Document:

Exhibit 10.44

Exhibit 10.44

MECHANICAL TECHNOLGY, INCORPORTED

 

2021 Stock Incentive Plan

 

Restricted Stock Unit
Agreement

 

Mechanical Technology, Incorporated (the "Company")
hereby enters into this Restricted Stock Unit Agreement, dated as of the date
set forth below, with the Recipient named herein (the "Agreement") and
grants to the Recipient the Restricted Stock Units ("RSUs") specified herein
pursuant to the Mechanical Technology, Incorporated 2021 Stock Incentive Plan,
as amended and in effect from time to time.  The Terms and Conditions attached
hereto are also a part hereof.

 

	
		
		Name of recipient (the "Recipient"):

			
		
		 

	
		
		Date of this RSU grant:
	
		
		 

	
		
		Number of shares of the
  Company's Common Stock (the "Underlying Shares") underlying the
  equivalent number of restricted stock units (the "RSUs") granted
  pursuant to this Agreement:
	
		
		 

	
		
		Additional Consideration
  Payable upon Grant of RSUs, if any:
	
		
		 

	
		
		Right to Dividends during
  Deferral Period:
	
		The Committee may on or after
  the date of grant, authorize the payment of dividends or other distribution equivalents
  on Shares in cash or additional Shares on a current, deferred or contingent
  basis.

 

Deferral Period:

 

	
		
		[_____]
  Underlying Shares
	
		
		[Date]

	
		
		[         
  ] Underlying Shares
	
		
		[Date]

	
		
		[         
  ] Underlying Shares
	
		
		[Date]

                                                                                                                                                           

 

	
		
		 

		
		                                                           
		

		
		Signature of Recipient

		 

		
		[Name

		
		    Address]

			
		MECHANCAL
  TECHNOLOGY, 

		INCORPORATED

		
		 

		
		By:                                                     
		

		
		            Name:
		

		           
		Title:  

	
		
		 
	
		 

		

 
  

MECHANICAL TECHNOLGY,
INCORPORATED

 

Restricted Stock Unit Agreement -
Terms and Conditions

 

Mechanical Technology, Incorporated (the "Company")
agrees to award to the recipient specified on the cover page hereof (the "Recipient"),
and the Recipient agrees to accept from the Company, the number of restricted
stock units (the "RSUs") specified on the cover page hereof representing
an equivalent number of shares of the Company's Common Stock (the "Underlying
Shares"), on the following terms:

 

1.                 
Grant Under Plan.  This Restricted Stock Unit Agreement (the "Agreement")
is made pursuant to and is governed by the Company's 2021 Stock Incentive Plan,
as amended and in effect from time to time (the "Plan"), and, unless the
context otherwise requires, capitalized terms used herein shall have the same
meanings as in the Plan.

 

2.     
Vesting of Deferral Period if
Business Relationship Continues.

 

(a)              
Vesting Schedule.  If the Recipient has maintained continuously a
Business Relationship with the Company through each date specified on the cover
page hereof, a portion of the RSUs shall vest on such date in such amounts as
are set forth opposite each such date on the cover page hereof. If the
Recipient's Business Relationship with the Company is terminated by the Company
or by the Recipient for any reason, whether voluntarily or involuntarily, no
additional RSUs shall become vested RSUs under any circumstances with respect
to the Recipient.  Any determination under this Agreement as to Business
Relationship status or other matters referred to above shall be made in good
faith by the Committee or the Board, whose decision shall be final and binding
on all parties.

 

"Business Relationship"
means service to the Company or its successor in the capacity of an employee,
officer, director, consultant or advisor.

 

(b)        Termination of Business Relationship. 
For purposes hereof, a Business Relationship shall not be considered as having
terminated during any military leave, sick leave, or other leave of
absence if approved in writing by the Company and if such written approval, or
applicable law, contractually obligates the Company to continue the Business
Relationship of the Recipient after the approved period of absence (an "Approved
Leave of Absence").  In the event of an Approved Leave of Absence, vesting
of RSUs shall be suspended (and all subsequent vesting dates shall be postponed
by the length of the period of the Approved Leave of Absence) unless otherwise
provided in the Company's written approval of the leave of absence that
specifically refers to this Agreement.  A Business Relationship shall also
include a consulting arrangement between the Recipient and the Company that
immediately follows termination of employment, but only if so stated in a
written consulting agreement executed by the Company that specifically refers
to this Agreement.

 
 
1

(c)        Acceleration.  The Committee or the Board
may at any time provide that the deferral period for any RSUs awarded pursuant
to this Agreement shall become immediately vested, despite the fact that the
foregoing actions may cause the application of Sections 280G and 4999 of the
Code if a change in control of the Company occurs.

 

3.        
Issuance of Underlying Shares.  With
respect to any RSUs that become vested RSUs pursuant to Section 2, subject to
Section 5, the Company shall issue to the Recipient, as soon as practicable
following the applicable vesting date specified on the cover page hereof, the
number of Underlying Shares equal to the number of RSUs vesting on such vesting
date, provided that, if the vesting date of any portion of the RSUs shall occur
during either a regularly scheduled or special "blackout period" of the Company
wherein Recipient is precluded from selling shares of the Company's Common
Stock, the receipt of the corresponding Underlying Shares issuable with respect
to such vesting date pursuant to this Agreement shall be deferred until after
the expiration of such blackout period.  The Underlying Shares the receipt of
which was deferred as provided above shall be issued to Recipient as soon as
practicable after the expiration of the blackout period.

 

4.        
Restrictions on Transfer.  The
Recipient shall not sell, assign, transfer, pledge, encumber or dispose of all
or any of his or her RSUs.

 

5.        
Withholding Taxes.  The Company may
withhold any and all applicable taxes required to be by the Company, in
connection with the issuance or vesting of the shares of Restricted Stock to
the Recipient, as provided in the Plan.

 

Recipient further agrees to take any further actions
and execute any additional documents as may be necessary to effectuate the
provisions of this Section 5 and the Recipient hereby grants the Company
an irrevocable power of attorney to sign such additional documents on the Recipient's
behalf if the Company is unable after reasonable efforts to obtain Recipient's
signature on such additional documents.  This power of attorney is coupled with
an interest and is irrevocable by the Recipient.

 

6.        
Provision of Documentation to Recipient. 
By signing the cover page of this Agreement, the Recipient acknowledges receipt
of a copy of this entire Agreement, a copy of the Plan, and a copy of the
Plan's related prospectus.

 

7.        
Section 409A of the Internal Revenue
Code.  The RSUs granted hereunder are intended to avoid the potential
adverse tax consequences to the Recipient of Section 409A of the Internal
Revenue Code of 1986, as amended, and the Committee or the Board may make such
modifications to this Agreement as it deems necessary or advisable to avoid
such adverse tax consequences.

 

8.     
      Rights as Stockholder. 
The Recipient shall have no rights as a stockholder of the Company with respect
to any RSUs covered by this Agreement until the issuance of the Underlying
Shares.  
 
2

 

9.     
      Miscellaneous.

 

(a)        Notices.  All notices hereunder
shall be in writing and shall be deemed given when sent by certified or
registered mail, postage prepaid, return receipt requested, if to the
Recipient, to the address set forth on the cover page hereof or at the address
shown on the records of the Company, and if to the Company, to the Company's
principal executive offices, attention of the Corporate Secretary.  

 

(b)        Entire Agreement; Modification. 
This Agreement constitutes the entire agreement between the parties relative to
the subject matter hereof, and supersedes all proposals, written or oral, and
all other communications between the parties relating to the subject matter of
this Agreement.  This Agreement may be modified, amended or rescinded only by a
written agreement executed by both parties' signatories to this Agreement.  In
the event of a conflict between the terms of this Agreement and the Plan, the
terms of the Plan shall control.

 

(c)        Fractional RSUs or Underlying Shares. 
All fractional RSUs or Underlying Shares resulting from the adjustment
provisions contained in the Plan shall be rounded down to the nearest whole
unit or share.

 

(d)       Severability.  The invalidity,
illegality or unenforceability of any provision of this Agreement shall in no
way affect the validity, legality or enforceability of any other provision.

 

(e)        Successors and Assigns.  This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, subject to the limitations set
forth herein.

 

(f)        Governing Law.  This Agreement shall
be governed by and interpreted in accordance with the laws of Nevada without
giving effect to the principles of the conflicts of laws thereof.

 

(g)        Construction.  This  Agreement is to be construed in
accordance with the terms of the Plan.  In case of any conflict between the
Plan and this Agreement, the Plan shall control.  The titles of the sections of
this Agreement and of the Plan are included for convenience only and shall not
be construed as modifying or affecting their provisions.  The masculine gender
shall include both sexes; the singular shall include the plural and the plural
the singular unless the context otherwise requires.  Capitalized terms not
defined herein shall have the meanings given to them in the Plan.

(h)  Data Privacy.  By entering into this Agreement and
except as otherwise provided in any data transfer agreement entered into by the
Company, the Recipient:  (i) authorizes the Company, and any agent of the
Company administering the Plan or providing Plan recordkeeping services, to
disclose to the Company such information and data as the Company shall request
in order to facilitate the grant of RSUs or the issuance of Shares in connection
with RSUs and the administration of the Plan; (ii) waives any data privacy
rights he or she may have with respect to such information; and (iii)
authorizes the Company to store and transmit such information in electronic
form.  For purposes of this Section 13(f), the term "Company" refers to the
Company, its Subsidiaries and any other affiliate.
 
3

(i)        
No Obligation to Continue Business
Relationship.  Neither the Plan, nor this Agreement, nor any provision
hereof imposes any obligation on the Company to continue a Business
Relationship with the Recipient.

 

 

 

 

 

 

4SECRETARY’S CERTIFICATE STERLING REAL ESTATE TRUST
​
I certify that I am Secretary of Sterling Real Estate Trust, a North Dakota real estate investment trust (“Trust”); that the Trust is the General Partner of Sterling Properties, LLLP, a North Dakota limited liability limited partnership; and that the following Resolutions were adopted by the Board of Trustees (“Board”) of the Trust at a meeting duly held on March 25, 2021, at which meeting a quorum was present.
​
RESOLVED, Section 5a of the Independent Trustee Common Shares Plan (“Plan”) shall be amended to provide that the maximum number of Common Shares of the Trust authorized for issuance under the Plan be increased from 25,000 to 40,000.
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FURTHER RESOLVED, the executive officers of the Trust are authorized and directed to amend the Plan consistent with the above resolutions, including making such non-substantive changes in wording and grammar they deem advisable, and to execute, deliver and cause to be filed any and all additional documents and instruments and perform all actions they may deem necessary or desirable to carry out the above resolutions.
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I further certify that the foregoing Resolutions are still in full force and effect, have not been rescinded, and have not been amended or modified in any way.
​
​
Dated: March 25, 2021
​
Wayne W. Carlson, Secretary
​

SECOND AMENDED AND RESTATED STERLING REAL ESTATE TRUST
INDEPENDENT TRUSTEE COMMON SHARES PLAN

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		1.	Purposes. The purposes of this AMENDED AND RESTATED STERLING REAL ESTATE TRUST INDEPENDENT TRUSTEE COMMON SHARES PLAN are: (i) to promote the growth and long-term interests of the Trust and its Affiliates by strengthening the Trust’s ability to attract, motivate and retain Independent Trustees; (ii) conserve cash assets of the Trust by providing for Independent Trustees to receive their compensation for service as an Independent Trustee in the form of shares of the Trust’s Common Shares; and	

(iii) closely associate the interests of Independent Trustees with that of the Trust’s Shareholders by allowing Independent Trustees to have a personal financial stake in the Trust through an ownership interest in the Common Shares, which the Board of Trustees believes will benefit the Trust and the Shareholders.
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		2.	Eligibility. Only Independent Trustees of the Trust, as defined below, shall be participants in the Plan.	

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3.Definitions. As used in this Plan, the following definitions shall apply:
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		a.	“Affiliate” means any entity that is (i) a member of a controlled group of corporations (within the meaning of Code Section 414(b)) that includes the Trust,	

(ii)any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with the Trust, (iii) any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Trust, and (iv) any other entity required to be aggregated with the Trust pursuant to regulations under CodeSection 414(o).
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		b.	“Board of Trustees” or “Board” means the Board of Trustees of the Trust.

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c.“Code” means the Internal Revenue Code of 1986, as amended.
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		d.	“Committee” means any Committee of the Board of Trustees appointed by the Board to administer the Plan. The Committee may be comprised of the entire Board or two or more members of the Board.	

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		e.	“Common Shares” means the Trust’s Common Shares of Beneficial Interest,

$0.01 par value per share
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		f.	“Fair Market Value” means (i) if the Common Shares are listed or admitted to unlisted trading privileges on any national securities exchange, the average of the closing sales prices of the Common Shares on the end of any day on all national securities exchanges on which the Common Shares may at the time be listed or, if there have been no sales on any such exchange on any day, the average of the highest bid and lowest asked prices on all such exchanges at the end of such day or,	

(ii)if the Common Shares are not so listed or admitted to unlisted trading privileges on any national securities exchange, and bid and asked prices therefor
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in the domestic over-the-counter market are reported by the National Quotation Bureau, Incorporated (or any comparable reporting service), the average of the closing bid and asked prices on such day as reported by the National Quotation Bureau, Incorporated (or any comparable reporting service), or (iii) if the Common Shares are not listed on any national securities exchange or quoted inthe domestic over-the-counter market, the fair value of the Common Shares determined by the Board of Trustees or the Committee in good faith in theexercise of its reasonable discretion based upon a reasonable application of a reasonable valuation method.
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		g.	“Independent Trustee” shall have the meaning set forth in Article II of the Sterling Real Estate Trust Trustee Independence Policy, as amended from time to time.	

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		h.	“Plan” means this Amended and Restated Sterling Real Estate Trust Independent Trustee Common Shares Plan, outlined herein.	

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		i.	“Shareholders” means the holders of the Trust’s outstanding Common Shares.

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		j.	“Schedule of Compensation” shall mean the attached Exhibit A.

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		k.	“Trust” means Sterling Real Estate Trust, a trust established under the laws of the State of North Dakota.	

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		l.	“Trustee” shall mean a member of the Board of Trustees of the Trust.

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		4.	Issuance of Common Shares. With respect to any compensation for service as an Independent Trustee that becomes payable following the date on which this Plan is adopted:	

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		a.	One Hundred percent (100.00%) of each Independent Trustee’s compensation for service as an Independent Trustee shall be paid to the Independent Trustee in the form of Whole Common Shares based upon the Fair Market Value of suchCommon Shares. Any fractional Common Share otherwise payable will be paid as cash compensation.	

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		b.	Compensation for service as an Independent Trustee shall be calculated based on the Schedule of Compensation, as amended from time to time in accordance with this Plan.	

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		c.	Payment of compensation under this Plan for each Independent Trustee’s prior year of service shall be paid in the month of July, such date to be determined by the Board of Trustees or the Committee, or such other date as determined by the Board of Trustees or the Committee.	

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		5.	Available Common Shares.

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		a.	The maximum number of Common Shares which may be issued under the Plan is Forty Thousand (40,000) Common Shares. In addition, the number of	

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Common Shares authorized for issuance under the Plan may be increased from time to time by approval of the Board of Trustees or the Committee and, if required by the Code or any rules or regulations adopted thereunder, the Shareholders.
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		b.	The Trust will at all times during the term of the Plan reserve and keep available, and will use its commercially reasonable best efforts to seek or obtain approval from any regulatory body having jurisdiction over the transactions contemplated by this Plan necessary in order to issue such number of Common Shares as shall be sufficient to satisfy the requirements of the Plan.	

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		6.	Administration.

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		a.	Board of Trustees or Committee. Except as otherwise provided for in this Plan, the Plan shall be administered by the Board of Trustees or the Committee.	

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		b.	Powers and Duties. Subject to the provisions of this Plan, the Board of Trustees or the Committee shall have sole authority to do everything necessary or appropriate to administer the Plan, including, without limitation, making any rules and regulations governing the administration of the Plan; determining whether any restrictions shall be placed on Common Shares granted under the Plan, interpreting the Plan; and making all other determinations necessary or advisable for the administration of the Plan. The determinations of the Board or theCommittee need not be uniform and may be made by it selectively among personswho are eligible to receive Common Shares under the Plan, whether or not such persons are similarly situated. All decisions, determinations and interpretations ofthe Board of Trustees or the Committee regarding the Plan shall be final and binding on all Trustees. The day-to-day administrative duties for the Plan may be delegated by the Board of Trustees or the Committee to one or more executive officers of the Trust. All actions authorized to be taken by the Board of Trustees under this Plan may as well be taken by any appropriately appointed committee thereof.	

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		7.	Amendment or Termination.

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		a.	The Board of Trustees or Committee may amend the Plan from time to time in such respects as the Board of Trustees or Committee may deem advisable, and, if required, seek the Shareholders approval for such amendment.	

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		b.	The Board of Trustees or the Committee may at any time terminate the Plan. Any such termination of the Plan shall not affect Common Shares already granted.	

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		8.	Income Tax Treatment.

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		a.	Government jurisdiction and income reporting requirements will be compliedwith by the Trust whenever the Common Shares are issued and any income tax payment and any income tax prepayment requirements (including any tax withholding requirements imposed upon the Trust) will be effectively borne by the Independent Trustee.	

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		b.	The Trust recognizes that certain persons who receive Common Shares may be subject to restrictions regarding their right to trade Common Shares under Section 16(b) of the Securities Exchange Act of 1934. Such restrictions may cause Independent Trustees not to be taxable when they receive the Common Shares. However, it may be more beneficial to an Independent Trustee to be taxed upon grant of the Common Shares as opposed to when trading restrictions lapse. Accordingly, Independent Trustees receiving Common Shares under those circumstances may consider making an election under Section 83(b) of the Code to be taxed at the time of grant of the Shares. If requested, the Trust shall provide reasonable assistance to such Independent Trustees to effect a Section 83(b) election.	

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		9.	No Right to Continued Providing of Services. Nothing in this Plan or in any agreement entered into in accordance with the Plan shall confer on an Independent Trustee any right to continuance as an Independent Trustee of or the providing of services to the Trust or its Affiliates.	

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		10.	Expenses of Plan. The expenses of administering this Plan shall be borne by the Trust and its Affiliates.	

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		11.	Reliance on Reports. Each member of the Board or Committee and each member of the Board of Trustees shall be fully justified in relying or acting in good faith upon any report made by the independent public accountants of the Trust and its Affiliates and upon any other information furnished in connection with this Plan by any person or persons other than himself or herself. In no event shall any person who is or shall have been a member of the Board of Trustees or of a Committee of the Board of Trustees be liable for any determination made or other action taken or omitted in reliance upon any such report or information, or for any action taken or omitted, including the furnishing of information,in good faith.	

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		12.	General Restrictions.

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		a.	Each Common Share granted pursuant to the Plan shall be subject to the requirement that if, in the opinion of the Board or Committee, the listing, registration, or qualification of any Common Shares related thereto upon any securities exchange or under any state or federal law, the consent or approval of any regulatory body, or an agreement by the recipient with respect to the disposition of any such units, is necessary or desirable as a condition of the issuance or sale of such shares, such Common Share shall not be granted without restriction and/or such Common Shares shall not be sold unless and until such	

​

listing, registration, qualification, consent, approval, or agreement is effected or obtained in form satisfactory to the Board or Committee.
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		b.	The Trust may restrict the transfer of the Common Shares purchased or received and affix a legend to the certificate representing such shares, stating that such shares may not be transferred without an opinion of counsel satisfactory to the Trust that the proposed transfer may lawfully be made without registration under the federal Securities Act of 1933 and registration, notice or approval under any applicable state securities laws, or such applicable registration(s), notice(s) and approval(s).	

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		13.	Successors and Assigns. This Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Trust and the Trustees.	

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		14.	North Dakota Law. The validity, construction, interpretation, administration and effect of the Plan, any rules, regulations and actions relating to the Plan, and the agreements evidencing Common Shares granted under the Plan, will be governed by and construed exclusively in accordance with the laws of the State of North Dakota.	

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I hereby certify that this Seconded Amended and Restated Plan was adopted by the Board of Trustees of the Trust effective March 25, 2021.
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​

STERLING REAL ESTATE TRUST
​
​
By:​ ​​ ​ Name: Joel S. Thomsen​ ​ Its: President​ ​
​

STERLING REAL ESTATE TRUST INDEPENDENT TRUSTEE SCHEDULE OF COMPENSATION
​
The following schedule shall be in effect for Independent Trustee compensation:
​
	Board Chairman – Board Meeting
	105 Common Shares per meeting**

	Trustee* – Board Meeting
	75 Common Shares per meeting**

	Committee Chair – Committee Meeting
	30 Common Shares per meeting**

	Trustee* – Committee Meeting
	30 Common Shares per meeting**

*Compensation shall only be paid to Independent Trustees.
​
** Common Shares earned in accordance with the Schedule of Compensation shall be calculated on an annual basis. Common Shares earned for each Independent Trustees’ prior year of service shall be issued on or about July 15, as determined by the Board of Trustees or the Committee.

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