Document:

EX-10.2 1999 INCENTIVE STOCK PLAN - INCENTIVE

 

EXHIBIT 10.2

COUSINS PROPERTIES INCORPORATED

KEY EMPLOYEE

INCENTIVE STOCK OPTION AND

STOCK APPRECIATION RIGHT CERTIFICATE

THIS CERTIFICATE evidences that a stock option (“Option”) and a Stock Appreciation Right (“SAR”)
have been granted under the Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended
(“Plan”), to Key Employee as of the Award Date with respect to the Awarded Number of Shares of
Stock at the Option Price per share, all as defined below and this Option and SAR grant (“Grant”)
shall be subject to the terms and conditions set forth in Exhibit A of this Certificate.

	 	 	 
	“Key Employee”:

	 	<<Name>>
	“Award Date”:

	 	<<Date>>
	“Awarded Number of Shares of Stock”:

	 	<<Shares >>
	“Option Price per Share”:

	 	<<Dollar >>
	“Vesting Period”:

	 	<<Vesting-Period>>

	 	 	 	 	 
	 	COUSINS PROPERTIES INCORPORATED

 	 
	 	BY:  	 	 
	 	 	TITLE: General Counsel & Corporate Secretary 	 
	 	 	 	 

 

 

	 	 	 	 	 

CERTIFICATE

EXHIBIT A

     § 1. Plan. This Grant is subject to all the terms and conditions set forth in the
Plan and this Certificate, and all of the capitalized terms not otherwise defined in this
Certificate shall have the same meaning in this Certificate as in the Plan. If a determination is
made that any term or condition in this Certificate is inconsistent with the Plan, the Plan shall
control. A copy of the Plan will be made available to Key Employee upon written request to the
corporate Secretary of CPI.

     § 2. Status as ISO. CPI intends that the Option part of this Grant qualify for any
special income tax benefits under § 422 of the Code. Therefore, CPI intends that the exercise of
the Option part of this Grant will not constitute a taxable event to Key Employee for federal
income tax purposes (other than for computing Key Employee’s alternative minimum tax) and that CPI
will not receive an income tax deduction at exercise for federal income tax purposes for the amount
that Key Employee includes in income.

     § 3. Accrual of Exercise Right. The right to exercise this Grant shall (subject to
the special rules in § 5) accrue and become exercisable in equal increments on each annual
anniversary of the Award Date over the Vesting Period so long as Key Employee remains continuously
in the employ of “Cousins” through such anniversary date, where for purposes of this Certificate
the term “Cousins” means either CPI, a Parent, or a Subsidiary or any combinations of such
organizations. The aggregate number of shares of Stock subject to exercise on any date shall equal
the excess, if any, of the number of whole shares of Stock as to which the right to exercise then
has accrued over the number of whole shares of Stock for which this Grant has been exercised. This
Grant may be exercised in whole or in part at any time with respect to whole shares of Stock as to
which the exercise right has accrued as of that time;

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provided, however, that this Grant may not be exercised for fewer than twenty-five (25) shares
of Stock unless the total number of shares of Stock which can be purchased under this Grant at the
time of such exercise is fewer than twenty-five (25), in which event this Grant shall be exercised
for the total number of such shares.

     § 4. Life of Option. This Grant shall expire when exercised in full; provided,
however, this Grant shall expire, to the extent not exercised in full, on the date which is the
tenth anniversary of Award Date, or, if earlier, on the date provided under § 5 of this
Certificate.

     § 5. Special Rules.

          (a) Termination of Employment. Except as provided in § 5(b), § 5(c), or § 5(d) of
this Certificate, in the event that Key Employee’s employment by or with Cousins is terminated for
any reason on any date, Key Employee’s the accrued right under § 3 of this Certificate to exercise
this Grant shall expire immediately and automatically on the last day of the earlier of (A) the
twelve (12) consecutive month period which immediately follows the date of Key Employee’s
employment terminates or (B) the period described in § 4 of this Certificate; provided, however,
that in the event Key Employee’s employment is terminated on any date (l) by Cousins for “cause”
(as determined by the Committee in its discretion and) or (2) by Key Employee without the written
consent of the Committee, this Grant shall expire immediately and automatically on such date and
shall be of no further force and effect with respect to any shares of Stock not purchased before
such date.

          For purposes of determining whether Key Employee’s employment by or with Cousins has
terminated,

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     (l) a transfer of employment between or among the organizations which
constitute Cousins shall not be treated as a termination of Key Employee’s
employment with Cousins,

     (2) if Key Employee is employed solely by any organization which constitutes
Cousins other than CPI, the termination of CPI’s ownership interest in such
organization or the sale of all or substantially all of the assets of such
organization shall be treated as a termination of Key Employee’s employment with
Cousins, and

     (3) Key Employee’s commencement of a leave of absence from Cousins shall not
be treated as a termination of Key Employee’s continuous employment with Cousins,
provided such leave of absence is approved in writing by the Committee.

          (b) Death. In the event that Key Employee (l) dies while employed by Cousins or (2)
dies while he or she has a right to exercise this Grant under § 5(a)(A) of this Certificate, Key
Employee’s right to exercise this Grant under § 5(a)(A) shall be extended and thereafter shall
expire immediately and automatically on the last day of the twelve (12) consecutive month period
immediately following the date of Key Employee’s death. In the event Key Employee dies while he or
she has a right to exercise this Grant under § 5(d) of this Certificate, Key Employee’s right to
exercise this Grant shall expire immediately and automatically on the last day of the twelve (12)
consecutive month period immediately following the date of Key Employee’s death or, if sooner, on
the date specified in § 5(d). In the event that Key Employee dies while employed by Cousins, Key
Employee’s rights under § 3 shall be determined as if he or she had remained in the employ of
Cousins throughout the Vesting Period.

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          (c) Change in Control. If (1) there is a Change in Control of CPI on any date and the
Plan and this Grant are continued in full force and effect or there is an assumption of the Plan
and this Grant in connection with such Change in Control and (2) Key Employee’s employment with
Cousins terminates for any reason within the two-year period starting on the date of the Change in
Control, then this Grant shall become 100% exercisable by Key Employee on the date his or her
employment so terminates (without regard to § 3 of this Certificate) in accordance with § 15 of the
Plan as in effect on the Award Date and shall be exercisable in accordance with § 5(a) of this
Certificate. If there is a Change in Control of CPI on any date and the Plan and this Grant are
not continued in full force and effect or there is no assumption of the Plan and this Grant in
connection with such Change in Control, (A) this Grant shall become 100% exercisable by Key
Employee (without regard to § 3 of this Certificate) in accordance with § 15 of the Plan as in
effect on the Award Date on a date selected by the Board which shall provide Key Employee a
reasonable opportunity to exercise his or her Grant and (B) this Grant may then be canceled
unilaterally by the Board immediately before the date of the Change in Control.

          (d) Retirement. In the event that Key Employee’s employment with Cousins terminates
by reason of Retirement, this Grant shall become 100% exercisable by Key Employee on the date his
or her employment so terminates (without regard to § 3 of this Certificate) and Key Employee’s
right to exercise this Grant shall expire, to the extent not exercised in full, no earlier than the
last day of the period described in § 4 of this Certificate (determined without regard to § 5(a).
For purposes of this § 5(d), “Retirement” shall mean Key Employee’s termination of employment with
Cousins on or after the date (i) Key Employee has attained age

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60 and (ii) Key Employee’s age (in whole years) plus Key Employee’s whole years of employment
equal at least 65.

          (e) No Duplication. If Key Employee exercises his or her right to purchase any share
of Stock under the Option part of this Grant, such exercise automatically shall cancel his or her
right to exercise the SAR part of this Grant with respect to such share of Stock and, if Key
Employee exercises the SAR part of this Grant with respect to any share of Stock, such exercise
automatically shall cancel his or her right to exercise the Option part of this Grant with respect
to such share of Stock.

     § 6. Method of Exercise.

          (a) Option. Key Employee may (subject to the conditions of this Certificate) exercise
the Option part of this Grant in whole or in part (before the date the Option expires) on any
normal business day of CPI by (1) delivering to CPI at its principal place of business in Atlanta,
Georgia a written notice (addressed to its corporate Secretary or Chief Financial Officer) of the
exercise of such Option and (2) simultaneously paying the Option Price to CPI in cash, by check, by
delivering to CPI Stock which has been held by Key Employee for at least six (6) months and which
is otherwise acceptable to the Committee, or in any combination of cash, check or Stock acceptable
to the Committee which results in full payment of the Option Price. Any payment made in Stock
shall be treated as equal to the Fair Market Value of such Stock on the date the properly endorsed
certificate for such Stock is delivered to CPI.

          (b) SAR. Key Employee may (subject to the conditions of this Certificate) exercise
the SAR part of this Grant in whole or in part (before the date the Option expires) on any normal
business day of CPI by delivering to CPI a written notice of the exercise of such SAR.

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     § 7. Delivery of Stock.

          (a) Option. CPI shall (subject to § 17.5 of the Plan) deliver to Key Employee a
properly issued certificate for any Stock purchased pursuant to the exercise of all or any portion
of the Option part of this Grant as soon as practicable after such exercise, and such delivery
shall discharge CPI of all of its duties and responsibilities and obligations with respect to the
shares of Stock subject to such exercise.

          (b) SAR. CPI pursuant to any exercise of all or any portion of the SAR part of this
Grant shall compute the excess, if any, of the aggregate Fair Market Value of the shares of Stock
subject to such exercise on the date of exercise over the aggregate Option Price for such shares
(the “Spread”) and shall (subject to § 17.5 of the Plan) as soon as practicable after such exercise
deliver to Key Employee whole shares of Stock equal to the Spread (rounding down to the nearest
whole share), and such delivery shall discharge CPI of all of its duties and responsibilities and
obligations with respect to the shares of Stock subject to such exercise. The number of whole
shares of stock delivered shall be determined using the Fair Market Value of a share of Stock on
the date the SAR part of this Grant is exercised. The Fair Market Value of a fractional Share
shall be paid in cash.

     § 8. Non-Transferability. This Grant is not transferable (absent the Committee’s
consent) by Key Employee other than by will or by the applicable laws of descent and distribution,
and this Grant (absent the Committee’s consent) shall be exercisable during Key Employee’s lifetime
only by Key Employee. The person or persons to whom this Grant is transferred by will or by the
applicable laws of descent and distribution thereafter shall be treated as the Key Employee under
this Certificate.

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     § 9. Resale of Shares Acquired by Exercise of Option. Upon the receipt of shares of
Stock as a result of the exercise of the Option, Key Employee shall, if so requested by CPI, hold
such shares of Stock for investment and not with a view of resell or distribution to the public
and, if so requested by CPI, shall deliver to CPI a written statement satisfactory to CPI to that
effect.

     § 10. Not Contract; No Shareholder Rights; Construction of Certificate. This
Certificate (1) shall not be deemed a contract of employment or give Key Employee any right to
continue employment with Cousins, (2) shall not give Key Employee any rights of any kind or
description whatsoever as a shareholder of CPI as a result of this Grant or his or her exercise of
this Grant before the date of the actual delivery of Stock subject to this Grant to Key Employee,
(3) shall not confer on Key Employee any rights upon his or her termination of employment in
addition to those rights expressly set forth in this Certificate, and (4) shall be construed
exclusively in accordance with the laws of the State of Georgia.

     § 11. Other Conditions. If so requested by CPI upon the exercise of this Grant, Key
Employee shall (as a condition to the exercise of this Grant) enter into any other agreement or
make such other representations prepared by CPI which in relevant part will restrict the transfer
of Stock acquired pursuant to the exercise of this Grant and will provide for the repurchase of
such Stock by CPI under certain circumstances.

     § 12. Tax Withholding. Key Employee shall have the right to satisfy any applicable,
minimum federal and state withholding requirements arising out of the exercise of this Grant by
electing to (1) have CPI withhold shares of Stock that otherwise would be transferred to such Key
Employee as a result of the exercise of this Grant, (2) deliver to CPI cash, (3) deliver to CPI
previously owned shares of Stock to the extent necessary to satisfy such requirement or (4) any

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combination of the foregoing; provided, however, that any such election may be made by Key
Employee only if such election shall not be subject to Section 16(b) of the 1934 Act, and any
shares of Stock delivered to CPI shall have been held by Key Employee for at least six months. To
the extent Key Employee does not satisfy such income tax or other applicable withholding
requirements by withholding or delivering shares of Stock, CPI shall have the right upon the
exercise of this Grant to take such action as it deems necessary or appropriate to satisfy any
income tax or other applicable, minimum withholding requirements.

     § 13. Section 16a. If Key Employee, at the time he or she proposes to exercise any
rights under this Grant, is an officer or director of CPI, or is filing ownership reports with the
Securities and Exchange Commission under Section 16(a) of the Exchange Act, then Key Employee
should consult CPI before Key Employee exercises such rights to determine whether the securities
law might subject him or her to additional restrictions upon the exercise of such rights.

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EXHIBIT 10.2

OPTION OR SAR EXERCISE FORM

(To be used by Key Employee

to exercise the rights to purchase Stock

evidenced by the foregoing Option or to exercise the related SAR)

TO: Cousins Properties, Inc.

Please check either (a), (b) or (c).

o   (a) The Undersigned hereby exercises his/her right to purchase
                     shares of Stock
covered by the Option grant evidenced by attached Certificate in accordance with the terms and
conditions thereof, and herewith makes payment of the Option Price of such shares in full; or

o   (b) The Undersigned hereby exercises the SAR evidenced by the attached Certificate with respect
to                      shares of Stock covered by the SAR grant in accordance with the terms and
conditions thereof; or

o   (c) The Undersigned hereby exercises (1) his/her right to purchase                      shares of such
Stock covered by such Option and herewith makes payment of the Option Price of such shares in full
and (2) the SAR with respect to                      shares of such Stock.

If the Undersigned wants shares electronically transferred to a brokerage account, please attach
appropriate transfer instructions to this form.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Signature 	 
	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	 	Address 	 
	 	 	 	 

DatedEX-10.3 2005 RESTRICTED STOCK UNIT PLAN

 

EXHIBIT 10.3

COUSINS PROPERTIES INCORPORATED

2005 Restricted Stock Unit Plan

Restricted Stock Unit Certificate

     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”). All
of the terms, conditions and 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 and
in this Certificate.

Terms and Conditions

	1.	 	Name of Key Employee:                                                             .
	 
	2.	 	Grant Date. The Grant Date is                                                             .
	 
	3.	 	Number of Units. The Restricted Stock Unit grant is                      units. The value of
each 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. This Award shall vest with respect to 25% of the Restricted
Stock Units on each anniversary of the Grant Date until it is 100% vested; provided Key
Employee has been continuously employed by CPI through the applicable anniversary date. In
addition, Key Employee shall vest with respect to 100% of the Restricted Stock Units (a) if
Key Employee’s employment with CPI terminates by reason of death or Retirement (as defined in
this § 4) or (b) upon a Change in Control. If Key Employee’s employment with CPI terminates
other than by reason of Key Employee’s death or Retirement (as defined in this § 4) prior to
complete vesting of the Restricted Stock Units, the Restricted Stock Units not vested as of
such termination of employment shall be forfeited and expire immediately and automatically. A
transfer between or among CPI, CREC, a Preferred Stock Subsidiary that is covered by this
Plan, or any Subsidiary, Parent or Affiliate of CPI or CREC shall not be treated as a
termination of employment with CPI. For purposes of this § 4, “Retirement” shall mean Key
Employee’s termination of employment with CPI on or after the date (i) Key Employee has
attained age 60 and (ii) Key Employee’s age (in whole years) plus Key Employee’s whole years
of employment equal at least 65.
	 
	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 pay Key Employee an amount in cash for
each Restricted Stock Unit subject to an outstanding Award equal to the cash dividend paid on
a share of Stock as soon as practical after the date of the payment of the cash dividend, but
in no event later than 21/2 months after the calendar year in which the cash dividend is paid;
provided, however, the right of Key Employee to receive this cash payment
shall be forfeited if Key Employee terminates employment as a Key Employee for any reason
(except death) before the dividend payment date.
	 
	7.	 	Distribution of Payment Represented by Units. Payment of vested Restricted Stock
Units shall be made in a single payment in cash 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. In the event of Key Employee’s death, payment of the vested Restricted Stock
Units shall be made to Key Employee’s Beneficiary in a single payment as soon as practicable
after Key Employee’s death, but in no event later than 21/2 months after the calendar year in
which Key Employee dies.
	 
	8.	 	Withholding. CPI shall have the right to take whatever action the Committee directs
to satisfy applicable federal, state and other withholding requirements.
	 
	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:  	 	 
	 

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