Restricted Stock Units. The Account shall be
maintained on CPI’s books solely for record keeping purposes, and shall not represent any actual
segregation or investment of assets or any interest in any shares of Stock.
	 
	6.	 	Cash Dividends. If a cash dividend (whether ordinary or extraordinary) is paid on a share
of Stock while an Award is outstanding, CPI shall not pay key Employee any amount in cash in
connection with such dividend.
	 
	7.	 	Distribution of Payment Represented by Units. Payment of vested Restricted Stock Units
shall be made in a single payment in cash to key Employee (or if Key Employee dies after the
Restricted Stock Units vest and before payment is made, his Beneficiary) as soon as practicable
after the Restricted Stock Units vest, but in no event later than 21/2 months after the calendar year
in which vesting occurs.
	 
	8.	 	Withholding. CPI shall have the right to take whatever action the Committee directs to
satisfy applicable federal, state and other withholding requirements.

-2-

 

	9.	 	Nontransferability And Status As Unsecured Creditor. Key Employee shall have no right to
transfer or otherwise assign Key Employee’s interest in any Restricted Stock Units. All payments
pursuant to this Award shall be made from the general assets of CPI, and any claim for payment
shall be the same as a claim of any general and unsecured creditor of CPI.
	 
	10.	 	Employment and Termination. Nothing in this Certificate shall give Key Employee the right
to continue in employment with CPI or limit the right of CPI to terminate Key Employee’s employment
with or without cause at any time.
	 
	11.	 	No Shareholder Rights. Key Employee shall have no rights as a shareholder of CPI as a
result of this Award.
	 
	12.	 	Amendment and Termination. The plan and this Award may be modified and/or terminated as
set forth in the plan.
	 
	13.	 	Miscellaneous. This Certificate shall be governed by the laws of the State of Georgia.

	 	 	 	 	 	 	 
	 	 	Cousins Properties Incorporated	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

-3-Ex-10.1

 

EXHIBIT 10.1

FIRST AMENDMENT TO LOAN AGREEMENT

     This First Amendment to Loan Agreement (this “Amendment”) is entered into as of June
8, 2005 between GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“Lender”),
and WINSTON SPE II LLC, a Delaware limited liability company (“Borrower”).

Recitals

     A. Lender and Borrower have previously entered into a certain Loan Agreement, dated as of
March 11, 2005 (“Agreement”). Terms used and not otherwise defined in this Amendment shall
have the meanings attributed to them in the Agreement, which is incorporated into this Amendment by
this reference as if fully set forth herein. As the context may require, section references in
this Amendment shall refer to the designated section of the Agreement.

     B. Pursuant to Schedule 8.20(2) of the Agreement, Borrower is obligated to, among other
things, satisfy the Agency Agreement Requirement within 60 days after the Closing Date, as such
60-day period has heretofore been extended for another 30 days (collectively, the “Delivery
Period”).

     C. Borrower has requested that Lender extend the Delivery Period for an additional 30 days
and, subject to and in accordance with the provisions of this Amendment, Lender agrees thereto.

     D. Lender and Borrower desire to amend the Agreement as hereinafter provided to reflect the
foregoing agreements of the parties and such other matters as hereinafter set forth.

Agreements

          NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender
hereby covenant and agree as follows:

     1. Extension of Delivery Period. The Delivery Period hereby is extended for a period
of 30 days and shall expire on July 8, 2005.

     2. Borrower’s Representations and Warranties. Borrower hereby represents and warrants
to Lender as follows:

     (a) that there are no offsets, counterclaims or defenses of any kind or nature whatsoever
existing against the indebtedness evidenced by the Note or the Agreement, or otherwise relating to
any of the Obligations, and that it has no claim for or right to reimbursement from Lender of any
sums heretofore paid to Lender on account of the Loan, whether by way of interest payments,
principal payments, commitment fees or for any other reason; and

     (b) that all of the representations and warranties made by it under any of the Loan Documents
to which it is a party (i) are true, complete and correct in all material respects on the date
hereof, (ii) are hereby expressly restated by it and incorporated herein by this reference, and
(iii) are made with respect to the Loan Documents as the same have been amended by this Amendment
and by all additional amendments, modifications, renewals, substitutions and replacements of the
Loan Documents and all new Loan Documents executed by Borrower in connection herewith.

     3. Confirmation and Ratification. Borrower covenants to pay the Loan and perform the
other Obligations as provided in the Agreement and other Loan Documents. Borrower acknowledges and
confirms that the outstanding principal of the Loan as of this date is Sixty Five Million One
Hundred Thousand and 00/100 Dollars ($65,100,000.00) and that interest on the Loan has been paid
through May 31, 2005. Except as

 

 

expressly modified pursuant to the terms and conditions of this Amendment or of any of the
other Loan Documents executed in connection herewith, all of the terms, covenants and conditions of
the Note, the Agreement and all of the other Loan Documents shall continue unamended and in full
force and effect, and Borrower hereby confirms, ratifies and reaffirms all of such terms, covenants
and conditions.

     4. Severability. In case any one or more of the provisions of this Amendment shall be
invalid, illegal or unenforceable in any respect, the validity of the remaining provisions shall be
in no way affected, prejudiced or disturbed thereby.

     5. Counterparts. This Amendment may be executed in any number of counterparts, each
of which shall be an original but all of which together shall constitute one Amendment

     6. Conflicting Provisions. This Amendment is intended to supplement the Agreement,
and the provisions of this Amendment shall be construed to the maximum extent possible in the
manner necessary to avoid any conflict among their respective terms and conditions. In the event
of any irreconcilable conflict between this Amendment and the terms of the Agreement, the terms of
this Amendment shall govern and control.

     7. Headings. The headings of the Sections of this Amendment are for convenience and
reference only and shall not be considered a part hereof nor shall they be deemed to limit or
otherwise affect any of the terms or provisions hereof.

     8. Joinder Party. Winston Hotels, Inc., solely in its capacity as Joinder Party under
that certain Joinder (the “Joinder”), dated as of March 11, 2005, by Joinder Party in favor
of Lender, hereby consents to the foregoing provisions of this Amendment and executes this
Amendment for the sole purpose of indicating such consent. Joinder Party affirms that the Joinder
shall remain in full force and effect.

     EXECUTED as of the date first written above.

	 	 	 	 	 	 
	 	 	LENDER:
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Maria R. Fonseca
	 

	 	 	 	 
	 

	 	Name:
	 	Maria R. Fonseca
	 

	 	Title:
	 	Senior Operations Manager
	 
	 	 	 	 
	 	 	BORROWER:
	 	 	WINSTON SPE II LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Brent W. West
	 

	 	 	 	 
	 

	 	Name:
	 	Brent W. West
	 

	 	Title:
	 	Vice President, Chief Accounting Officer
	 
	 	 	 	 
	 	 	JOINDER PARTY:
	 	 	WINSTON HOTELS, INC., a North Carolina corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Brent W. West
	 

	 	 	 	 
	 

	 	Name:
	 	Brent W. West
	 

	 	Title:
	 	Vice President, Chief Accounting Officer

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