Document:

Exhibit 10.1

 

January 26, 2012

 

Carol Kline

 

Dear Carol:

 

As we have mutually agreed, your employment with TeleTech Holdings, Inc. (“TeleTech” or “the Company”) will terminate effective the close of business on January 26, 2012 (“Termination Date”).  This letter contains a General Release of Claims (“General Release Agreement”) intended to resolve any and all disputes arising from your employment and your separation from employment with TeleTech on mutually agreeable terms as set forth below.  Please review it carefully, and if it is acceptable to you, sign and return an original copy to TeleTech Corporate Human Capital, 9197 S. Peoria Street, Englewood, CO 80112 Attn: Irma Lockridge, either by mail or by hand delivery, no sooner than the Termination Date.  You have been provided 21 days to consider whether to enter into this Agreement.

 

GENERAL RELEASE AGREEMENT

 

This General Release Agreement is made between Carol Kline (“you”) and TeleTech Holdings, Inc. (collectively, the “Parties”).  In consideration of the mutual promises and other benefits set forth herein, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.              Settlement Payment:  Provided that you sign and return this General Release Agreement, and it thereafter becomes effective as described below, you will receive a lump sum payment equivalent to six (6) months of your base salary for a total amount of One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) (“Settlement Payment”).  The Settlement Payment shall be made less applicable federal, state, and local taxes and other authorized deductions and shall be made within 30 days of the date that this General Release Agreement becomes effective.

 

2.              Benefits:  Your current medical, dental, vision and healthcare flexible spending account coverage (to the extent that you have a positive balance in that account as of the Termination Date) will be continued, at the Company’s expense, until the Termination Date.  After the Termination Date, you may continue your existing medical insurance coverage at your own expense pursuant to your rights under federal law (commonly referred to as “COBRA”).  You will receive information on COBRA in a later mailing.

 

3.              Other Compensation Due You:  You will receive payment for any salary earned through the Termination Date, as well as payment for your accrued but unused PTO (“paid time off”), if any, less applicable taxes and authorized or required withholding deductions.  You understand that you will be paid your earned wages and commissions, if any, and accrued but unused PTO amount set forth in this paragraph regardless of whether you sign this General Release Agreement.

 

 

4.              Reimbursement for Business Expenses:  Within five days of the Termination Date, you will provide to the Company expense reports detailing all items, if any, for which you seek reimbursement, and the required supporting documentation for such expenses.  If you hold a corporate credit card account, and there is an outstanding amount due and owing on that account, you must submit documentation showing that the account has been paid in full within five days of the Termination Date and understand and agree that if you do not, the Company may withhold any amounts due and owing on that account from the Settlement Payment.  Your expense reports and supporting documentation will be subject to the same level of review that all other similar submissions receive from the Company’s Accounting Department.  The Company will reimburse you in accordance with its existing policies and procedures.  In addition, you will provide supporting documentation for all previously filed expense reports and agree to cooperate with the Company’s Accounting Department to resolve in good faith any issues relating to expenses.

 

5.              Return and Prohibition of Removal of Company Property and Records.   Except as otherwise specifically provided in this General Release Agreement, you shall return all Company property and records on the Termination Date.  In the event you fail to return such property or records provided herein, you shall be liable to the Company for the value of all such property and records, and all reasonable costs, including attorneys’ fees, incurred by the Company in recovering such property or records.  Company property and records shall include, but is not limited to, cell phones, pagers, Blackberries, laptops, printers, fax machines, and any Company related document whether in written or electronic form and whether created by you or another person or entity. Company equipment, files or business information of any kind, whether written, electronic, digital, or otherwise, shall not be copied, taken or otherwise used by you without the prior written consent of the Company.  In addition, the Company reserves the right to pursue all legal and equitable relief available for breach of this paragraph.

 

6.              Acknowledgment:  You understand and agree that,  absent this General Release Agreement, you would not otherwise be entitled to the payment specified in Paragraph 1.  Further, by signing this General Release Agreement, you agree that you are entitled only to the payments described in this General Release Agreement and that you are not entitled  to any payments that are not specifically listed in this General Release Agreement, excluding vested rights you may have pursuant to the Company’s 401(k), Stock Option, Restricted Stock Units (“RSUs”) and Life Insurance plans.

 

7.              Stock Options and Restricted Stock Units.  You acknowledge that you are only entitled to the vested RSUs (vested RSUs automatically become TeleTech stock) listed on the attachment to this General Release Agreement.  You further acknowledge that you waive and are not entitled to any outstanding and unvested Stock Options and RSUs (collectively, the “Waived Stock Options/RSUs”).  You acknowledge and agree that the Waived Stock Options/RSUs are hereby extinguished and that you grant to the Company

 

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any and all rights, title and interests that you may have in any of the Waived Stock Options/RSUs.  You acknowledge that you are still subject to the requirements of the Federal Securities laws with respect to any:  (i) sale of TeleTech common stock or (ii) exercise and same-day-sale transaction.  In general, this means that you should not sell TeleTech common stock or enter into an exercise and same-day-sale transaction while you are in possession of material nonpublic information about TeleTech.

 

8.              General Release of All Claims:  In exchange for the Company’s payments in Paragraph 1, you promise that you will not sue TeleTech, including its past and present parents, subsidiaries, partnerships, affiliated companies, officers, directors, employees, attorneys or agents, including all individuals in both their individual and representative capacities, on any claim released in this Agreement.  By signing below, you release TeleTech, including its past and present parents, subsidiaries, partnerships, affiliated companies, officers, directors, employees, attorneys or agents, including all individuals in both their individual and representative capacities (collectively, the “Released Parties”), from any and all claims  you may have, known or unknown, that are releasable by private agreement,  arising at any time through the date that this General Release Agreement becomes effective, which is eight (8) days after you sign it without revoking it. The release specifically includes and is not limited to:

 

a.                                       any and all rights or claims under any of the following laws: Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000-e, as amended; the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Family and Medical Leave Act of 1993, as amended; the Worker Adjustment and Retraining Notification Act, as amended; the Fair Labor Standards Act of 1938, as amended; the National Labor Relations Act; the Occupational Safety and Health Act, as amended; the Age Discrimination in Employment Act; the Americans with Disabilities Act of 1990, as amended; the Civil Rights Acts of 1866, 1871, and 1991; the Equal Pay Act of 1963; the Employee Retirement and Income Security Act of 1974, as amended; the Immigration Reform and Control Act, as amended; and any other federal, state, or local employment statute, law, or ordinance, including any and all claims of employment discrimination based on race, color, creed, religion, national origin, sex, age, marital status, disability, sexual orientation, lawful off-duty conduct, or retaliation; and

 

b.                                      any and all common-law claims such as wrongful discharge, violation of public policy, breach of contract, promissory estoppel, defamation, negligence, infliction of emotional distress, any intentional torts, outrageous conduct, interference with contract, fraud, misrepresentation, and invasion of privacy; and

 

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c.                                       any and all claims for any of the following: money damages(including actual, compensatory, liquidated or punitive damages), equitable relief such as reinstatement or injunctive relief, front or back pay, wages, benefits, sick pay, PTO pay, vacation pay, severance pay under the TeleTech Holdings, Inc. Severance Pay Plan, costs, interest, expenses, attorney fees, or any other remedies; and

 

d.                                      any and all claims arising under any federal or state “whistleblower” law, including without limitation the Sarbanes-Oxley Act of 2002, the Whistleblower Protection Act, and common-law wrongful discharge in violation of public policy.

 

9.              Age Waiver for Employee 40 Years Old or More:  By signing this General Release Agreement, you acknowledge that:

 

a.               The General Release in this General Release Agreement includes a waiver and release of all claims you may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621 et seq.);

 

b.              You have carefully read, and understand, this General Release Agreement;

 

c.               You have twenty-one (21) days from the Termination Date to consider your rights and obligations under this General Release Agreement and if you elect to sign it sooner, have done so knowingly, voluntarily, and after giving it your due consideration;

 

d.              You were, and hereby are, advised to consult with an attorney and/or any other advisors of your choice before signing this General Release Agreement;

 

e.               You understand that this General Release Agreement is legally binding  and by signing it you give up certain rights;

 

f.                 You have voluntarily chosen to enter into this General Release Agreement and have not been forced or pressured in any way to sign it;

 

g.              You knowingly and voluntarily release the Released Parties from any and all claims you may have, known or unknown, in exchange for the payments and benefits you have obtained by signing this General Release Agreement, and that these payments are in addition to any payments or benefits you would have otherwise received if you did not sign this General Release Agreement;

 

h.              You have seven (7) days from the date you sign this General Release Agreement to change your mind and revoke your acceptance.  To be effective, your revocation must be in writing and tendered to TeleTech Corporate Human Capital, 9197 S. Peoria Street, Englewood, CO 80112, Attn: Irma Lockridge, either by mail or by hand delivery, within the seven (7) day period.  If by mail, the revocation must be:  1) postmarked within the seven (7) day period; 2) properly addressed; and 3) sent by Certified Mail, Return Receipt Requested.

 

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The General Release Agreement will become effective on the eighth day after you sign it, provided you do not revoke your acceptance.  You understand that the Company is not required to make the payments described herein unless and until this General Release Agreement becomes effective; and

 

i.                  You understand that this General Release Agreement does not waive any rights or claims that may arise after this General Release Agreement is signed and becomes effective, which is after the Company’s actual receipt of your signed signature page and after the 7-day revocation period has expired.

 

10.       No Admission of Wrongdoing:  By entering into this General Release Agreement, neither you nor the Company nor any of the Released Parties suggest or admit any wrongdoing or violation of law.

 

11.       No Negative Statements:  You agree not to make any negative or disparaging statements about, or do anything which could damage, the Released Parties, or any of their services, reputations, employees or financial status, or any of their business relationships. It will not be a violation of this paragraph for you to make truthful statements, under oath, as required by law or formal legal process.  The Company reserves the right to pursue all legal and equitable relief available for breach of this paragraph.

 

12.       No Claims Filed:  As a condition of the Company entering into this General Release Agreement, you represent that you have not filed, and do not intend to file, any lawsuit against the Company, or any of the other Released Parties.  This General Release Agreement shall not be construed to prohibit you from filing a charge or complaint with the National Labor Relations Board, the Equal Employment Opportunity Commission, or participating in any investigation or proceedings conducted by either entity; however, you agree that you are waiving your right to monetary recovery should any federal, state, or local administrative agency pursue any claims on your behalf arising out of or relating to your employment with and/or separation from employment with the Company.

 

13.       Breach of this General Release Agreement:  You promise to abide by the terms and conditions in this General Release Agreement and understand that if you do not, the Company is entitled to seek damages and injunctive relief.

 

14.       Entire Agreement:  This General Release Agreement, together with the Arbitration Agreement, Agreement to Protect Confidential Information, Assign Inventions and Non-Solicitation and any agreements regarding Company stock, Stock Options, RSUs or any other equity units (collectively, the “Employee Agreements”) constitute the complete understanding between the Parties concerning all matters affecting your employment with the Company, the termination thereof and any ongoing responsibilities.  You hereby affirm and will comply with any and all ongoing obligations contained in the Employee Agreements, including obligations relating to confidentiality of Company information and binding arbitration.  Moreover, you acknowledge that no promises or representations

 

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have been made to induce you to sign this General Release Agreement other than as expressly set forth herein and that you have signed this General Release Agreement as a free and voluntary act.

 

15.       Severability.  If any clause, provision or paragraph of this General Release Agreement is found to be void, invalid or unenforceable, such finding shall have no effect on the remainder of this General Release Agreement, which shall continue to be in full force and effect.   Each provision of this General Release Agreement shall be valid and enforced to the fullest extent permitted by law.

 

16.       Changes to the General Release Agreement:  This General Release Agreement may not be changed unless the changes are in writing and signed by you and an authorized representative of the Company.

 

17.       Governing Law.  This General Release Agreement shall be governed and construed in accordance with the laws of the State of Colorado, excluding its choice of law rules, and shall be binding upon the parties hereto and their respective successors and assigns.

 

18.       Miscellaneous.

 

a.               This Agreement includes claims of every nature and kind, known or unknown, suspected or unsuspected.  You acknowledge that you may hereafter discover facts different from, or in addition to, those which you now know to be or believe to be true with respect to the Agreement, and you agree that this Agreement and the releases contained herein shall be and remain effective in all respects, notwithstanding such different or additional facts or the discovery thereof.

 

b.              In making the decision to enter into this Agreement, you have not relied on any statement made by the Company, either express or implied, either by statement or omission; and

 

c.               You hereby admit, acknowledge and agree that the payments described in this Agreement reflect the full and final payment of any wages and/or bonus amounts and/or other benefits that are or could be due under the terms of your employment with the Company.

 

d.              You represent that you have not filed any Workers Compensation claim and that you have no knowledge of any facts that give rise to, or which potentially give rise to, a claim for physical or mental injury arising from your work for the company.

 

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e.               Cooperation.  You agree to cooperate with Company and its legal counsel, and to furnish any and all complete and truthful information, testimony or affidavits, in connection with any matter or project that arose during your employment with Company, or in connection with any litigation, governmental proceeding or investigation, arbitration or claim, that in any way relates to the business or operations of Company or of which you may have any knowledge or involvement.  You will consult with and provide information to Company and its legal counsel concerning all such matters, and appear as and when requested to provide any such information, assistance or testimony on reasonable notice.  Company will use its best efforts to have such cooperation performed at reasonable times and places and in a manner as not to unreasonably interfere with any other employment in which you may then be engaged.  Nothing in this Agreement will be construed or interpreted as requiring you to provide any testimony, sworn statement or declaration that is not complete and truthful.  If Company requires you to travel outside the metropolitan area in the United States where you then resides to provide any testimony or otherwise provide any such assistance, Company agrees to reimburse you for any reasonable, ordinary and necessary travel and lodging expenses incurred by you to do so, provided you submit all documentation required under Company’s reimbursement policies and as otherwise may be required to satisfy any requirements under applicable tax laws for Company to deduct those expenses.

 

f.                 Section 409A.  If you are a “specified employee” (within the meaning of “Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)) and to the extent that any amounts payable or other benefits receivable by you pursuant to this Agreement provide for a “deferral of compensation” within the meaning of Section 409A, then, notwithstanding anything to the contrary in this Agreement, such payment or benefits will be provided, to the extent necessary to comply with Section 409A, no earlier than the first business day following the six month anniversary of your termination.  In determining whether a termination of employment has occurred for purposes of applying the terms of this Agreement, the provisions of Section 409A and the regulations issued thereunder will control.

 

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If you agree, please sign and return to Irma Lockridge as instructed above.

 

 

	
 
    	
 
    	
By signing below, you accept this General Release Agreement and all   of the terms herein.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TELETECH
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Michael Jossi
    	
 
    	
By:
    	
/s/ Carol Kline
    
	
 
    	
Michael Jossi
    	
 
    	
 
    	
Carol Kline
    
	
 
    	
EVP, Global Human Capital
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:   
    	
January 26,   2012
    	
 
    	
Date:
    	
January 26,   2012
    

 

8Exhibit 10.1

 

Grant No.:____

 

CUBESMART
 2007 EQUITY INCENTIVE PLAN
 (As Amended and Restated, Effective June 2, 2010)

 

PERFORMANCE-VESTED RESTRICTED SHARE UNIT AWARD AND AGREEMENT

 

This is a Performance-Vested Restricted Share Unit Award (this “Award”) from CubeSmart, a Maryland real estate investment trust (the “Company”), to the Grantee named below (the “Grantee”), subject to the vesting performance and conditions set forth in the attachments.  Upon and subject to the vesting of the Performance-Based Restricted Share Units (the “RSUs”) under this Award, the Company will deliver one common share of beneficial interest, $.01 par value (a “Share”), of the Company to the Grantee for each vested RSU.  Additional terms and conditions applicable to this Award are set forth in this cover sheet, in the attached Agreement and in the Company’s Amended and Restated 2007 Equity Incentive Plan (the “Plan”).

 

Award Date:
 Name of Grantee:
 Number of RSUs Covered by this Award, subject to satisfaction of the applicable performance and vesting conditions:

 

	
Maximum:
    	
 
    	
 (2x Target)
    
	
Target:
    	
 
    	
 
    
	
Threshold:
    	
 
    	
 (1/2x Target)
    

 

Performance Period:  January 1, 2012– December 31, 2014

 

By signing this cover sheet, the Grantee agrees to all of the terms and conditions described in the attached Agreement and in the Plan, a copy of which has been provided to the Grantee.  The Grantee acknowledges that he or she has carefully reviewed the Plan and agrees that in the event any provision of this Award or the attached Agreement is inconsistent with the terms of the Plan, the terms of the Plan shall control.

 

	
Grantee:
    	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
 
    
	
Company:
    	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

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CUBESMART
 AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN
 PERFORMANCE-VESTED RESTRICTED SHARE UNIT AGREEMENT

 

	
RSUs/Non-transferability
    	
This Award is a   Performance Award for up to the maximum number of RSUs set forth on the cover   sheet and is subject to the performance and vesting conditions described   below.  Each RSU represents the right   to delivery of one Share (subject to adjustment as provided below under “Adjustments”)   upon satisfaction of the vesting conditions.    The RSUs are restricted and may not be transferred, assigned, pledged   or hypothecated, whether by operation of law or otherwise, nor may the Shares   potentially subject to delivery upon vesting of RSUs be made subject to   execution, attachment or similar process.
    
	
 
    	
 
    
	
Vesting of RSUs
   and Issuance of
   Shares
    	
The Company will issue   one Share (subject to adjustment as provided below under “Adjustments”) in   your name with respect to each RSU that vests pursuant to the terms of this   Agreement, whether at the expiration of the Performance Period or at such   earlier time as RSUs may vest under this Agreement.

 

Your right to the   Shares under this Agreement vests up to the maximum number of Shares covered   by the Award, as shown on the cover sheet, on the last day of the Performance   Period, provided that you continue in service through the last day of the   Performance Period.  The number of RSUs   that vest, if any, and the number of Shares deliverable following vesting   shall be based on the Company’s total shareholder return (appreciation in   Share price plus dividends per Share paid during the Performance Period) (“TSR”),   as measured by the average closing Share price during the thirty (30) trading   days immediately preceding the first day of the Performance Period and the   average closing Share price during the last thirty (30) trading days of the   Performance Period, plus aggregate amount of dividends paid per Share during   the Performance Period, compared to the TSR of the peer group (consisting of   the companies listed on Schedule I hereto, subject to adjustment   thereto by the Committee (as defined below) should any of the companies cease   to be publicly-traded or be merged into another company) as set forth below:
    
	
 
    	
 
    
	
 
    	
If the Company’s TSR   for the Performance
    Period falls in the:
    	
The number of RSUs
    that vest shall be:
    
	
 
    	
 
    	
 
    
	
 
    	
Upper Quartile (75   percentile and above)
    	
200% of Target
    
	
 
    	
 
    	
 
    
	
 
    	
Third Quartile (50th to   74th percentile)
    	
Target
    
	
 
    	
 
    	
 
    
	
 
    	
Second Quartile (25th   to 49th percentile)
    	
50% of Target
    
	
 
    	
 
    	
 
    

 

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Lower Quartile (below   25th percentile)
    	
0%
    
	
 
    	
 
    	
 
    
	
 
    	
The number of shares   that vest for results (i) above the 25th percentile but less than the 50th percentile and (ii) above the 50th percentile but less than the 75th percentile, will be interpolated.
    
	
 
    	
 
    
	
Dividends
    	
On each of the   Company’s dividend payment dates during the Performance Period, the Company shall   credit to a book-keeping account, solely for the purposes of recordkeeping, a   number of RSUs equal to the quotient of (x) divided by (y) (rounded   to the nearest whole unit) where (x) is an amount equal to the dividends   payable with respect to the maximum number of Shares listed on the cover   sheet and (y) is the closing price of the Shares on such dividend   payment date.  As of the last day of   the Performance Period (or any earlier vesting date as may be provided for   under this Award), RSUs credited to the bookkeeping account (“Dividend   RSUs”) shall vest, if at all, to the extent of the product of   (a) times (b) where (a) is the total number of Dividend RSUs   and (b) is a fraction, the numerator of which is the number of other   RSUs that vest under this Award and the denominator of which is the maximum   number of Shares listed on the cover sheet.
    
	
 
    	
 
    
	
Termination   of Service Due to Death, Disability, or Company-Initiated Termination of   Service Without Cause
    	
If your service with   the Company terminates due to death, disability or Company-initiated   termination without Cause or (if you have an Employment Agreement with the   Company that provides for severance benefits upon your resignation for Good   Reason) you terminate service due to your resignation for Good Reason, then a   pro-rated share of your RSUs will vest on the last day of the Performance   Period, equal to the product of (x) times (y) (rounded to the   nearest whole unit) where (x) is the number of RSUs that would have   vested on the last day of the Performance Period as determined on the same   basis as if you had continued in active service through the last day of the   Performance Period, and (y) is a fraction, the numerator of which is the   number of days that elapse from January 1, 2012 to the date on which you   terminate service, and the denominator of which is 1,096, provided further   that if you terminate service because of a Company-initiated termination of   service without Cause, vesting of your RSUs is also conditioned on your   continued adherence to all restrictive covenants and confidentiality   obligations you have to the Company or any of its Subsidiaries or Affiliates   from the date on which your service terminates through the last day of the   Performance Period.  As used in this   Agreement, (i) the term “Cause” has the meaning given to it in the Plan   or (if you have an Employment Agreement with the Company) the Employment   Agreement between you and the Company, and (ii) the term “Good Reason”   has the meaning given to it in the Employment Agreement (if any) between you   and the Company.  
    

 

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Change In Control
    	
In the event of a   Change in Control before the last day of the Performance Period, the number   of RSUs subject to this Award shall be fixed at the Target number of RSUs   listed on the cover sheet.  The Target   number of RSUs shall vest if you continue in service through the last day of   the Performance Period, provided that the Target number of RSUs shall vest on   the date your service terminates if your service terminates because of a   Company-initiated termination of service without Cause, or (if you have an   Employment Agreement with the Company that provides for severance benefits   upon a resignation for Good Reason) you terminate service due to your   resignation with Good Reason.  If your   service terminates because of your death or disability after a Change in   Control and before the last day of the Performance Period, a pro-rated share   of your RSUs will vest on the last day of the Performance Period, equal to   the product of (x) times (y) (rounded to the nearest whole unit) where (x) is   the Target number of RSUs, and (y) is a fraction, the numerator of which is   the number of days that elapse from January 1, 2012 to the date on which   you terminate service, and the denominator of which is 1,096.
    
	
 
    	
 
    
	
Forfeiture   of Unvested Shares
    	
Except as provided   pursuant to the terms of any Employment Agreement between you and the Company   or in the provisions of this Award relating to Change in Control, in the   event that your service terminates for any reason other than death,   disability, or Company-initiated termination of service without Cause before   the last day of the Performance Period, you will forfeit to the Company all   of the Shares subject to this Award that have not yet vested.
    
	
 
    	
 
    
	
Repayment
    	
If it is determined by   the Board of Trustees (the “Board”) of the Company or Compensation   Committee of the Board (the “Committee”) that your gross negligence,   intentional misconduct or fraud caused or partially caused the Company to   have to restate all or a portion of its financial statements, the Board or   Committee, in its sole discretion, may, to the extent permitted by law and to   the extent it determines in its sole judgment that it is in the best   interests of the Company to do so, require repayment of Shares delivered   pursuant to vested RSUs or effect the cancellation of unvested RSUs if   (i) the vesting of RSUs was calculated based upon, or contingent on, the   achievement of financial or operating results that were the subject of or affected   by the restatement, and (ii) the extent of vesting of RSUs would have   been less had the financial statements been correct.  You also agree that each of the Board and   Committee has the authority to amend this provision relating to cancellation   or repayment to the extent it reasonably determines that such an amendment is   required to comply with the Dodd–Frank Wall Street Reform and Consumer   Protection Act, or any other applicable law relating to cancellation or   repayment of compensation following the restatement of financial statements   by a public company.
    

 

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Withholding
   Taxes
    	
You agree, as a   condition of this Award, that you will make acceptable arrangements to pay   any withholding or other taxes that may be due as a result of the vesting of   Shares acquired under this Award. In the event that the Company determines   that any federal, state, local or foreign tax or withholding payment is   required relating to the vesting of Shares arising from this Award, the Company   shall have the right to: (i) require such payments from you,   (ii) withhold such amounts from other payments due to you from the   Company or any Affiliate or (iii) cause an immediate forfeiture of   Shares subject to vesting pursuant to this Agreement in an amount sufficient   to satisfy the withholding or other taxes due.
    
	
 
    	
 
    
	
Retention Rights
    	
This Agreement does not   give you the right to be retained by the Company (or any parent, Subsidiaries   or Affiliates) in any capacity.
    
	
 
    	
 
    
	
Shareholder Rights
    	
You do not have any of   the rights of a shareholder by virtue of or with respect to the RSUs unless   and until the Shares relating to the RSUs vest.  You do not have the right to make an   election pursuant to Section 83(b) of the Internal Revenue Code of   1986, as amended.
    
	
 
    	
 
    
	
Adjustments
    	
In the event of a   split, a dividend or a similar change in the Shares, the number of Shares   covered by this Award may be adjusted (and rounded down to the nearest whole   number) pursuant to the Plan.  Shares   subject to delivery under RSUs shall be subject to the terms of any agreement   of merger, liquidation or reorganization which become applicable to the   Company.
    
	
 
    	
 
    
	
Legends
    	
Any certificates   representing Shares issued in connection with this Award shall, where   applicable, have endorsed thereon the following legends:

 

“THE SHARES REPRESENTED   BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH   IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER   PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL   OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE   SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY   THIS CERTIFICATE.”
    
	
 
    	
 
    
	
Applicable Law
    	
This Agreement will be   interpreted and enforced under the laws of the State of Maryland, other than   any conflicts or choice of law rule or principle that might otherwise   refer construction or interpretation of this Agreement to the substantive law   of another jurisdiction.
    
	
 
    	
 
    
	
Data Privacy
    	
In order to administer   the Plan, the Company may process personal data
    

 

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about you. Such data   includes, but is not limited to, the information provided in this Agreement   and any changes thereto, other appropriate personal and financial data about   you such as home address and business addresses and other contact   information, payroll information and any other information that might be   deemed appropriate by the Company to facilitate the administration of the Plan.

 

By accepting this   Award, you give explicit consent to the Company to process any such personal   data. You also give explicit consent to the Company to transfer any such   personal data outside the country in which you work or are employed,   including, with respect to non-U.S. resident Grantees, to the United States,   to transferees who shall include the Company and other persons who are   designated by the Company to administer the Plan.
    
	
 
    	
 
    
	
Consent   to Electronic Delivery
    	
The Company may choose   to deliver certain statutory materials relating to the Plan in electronic   form. By accepting this Award, you agree that the Company may deliver the   Plan prospectus and the Company’s annual report to you in an electronic   format. If at any time you would prefer to receive paper copies of these   documents, as you are entitled to, the Company would be pleased to provide   copies. Please contact the Secretary of the Company to request paper copies   of these documents.
    

 

 

By signing the cover sheet of this Agreement, you agree to all of the terms and conditions described above and in the Plan.

 

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SCHEDULE I

 

Acadia Realty Trust

Agree Realty Corporation

Alexander’s, Inc.

Alexandria Real Estate Equities, Inc.

AMB Property Corporation

American Assets Trust, Inc.

American Campus Communities, Inc.

Apartment Investment and Management Company

Ashford Hospitality Trust, Inc.

Associated Estates Realty Corporation

AvalonBay Communities, Inc.

BioMed Realty Trust, Inc.

Boston Properties, Inc.

Brandywine Realty Trust

BRE Properties, Inc.

Brookfield Office Properties

Camden Property Trust

Campus Crest Communities, Inc.

CBL & Associates Properties, Inc.

Cedar Shopping Centers, Inc.

Chatham Lodging Trust

Chesapeake Lodging Trust

Cogdell Spencer Inc.

Colonial Properties Trust

CommonWealth REIT

CoreSite Realty Corporation

Corporate Office Properties Trust

Cousins Properties Incorporated

DCT Industrial Trust Inc.

Developers Diversified Realty Corporation

DiamondRock Hospitality Company

Digital Realty Trust, Inc.

Douglas Emmett, Inc.

Duke Realty Corporation

DuPont Fabros Technology, Inc.

EastGroup Properties, Inc.

 

S-1

 

Education Realty Trust, Inc.

Entertainment Properties Trust

Equity LifeStyle Properties, Inc.

Equity One, Inc.

Equity Residential

Essex Property Trust, Inc.

Excel Trust, Inc.

Extra Space Storage Inc.

Federal Realty Investment Trust

FelCor Lodging Trust Incorporated

First Industrial Realty Trust, Inc.

First Potomac Realty Trust

General Growth Properties, Inc.

Getty Realty Corp.

Gladstone Commercial Corporation

Glimcher Realty Trust

Government Properties Income Trust

Gyrodyne Company of America, Inc.

HCP, Inc.

Health Care REIT, Inc.

Healthcare Realty Trust Incorporated

Hersha Hospitality Trust

Highwoods Properties, Inc.

Home Properties, Inc.

Hospitality Properties Trust

Host Hotels & Resorts, Inc.

Hudson Pacific Properties, Inc.

Inland Real Estate Corporation

Investors Real Estate Trust

Kilroy Realty Corporation

Kimco Realty Corporation

Kite Realty Group Trust

LaSalle Hotel Properties

Lexington Realty Trust

Liberty Property Trust

LTC Properties, Inc.

Macerich Company

Mack-Cali Realty Corporation

 

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Medical Properties Trust, Inc.

MHI Hospitality Corporation

Mid-America Apartment Communities, Inc.

Mission West Properties, Inc.

Monmouth Real Estate Investment Corporation

MPG Office Trust, Inc.

National Retail Properties, Inc.

Nationwide Health Properties, Inc.

One Liberty Properties, Inc.

Parkway Properties, Inc.

Pebblebrook Hotel Trust

Pennsylvania Real Estate Investment Trust

Piedmont Office Realty Trust, Inc.

Plum Creek Timber Company, Inc.

Post Properties, Inc.

Potlatch Corporation

ProLogis

PS Business Parks, Inc.

Public Storage

Ramco-Gershenson Properties Trust

Rayonier Inc.

Realty Income Corporation

Regency Centers Corporation

Retail Opportunity Investments Corp.

Sabra Health Care REIT, Inc.

Saul Centers, Inc.

Senior Housing Properties Trust

Simon Property Group, Inc.

SL Green Realty Corp.

Sovran Self Storage, Inc.

Strategic Hotels & Resorts, Inc.

Summit Hotel Properties, Inc.

Sun Communities, Inc.

Sunstone Hotel Investors, Inc.

Supertel Hospitality, Inc.

Tanger Factory Outlet Centers, Inc.

Taubman Centers, Inc.

Terreno Realty Corporation

 

-3-

 

UDR, Inc.

Universal Health Realty Income Trust

Urstadt Biddle Properties Inc.

Ventas, Inc.

Vornado Realty Trust

Washington Real Estate Investment Trust

Weingarten Realty Investors

Weyerhaeuser Company

Winthrop Realty Trust

 

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