Document:

EXHIBIT

10.1

 

AMENDMENT SEVEN TO THE

1995 KEY EMPLOYEES’ STOCK OPTION PLAN OF

DUKE REALTY INVESTMENTS, INC.

 

This

Amendment Seven to the 1995 Key Employees’ Stock Option Plan of Duke Realty

Investments, Inc. (“Plan”) is hereby adopted this 30th day of October,

2002 by Duke Realty Corporation (“Corporation”).  Each capitalized term not otherwise defined herein has the

meaning set forth in the Plan.

 

WITNESSETH:

 

WHEREAS, the

Corporation maintains the Plan for the purposes set forth therein; and

 

WHEREAS, pursuant

to Section 4.1 of the Plan, the Board of Directors of the Corporation (“Board”)

and the Executive Compensation Committee of the Board (“Committee”) have

reserved the right to amend the Plan with respect to certain matters; and

 

WHEREAS, the

Committee has determined to amend the Plan to allow for the deferral of option

distributions through the Executives’ Deferred Compensation Plan of Duke Realty

Services Limited Partnership and to prohibit the repricing of options issued

under the Plan; and

 

WHEREAS, the

Committee has approved and authorized this Amendment Seven 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 with respect to all

options outstanding as of October 30, 2002 and all options granted after that

date, by adding the following new subsection 3.3(c) to the end of Section 3.3

of the Plan:

 

“(c)         Repricing.  Except for adjustments made pursuant to

Section 4.2, the option price per share of stock (the ‘exercise price’) for any

option granted under the Plan may not be decreased after it is granted nor may

any option granted under the Plan be surrendered as consideration for the grant

of another option with a lower exercise price.”

 

All other provisions of the Plan shall remain

the same.

 

IN WITNESS WHEREOF, Duke Realty Corporation

by its officers thereunder duly authorized, has executed this Amendment Seven

to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc.

this 30th day of October, 2002.EXHIBIT

10.2

 

AMENDMENT FOUR TO THE

1995 SHAREHOLDER VALUE PLAN OF

DUKE REALTY SERVICES LIMITED PARTNERSHIP

 

This Amendment

Four to the 1995 Shareholder Value Plan of Duke Realty Services Limited

Partnership (“Plan”) is hereby adopted this 30th day of October, 2002 by Duke

Realty Services Limited Partnership (“Partnership”).  Each capitalized term not otherwise defined herein has the

meaning set forth in the Plan.

 

W I T N E S S E T H:

 

WHEREAS, the

Partnership maintains the Plan for the purposes set forth therein; and

 

WHEREAS,

pursuant to Section 5.1 of the Plan, the Board of Directors (“Board”) of Duke

Realty Corporation (“Corporation”) and the Executive Compensation Committee of

the Board (“Committee”) have reserved the right to amend the Plan with respect

to certain matters; and

 

WHEREAS, the

Committee has determined to amend the Plan to eliminate the payment of any Plan

benefits in stock and instead pay all Plan benefits in cash; and

 

WHEREAS, the

Committee has approved and authorized this Amendment Four;

 

NOW,

THEREFORE, pursuant to the authority reserved to the Committee under Section

5.1 of the Plan, the Plan is hereby amended with respect to all awards payable

on or after October 30, 2002 in the following particulars:

 

By adding the following to the end of Section

1.5 of the Plan:

 

“Effective October 30, 2002, no shares of Company

stock shall be issued under the Plan and the number of shares of Company common

stock available for issuance under the Plan on or after that date shall be

zero.

 

Effective October 30, 2002, the maximum value of the

awards payable under the Plan that would have, absent this Amendment Four to

the plan, been issued under the Plan in Company common shares shall be an

amount equal to the maximum number of Company common shares that could have

otherwise been issued under the Plan times the per share New York Stock

Exchange closing price of such shares on the date such shares would have

otherwise been issued.  The intent of

this paragraph is to limit the value of the awards payable under the Plan after

Amendment Four to the Plan to the value of the awards payable under the Plan

before such Amendment.”

 

2.                                       By adding the

following to the end of Section 4.2 of the Plan:

 

“Notwithstanding the foregoing, the distribution of a

Participant’s benefit under Section 4.1 on or after October 30, 2002 will be

made entirely in cash.  No shares of

Company stock will be issued

 

 

under this Plan on or after that date.”

 

All other provisions of the

Plan shall remain the same.

 

IN WITNESS

WHEREOF, Duke Realty Services Limited Partnership, by a duly authorized officer

of the Corporation (the Partnership’s general partner), has executed this

Amendment Four to the 1995 Shareholder Value Plan of Duke Realty Services

Limited Partnership this 30th day of October, 2002.EXHIBIT

10.3

 

AMENDMENT ONE TO THE

1999 SALARY

REPLACEMENT STOCK OPTION

AND DIVIDEND INCREASE

UNIT PLAN OF

DUKE REALTY

INVESTMENTS, INC.

 

This Amendment

One to the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan

of Duke Realty Investments, Inc. (“Plan”) is hereby adopted  this 30th day of October, 1999, but

effective as of October 1, 1999, by Duke-Weeks Realty Corporation, formerly

known as Duke Realty Investments, Inc. (“Company”).

 

WITNESSETH:

 

                WHEREAS, the Company adopted the Plan for the

purposes set forth therein; and

 

                WHEREAS, pursuant to Section 5.1 of the Plan,

the Company has reserved the right to amend the Plan with respect to certain

matters, by action of the Executive Compensation Committee of the Board of

Directors of the Company (“Committee”); and

 

                WHEREAS, Section 3.7(b) of the Plan provides

that Units may be exercised only to the extent that shares of the Company’s

common stock have been acquired by a Participant through the exercise of

certain stock options; and

 

                WHEREAS, the Committee has determined to

amend Section 3.7 to permit the Committee to reduce the value received by a

Participant upon the exercise of a Unit in lieu of the requirement that a Unit

can be exercised only to the extent that certain stock options have been

exercised; and

 

                WHEREAS, the Committee has approved and

authorized this Amendment One;

 

                NOW, THEREFORE, pursuant to the authority

reserved to the Committee under Section 5.1 of the Plan, the Plan is hereby

amended in the following particular:

 

                By adding the following subsection (d) to the

end of Section 3.7, effective as of October 1, 1999:

 

“(d)  

Committee Discretion to Waive Requirement of Prior Exercise of Stock

Options.  Notwithstanding the

provisions of Section 3.7(b), if a Participant desires to exercise Units but

has not yet acquired the same or a greater number of shares of the Company’s

common stock through the exercise of options granted under the Stock Option

Plan on the same date on which the Units were granted (the “Corresponding Stock

Options”), the Committee shall have the discretion to waive the requirement

that the Corresponding Stock Options be exercised provided that:

(i)           The exercise price of the Corresponding Stock Options

is more than the Per Share Value as of the date on which the Unit is exercised;

 

 

 

(ii)        Pursuant to an amendment to the applicable stock

option agreement(s), the Participant forfeits all of his or her rights to the

Corresponding Stock Options in an amount which is equal to the number of Units

exercised; and

 

(iii)     The

value of each Unit exercised, as otherwise determined under Section 3.8, is

reduced, on a dollar-for-dollar basis, by the excess of the per share exercise

price of the Corresponding Stock Options over the Per Share Value on the date

on which the Unit is exercised.”

 

                All other provisions of the Plan shall remain the same.

 

                IN WITNESS WHEREOF, Duke-Weeks Realty Corporation, by its officer

thereunder duly authorized, has executed this Amendment One to the 1999 Salary

Replacement Stock Option and Dividend Increase Unit Plan of Duke Realty

Investments, Inc. this 30th day of October, 1999, but effective as of October

1, 1999.EXHIBIT 10.4

 

AMENDMENT TWO TO THE

1999 SALARY REPLACEMENT STOCK

OPTION

AND DIVIDEND INCREASE UNIT PLAN OF

DUKE REALTY INVESTMENTS, INC.

 

This Amendment Two to the

1999 Salary Replacement Stock Option and Dividend Increase Unit Plan of Duke

Realty Investments, Inc. (“Plan”) is hereby adopted this 30th day of

October, 2002 by Duke Realty Corporation (“Corporation”).  Each capitalized term not otherwise defined

herein has the meaning set forth in the Plan.

 

WITNESSETH:

 

WHEREAS, the Corporation

maintains the Plan for the purposes set forth therein; and

 

WHEREAS, pursuant to Section

5.1 of the Plan, the Board of Directors of the Corporation (“Board”) and the

Executive Compensation Committee of the Board (“Committee”) have reserved the

right to amend the Plan with respect to certain matters; and

 

WHEREAS, the Committee has

determined to amend the Plan to reflect the “freeze” of the Plan and to

eliminate the payment of the value of Units in stock and instead pay all Plan

benefits in cash; and

 

WHEREAS, the Committee has

approved and authorized this Amendment Two;

 

NOW, THEREFORE, pursuant to

the authority reserved to the Committee under Section 5.1 of the Plan, the Plan

is hereby amended, effective as of October 30, 2002, with respect to all

Options and Units granted at any time under the Plan in the following

particulars:

 

1.             By adding the following to the end of Section 1.2 of the

Plan:

 

“Notwithstanding the

foregoing, the Company ‘froze’ the Plan as of October 30, 2002.  Consequently, no new Options or Units have

been or will be granted under the Plan on or after that date.”

 

2.             By adding the following to the end of Section 3.1 of the

Plan:

 

“As a result of the Plan

freeze, the maximum number of shares to be delivered upon exercise of all

Options granted under the Plan prior to the freeze date shall not exceed

Thirteen Thousand One Hundred and Seven (13,107) shares.  No shares shall be delivered on or after

October 30, 2002 with respect to any Unit granted under the Plan.”

 

 

3.     By deleting the words “whole shares of Company common stock with

a value of” where they appear in the penultimate sentence of Section 3.8 of the

Plan and by deleting the last sentence of that Section 3.8.

 

4.             By adding the following to the end of Section 4.2 of the

Plan:

 

“Notwithstanding the

foregoing, the distribution of a Participant’s benefit under Section 4.1 on or

after October 30, 2002 shall be made in cash rather than shares of Company

stock.”

 

All other provisions of the

Plan shall remain the same.

 

IN WITNESS WHEREOF, Duke

Realty Corporation, by its duly authorized officer, has executed this Amendment

Two to the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan

of Duke Realty Investments, Inc. this 30th day of October, 2002.

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