Document:

Exhibit 10.32

 

PENN NATIONAL GAMING, INC.

 

NOTICE OF AWARD OF PHANTOM STOCK UNIT

 

The purpose of this Notice is to inform you that a Phantom Stock Unit Award has been made to you by Penn National Gaming, Inc. (the “Company”) pursuant to the Penn National Gaming, Inc. 2008 Long Term Incentive Compensation Plan (the “Plan”), as follows:

 

	
Name   and Address
   of Grantee:
    	
 
    
	
 
    	
 
    
	
Date   of Grant:
    	
                                   ,   20   
    
	
 
    	
 
    
	
Type   of Grant:
    	
Phantom   Stock Unit Award
    
	
 
    	
 
    
	
Number   of units:
    	
 
    
	
 
    	
 
    
	
Vesting   Date
    	
                           units   on                                     ,   20   
                              units   on                                     ,   20   
                              units   on                                     ,   20   
                              units   on                                     ,   20   
                              units   on                                     ,   20   
    

 

Each vested Phantom Stock Unit is payable in cash in an amount equal to the fair market value (as defined in the Plan) of one share of Common Stock of the Company, determined as of the vesting date.  You have no right to receive shares of Common Stock of the Company under this Award.

 

The Award is subject to all the terms and conditions of the Penn National Gaming, Inc. 2008 Long Term Incentive Compensation Plan, which is available upon request, and the Award Agreement attached hereto.

 

	
 
    	
GRANTEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PENN   NATIONAL GAMING, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
Robert   S. Ippolito
    
	
 
    	
Title:   
    	
Vice   President, Secretary and Treasurer
    

 

 

PENN NATIONAL GAMING, INC.

PHANTOM STOCK UNIT AWARD AGREEMENT

 

All Phantom Stock Unit Awards are subject to the provisions of the 2008 Long Term Incentive Compensation Plan (the “Plan”) and any rules and regulations established by the Compensation Committee of the Board of Directors of Penn National Gaming, Inc.  A copy of the Plan is available upon request.  Unless specifically defined herein, words used herein with initial capitalized letters are defined in the attached Notice of Award of Phantom Stock Unit (the “Notice”) or the Plan.

 

The terms provided herein are applicable to the Phantom Stock Unit Award specified in the attached the Notice.  Different terms may apply to any prior or future awards under the Plan.

 

1.             Grant of Phantom Stock Unit.

 

Effective as of the Date of Grant identified on the Notice, the Company has granted and issued to you an Award of Phantom Stock Units (“PSUs”).  The number of PSUs subject to the Award is identified in the Notice.  Each PSU represents the right to a cash payment upon vesting of the PSU equal to the Fair Market Value on the vesting date of one share of the Company’s Common Stock.

 

2.             Vesting.

 

The PSUs shall vest on the dates and in the number of units set forth in the attached Notice, provided that you are employed by the Company or a Subsidiary or serving as a Director, as applicable, on the vesting date.  In addition, the PSUs shall vest upon the occurrence of a Change in Control or in the event your employment terminates due to death or Disability.  If your service as an Employee or Director of the Company, as applicable, terminates for any reason (except death or Disability), then all of the PSUs that remain unvested at such time shall be cancelled and forfeited.  This means that you will receive no payment for any PSU that is forfeited.

 

3.             Payment Date.

 

The Company will deliver to you a cash payment for each vested and outstanding PSU within thirty (30) days following the vesting date, subject to the terms of this Agreement.

 

4.             Payment of Taxes.

 

Upon the issuance of any cash payment in accordance with the foregoing, the Company shall withhold all applicable tax-related items legally payable by you from such cash payment.

 

5.             Nature of Phantom Stock Units.

 

PSUs are used solely as a device to measure and determine the cash amount that will be paid to you following the date on which the PSUs vest.  PSUs are not treated as property or as a trust fund of any kind.  Nothing in this Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.  All amounts attributable to the PSUs shall be and remain the sole property of the Company, and your rights under this Agreement and the Plan are limited to the right to receive cash following the date the PSUs vest.  You have no right to receive shares of Common Stock under this Agreement.

 

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6.             No Right To Continued Service.

 

This PSU Award does not give you the right to continue in service with the Company in any capacity.  The Company reserves the right to terminate your services at any time, with or without cause, subject to any employment agreement or other contract.

 

7.             Inalienability of Rights.

 

The PSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or otherwise encumbered except in accordance with Section 12.8 of the Plan.

 

8.             Applicable Law.

 

This Agreement will be interpreted and enforced under the laws of the Commonwealth of Pennsylvania, without regard to its choice of law provisions.

 

9.             Entire Agreement/Amendment.

 

The text of the Plan is incorporated in this Agreement by reference.

 

This Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award.  Any prior agreements, commitments or negotiations concerning this Award are superseded.  This Agreement may be amended in a way that is adverse to you or your beneficiaries only by another written agreement, signed by both parties, otherwise, the rights of the Board or Grantor as set forth in the Plan control as to any modification, alteration or amendment of this Award.

 

BY SIGNING THE ATTACHED NOTICE,

YOU AGREE TO ALL OF THE TERMS AND CONDITIONS

DESCRIBED IN THIS AGREEMENT AND IN THE PLAN.

 

3Exhibit 10.6

 

FIRST AMENDMENT TO AMENDED AND 
 RESTATED PROPERTY MANAGEMENT AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT, dated as of December 9, 2010 (this “Amendment”), by and among Reit Management & Research LLC, a Delaware limited liability company (“Managing Agent”), and CommonWealth REIT (formerly named HRPT Properties Trust), a Maryland real estate investment trust (the “Company”), on behalf of itself and those of its subsidiaries as may from time to time own properties subject to the Property Management Agreement (as defined below) (the Company and such subsidiaries each an “Owner” and, collectively, “Owners”).

 

WHEREAS, Managing Agent and Owners are parties to an Amended and Restated Property Management Agreement, dated as of January 21, 2010 (the “Property Management Agreement”); and

 

WHEREAS, Managing Agent and Owners wish to amend the Property Management Agreement as further provided in this Amendment;

 

NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

1.               Section 21(a) of the Property Management Agreement is hereby replaced in its entirety to read as follows:

 

(a)           Any disputes, claims or controversies between the parties (i) arising out of or relating to this Agreement or the provision of services by Managing Agent pursuant to this Agreement, or (ii) brought by or on behalf of any shareholder of the Owners (which, for purposes of this Section 21, shall mean any shareholder of record or any beneficial owner of shares of the Owners, or any former shareholder of record or beneficial owner of shares of the Owners), either on his, her or its own behalf, on behalf of the Owners or on behalf of any series or class of shares of the Owners or shareholders of the Owners against the Owners or any trustee, officer, manager (including Reit Management & Research LLC or its successor), agent or employee of the Owners, including disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement, including this arbitration agreement, or the Declarations of Trust or the Bylaws of the Owners (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this Section 21.  For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against trustees, officers or managers of the Owners and class actions by a shareholder against those individuals or entities and the Owners.  For the

 

 

avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.

 

2.               This Amendment shall be effective as of the day and year first above written.  Except as amended hereby, and as so amended, the Property Management Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

 

3.               The provisions of this Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

 

4.               This Amendment may be executed in separate counterparts, each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument.

 

[Signature Page To Follow]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended and Restated Property Management Agreement to be executed by their duly authorized officers, under seal, as of the day and year first above written.

 

	
 
    	
MANAGING AGENT:
    
	
 
    	
 
    
	
 
    	
REIT MANAGEMENT & RESEARCH LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David J. Hegarty
    
	
 
    	
 
    	
Name:
    	
David J. Hegarty
    
	
 
    	
 
    	
Title: 
    	
Executive Vice President
    
	
 
    	
 
    
	
 
    	
OWNERS:
    
	
 
    	
 
    
	
 
    	
COMMONWEALTH REIT, on its own behalf and on behalf of its subsidiaries
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John C. Popeo
    
	
 
    	
 
    	
Name:
    	
John C. Popeo
    
	
 
    	
 
    	
Title:
    	
Chief   Financial Officer
    

 

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