Document:

Exhibit 10.3

 

W. P. CAREY INC.

RESTRICTED SHARE AGREEMENT

 

AGREEMENT dated as of Date, between W. P. Carey Inc., a Maryland corporation (“W. P. Carey”), as successor to W. P. Carey & Co., LLC, and Name (the “Grantee”).

 

WHEREAS, the Grantee is a Non-Employee Director of W. P. Carey under the terms of the Plan (as defined below) and is receiving an award of Number Shares of W. P. Carey (the “Shares”) under the 2009 Non-Employee Directors’ Incentive Plan (the “Plan”).

 

WHEREAS, the parties to this Agreement wish to provide the terms and conditions upon which W. P. Carey will grant Shares to the Grantee.

 

ACCORDINGLY, the parties agree as follows:

 

1.  Grant of Shares.  W. P. Carey hereby grants to the Grantee Number Shares on                          (the “Grant Date”) subject to the terms of this Agreement.

 

2.  Vesting.  (a)  The Grantee’s rights to any Shares granted under this Agreement shall become fully vested and nonforfeitable on the one-year anniversary of the Grant Date (the “Vesting Period”), provided that the Grantee continues to serve as a Non-Employee Director of W. P. Carey except as described below.  Except as provided in this Agreement, if the Grantee’s service as a Non-Employee Director is terminated for any reason prior to the date on which the Shares become fully vested and nonforfeitable, the Grantee shall automatically and immediately forfeit any such unvested Shares.

 

(b)        Notwithstanding the foregoing, if the Grantee’s service on the Board is terminated due to Grantee’s death, total and permanent disability or the Grantee does not stand for reelection (or is not nominated for election or reelected) to the Board during the Vesting Period, the Grantee’s rights hereunder shall automatically become fully vested on the date he or she dies, becomes permanently disabled or his or her term of office expires.

 

3.  Voting; Dividends and Distributions.  Upon acceptance of this Agreement, Grantee shall have voting rights of a stockholder with respect to the Shares, as provided in the Plan.  Any dividends or distributions payable with respect to the Shares shall be payable to Grantee whether or not the Shares are fully vested, provided that the Grantee is a Non-Employee Director of W. P. Carey on the dividend record date.

 

4.  Change in Control.  (a)  Upon the occurrence of a Change of Control of W. P. Carey, the Grantee’s unvested Shares shall become fully vested and nonforfeitable.

 

 

(b)        For purposes of this Agreement, “Change of Control” shall be as defined in Section 8 of the Plan.

 

5.  Securities Law Compliance.  (a)  The Grantee represents and agrees that he or she is acquiring the granted Shares for his or her own account and not with the intention of reselling or distributing the Shares, except as permitted under this Agreement and any applicable federal and state securities laws.

 

(b)        W. P. Carey shall have the right to take any actions it may deem necessary or appropriate to ensure that the Grantee’s Share grant complies with applicable federal and state securities laws.

 

6.  Nontransferability of Benefits.  Shares shall be held in escrow prior to vesting.  Any Shares held in escrow by W. P. Carey for the Grantee or any beneficiary under this Agreement are not subject to the claims of his or her creditors and may not be voluntarily or involuntarily transferred, assigned, alienated, accelerated or encumbered.

 

7.  Effect on Rights to Continue as a Director.  Nothing in this Agreement shall be construed as giving the Grantee any right to continued service as a Non-Employee Director of W. P. Carey or affect the rights of W. P. Carey or its stockholders to elect or remove Directors.  Except as otherwise expressly provided herein, the terms and conditions of the Grantee’s service as a Non-Employee Director of W. P. Carey shall remain unchanged.

 

8.  Severability.  If any portion of this Agreement shall be held invalid or illegal for any reason, such event shall not affect or render invalid or unenforceable the remainder of this Agreement.

 

9.  Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Grantee, his or her beneficiary and W. P. Carey and its successors and assigns.

 

10.  Notice.  Any notice, consent, election or demand required or permitted to be given under the provisions of this Agreement shall be in writing, and shall be signed by the party giving or making the same.  If such notice, consent, election or demand is to be mailed, it shall be sent by United States certified mail, postage prepaid, addressed to such party’s last known address.  The date of such mailing shall be deemed the date of notice, consent, election or demand.  Notice may also be by confirmed electronic delivery, including facsimile.

 

11.  Administration.  The Committee, as defined in the Plan, shall have full discretionary authority to (a) interpret, construe and administer this Agreement and to delegate all or a part of its duties and responsibilities hereunder, and (b) make all determinations as to any rights under the Agreement.  The interpretation and construction of this Agreement by the Committee or its delegate, and any action taken hereunder, shall be final, binding and conclusive upon all parties in interest.  Neither the Committee nor any other officer or Grantee of W. P. Carey shall, in any event, be liable to any person for any action taken or omitted to be taken in connection with the interpretation, construction or administration of this Agreement, so long as such action or omission to act be made in good faith.

 

 

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12.  Amendment.  This Agreement may not be amended, altered or modified, except by a written instrument signed by the parties hereto, or their respective successors, and may not be otherwise terminated except as provided herein.

 

13.  Applicable Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without regard to its conflicts of laws provisions.

 

 

-3-Exhibit 10.1

 

AMENDMENT NO.1 TO AMENDED AND RESTATED TERMINAL AGREEMENT BETWEEN MIAMI-DADE COUNTY AND SEABOARD MARINE, LTD. FOR MARINE TERMINAL OPERATIONS

 

THIS AMENDMENT NO. 1 is entered this 30th day of March, 2009, by and between Miami-Dade County, Florida, a political subdivision of the State of Florida (“County”) Seaboard Marine Ltd., a Liberian Corporation, authorized to do business in the State of Florida (“Seaboard”), by and through their authorized representatives in accordance with the terms, conditions and covenants contained herein below.  The County and Seaboard are jointly referred to as the “Parties.”

 

WHEREAS, the County owns certain lands located in Miami-Dade County, Florida, on which the Dante B. Fascell Port of Miami-Dade (hereinafter the “Port”) is located;

 

WHEREAS, on May 20, 2008, by Resolution No. R-599-08, the County’s Board of County Commissioners approved the Amended and Restated Terminal Agreement between Miami-Dade County and Seaboard Marine Ltd. (the “Seaboard Agreement”) amending, restating and extending the “Terminal Agreement between Miami-Dade County and Seaboard Marine Ltd. for Marine Terminal Operations” dated October 1, 1998;

 

WHEREAS, the Seaboard Agreement provides for, among other things, minimum cargo throughput guarantees by Seaboard and commitments by the County to complete certain infrastructure improvements by certain dates which the Parties seek to modify; and

 

WHEREAS, Seaboard and the Port of Miami Terminal Operating Company, L.C., (“POMTOC”) have entered into a Terminal Services Agreement (“TSA”) subject to, and conditioned upon, approval by the Miami-Dade County Board of County Commissioners providing for, among other things, Seaboard’s utilization of up to 18 acres of terminal space at the Port currently under lease to POMTOC pursuant to the September 15, 1994 Terminal Operating Agreement between POMTOC and the County (“POMTOC Agreement”);

 

NOW, THEREFORE, in consideration of the mutual covenants, and agreements herein contained, the sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.            The Seaboard Agreement shall be amended as follows:

 

A.            The Recitals Section of the Seaboard Agreement shall be amended to include the Recitals set forth above in this Amendment No. 1.

 

B.            Section 2 of the Seaboard Agreement providing for definitions shall be amended to add the following definition:

 

“TSA” means the Terminal Services Agreement between Seaboard and the Port of Miami Terminal Operating Company, L.C. attached as Exhibit 1 to this Amendment No. 1.

 

C.            Subsection 4(K) of the Seaboard Agreement is amended to add the following sentences:

 

“The County shall have no obligation to undertake commercially reasonable efforts to make up to ten (10) acres of land available to Seaboard during the time the County is making improvements as set forth in Exhibit 7 and Exhibit C of this Agreement while the 

 

 

TSA is in effect and Seaboard utilizes ten (10) or more acres pursuant to the TSA.  Any land in excess of ten (10) acres utilized by Seaboard pursuant to the TSA shall be included as Throughput Acres and shall be subject to the Minimum Guaranteed TEU Throughput as set forth in the Agreement.  Any land utilized by Seaboard Pursuant to the TSA shall not be included in determining any entitlement Seaboard may have to a discount from the Tier 1 TEU Rate set forth in Exhibit A to the Agreement.”

 

D.           Subsection 4(Q) of the Seaboard Agreement shall be amended to delete the date “November 1, 2010” in the second sentence and replace it with the date “June 1, 2011.”

 

E.            Section 7 of the Seaboard Agreement shall be amended to add the following subsection:

 

“G)          Seaboard shall pay  the costs to erect and relocate  fencing as required to implement the TSA, the relocation of the existing Port access road (“Chute Road”) to the location  contemplated in the TSA, the relocation of the existing access and security check point presently provided at Chute Road, and any other improvements Seaboard and POMTOC deem necessary to implement the TSA, and shall contribute up to fifty thousand dollars ($50,000) towards the installation of fiber optics to the security check point and connection to existing Seaport network should County, after  notice to Seaboard, elect to proceed with said connection. ,.  Seaboard shall not be obligated to relocate Chute Road or relocate the security check point at the conclusion of the TSA or any of the costs associated therewith.”

 

F.            Exhibit C to the Seaboard Agreement shall be amended as follows:

 

“(1)          The completion date for Phase I improvements - container yard paving and drainage will be extended from December 31, 2009 to June 30, 2010;

 

(2)           The completion date for Phase II improvements - container yard paving and drainage and RTG runways will be extended from September 30, 2010 to March 31, 2011;

 

(3)           Phase III improvements - container yard paving and drainage and RTG runways will be extended from September 30, 2011 to March 31, 2012;

 

(4)           Phase IV improvements - container yard paving and drainage and RTG runways from September 30, 2012 to March 31, 2013; and

 

(5)           Phase V improvements - container yard paving and drainage and RTG runways from September 30, 2014 to March 31, 2015.

 

The Parties agree that any delays in implementation of the improvements in the Phases above occurring before January 31, 2009 are not attributable to either Party, and shall not be the basis for any extension of any deadline above.”

 

2.            All terms and conditions of the Seaboard Agreement not modified by this Amendment No. 1 shall remain in full force and effect.

 

3.            This Amendment No.1 shall be governed by Florida Law.

 

 

IN WITNESS WHEREOF the parties have caused this Amendment No. 1 to be executed in their respective corporate names by their appropriate officers, and have their respective corporate seals affixed thereto, all as of the day and year first written above.

 

	
SEABOARD MARINE LTD
    	
MIAMI-DADE COUNTY
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By
    	
/s/   Bruce A. Brecheisen
    	
By
    	
/s/   Ysela Llort
    	
 
    
	
 
    	
Name:   Bruce A. Brecheisen
    	
 
    	
Name:
    	
 
    
	
 
    	
Title:   Executive Vice President
    	
 
    	
Title:
    	
 
    
	
 
    	
Date:   Jan. 30, 2009
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ATTEST:
    	
Approved as to legal form and   sufficiency:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By
    	
/s/   Sharon H. Nelson
    	
/s/   Richard Seavey
    
	
 
    	
Name:   Sharon H. Nelson
    	
 
    
	
 
    	
Title:   Paralegal
    	
 
    
	
 
    	
Date:   Jan 30, 2009
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ATTEST:
    
	
 
    	
 
    	
Clerk of the Board
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   Elizabeth Adorno
    
	
 
    	
 
    	
Deputy/Clerk

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