Document:

Exhibit

Exhibit 10.4

RPT REALTY 

Restricted Share Unit Award Notice
Under the 2012 Omnibus Long-Term Incentive Plan

	
		
	Participant Name:
	_____________

	Grant Date:
	[DATE]

	Restricted Share Units Granted:
	_____________

This Restricted Share Unit Award Notice (this “Award Notice”) sets forth the terms upon which RPT Realty, a Maryland real estate investment trust (the “Trust”), issues restricted share units to ___________ (the “Participant”).  Capitalized terms not defined herein have the meanings ascribed to such terms in the 2012 Omnibus Long-Term Incentive Plan of the Trust, as amended from time to time (the “Plan”).
1.    The Award.  The Trust hereby grants the restricted share units set forth above (the “Award”) to the Participant, as of the Grant Date, pursuant to and subject to all of the terms and conditions of this Award Notice and the Plan, the provisions of which are incorporated herein.  A copy of the Plan is on file in the office of the Trust. If there is any conflict between the provisions of this Award Notice and the Plan, the Plan will control.

2.    Restricted Share Units and Vesting.  Each restricted share unit granted hereunder represents the right of the Participant to receive, upon vesting and the satisfaction of any required tax withholding obligation, one common share of beneficial interest, par value $0.01, of the Trust (“Common Stock”).  As of the date hereof and until the date such restricted share units are vested, or are terminated or forfeited in accordance with this Award Notice, the Participant shall be entitled to the right to be paid an amount equal to the dividends paid on outstanding common shares of beneficial interest of the Trust.  The Participant may not sell, assign, transfer, pledge, hypothecate, mortgage or otherwise dispose of, by gift or otherwise, or in any way encumber any of the restricted share units prior to vesting, except as otherwise permitted by the Plan.

Subject to the terms and conditions set forth herein, the restricted share units shall vest in three equal installments on each of the first, second and third anniversaries of the Grant Date (“Vesting Date”).  As soon as practicable after vesting, but no later than the date that is 2 1⁄2 months after the end of the Participant’s tax year in which the Vesting Date occurs, the Trust shall deliver certificate(s) representing the shares of Common Stock vested as of such period to the Participant or its designee.  Such certificate(s) shall be registered in the name of the Participant.
3.    Forfeitures.  Except as determined by the Compensation Committee of the Trust’s Board of Trustees (the “Committee”) at any time, upon the failure of the Participant to be employed by the Trust or any of its affiliates for any reason, all unvested restricted share units shall be forfeited by the Participant to the Trust without the payment of any consideration by the Trust; provided, that except as specified in the Plan, in the event of a Participant’s retirement, permanent disability, other termination of employment or death, or in cases of special circumstances, the Committee may, in its sole discretion, when it finds that a waiver would be in the best interests of the Trust, waive in whole or in part any or all remaining restrictions with respect to such Participant’s restricted share units.  [Notwithstanding the foregoing or anything to the contrary herein, the terms of that certain Employment Agreement, dated as of [DATE], by and between the Trust and Participant (as it may be amended and/or restated from time to time, the “Employment Agreement”) shall govern the Award in the event Participant’s employment by the Trust is terminated (i) involuntarily, either by the Trust without “Cause” or by the Participant for “Good Reason,” or (ii) because of the Participant’s death or “disability,” or (iii) within 24 months after a “Change in Control” either by the Trust without “Cause” or by the Participant for “Good Reason” (as all such terms are defined in the Employment Agreement).]

4.Tax Withholding Obligation.  If upon the Grant Date, Vesting Date or other applicable date there shall be payable by the Trust or an Affiliate of the Trust any statutory income and/or employment tax withholding, in the Trust's discretion, then unless provided otherwise by the Trust, such tax withholding obligations, if any, will be satisfied by the Trust withholding a number of shares of Common Stock that would otherwise be vested under the Award in an amount that the Trust determines has a Fair Market Value sufficient to meet such tax withholding obligations, up to the maximum statutory withholding requirement.  In the Trust's discretion, it may require or permit reimbursement or payment of such tax withholding obligations by wire transfer, certified check, additional payroll withholding or other means acceptable to the Trust and upon such terms and conditions as the Trust may prescribe.  The Trust may also permit the Participant to tender shares of Common Stock to the Trust subsequent to receipt of such 

shares in respect of an Award.  The Trust is permitted to defer issuance of shares under the Plan until reimbursement or payment by the Participant to the Trust or an Affiliate of the Trust of the amount of any such tax.

The Participant is ultimately liable and responsible for all taxes owed by such Participant in connection with the Award, regardless of any action the Trust takes with respect to any tax withholding obligations that arise in connection with the Award.  The Trust makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of the restricted share units or the subsequent sale of any of the shares of Common Stock underlying the restricted share units that vest.  The Trust does not commit and is under no obligation to structure the Award program to reduce or eliminate the Participant's tax liability.
5.    Rights of Participant.  The Award does not confer on the Participant any right to continue in the employ of the Trust or any of its affiliates or interfere in any way with the right of the Trust or any of its affiliates to determine the terms of the Participant’s employment.

6.Registration.  The Trust currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the shares of Common Stock subject to this Award. The Trust intends to maintain this registration but has no obligation to do so.  If the registration ceases to be effective, the Participant will not be able to transfer or sell shares issued pursuant to this Award unless exemptions from registration under applicable securities laws are available. Such exemptions from registration are very limited and might be unavailable.  The Participant agrees that any resale by him or her of the shares of Common Stock issued pursuant to this Award will comply in all respects with the requirements of all applicable securities laws, rules, and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the respective rules and regulations promulgated thereunder) and any other law, rule, or regulation applicable thereto, as such laws, rules, and regulations may be amended from time to time. The Trust will not be obligated to either issue the shares or permit the resale of any shares if such issuance or resale would violate any such requirements.

IN WITNESS WHEREOF, this Award Notice is duly authorized as of the date first above written.

RPT REALTY, a Maryland real estate investment trust

__________________________________________
By:                
Title:                  

Accepted:

______________________
[NAME]Exhibit

Exhibit 10.5
Tim Collier
[Address]
[Address] 

Dear Tim,

The following will outline the items regarding employment with RAMCO. A summary of the terms (while not all­ inclusive) of your employment should you accept are as follows:

Position Title:        Executive Vice President of Leasing

Annual Salary:        $400,000

		
	Annual Bonus:
	Current bonus target is 65% of base comp to a max of 150% target.  Based on the Company achieving its maximum performance targets and/or the Executive exceeding individual job performance targets.

Guaranteed minimum bonus for 2018 no less than target based on a pro-rata formula for the portion of the year in which you were employed by the Trust (100% of target for 6 months of the year, assuming a July start date), paid in March 2019.

2018 approved financial performance metrics include: FFO/share and strategic goal metrics.  Subject to change in future years but will remain consistent with all other senior executives.

		
	Long Term Incentive:
	Eligibility begins in 2019

LTIP annual grant valued at $450,000
Current mix of equity is 50% performance share units and 50% time-vested restricted stock units.  Equity mix and vesting is subject to change and will be determined by the Compensation Committee.

		
	Inducement Award:
	One-time stock grant made on Start Date equal to $450,000 ($450,000 divided by grant date close price used to determine numbers of shares.  Actual accounting cost may differ). Details are as follows:

		
	•
	50% of this award will be in the form of time-based restricted stock units (RSUs) with 3-year ratable vesting (33-1/3% per year for 3 years).

		
	•
	50% of this award will be in the form of performance stock units based on Relative TSR as described below:

		
	•
	Performance period to be 20-day average price ending on date of hire through December 31, 2020 (average of final 20-day price).

		
	•
	Vesting will be 100% on 3rd anniversary of grant date on any earned shares.

		
	•
	Same payout scale as all participants (Threshold equals 33rd percentile of peers and results in 50% of target shares, Target equals 50th percentile of peers and results in 100% of target shares, Maximum equals 90th percentile of peers and results in 200% of target shares).  No payout for performance below threshold.

		
	Benefits:
	In addition to your compensation, you will be entitled to receive the fringe benefit package that is available at RAMCO.  While these benefits may change from time to time this currently includes: Medical, Dental, Vision, and Prescription Drug Insurance, with a cost sharing arrangement between the employer and employee as well as Life Insurance and Disability Insurance that is 100% employer paid.

As a new hire, your eligibility date for Medical, Dental, Vision, Prescription, Life and Long-Term Disability coverage begins on the 1st of the month following 30 calendar days of employment.

		
	401K:
	Eligible to participate in the Plan the quarter following the first day of employment.  Eligible for employer match if applicable for a given Plan year under the match guidelines of the 401K plan. 

		
	Employee Time Off:
	Maximum available to other Senior officers but not less than 3 weeks.

Termination without Cause:
Cash severance equal to 1 times the sum of base salary and target bonus, subject to mitigation if the Executive is employed during the severance period.

After 2018 prorated annual bonus based on actual performance in the year of termination.

Lump sum reimbursement for COBRA/medical expense for 1 year of coverage.

Immediate vesting of inducement equity grant (with the performance share portion vesting at target if the performance period has not yet ended).
    
Equity grants beginning with 2019 grant will be consistent with RAMCO's existing practices and terms provided to all senior executives (forfeiture of all except in the event of termination due to death or disability).
    
Payment of severance benefit subject to execution of full release agreement in standard Trust form.

		
	Change of Control:
	Cash severance equal to 1.5 times the sum of base salary and target bonus, subject to mitigation if the Executive is employed during the severance period.

After 2018 prorated annual bonus based on actual performance in the year of termination.

Lump sum reimbursement for COBRA/medical expense for 1 year of coverage.

Immediate vesting of inducement equity grant (with the performance share portion vesting at target if the performance period has not yet ended).
    
Equity grants beginning with 2019 grant will be consistent with RAMCO's existing practices and terms provided to all senior executives (forfeiture of all except in the event of termination due to death or disability).

Payment of severance benefit subject to execution of full release agreement in standard Trust form.

We look forward to hearing from you and are excited to offer this opportunity to you.

Sincerely,

/s/ BRIAN HARPER
Brian Harper
Chief Executive Officer
RAMCO Properties

I accept the offer as outlined as above.

		
	Name: 
	/s/ TIMOTHY COLLIER

Timothy Collier
June 25, 2018

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]