Document:

Exhibit 10.1

 

Option
No.:

 

NEW PLAN EXCEL REALTY TRUST, INC.

2003 STOCK INCENTIVE PLAN

 

STOCK OPTION AWARD

 

New Plan Excel Realty Trust, Inc.,
a Maryland corporation (the “Company”), hereby awards an option to purchase
shares of its common stock, $.01 par value (the “Stock”), to the optionee named
below.  The terms and conditions of the
option are set forth in this cover sheet, in the attached Stock Option Award
(the “Award”), and in the Company’s 2003 Stock Incentive Plan (the “Plan”).

 

Grant Date:

 

Expiration Date:

 

Name of Optionee:

 

Number of Shares Covered by Option:

 

Option Price per Share:

 

By signing this cover sheet, you
acknowledge that this Stock Option Award is subject to all of the terms and
conditions described in the attached Award and in the Plan, and that the Plan
will control in the event that any provision of this Award should be
inconsistent or otherwise conflict with the terms and provisions of the Plan.

 

	
  Optionee:

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
				

 

 

This is not a stock certificate or
a negotiable instrument.

 

 

NEW PLAN EXCEL REALTY TRUST, INC.

2003 STOCK INCENTIVE PLAN

 

STOCK OPTION AWARD

 

	
  Incentive Stock Option

  	
   

  	
  This stock option award is
  intended to be an incentive stock option under Section 422 of the Internal
  Revenue Code of 1986, as amended (the “Code”), to the extent it can qualify
  and will be interpreted accordingly.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  To the extent that the aggregate
  fair market value of stock with respect to which incentive stock options
  (within the meaning of Section 422 of the Code, but without regard to Section 422(d)
  of the Code), including this Option, are exercisable for the first time by
  you during any calendar year (under the Plan and all other incentive stock
  option plans of the Company or any Subsidiary) exceeds $100,000, such options
  shall be treated as not qualifying under Section 422 of the Code but
  rather shall be taxed as non-qualified options. For purposes of the rule set
  forth in the preceding sentence, all Time Vested Options shall be treated as
  incentive stock options before any Performance Vested Options are treated as
  incentive stock options to the extent allowable under the Code, and by taking
  all options into account in the order in which they were granted. For
  purposes of these rules, the fair market value of stock shall be determined
  as of the time the option with respect to such stock is granted.

  
	
   

  	
   

  	
   

  
	
  Vesting

  	
   

  	
  This option is only exercisable
  before it expires or the earlier termination hereof and then only with
  respect to the vested portion of the option. Subject to the preceding
  sentence, you may exercise this option, in whole or in part, to purchase a
  whole number of vested shares not less than 100 shares, unless the number of
  shares to be acquired is the total number of shares then available for
  exercise and purchase under the option, by following the procedures set forth
  in the Plan.

  

  Subject to the terms of any employment or other agreement with the Company,
  vesting in your options is as provided in the following paragraphs.

  

  Your right with respect to options on fifty percent (50%) of the shares under
  this Award (i.e., X shares) (the “Time Vested Options”) will vest in five (5)
  equal installments, with options for X shares vesting on the first
  anniversary of the date hereof, and options to purchase an additional X
  shares vesting on each of the next four (4) succeeding anniversary dates of
  the date hereof (the result being that all X Time Vested Options will vest on
  [5th anniversary of grant date]).

  

 

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  Your right with respect to
  options on fifty percent (50%) of the shares under this Award (i.e., X
  shares) (the “Performance Vested Options”) will vest in five (5) equal
  installments of X shares per year, commencing on January 1, X and on
  each January 1 thereafter until January 1, X (each, an “Anniversary
  Date”); subject, however, to the achievement during the calendar year
  immediately preceding each Anniversary Date (each, a “Measurement Year”) of
  either the “FFO Threshold” or the “Total Return Threshold” (as each term is
  hereinafter defined), but further subject to the provisions contained in the
  next succeeding paragraph. To the extent that any Performance Vested Options
  do not vest on January 1, X [the 5th anniversary of grant
  date], as provided herein, then all such unvested Performance Vested Options
  shall be forfeited to the Company.

  

  Notwithstanding the foregoing, if neither the FFO Threshold nor the Total
  Return Threshold are achieved with respect to any Measurement Year (the “Non-Performance
  Year”), then the Performance Vested Options that would have vested with
  respect to such Non-Performance Year had the performance criteria been
  achieved shall nonetheless vest to the extent that at any time thereafter
  either the FFO Threshold or the Total Return Threshold has been achieved on a
  cumulative basis beginning with the Non-Performance Year and ending with the
  most recently ended Measurement Year (i.e., comparing either the actual
  cumulative FFO results or the actual cumulative Total Return results against
  the cumulative Target Percentage for either the FFO Threshold or the Total
  Return Threshold, as applicable, for all Measurement Years commencing with
  the Non-Performance Year).

  

  For purposes hereof, “FFO Threshold” shall mean an increase (expressed as a
  percentage) in the Company’s funds from operations on a per share basis for
  the current Measurement Year as compared to the immediately preceding
  Measurement Year, in an amount determined annually by the Committee not later
  than March 31 of the current Measurement Year (such percentage increase
  being referred to as the “Target Percentage”) and “Total Return Threshold”
  shall mean a specified total return to shareholders (including all dividends,
  regular or special, and stock appreciation) (expressed as a percentage) on
  each share of the Company’s common stock during the Measurement Year, as
  determined annually by the Committee not later than March 31 of the
  current Measurement Year (such percentage being referred to as the “Target
  Percentage”).

  

  No additional shares of Stock will vest after your Service has 

  

 

3

 

	
   

  	
   

  	
  terminated for any reason.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  This option will expire at the
  close of business on the Expiratiaon Date; however, this
  option will expire earlier if your Service terminates, as described below.

  
	
   

  	
   

  	
   

  
	
  Termination of Service

  	
   

  	
  Unless otherwise provided in any
  applicable employment agreement between you and the Company or a Subsidiary,
  if your Service terminates for any reason, other than death or Disability,
  then this option will expire at the close of business on the 90th day after
  the date your Service terminates but in no event later than the Expiration
  Date.

  
	
   

  	
   

  	
   

  
	
  Death

  	
   

  	
  If your Service terminates
  because of your death, then this option will expire at the close of business
  on the one-year anniversary of the date of your death but in no event later
  than the Expiration Date. During that one-year period, your estate or heirs
  may exercise the vested portion of your Performance Vested Options and all of
  the Time Vested Options whether or not such Time Vested Options were
  otherwise exercisable.

  

  If you die during the 90-day period following your Service termination (other
  than a termination on account of your death or Disability), and a vested
  portion of this option has not otherwise expired, then this option will
  instead expire on the one-year anniversary of the date your Service
  terminates but in no event later than the Expiration Date. In such a case,
  during the period following your death up to the one-year anniversary of the
  date your Service terminates but in no event later than the Expiration Date,
  your estate or heirs may exercise the vested portion of your Performance
  Vested Options and all of the Time Vested Options whether or not such Time
  Vested Options were otherwise exercisable.

  
	
   

  	
   

  	
   

  
	
  Disability

  	
   

  	
  If your Service terminates
  because of your Disability, then this option will expire at the close of
  business on the one-year anniversary of your Service termination but in no
  event later than the Expiration Date.

  
	
   

  	
   

  	
   

  
	
  Leaves of Absence

  	
   

  	
  For purposes of this option, your
  Service does not terminate when you go on a bona fide
  employee leave of absence that was approved by the Company in writing, if the
  terms of the leave provide for continued Service crediting, or when continued
  Service crediting is required by applicable law. However, your Service will
  be treated as terminating 90 days after you went on employee leave, unless
  your right to return to active work is guaranteed by law or by a contract.
  Your Service terminates in any event when the approved leave ends unless you
  immediately return to active employee work.

  

 

4

 

	
   

  	
   

  	
  The Company determines, in its
  sole discretion, which leaves count for this purpose, and when your Service
  terminates for all purposes under the Plan.

  
	
   

  	
   

  	
   

  
	
  Notice of Exercise

  	
   

  	
  When you wish to exercise this
  option, you must notify the Company by filing the proper “Notice of Exercise”
  form at the address given on the form. Your notice must specify how many
  shares you wish to purchase. Your notice must also specify how your shares of
  Stock should be registered (in your name only or in your and your spouse’s
  names as joint tenants with right of survivorship). The notice will be effective
  when it is received by the Company. At its discretion, the Company may accept
  a verbal notice of exercise.

  

  If someone else wants to exercise this option after your death, that person
  must prove to the Company’s satisfaction that he or she is entitled to do so.

  
	
   

  	
   

  	
   

  
	
  Form of Payment

  	
   

  	
  When you submit your notice of
  exercise, you must include payment of the option price for the shares you are
  purchasing. Payment may be made in one (or a combination) of the following
  forms:

  

  •                                          Cash, your personal check, a cashier’s check, a
  money order or another cash equivalent acceptable to the Company.

  

  •                                          Shares of Stock which, if acquired from the
  Company, have already been owned by you for more than six months and which
  are surrendered to the Company (or you attest to your ownership of the shares
  of Stock). The fair market value of the shares, determined as of the
  effective date of the option exercise, will be applied to the option price.

  

  •                                          By delivery (on a form prescribed by the Company)
  of an irrevocable direction to a licensed securities broker acceptable to the
  Company to sell Stock and to deliver all or part of the sale proceeds to the
  Company in payment of the aggregate option price and any withholding taxes.
  This method of payment is not available during a period in which you are (i)
  subject to a lock-up agreement restricting your ability to sell Stock in the
  open market or (ii) are restricted from selling Stock in the open market
  because a trading window is not available.

  
	
   

  	
   

  	
   

  
	
  Withholding Taxes

  	
   

  	
  You will not be allowed to
  exercise this option unless you make acceptable arrangements to pay any
  withholding or other taxes that may be due as a result of the option exercise
  or sale of Stock acquired under this option. In the event that the Company
  determines that any federal, state, local or foreign tax or withholding
  payment is required relating to the exercise or sale of shares arising from
  this award, the Company shall have the right to require such

  

 

5

 

	
   

  	
   

  	
  payments from you, or withhold
  such amounts from other payments due to you from the Company or any
  Affiliate.

  
	
   

  	
   

  	
   

  
	
  Transfer of Option

  	
   

  	
  During your lifetime, only you
  (or, in the event of your legal incapacity or incompetency, your guardian or
  legal representative) may exercise the option. You cannot transfer or assign
  this option. For instance, you may not sell this option or use it as security
  for a loan. If you attempt to do any of these things, this option will
  immediately become invalid. You may, however, dispose of this option in your
  will or it may be transferred upon your death by the laws of descent and
  distribution.

  

  Regardless of any marital property settlement agreement, the Company is not
  obligated to honor a notice of exercise from your spouse, nor is the Company
  obligated to recognize your spouse’s interest in this option in any other
  way.

  
	
   

  	
   

  	
   

  
	
  Retention Rights

  	
   

  	
  This Award does not create any
  contractual or other rights for you to be retained by the Company in any
  capacity. Subject to any employment agreement you have with the Company, the
  Company reserves the right to terminate your service with the Company at any
  time and for any reason.

  
	
   

  	
   

  	
   

  
	
  Shareholder Rights

  	
   

  	
  You, or your estate or heirs,
  have no rights as a shareholder of the Company until a certificate for shares
  of Stock has been issued (or an appropriate book entry has been made). No
  adjustments are made for dividends or other rights if the applicable record
  date occurs before your stock certificate is issued (or an appropriate book
  entry has been made), except as described in the Plan or as otherwise
  provided for herein.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  If the number of outstanding
  shares of Stock is increased or decreased or the shares of Stock are changed
  into or exchanged for a different number or kind of shares or other
  securities of the Company on account of any recapitalization,
  reclassification, stock split, reverse split, combination of shares, exchange
  of shares, stock dividend or other distribution payable in capital stock, or
  other increase or decrease in such shares, effected in all such cases,
  without receipt of consideration by the Company occurring after the Grant
  Date, the number and kinds of shares subject to this Award and the option
  price per share shall be adjusted proportionately and accordingly by the
  Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In addition, the Compensation
  Committee shall have the right to make such reasonable interpretations and
  equitable adjustments to

  

 

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  the Award as it deems necessary
  or appropriate to take into account any distributions to the Company’s
  stockholders (other than regular common dividends) and any such determination
  by the Compensation Committee shall be conclusive and binding.

  
	
   

  	
   

  	
   

  
	
  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.

  
	
   

  	
   

  	
   

  
	
  The Plan

  	
   

  	
  The text of the Plan is
  incorporated in this Agreement by reference. Certain capitalized terms used
  in this Agreement are defined in the Plan, and have the meaning set forth in
  the Plan.

  
	
   

  	
   

  	
   

  
	
  Data Privacy

  	
   

  	
  In order to administer the Plan,
  the Company may process personal data 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 option, 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 Optionees, 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 option 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 Steven F. Siegel at (212) 869-3000 to request paper copies of these documents.

  

 

 

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

 

7Exhibit 10.2

 

NEW PLAN EXCEL
REALTY TRUST, INC.

2003 STOCK
INCENTIVE PLAN

 

RESTRICTED STOCK AWARD

 

New Plan Excel Realty
Trust, Inc., a Maryland corporation (the “Company”), hereby awards (this “Award”)
shares of its common stock, $.01 par value (the “Stock”), to the Grantee named
below, subject to the vesting conditions set forth in the attached Restricted
Stock Award (the “Stock Award”). 
Additional terms and conditions of this Award are set forth in this
cover sheet, in the attached Stock Award and in the Company’s 2003 Stock
Incentive Plan (the “Plan”).

 

Grant Date:

 

Name of Grantee:

 

Number of Shares of Stock Covered by Award:

 

By signing this cover sheet, you
acknowledge that this Award is subject to all of the terms and conditions
described in the attached Stock Award and in the Plan, and that the Plan will
control in the event any provision of this Stock Award should appear to be
inconsistent with the terms and provisions of the Plan.

 

	
  Grantee:

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
				

 

 

Attachment

 

This is not a stock certificate
or a negotiable instrument.

 

 

NEW PLAN
EXCEL REALTY TRUST, INC.

2003 STOCK INCENTIVE PLAN

 

RESTRICTED STOCK AWARD

 

	
  Restricted
  Stock/ Nontransferability

  	
   

  	
  This
  grant is an award of Stock in the number of shares set forth on the cover
  sheet, subject to the vesting conditions described below (the “Restricted
  Stock”). To the extent not yet vested, your Restricted Stock may not be
  transferred, assigned, pledged or hypothecated, whether by operation of law
  or otherwise, nor may the Restricted Stock be made subject to execution,
  attachment or similar process.

  
	
   

  	
   

  	
   

  
	
  Issuance
  and Vesting

  	
   

  	
  The
  Company will issue the Restricted Stock in your name as of the Grant Date.

  

  Your right with respect to fifty percent (50%) of the shares under this Stock
  Award (i.e., X shares) (the “Time Vested Shares”) will vest in five (5) equal
  installments, with X shares vesting on the first anniversary of the date
  hereof, and an additional X shares vesting on each of the next four (4) succeeding
  anniversary dates of the date hereof (the result being that all X Time Vested
  Shares will vest on [fifth anniversary of grant date]).

  

  Your right with respect to the remaining fifty percent (50%) of the shares
  under this Stock Award (i.e., X shares) (the “Performance Vested Shares”)
  will vest in five (5) equal installments of X shares per year, commencing on January 1,
  X and on each January 1 thereafter until January 1, X (each, an “Anniversary
  Date”); subject, however, to the achievement during the calendar year
  immediately preceding each Anniversary Date (each, a “Measurement Year”) of
  either the “FFO Threshold” or the “Total Return Threshold” (as each term is
  hereinafter defined), but further subject to the provisions contained in the
  next succeeding paragraph. To the extent that any Performance Vested Shares
  do not vest on January 1, X [5th anniversary of grant date],
  as provided herein, then all such unvested Performance Vested Shares shall be
  forfeited to the Company.

  

  Notwithstanding the foregoing, if neither the FFO Threshold nor the Total
  Return Threshold are achieved with respect to any Measurement Year (the “Non-Performance
  Year”), then the Performance Vested Shares that would have vested with
  respect to such Non-Performance Year had the performance criteria been
  achieved shall nonetheless vest to the extent that at any

   

  

 

2

 

	
   

  	
   

  	
  time
  thereafter either the FFO Threshold or the Total Return Threshold has been
  achieved on a cumulative basis beginning with the Non-Performance Year and
  ending with the most recently ended Measurement Year (i.e., comparing either
  the actual cumulative FFO results or the actual cumulative Total Return
  results against the cumulative Target Percentage for either the FFO Threshold
  or the Total Return Threshold, as applicable, for all Measurement Years
  commencing with the Non-Performance Year).

  

  For purposes hereof, “FFO Threshold” shall mean an increase (expressed as a
  percentage) in the Company’s funds from operations on a per share basis for
  the current Measurement Year as compared to the immediately preceding
  Measurement Year, in an amount determined annually by the Committee not later
  than March 31 of the current Measurement Year (2004 having already been
  established by the Committee) (such percentage increase being referred to as
  the “Target Percentage”) and “Total Return Threshold” shall mean a specified
  total return to shareholders (including all dividends, regular or special,
  and stock appreciation) (expressed as a percentage) on each share of the
  Company’s common stock during the Measurement Year, as determined annually by
  the Committee not later than March 31 of the current Measurement Year
  (2004 having already been established by the Committee) (such percentage being
  referred to as the “Target Percentage”).

  

  No additional shares of Restricted Stock will vest after your Service has
  terminated for any reason; subject, however, to the provisions set forth
  below under “Termination of Service.”

  
	
   

  	
   

  	
   

  
	
  Termination
  of Service

  

  	
   

  	
  In
  the event that your Service terminates for any reason (including death or
  disability), you will automatically forfeit to the Company all Restricted
  Stock subject to this Award that has not yet vested pursuant to the terms
  hereof as of such Service termination date; provided, however,
  that if you are a party to an employment or other agreement with the Company
  at the time of Service termination and such Service termination would (i)
  under any employment agreement constitute “Good Reason” or “without Cause”
  under your employment agreement or (ii) under any other agreement provide for
  the vesting of all of your shares of Restricted Stock as a result of such
  Service termination, then all of your shares of Restricted Stock shall vest
  completely upon any such Service termination provided such shares of
  Restricted Stock were granted at least one year prior to such Service
  termination date; provided, further, that in the event your
  Service

  

 

3

 

	
   

  	
   

  	
  terminates as a
  result of your death, then any then unvested Time Vested Shares shall
  immediately vest.

  
	
   

  	
   

  	
   

  
	
  Book
  Entry Restrictions

  	
   

  	
  The
  Restricted Stock will be issued in book entry form. The Company shall cause
  the transfer agent for the shares of Common Stock to make a book entry record
  showing ownership for the shares of Restricted Stock in your name subject to
  the terms and conditions of this Agreement. You shall be issued an account
  statement acknowledging your ownership of the shares of Restricted Stock.

  

  All regular cash dividends on the Restricted Stock (or other securities at
  the time held hereunder) shall be paid directly to you and shall not be held
  in escrow. However, in the event of any stock dividend, stock split,
  combination of shares, recapitalization or other change affecting the Stock
  as a class effected without receipt of consideration, or in the event of a
  stock split, stock dividend, combination of shares, recapitalization or other
  similar change in the Stock, any new, substituted or additional securities or
  other property which is by reason of such transaction distributed with
  respect to the Restricted Stock shall be immediately reflected in the book
  entry records of the transfer agent, but only to the extent the Restricted
  Stock is at the time subject to the restrictions hereof; provided, further,
  that any shares of Stock issued pursuant to a dividend reinvestment plan
  shall not be subject to restrictions under this Agreement.

  

  The shares of Restricted Stock subject to restrictions hereunder shall be subject
  to the following terms and conditions relating to their release from
  restrictions or their cancellation:

   

  As your interest in the Restricted Stock vests as
  described above, your vested Stock shall be released from restrictions and
  delivered to you, at your request.

   

  Should you forfeit any unvested Restricted Stock
  held subject to restrictions hereunder, then such unvested Restricted Stock
  shall be cancelled without payment, and you shall have no further rights with
  respect to such shares.

   

  You authorize the Company to issue such instructions
  to the transfer agent as the Company may deem necessary or proper to comply
  with the intent and purposes of this Agreement. This paragraph shall be
  deemed to constitute the stock power contemplated by the Plan.

  

 

4

 

	
  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 Restricted Stock 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 of
  Restricted Stock arising from this Award, the Company shall have the right to
  require such payments from you, or withhold such amounts from other payments
  due to you from the Company or any Affiliate.

  
	
   

  	
   

  	
   

  
	
  Section 83(b)
  Election

  	
   

  	
  Under
  Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”),
  the difference between the purchase price paid for the shares of Restricted
  Stock and their fair market value on the date the shares of Restricted Stock
  become vested will be reportable as ordinary income at that time. You may
  elect to be taxed at the time the shares of Restricted Stock are acquired
  rather than when such shares cease to be subject to forfeiture restrictions
  by filing an election under Section 83(b) of the Code with the Internal
  Revenue Service within thirty (30) days after the Grant Date. You will have
  to make a tax payment to the extent the purchase price is less than the fair
  market value of the shares on the Grant Date. The form for making this
  election is attached as Exhibit A hereto. Failure to make this filing
  within the thirty (30) day period will result in the recognition of ordinary
  income by you (in the event the fair market value of the shares increases
  after the date of purchase) as the forfeiture restrictions lapse.

  

  YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S,
  TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE
  COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE
  RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO
  WHETHER OR NOT TO FILE ANY SECTION 83(b) ELECTION.

  
	
   

  	
   

  	
   

  
	
  Retention
  Rights

  	
   

  	
  This
  Award does not create any contractual or other rights for you to be retained
  by or remain in the employ of the Company in any capacity. Subject to the
  terms of any employment agreement you have with the Company, the Company
  reserves the right, and nothing contained herein shall otherwise restrict or
  interfere in any way with the Company’s right, to terminate your Service with
  the Company at any time and for any reason.

  

 

5

 

	
  Shareholder
  Rights

  	
   

  	
  You
  shall have the right to vote the Restricted Stock and, subject to the
  provisions of this Award, to receive any dividends declared or paid on such
  Stock. Any distributions you receive with respect to Restricted Stock as a
  result of any stock split, stock dividend, combination
  of shares, recapitalization or other similar transaction shall be deemed to
  be a part of the Restricted Stock and subject to the same conditions and
  restrictions applicable thereto. All of the foregoing rights shall terminate
  upon forfeiture of any unvested Restricted Stock as provided in this Award.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  If
  the number of outstanding shares of Stock is increased or decreased or the
  shares of Stock are changed into or exchanged for a different number or kind
  of shares or other securities of the Company on account of any stock split,
  stock dividend, combination of shares or other similar transaction, effected
  in all such cases, without receipt of consideration by the Company, occurring
  after the Grant Date, the number and kinds of shares subject to this Award
  shall be adjusted proportionately and accordingly by the Company.

  
	
   

  	
   

  	
   

  
	
  Applicable
  Law

  	
   

  	
  This
  Stock Award 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 Stock Award to
  the substantive law of another jurisdiction.

  
	
   

  	
   

  	
   

  
	
  The
  Plan

  	
   

  	
  The
  text of the Plan is incorporated in this Stock Award by reference. Certain capitalized terms used in this Stock
  Award are defined in the Plan, and have the meaning set forth in the Plan.

  

 

 

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

 

6

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