Document:

Exhibit 10.46

 Exhibit 10.46 
  
 [NAME OF EXECUTIVE] 
 RESTRICTED STOCK AGREEMENT 
  
 This Agreement is between                                  (the
“Executive”) and Host Marriott Corporation (“Company”), a Maryland corporation, and governs an award made to the Executive pursuant to the 1997 Host Marriott Corporation and Host Marriott, L.P. Comprehensive Stock and Cash
Incentive Plan, as amended (the “Plan”). The Company and the Executive agree as follows: 
  
 1. Restricted Stock Award. The Company has awarded the Executive
             shares of Restricted Stock of which: 
  
 (i)              shares shall vest based on the Executive’s continued service with
the Company (the “Time Based Award”); 
  
 (ii)
             shares shall vest based on performance relating to Absolute Total Shareholder Return (The “Absolute TSR Award”); and 
  
 (iii)
             shares shall vest based on performance relating to Relative Total Shareholder Return (the “Relative TSR Award”). 
  
 2. Time Based Award. The Time Based Award will vest in three
(3) annual installments as follows: (i)              shares on December 31, 2006;
(ii)              shares on December 31, 2007; and (iii)              shares on December 31,
2008, provided that the Executive is employed by the Company on the relevant December 31 and such Executive’s employment with the Company had not terminated during the applicable twelve (12) month period preceding the vesting date,
unless otherwise provided in Section 8 of this Agreement. 
  
 3. Absolute TSR Award. The Absolute TSR Award may vest in three (3) annual installments as follows: (i)              shares for the period January 1,
2006 to December 31, 2006; (ii)              shares for the period January 1, 2007 to December 31, 2007; and
(iii)              shares for the period January 1, 2008 to December 31, 2008 based on satisfaction of the Absolute TSR during such period as follows: 
  
  

			
	If Absolute TSR is	 	 Then the percentage of the
 Absolute TSR Award for the
 relevant period which will
 vest will
be

	 <7%
	 	    0%
	 7%
	 	  25%
	 10%
	 	  50%
	 15%
	 	100%

 [Name of Executive] 
 2006 Restricted Stock Agreement 
  
  
 The Executive will vest in any installment of the Absolute TSR Award
provided that the Executive is employed by the Company on the date that the Compensation Policy Committee of the Board of Directors of the Company (the “Committee”) determines the Absolute TSR for such period and such Executive’s
employment with the Company had not terminated during the prior twelve (12) month period preceding the vesting date, unless otherwise provided in Section 8 of this Agreement. 
  
 Absolute TSR for the relevant year shall mean the increase in the Starting Price over the Ending Price, plus dividends paid
on the Company’s common stock during the relevant year. The “Starting Price” shall mean the average of the high and the low trading prices of the Company common stock on the trading days occurring on the last sixty (60) calendar
days of the calendar year preceding the relevant year. The “Ending Price” shall mean the average of the high and low trading prices of Company common stock on the trading days occurring on the last sixty (60) calendar days of the
relevant year. The calculation of the Absolute TSR and the number of shares vested under the Absolute TSR Award shall be carried out to the third decimal point. The actual number of shares of the Absolute TSR Award which shall vest shall be
interpolated between the vesting percentages to the extent that the Absolute TSR is between the amounts set forth in the chart above. 
  
 Shares of the Absolute TSR Award that do not vest in any calendar year may vest based on satisfaction of Cumulative Performance, as described in
Section 5 of this Agreement. 
  
 4. Relative TSR Award.
The Relative TSR Awards may vest in three (3) annual installments as follows: (i)              shares for the period January 1, 2006 to December 31, 2006;
(ii)              shares for the period January 1, 2007 to December 31, 2007; and             
shares for the period January 1, 2008 to December 31, 2008 based on satisfaction of the Relative TSR as follows: 
  
  

			
	If Relative TSR is	  	 Then the percentage of the
 Relative TSR Award for
 the relevant period which
 will vest
will be

	 <40th percentile
	  	    0%
	 40th percentile
	  	  25%
	 60th percentile
	  	  50%
	 80th percentile
	  	100%

  

 2 

 [Name of Executive] 
 2006 Restricted Stock Agreement 
  
  
 The Executive will vest in any installment of the Relative TSR Award provided that the
Executive is employed by the Company on the date that the Committee determines the Relative TSR for such period and such Executive’s employment with the Company had not terminated during the prior twelve (12) month period preceding the
vesting date, unless otherwise provided in Section 8 of this Agreement. 
  
 “Relative TSR” shall mean the Absolute TSR compared to the NAREIT Equity Index for the relevant period. The calculation of the Relative TSR and the number of shares vested under the Relative TSR Award shall be carried out to the
third decimal point. The actual number of shares of the Relative TSR Award which shall vest shall be interpolated between the vesting percentages to the extent that the Relative TSR is between the amounts set forth in the chart above. 
  
 Relative TSR Shares that do not vest in any period may vest and be released based on
satisfaction of Cumulative Performance, as described in Section 5 of this Agreement. 
  
 5. Cumulative Performance. Shares of each of the Absolute TSR Award and Relative TSR Award that do not vest during a relevant period may vest upon satisfaction of a cumulative performance criterion, each
measured independently as described below. 
  
 Any unvested portion of the
Absolute TSR Award will vest if the average of the high and low trading prices of the Company common stock for any consecutive 60 calendar day period during the period July 1, 2008 through December 31, 2008 equals or exceeds a cumulative
15% TSR over the Starting Price for the January 1, 2006; provided that the Executive is employed by the Company on the date that the Committee determines the Absolute TSR for such period and such Executive’s employment with the Company had
not terminated during the three year vesting period, unless otherwise provided in Section 8 of this Agreement. 
  
 Any unvested portion of the Relative TSR Award will vest if the cumulative Relative TSR for the Company for the period January 1, 2006 through December 31, 2008
equals or exceeds the 80th percentile of the peer companies in the NAREIT Equity Index; provided that the Executive
is employed by the Company on the date the Committee determines the cumulative Relative TSR and such Executive’s employment with the Company had not terminated during the three year vesting period, unless otherwise provided in Section 8 of
this Agreement. 
  
 6. Restricted Stock Account. The full
number of shares of Restricted Stock have been deposited in restricted stock account or accounts for the Executive at the Company’s transfer agent. The Company reserves the right at its sole discretion to change the financial institution in
which the shares are deposited. These shares are nontransferable and otherwise subject to the Plan until the restrictions are removed based on achievement of the applicable conditions to removal of the restrictions or as otherwise permitted by the
Committee. Shares of Restricted Stock shall be released from such account and all restrictions on transfer thereof shall be removed as soon as practicable after the shares have vested in accordance with Sections 2, 3, 4 or 5 above. All
determinations of vesting in the Absolute TSR Award and Relative TSR Award shares shall be determined by the Committee in its sole discretion. 
  

 3 

 [Name of Executive] 
 2006 Restricted Stock Agreement 
  
  
 7. Voting Rights and Dividends. The Executive has the right to vote
the Restricted Stock, except to the extent shares are forfeited. The Executive shall not receive any dividends with respect to the Restricted Stock unless and until the Executive vests in the relevant shares. At the time of vesting, the Executive
shall receive a cash payment equal to the cumulative dividends (without interest) paid on the shares of Restricted Stock in which the Executive vests for the period beginning on the date of grant of those shares, and ending on the date of vesting.
No dividends shall be paid to the Executive with respect to any shares represented by shares of Restricted Stock that are forfeited by the Executive. 
  
 In the event any or all of the shares of Restricted Stock are split, or combined, or in any other manner changed, modified or amended, or the Company is
recapitalized, restructured, or reorganized, the Executive shall receive such number of new shares or equivalent equity interest and value so that the value of any remaining shares of Restricted Stock under this Agreement is not diminished or
adversely impacted in any manner. 
  
 8. Termination Policy.
This Agreement is not an employment contract. This Agreement is, however, a contract creating enforceable rights between the Company (and any successor) and the Executive regarding the Restricted Stock. This Agreement is subject to the
“Host Marriott Corporation Severance Plan for Executives” (the “Severance Plan”), attached hereto as Exhibit A. If the Executive’s employment with the Company is terminated for Cause (as defined in the Severance Plan)
or by the Executive without Good Reason (as defined in the Severance Plan), then all unvested and unreleased shares of Restricted Stock shall be forfeited. If the Executive’s employment with the Company is terminated without Cause or by the
Executive with Good Reason not following a Change in Control, then the amount of the Time Based Award for such year, and 50% of the Absolute TSR Award and Relative TSR Award for that year shall vest and all restrictions thereon shall be removed. If
the Executive’s employment with the Company is terminated by (i) reason of the Executive’s death, (ii) Disability, (iii) the Company without Cause following a Change in Control or (iv) the Executive with Good Reason
following a Change in Control, then all shares of Restricted Stock shall vest and all restrictions thereon shall be removed. For Mr. Nassetta, Mr. Risoleo and Mr. Walter, add the following sentence: [The Executive agrees that
in the event of his death, however, his named beneficiary will receive $             (the “Proceeds”) from that certain [define the Insurance Policy] dated as of
            . Executive agrees notwithstanding the foregoing that he shall forfeit that number of shares which of Restricted Stock have a Fair Market Value equal to the amount of the
Proceeds and any remaining shares of Restricted Stock shall vest.] 
  
 9. Other Long-Term Incentive Awards. The Executive understands and agrees that the shares of Restricted Stock granted pursuant to this Agreement are in lieu of any other awards of long-term incentives or supplemental long-term
incentives of stock options and deferred bonus stock awards for the period 2006 – 2008, and that the Executive is not entitled to receive any additional stock options award, deferred bonus stock awards or additional restricted stock award
during that period (other than awards granted and still in effect prior to January 31, 2006 [and the shares of Restricted Stock granted on February 9, 2006 designated as a special shareholder value grant]). The Committee reserves
the right to make additional long-term incentive awards to individuals in cases where it believes doing so is in the best interests of the Company and its shareholders. 
  

 4 

 [Name of Executive] 
 2006 Restricted Stock Agreement 
  
  
 10. The Plan. The Restricted Stock is granted in accordance with and
subject to the Plan. The terms of this Agreement are intended to be in full accordance with the Plan. However, in the event of any potential conflict between any term of this Agreement and the Plan, this Agreement shall automatically be amended to
comply with the terms of the Plan. 
  
 11. Modifications
to the Agreement. This Agreement represents the full and complete understanding between the Executive and the Company and this Agreement cannot be modified or changed by any prior or contemporaneous or future oral agreement of the parties. This
Agreement shall only be modified by the express written agreement of the parties. 
  
 12. Governing Law. This Agreement shall be governed by the law of the State of Maryland without regard to choice of law or conflict of law rules. 
  
 13. Designation of Beneficiary. The Executive may designate a beneficiary in the space provided at the end of this
Agreement. 
  
 14. Taxation. The Executive understands that
upon removal of restrictions on any of the shares represented by the Long-Term Incentive Award, a taxable event will occur and Executive will be responsible for payment of taxes due. The Committee may condition the delivery of any shares or any
other benefits under this Agreement on the satisfaction of applicable withholding requirements. The Committee, in its discretion, and subject to such requirements as the Committee may impose prior to the occurrence of such withholding, may permit
such withholding obligations to be satisfied through cash payment by the Executive, through the surrender of shares of common stock of the Company that the Executive already owns, or through the surrender of shares of Restricted Stock to which the
Executive would otherwise be entitled under this Agreement provided, however, that if the withholding obligation arises during a period in which the Associate is prohibited in trading in the Company’s equity securities by reason of the Federal
securities laws, or any Company policy regarding insider trading, then the Company shall automatically withhold the number of shares with a Fair Market Value equal to the minimum amount required to be withheld from the Restricted Stock to which the
Associate would otherwise be entitled under this Agreement. 
  
 15. Confidential Information. In consideration of the grant of Restricted Stock the Executive hereby agrees that the Company has made and will make available to the Executive, and the Executive will have access to, certain
Confidential Information of the Company and its affiliates. The Executive acknowledges and agrees that any and all Confidential Information learned or obtained by the Executive during the course of the Executive’s employment with the Company or
otherwise, whether developed by the Executive alone or in conjunction with others or otherwise, shall be and is the property of the Company and its affiliates. Accordingly, the Executive shall at all times keep all Confidential Information
confidential and will not use such Confidential Information other than in connection with the Executive’s discharge of his/her employment with the Company, and will safeguard the Confidential Information from unauthorized disclosure. This
covenant is not intended to, and does not limit in any way the Executive’s duties and obligations to the Company under statutory and common law not to disclose or make personal use of the Confidential Information or 
  

 5 

 [Name of Executive] 
 2006 Restricted Stock Agreement 
  
  
 trade secrets. For the purposes of this Agreement, “Confidential
Information” shall mean all confidential and proprietary information of the Company, and its affiliates, including, without limitation, the Company’s contractor, customer, supplier and vendor lists and information, marketing
strategies, pricing policies or characteristics, product or product specifications, designs, software systems, leasing costs, cost of equipment, business or business prospects, plans, proposals, codes, marketing studies, research, reports,
investigations, trade secrets or other information of similar character. For purposes of this Agreement, Confidential Information shall not include (i) information which is generally available to the public, (ii) information obtained by
the Executive from third persons other than employees of the Company, its subsidiaries, and affiliates not under agreement to maintain the confidentiality of the same, and (iii) information which is required to be disclosed by law or legal
process. 
  
  

									
	Accepted by the Executive:	 	 	 	 For the Company:

					
	 	 	 	 	 	 	 	  	 
	 [Name]
	 	 	 	 	 	 	  	 
					
	 Date:
	 	 	 	 	 	Date:	  	 
					
	 Beneficiary:
	 	 	 	 	 	 	  	 
					
	 Relationship:
	 	 	 	 	 	 	  	 

  

 6Exhibit 10.47

 EXHIBIT 10.47 
  
 [NAME OF EXECUTIVE] 
 RESTRICTED STOCK AGREEMENT 
 SPECIAL SHAREHOLDER VALUE GRANT 
  
 This Agreement is between
                                        
(the “Executive”) and Host Marriott Corporation (“Company”), a Maryland corporation, and governs a grant of restricted shares of common stock of the Company to the Executive pursuant to the 1997 Host Marriott Corporation and Host
Marriott, L.P. Comprehensive Stock and Cash Incentive Plan, as amended (the “Plan”). The Company and the Executive agree as follows: 
  
 1.    Restricted Stock Grant. Upon the terms and subject to the terms and conditions set forth in the Plan and in this Agreement, including,
but not limited to, Section 5 of this Agreement, the Executive has been granted
                                 restricted shares of the Company’s common
stock (the “Restricted Stock”) effective February 9, 2006. 
  
 2.    Vesting Schedule and Release. The grant of Restricted Stock to the Executive shall be subject to certain restrictions and risks of forfeiture as set forth in Section 5. Subject to the foregoing and
Section 13 below, the shares shall vest according to the following schedule: 
  

	 	•	 	25% or                      shares on February 9, 2006;

  

	 	•	 	25% or                      shares on February 9, 2007:

  

	 	•	 	25% or                      shares on February 9, 2008; and

  

	 	•	 	25% or                      shares on February 9, 2009.

  
 In the event that a vesting date falls on a Saturday or Sunday
or a day on which the New York Stock Exchange is not open for the transaction of business, then the shares shall vest on the next business day. The shares shall be released by the Company and the restrictions shall be removed as soon as practicable
after each applicable vesting date. 
  
 3.    Restricted
Stock Account. Unless and until the shares of Restricted Stock have vested in the manner required under this Agreement, the shares shall be deposited in a restricted stock account for the Executive at the Company’s transfer agent. The
Company reserves the right at its sole discretion to change the financial institution in which the shares are deposited. The certificate or certificates representing the Restricted Stock will not be delivered to the Executive unless and until the
shares have vested pursuant to the terms of the Plan and this Agreement and all other terms and conditions in this Agreement and under the Plan have been satisfied. 
  
 4.    Voting Rights and Dividends. The Executive has the right to vote the full number of shares of Restricted
Stock, except to the extent shares are forfeited. The Executive shall not be paid any dividends with respect to the Restricted Stock until the Executive has become vested in the shares. At the time of vesting, the Executive shall receive a cash
payment equal to the aggregate dividends (without interest) that the Executive would have received if the Executive had owned all the shares in which the Executive had vested for the period beginning on the date of grant of those shares, and ending
on the date of vesting. No dividends shall be paid to the Executive with respect to any shares of Restricted Stock that are forfeited by the Executive. 
  
 In the event any or all of the shares of Restricted Stock are split, or combined, or in any other manner changed, modified or amended, or the Company is recapitalized,
restructured, or reorganized, the Executive shall receive such number of new shares or equivalent equity interest and value so that the value of any remaining shares of restricted stock under this Agreement is not diminished or adversely impacted in
any manner. 
  
 5.    Restrictions and Forfeiture. The
Executive shall not sell, pledge, transfer, subject to lien, assign or otherwise hypothecate the shares unless and until the shares have vested, and certificates have been issued, recorded and delivered and all other terms and conditions set forth
in this Agreement and the Plan have been satisfied. Any attempt to do so contrary to the provisions of this Agreement shall be null and void. 

 [Name of Executive] 
 Shareholder Value Restricted Stock Agreement 
  
 The balance of any
shares of Restricted Stock that have not vested shall be forfeited in the event that the Executive has not continued in the Company’s employment through the applicable vesting date set forth in Section 2 for any reason other than the
Executive’s death or Disability (as defined in Section 13) unless otherwise provided in Section 12 of this Agreement. 
  
 6.    Other Stock Awards. The Executive understands and agrees that the Restricted Stock award is a unique one-time grant at the discretion of
the Compensation Policy Committee and the Executive is not entitled to receive any additional stock options award, deferred bonus stock awards or additional Restricted Stock (other than awards granted and still in effect and the shares of Restricted
Stock granted on February 9, 2006). The Compensation Policy Committee of the Board of Directors (the “Committee”) reserves the right to make additional long-term incentive awards to individuals in cases where it believes doing so is
in the best interests of the Company and its stockholders. 
  
 7.    The Plan. The awards made by the Committee and described in this Agreement are made in accordance with and subject to the Plan. The terms of this Agreement are intended to be in full accordance with the
Plan. However, in the event of any potential conflict between any term of this Agreement and the Plan, this Agreement shall automatically be amended to comply with the terms of the Plan. 
  
 8.    Modifications to Agreement. This Agreement represents the full and complete understanding between the
Executive and the Company on the subjects covered. The Executive expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations or inducements other than those contained in this Agreement. This
Agreement cannot be modified or changed by any prior or contemporaneous or future oral agreement of the parties. This Agreement shall only be modified by the express written agreement of the parties. 
  
 9.    Binding Agreement. This Agreement will be binding upon and
inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
  
 10.    Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company, Host
Marriott Corporation, 6903 Rockledge Drive, Bethesda, MD 20817, Attention: Human Resources, or at such other address as the Company may designate in writing. 
  
 11.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without regard to
choice of law or conflict of law rules. 
  
 12.    Termination Policy. This Agreement is not an employment contract. This Agreement is, however, a contract creating enforceable rights between the Company (and any successor) and the Executive regarding the
Restricted Stock. This Agreement is subject to the “Host Marriott Corporation Severance Plan for Executives” (the “Severance Plan”), attached hereto as Exhibit A. If the Executive’s employment with the Company is
terminated for Cause (as defined in the Severance Plan) or by the Executive without Good Reason (as defined in the Severance Plan), then all unvested and unreleased shares of Restricted Stock shall be forfeited. If the Executive’s employment
with the Company is terminated without Cause or by the Executive with Good Reason not following a Change in Control, then the amount of Restricted Stock scheduled to vest in such year shall vest and all restrictions thereon shall be removed. If the
Executive’s employment with the Company is terminated by (i) reason of the Executive’s death, (ii) Disability, (iii) the Company without Cause following a Change in Control or (iv) the Executive with Good Reason
following a Change in Control, then all shares of Restricted Stock shall vest and all restrictions thereon shall be removed. 
  
 13.    Disability; Death; Designation of Beneficiary. In the event of Executive’s Disability (as defined in the Severance Plan) or death,
all shares of Restricted Stock shall vest and restrictions shall be released. 
  

 2 

 [Name of Executive] 
 Shareholder Value Restricted Stock Agreement 
  
 14.    Taxation The Executive understands that upon removal of the restrictions on the shares of Restricted Stock, a taxable event will occur and Executive will be responsible for payment of taxes due. The
Committee may condition the delivery of any shares or any other benefits under this Agreement on the satisfaction of applicable withholding requirements. The Committee, in its discretion, and subject to such requirements as the Committee may impose
prior to the occurrence of such withholding, may permit such withholding obligations to be satisfied through cash payment by the Executive, through the surrender of shares of common stock of the Company that the Executive already owns, or through
the surrender of shares of Restricted Stock to which the Executive would otherwise be entitled under this Agreement provided, however, that if the withholding obligation arises during a period in which the Executive is prohibited in trading in the
Company’s equity securities by reason of the Federal securities laws, or any Company policy regarding insider trading, then the Company shall automatically withhold the number of shares with a Fair Market Value equal to the minimum amount
required to be withhold from the Restricted Stock to which the Executive would otherwise be entitled under this Agreement. 
  
 15.    Confidential Information. In consideration of the grant of Restricted Stock the Executive hereby agrees that the Company has made and
will make available to the Executive, and the Executive will have access to, certain Confidential Information of the Company and its affiliates. The Executive acknowledges and agrees that any and all Confidential Information learned or obtained by
the Executive during the course of the Executive’s employment with the Company or otherwise, whether developed by the Executive alone or in conjunction with others or otherwise, shall be and is the property of the Company and its affiliates.
Accordingly, the Executive shall at all times keep all Confidential Information confidential and will not use such Confidential Information other than in connection with the Executive’s discharge of his/her employment with the Company, and will
safeguard the Confidential Information from unauthorized disclosure. This covenant is not intended to, and does not limit in any way the Executive’s duties and obligations to the Company under statutory and common law not to disclose or make
personal use of the Confidential Information or trade secrets. For the purposes of this Agreement, “Confidential Information” shall mean all confidential and proprietary information of the Company, and its affiliates, including, without
limitation, the Company’s contractor, customer, supplier and vendor lists and information, marketing strategies, pricing policies or characteristics, product or product specifications, designs, software systems, leasing costs, cost of
equipment, business or business prospects, plans, proposals, codes, marketing studies, research, reports, investigations, trade secrets or other information of similar character. For purposes of this Agreement, Confidential Information shall not
include (i) information which is generally available to the public, (ii) information obtained by the Executive from third persons other than employees of the Company, its subsidiaries, and affiliates not under agreement to maintain the
confidentiality of the same, and (iii) information which is required to be disclosed by law or legal process. 
  

 3 

 [Name of Executive] 
 Shareholder Value Restricted Stock Agreement 
  

			
	 Accepted by the Executive:
	  	For the Company:
		
	                                      
                                        
                         	  	                                      
                                        
                         
	 [Name]
	  	 
		
	Date:
                                        
                                        
           	  	Date:
                                        
                                        
           
		
	Beneficiary:
                                        
                                      	  	 
		
	Relationship:
                                        
                                    	  	 

  

 4

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