Document:

EXHIBIT 10.3

AMENDMENT NINE TO THE

1995 KEY EMPLOYEES’ STOCK OPTION PLAN

 OF DUKE REALTY
INVESTMENTS, INC.

 

This
Amendment Nine to the 1995 Key Employees’ Stock Option Plan of Duke Realty
Investments, Inc., as heretofore amended (“Plan”), is hereby adopted this 26th
day of October, 2005, by Duke Realty Corporation (the “Company”).  Each
capitalized term not otherwise defined herein has the meaning set forth in the
Plan.

 

WITNESSETH:

 

WHEREAS,
the Company, formerly known as Duke Realty Investments, Inc., adopted the Plan
for the purposes set forth therein; and

 

WHEREAS,
pursuant to Section 4.1 of the Plan, the Board of Directors or the Committee
has the right to amend the Plan with respect to certain matters; and

 

WHEREAS,
the Board of Directors has determined that no further options will be granted
under the Plan from and after April 27, 2005; and

 

WHEREAS,
the Committee has approved and authorized this Amendment Nine to the Plan;

 

NOW,
THEREFORE, pursuant to the authority reserved to the Committee under Section
4.1 of the Plan, the Plan is hereby amended, effective as of the date hereof in
the following particulars:

 

1.  By deleting provision (vi) of Section 1.3 of
the Plan (as amended in Amendment Three), and renumbering the provision
accordingly.

 

2.                By substituting the
following for Section 3.10 of the Plan:

 

“3.10               Payment for Stock.  Full payment for shares purchased hereunder
shall be made at the time the option is exercised.  Payment for such shares shall be in (a) cash,
(b) shares of common stock of the Company previously acquired by the optionee,
which have been held by the optionee for such period of time, if any, as
necessary to avoid the recognition of an expense under generally accepted
accounting principles as a result of the exercise of the option, (c)
withholding of shares from the option, but only if such withholding would not
result in the recognition of an expense under generally accepted accounting
principles as a result of the exercise of the option, or (d) any combination
thereof, for the number of shares being purchased.  To the extent permitted under Regulation T of
the Federal Reserve Board, and subject to applicable securities laws and any
limitations as may be applied from time to time by the Committee (which need
not be uniform), the options may be exercised through a broker in a so-called “cashless
exercise” whereby the broker sells option shares on behalf of the optionee and
delivers cash sales proceeds to the Company in payment of the exercise price
and/or any required withholding tax. 
Stock delivered or withheld shall be valued by the Committee at its Fair
Market Value determined as of the date of the exercise of the option.

 

 

No shares shall be issued
until full payment for them has been made, and an optionee shall have none of the
rights of a shareholder with respect to any shares until they are issued to him
or her.  Upon payment of the full
purchase price, and any required withholding taxes, the Company shall take such
action as may be required to register the purchaser as the holder of record of
the shares purchased pursuant to the exercise of the option, including, when
requested by the purchaser, the issuance of a certificate or certificates
evidencing such shares.

 

3.  All other provisions of the Plan shall remain
the same.

 

IN
WITNESS WHEREOF, Duke Realty Corporation, by a duly authorized officer, has
executed this Amendment Nine to the 1995 Key Employees’ Stock Option Plan of
Duke Realty Investments, Inc., as amended, this 26th day of October, 2005.

 

	
   

  	
  DUKE
  REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Dennis D. Oklak

  
	
   

  	
   

  	
  Dennis
  D. Oklak

  
	
   

  	
   

  	
  Chairman
  of the Board and Chief Executive OfficerEXHIBIT 10.4

AMENDMENT TWO TO THE

DIRECTORS’ DEFERRED COMPENSATION PLAN OF

DUKE-WEEKS REALTY CORPORATION

 

This
Amendment Two to the Directors’ Deferred Compensation Plan of Duke-Weeks Realty
Corporation, as heretofore amended (the “Plan”), is hereby adopted this 26th
day of October, 2005, by Duke Realty Corporation (the “Corporation”). 
Each capitalized term not otherwise defined herein has the meaning set forth in
the Plan.

 

WITNESSETH:

 

WHEREAS,
the Corporation adopted the Plan for the purposes set forth therein; and

 

WHEREAS,
pursuant to Section 7.1 of the Plan, the Executive Compensation Committee of
the Board of Directors of the Corporation (the “Committee”) has the right to
amend the Plan in whole or in part; and

 

WHEREAS,
the Committee has approved and authorized this Amendment Two to the Plan;

 

NOW,
THEREFORE, pursuant to the authority reserved to the Committee under Section
7.1 of the Plan, the Plan is hereby amended, effective as of the date hereof,
in the following particulars:

 

1.  By deleting Section 2.8 and replacing it with
the following:

 

“2.8.        “Fees” means the two forms of fees paid to a Director for
services as a member of the Board.  The
first form of Fees is Stock Fees which consist of (i) that portion of a
Director’s compensation paid in the form of Duke Stock under the Duke Realty
Corporation 2005 Non-Employee Directors Compensation Plan or any successor
thereto and (ii) that portion of a Director’s compensation paid in the form of
Restricted Stock Units granted in 2006 or later pursuant to the Duke Realty
Corporation 2005 Non-Employee Directors Compensation Plan.  The second form of Fees is Cash Fees, which
consists of that portion of a Director’s compensation paid in the form of cash
pursuant to the Duke Realty Corporation 2005 Non-Employee Directors
Compensation Plan.”

 

2.  By deleting Section 2.12 and replacing it
with the following, and by changing all references to “Duke-Weeks Stock” in the
Plan to “Duke Stock”:

 

“2.12.      “Duke Stock” means the
common stock, $0.01 par value, of Duke Realty Corporation.”

 

3.  By deleting Section 4.3 and replacing it with
the following:

 

“4.3.        Stock Subaccount. 
Any Stock Fees deferred under this Plan and all amounts transferred
hereto from the stock subaccounts under the Weeks Plan shall automatically be
treated as being allocated to a corresponding Stock Subaccount, on a
share-for-share basis after taking into account, for transfers from the Weeks
Plan, the conversion of Weeks Corporation common stock into Duke Stock.  Such allocation shall be made as of (i) the
day on which Duke-Weeks would have otherwise paid such Duke Stock to the
Director under the 1996 Directors’ Stock Payment Plan of Duke Realty
Investments, Inc. or (ii) July 2, 1999 in the case of stock subaccounts under
the Weeks Plan which are transferred to this Plan, as the case may be, or (iii)
the day immediately preceding the day on which shares of Duke Stock would have
been issued to the holder of Restricted Stock Units granted pursuant to the
Duke Realty Corporation 2005 Non-Employee Directors Compensation Plan but for
this deferral.  Any Cash Fees that a
Director elects to defer into his or her Stock Subaccount shall be deemed to be
used to purchase shares of Duke Stock. 
The number of shares deemed to be purchased shall be determined by dividing
the deferrals allocated to the Stock Subaccount as of any date by the per share
closing price of Duke Stock on such date as reported by the New York Stock
Exchange.”

 

All
other provisions of the Plan shall remain the same.

 

IN
WITNESS WHEREOF, Duke Realty Corporation, by a duly authorized officer, has
executed this Amendment Two to the Directors’ Deferred Compensation Plan of
Duke-Weeks Realty Corporation, this 26th day of October, 2005.

 

	
   

  	
  DUKE
  REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Dennis D. Oklak

  
	
   

  	
   

  	
  Dennis
  D. Oklak

  
	
   

  	
   

  	
  Chairman
  of the Board and Chief Executive OfficerEXHIBIT 10.5

AMENDMENT ONE TO THE

2005 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN OF

DUKE REALTY CORPORATION

 

This
Amendment One to the Duke Realty Corporation 2005 Non-Employee Director
Compensation Plan (the “Plan”), is hereby adopted this 26th day of October,
2005, by Duke Realty Corporation (the “Company”).  Each capitalized term not otherwise defined
herein has the meaning set forth in the Plan.

 

WITNESSETH:

 

WHEREAS,
the Company adopted the Plan for the purposes set forth therein; and

 

WHEREAS,
pursuant to Section 7.1 of the Plan, the Board has the right to amend the Plan
from time to time; and

 

WHEREAS, the Board has
determined that it is in the best interests of the Company and its shareholders
to amend the Plan to (i) determine the number of shares of Common Stock granted
to each Non-Employee Director as quarterly Base Retainer based on a fixed
dollar amount of $60,000 as opposed to the current fixed share amount, (ii)
increase from $25,000 to $35,000 the dollar value of the annual restricted
stock unit awards, (iii) increase the fees paid for attendance at certain Board
committee meetings from $500 to $1,000, and (iv) increase the Supplemental
Retainer paid to the Chair of the Audit Committee from $7,500 to $10,000; and

 

WHEREAS,
the Board has approved and authorized this Amendment One to the Plan;

 

NOW,
THEREFORE, pursuant to the authority reserved to the Board under Section 7.1 of
the Plan, the Plan is hereby amended, effective as of the date hereof, in the
following particulars:

 

1.
The first paragraph of Section 5.1 of the Plan hereby is amended by deleting
the existing paragraph in its entirety and substituting the following:

 

“5.1.        BASE RETAINER.  Each Eligible Participant shall be paid a Base
Retainer for service as a director during each Plan Year.  The amount and form of payment of the Base
Retainer shall be established from time to time by the Board.  Until changed by the Board, the Base Retainer
shall be paid in Shares, subject to availability under the Equity Incentive
Plan.  Unless deferred pursuant to the
Directors’ Deferred Compensation Plan, the Base Retainer shall be paid on a
quarterly basis as soon as practicable following the end of a calendar quarter
for the prior quarter’s service.  The
number of Shares to be granted to an Eligible Participant as Base Retainer for
a calendar quarter shall be determined by dividing $15,000 by the Fair Market
Value of one share of Common Stock as of last business day of the calendar
quarter to which the Base Retainer relates, and rounding up to the nearest
whole Share.  A pro-rata Base Retainer
will be paid to any Eligible Participant who joins the Board on a date other
than the beginning of a calendar quarter, based on the number of days between
the date such Non-Employee Director joined the Board and the end of the
applicable calendar quarter.  For
example, an Eligible Participant joining the Board on August 1 would be
entitled to 60/91 times the normal Base Retainer for such partial quarter of
service, payable as soon as practical following September 30th.

 

2.  The chart in Section 5.2(a) of the Plan
hereby is amended by increasing the Supplemental Retainer for the Chair of the
Audit Committee from $7,500 to $10,000.

 

3.  The last sentence of the first paragraph of
Section 5.3 of the Plan hereby is amended by deleting such sentence in its
entirety and substituting the following:

 

“Until
changed by the Board, the meeting fee for attending a committee meeting of the
Board shall be $1,000.”

 

4.  Section 6.2 of the Plan hereby is amended by
replacing the dollar amount “$25,000” with “$35,000.”

 

All
other provisions of the Plan shall remain the same.

 

IN
WITNESS WHEREOF, Duke Realty Corporation, by a duly authorized officer, has
executed this Amendment One to the Duke Realty Corporation 2005 Non-Employee
Directors Compensation Plan, this 26th day of October, 2005.

 

	
   

  	
  DUKE
  REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Dennis D. Oklak

  
	
   

  	
   

  	
  Dennis D. Oklak

  
	
   

  	
   

  	
  Chairman
  and Chief Executive Officer

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