Document:

exv10w36

Exhibit 10.36

YOUNAN PROPERTIES, INC.,

YOUNAN PROPERTIES, L.P.

LTIP UNITS AGREEMENT

                THIS LTIP UNITS AGREEMENT (this “Agreement”) is made and entered into as of __________, 2010
(the “Grant Date”), by and between Younan Properties, L.P., a Maryland limited partnership (the
“Partnership”), and ______________________ (“Participant”). Capitalized terms used in this
Agreement but not otherwise defined herein shall have their respective meanings set forth in the
Plan or the Partnership Agreement (each as defined below), as applicable.

     WHEREAS, Younan Properties, Inc. (the “Company”) and the Partnership maintain the Younan
Properties, Inc. and Younan Properties, L.P. 2010 Incentive Award Plan (the “Plan”);

     WHEREAS, the Company and the Partnership wish to carry out the Plan (the terms of which are
hereby incorporated by reference and made a part of this Agreement);

     WHEREAS, Section 9.7 of the Plan provides for the issuance of LTIP Units to Eligible
Individuals for the performance of services to or for the benefit of the Partnership in the
Eligible Individual’s capacity as a Partner or in anticipation of Participant becoming a Partner;

     WHEREAS, the Committee, appointed to administer the Plan, has determined that it would be to
the advantage and in the best interest of the Company and its stockholders to issue to the Award
(as defined below) as an inducement to enter into or remain in the service of the Company, the
Partnership or any Subsidiary, and as an additional incentive during such service, and has advised
the Company thereof; and

               THE PARTIES HERETO AGREE AS FOLLOWS:

                1. Issuance of Award. In consideration of Participant’s agreement to provide services
to or for the benefit of the Partnership, effective as of the Grant Date, the Partnership hereby
(a) issues to Participant an Award which represents ______ LTIP Units of the Partnership (the
“Award”), and (b) if not already a Partner, admits Participant as a Partner of the Partnership on
the terms and conditions set forth herein, in the Plan and in the Amended and Restated Agreement of
Limited Partnership of Younan Properties, L.P. (the “Partnership Agreement”). The Partnership and
Participant acknowledge and agree that the LTIP Units are hereby issued to Participant for the
performance of services to or for the benefit of the Partnership in his or her capacity as a
Partner or in anticipation of Participant becoming a Partner. Upon receipt of the Award,
Participant shall, automatically and without further action on his or her part, be deemed to be a
party to, signatory of and bound by the Partnership Agreement. At the request of the Partnership,
Participant shall execute the Partnership Agreement or a counterpart signature page
thereto. Participant acknowledges that the Partnership from time to time may issue or cancel
(or otherwise modify) LTIP Units in accordance with the terms of the Partnership Agreement.

 

 

                2. Vesting.

                     2.1 Vesting. Subject to Participant’s continued status as a Service Provider (as
defined below) on the applicable vesting date and Section 2.5 below, the Award shall vest on a
cumulative basis as follows:

                          (a) 20% of the LTIP Units subject to the Award shall vest as of the first anniversary of the
date of the closing of the Company’s initial public offering (the “IPO Date”) if the Company
achieves a simple annual TSR (as defined below) with respect to the one-year period beginning on
the IPO Date and ending on the first anniversary of the IPO Date (the “First Performance Period”)
that equals or exceeds the TSR Hurdle (as defined below);

                          (b) 20% of the LTIP Units subject to the Award shall vest as of the second anniversary of the
IPO Date if the Company achieves a simple annual TSR with respect to the one-year period beginning
on the first anniversary of the IPO Date and ending on the second anniversary of the IPO Date (the
“Second Performance Period”) that equals or exceeds the TSR Hurdle;

                          (c) 20% of the LTIP Units subject to the Award shall vest as of the third anniversary of the
IPO Date if the Company achieves a simple annual TSR with respect to the one-year period beginning
on the second anniversary of the IPO Date and ending on the third anniversary of the IPO Date (the
“Third Performance Period”) that equals or exceeds the TSR Hurdle;

                          (d) 20% of the LTIP Units subject to the Award shall vest as of the fourth anniversary of the
IPO Date if the Company achieves a simple annual TSR with respect to the one-year period beginning
on the third anniversary of the IPO Date and ending on the fourth anniversary of the IPO Date (the
“Fourth Performance Period”) that equals or exceeds the TSR Hurdle; and

                          (e) 20% of the LTIP Units subject to the Award shall vest as of the fifth anniversary of the
IPO Date if the Company achieves a simple annual TSR with respect to the one-year period beginning
on the fourth anniversary of the IPO Date and ending on the fifth anniversary of the IPO Date (the
“Fifth Performance Period”) that equals or exceeds the TSR Hurdle.

Notwithstanding the foregoing, subject to Participant’s continued status as a Service Provider on
the fourth anniversary of the IPO Date and Section 2.5 below, the Award shall vest in full with
respect to 100% of the LTIP Units as of the fourth anniversary of the IPO Date in the event the
Company achieves a cumulative simple TSR over the four-year period beginning on the IPO Date and
ending on the fourth anniversary of the IPO Date that equals or exceeds 40%.

                     2.2 Catch-Up Vesting. Subject to Participant’s continued status as a Service Provider
on the vesting date and Section 2.5 below, any LTIP Units that fail to vest as of a Measurement
Date(s) with respect to a Performance Period(s) as a result of the TSR Hurdle for such Performance
Period(s) not being achieved shall be eligible to vest at the end of the next Performance Period
and the end of subsequent Performance Periods, and shall vest as of the next or subsequent
applicable Measurement Date if the Company achieves a simple annual TSR for

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the period beginning on
the first day of the Performance Period with respect to which such LTIP Units were initially
eligible to vest and ending on the Measurement Date of such subsequent Performance Period(s) (such
period, a “Catch-Up Performance Period”) that equals or exceeds the TSR Hurdle.

                EXAMPLE: Solely for purposes of illustration, LTIP Units that fail to vest on the first
anniversary of the IPO Date as a result of the Company not achieving the TSR Hurdle for the First
Performance Period shall be eligible to vest on the second anniversary and subsequent anniversaries
of the IPO Date based on the simple annual TSR for the Catch-Up Performance Period. The Catch-Up
Performance Period(s) with respect to such LTIP Units shall begin on the IPO Date and end on the
Measurement Date of the applicable subsequent Performance Period.

                     2.3 Change in Control. Notwithstanding the foregoing, in the event that (i) a Change
in Control occurs prior to the fifth anniversary of the IPO Date and Participant continues to be a
Service Provider until the Change in Control Date, and (ii) the Company achieves a simple annual
TSR with respect to the period commencing on the IPO Date and ending on the Change in Control Date
(the “Change in Control Performance Period”) that equals or exceeds the TSR Hurdle, the Award shall
vest in full as of the Change in Control Date with respect to 100% of the LTIP Units.

                     2.4 Failure to Achieve TSR Hurdle. Any portion of the Award and LTIP Units which has
not vested as of the fifth anniversary of the Grant Date (or the Change in Control Date, if
earlier) as a result of the relevant TSR Hurdle not being achieved (and the proportionate amount of
Participant’s Capital Account balance attributable to such LTIP Units) shall automatically and
without further action be cancelled and forfeited as of such date, and Participant shall have no
further right or interest in or with respect to such portion of the Award or LTIP Units (or such
proportionate amount of Participant’s Capital Account balance).

                     2.5 Termination of Service. Notwithstanding the foregoing, in the event that
Participant incurs a Termination of Service for any reason, the Award and all LTIP Units, to the
extent not vested as of Participant’s Termination of Service or in connection with such Termination
of Service (and the proportionate amount of Participant’s Capital Account balance attributable to
such LTIP Units), shall thereupon automatically and without further action be cancelled and
forfeited, and Participant shall have no further right or interest in or with respect to such
unvested LTIP Units (or such proportionate amount of Participant’s Capital Account balance). No
portion of the Award which is unvested as of Participant’s Termination of Service shall thereafter
become vested. The Company and Participant acknowledge that the
Award may be subject to accelerated vesting in the event of a Termination of Service under
certain circumstances in accordance with Participant’s employment agreement with the Company, dated
as of _________, 2010.

                     2.6 Definitions.

                          (a) “Change in Control Date” means the date on which a Change in Control occurs.

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                          (b) “Measurement Date” means the first, second, third, fourth or fifth anniversary of the
Grant Date, as applicable.

                          (c) “Performance Period” means the First Performance Period, Second Performance Period, Third
Performance Period, Fourth Performance Period, Fifth Performance Period, Catch-Up Performance
Period or Change in Control Performance Period, as applicable.

                          (d) “Service Provider” means an Employee, Consultant or member of the Board. For purposes of
this Agreement, in the event that the Participant is both an Employee and a member of the Board,
the Participant shall not cease to be a Service Provider unless and until his or her status as both
an Employee and Board member has terminated.

                          (e) “TSR” means the Company’s total shareholder return for the applicable Performance Period
calculated in accordance with the total shareholder return calculation methodology used in the MSCI
US REIT Index (and, for the avoidance of doubt, assuming the reinvestment of all dividends paid on
Common Stock); provided, however, that (i) except as set forth in clauses (ii) and (iii) below, for
purposes of calculating the Company’s TSR for any Performance Period, the initial share price and
the final share price, as applicable, as of any given date shall be equal to the Fair Market Value
(as defined in the Plan) as of such date, (ii) for purposes of calculating the Company’s TSR for
any Performance Period that commences with the IPO Date, the initial share price shall be equal to
the initial public offering price of a share of Common Stock, (iii) for purposes of calculating the
Company’s TSR for the Change in Control Performance Period, the final share price shall be equal to
the price per share of Common Stock paid by the acquiror in the Change in Control transaction, and
(iv) in the event of a Change in Control, the Measurement Date with respect to the Change in
Control Performance Period shall be the Change in Control Date.

                          (f) “TSR Hurdle” means, with respect to any Performance Period, a simple annual TSR equal to
the lesser of (i) 8% or (ii) the simple annual TSR of the MSCI US REIT Index (or any successor
index thereto) for the applicable Performance Period; provided that in no event shall the TSR
Hurdle be achieved if the Company’s simple annual TSR for the applicable Performance Period is less
than 5%.

                3. Determinations by Administrator. Notwithstanding anything contained herein, all
determinations, interpretations and assumptions relating to the vesting of the Award
and the LTIP Units (including, without limitation, determinations, interpretations and
assumptions with respect to TSR and the TSR Hurdle) shall be made by the Administrator. In making
such determinations, the Administrator may employ attorneys, consultants, accountants, appraisers,
brokers, or other persons, and the Administrator, the Board, the Company, the Partnership and their
officers and directors shall be entitled to rely upon the advice, opinions or valuations of any
such persons. All actions taken and all interpretations and determinations made by the
Administrator or the Board in good faith and absent manifest error shall be final and binding upon
Participant, the Company and all other interested persons. In addition, the Administrator, in its
discretion, may adjust or modify the methodology for calculating the TSR and/or the TSR Hurdle, as
necessary or desirable to account for events which, in the discretion of the Administrator, are not
considered indicative of Company performance, such as the issuance

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of new Common Stock, stock
repurchases, stock splits, issuances and/or exercises of stock grants or stock options, and similar
events, all in order to properly reflect the Company’s intent with respect to the performance
objectives underlying the Award and the LTIP Units or to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available with respect to the Award.

                4. Restrictions on Awards.

                     4.1 Transfer Restrictions.

                          (a) Notwithstanding Section 2 above, Participant shall not, without the consent of the
Partnership (which the Partnership may give or withhold in its sole discretion), sell, pledge,
assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any LTIP Units
(or any securities into which such LTIP Units are converted or exchanged) prior to the first
anniversary of the date on which such LTIP Units vest (the “Transfer Restrictions”); provided,
however, that the Transfer Restrictions shall not apply to any Transfer of LTIP Units to the
Partnership or the Company or to any Transfer by will or pursuant to the laws of descent and
distribution.

                          (b) The Award and the LTIP Units are subject to the terms of the Plan and the terms of the
Partnership Agreement, including, without limitation, the restrictions on transfer of Units
(including, without limitation, LTIP Units) set forth in Article 11 of the Partnership Agreement.
Any permitted transferee of the Award or the LTIP Units shall take such Award and LTIP Units
subject to the terms of the Plan, this Agreement, and the Partnership Agreement. Any such
permitted transferee must, upon the request of the Partnership, agree to be bound by the Plan, the
Partnership Agreement, and this Agreement, and shall execute the same on request, and must agree to
such other waivers, limitations, and restrictions as the Partnership or the Company may reasonably
require. Any Transfer of the Award or LTIP Units which is not made in compliance with the Plan,
the Partnership Agreement and this Agreement shall be null and void and of no effect.

                     4.2 Execution and Return of Documents and Certificates. At the Company’s or the
Partnership’s request, Participant hereby agrees to promptly execute, deliver
and return to the Partnership any and all documents or certificates that the Company or the
Partnership deems necessary or desirable to effectuate the cancellation and forfeiture of the
unvested LTIP Units, the proportionate amount of Participant’s Capital Account balance attributable
to the LTIP Units, or to effectuate the transfer or surrender of such unvested LTIP Units and
Capital Account balance to the Partnership.

                5. Representations, Warranties, Covenants, and Acknowledgments of Participant.
Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of
Participant and his or her spouse, if applicable, that:

                     5.1 Investment. Participant is holding the Award for Participant’s own account, and
not for the account of any other Person. Participant is holding the Award for investment and not
with a view to distribution or resale thereof except in compliance with applicable laws regulating
securities.

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                     5.2 Relation to Partnership. Participant is presently an employee of, or consultant
to, the Partnership, or is otherwise providing services to or for the benefit of the Partnership,
and in such capacity has become personally familiar with the business of the Partnership.

                     5.3 Access to Information. Participant has had the opportunity to ask questions of,
and to receive answers from, the Partnership with respect to the terms and conditions of the
transactions contemplated hereby and with respect to the business, affairs, financial conditions,
and results of operations of the Partnership.

                     5.4 Registration. Participant understands that the LTIP Units have not been
registered under the Securities Act and the LTIP Units cannot be transferred by Participant other
than in accordance with the terms and conditions set forth in the Plan, this Agreement and the
Partnership Agreement and, in any event, unless such transfer is registered under the Securities
Act or an exemption from such registration is available. The Partnership has made no agreements,
covenants or undertakings whatsoever to register the transfer of the LTIP Units under the
Securities Act. The Partnership has made no representations, warranties or covenants whatsoever as
to whether any exemption from the Securities Act, including, without limitation, any exemption for
limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act (“Rule
144”), will be available. If an exemption under Rule 144 is available at all, it will not be
available until all applicable terms and conditions of Rule 144 have been satisfied.

                     5.5 Public Trading. None of the Partnership’s securities is presently publicly
traded, and the Partnership has made no representations, covenants or agreements as to whether
there will be a public market for any of its securities.

                     5.6 Tax Advice. The Partnership has made no warranties or representations to
Participant with respect to the income tax consequences of the issuance of the LTIP Units or the
transactions contemplated by this Agreement (including, without limitation, with respect to the
making of an election under Section 83(b) of the Code), and Participant is in no manner relying on
the Partnership or its representatives for an assessment of such tax consequences. Participant is
advised to consult with his or her own tax advisor with respect to such tax consequences and his or
her ownership of the LTIP Units.

                6. Capital Account. Participant shall make no contribution of capital to the
Partnership in connection with the Award and, as a result, Participant’s Capital Account balance in
the Partnership immediately after his or her receipt of the LTIP Units shall be equal to zero,
unless Participant was a Partner in the Partnership prior to such issuance, in which case
Participant’s Capital Account balance shall not be increased as a result of his or her receipt of
the LTIP Units.

                7. Section 83(b) Election. Participant covenants that he shall make a timely election
under Section 83(b) of the Code (and any comparable election in the state of Participant’s
residence) with respect to the LTIP Units covered by the Award, and the Company hereby consents to
the making of such election. In connection with such election, Participant and Participant’s
spouse, if applicable, shall execute and deliver to the Company with this

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executed Agreement, a
copy of such election. Participant represents that Participant has consulted any tax consultant(s)
that Participant deems advisable in connection with the filing of an election under Section 83(b)
of the Code and similar state tax provisions. Participant acknowledges that it is Participant’s
sole responsibility and not the Company’s to timely file an election under Section 83(b) of the
Code (and any comparable state election), even if Participant requests that the Company or any
representative of the Company make such filing on Participant’s behalf. Participant is encouraged
to consult his or her tax advisor to determine if there is a comparable election to file in the
state of his or her residence.

                8. Covenants. Participant hereby covenants that so long as Participant holds any LTIP
Units, at the request of the Partnership, Participant shall disclose to the Partnership in writing
such information relating to Participant’s ownership of the LTIP Units as the Partnership
reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or
the requirements of any other appropriate taxing authority.

                9. Taxes. The Partnership and Participant intend that (i) the LTIP Units be treated
as a “profits interest” within the meaning of the Code, Treasury Regulations promulgated
thereunder, and any published guidance by the Internal Revenue Service with respect thereto,
including, without limitation, Internal Revenue Service Revenue Procedure 93-27, as clarified by
Internal Revenue Service Revenue Procedure 2001-43, (ii) the issuance of such units not be a
taxable event to the Partnership or Participant as provided in such revenue procedures, and (iii)
the Partnership Agreement, the Plan and this Agreement be interpreted consistently with such
intent. In furtherance of such intent, effective immediately prior to the issuance of the LTIP
Units, the Partnership will cause the “Gross Asset Value” (as defined in the Partnership
Agreement) of all Partnership assets to be adjusted to equal their respective gross fair
market values, and make the resulting adjustments to the “Capital Accounts” (as defined in the
Partnership Agreement) of the Partners, in each case as set forth in the Partnership Agreement and
based upon a fair market value equal to the trading price of the Common Stock at the time of such
adjustment. The Partnership may withhold from Participant’s wages, or require Participant to pay to
the Partnership, any applicable withholding or employment taxes resulting from the issuance of
Award hereunder, from the vesting or lapse of any restrictions imposed on the Award, or from the
ownership or disposition of the LTIP Units.

                10. Remedies. Participant shall be liable to the Partnership for all costs and
damages, including incidental and consequential damages, resulting from a disposition of the Award
or the LTIP Units which is in violation of the provisions of this Agreement. Without limiting the
generality of the foregoing, Participant agrees that the Partnership shall be entitled to obtain
specific performance of the obligations of Participant under this Agreement and immediate
injunctive relief in the event any action or proceeding is brought in equity to enforce the same.
Participant will not urge as a defense that there is an adequate remedy at law.

                11. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of California applicable to contracts entered into and wholly to be
performed within the State of California by California residents, without regard to any otherwise
governing principles of conflicts of law.

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                12. Survival of Representations and Warranties. The representations, warranties and
covenants contained in Section 5 hereof shall survive the later of the date of execution and
delivery of this Agreement or the issuance of the Award.

                13. Unit Certificate Restrictive Legends. Certificates evidencing the Award, to the
extent such certificates are issued, may bear such restrictive legends as the Partnership and/or
the Partnership’s counsel may deem necessary or advisable under applicable law or pursuant to this
Agreement, including, without limitation, the following legends or legends substantially similar
thereto:

               “The offering and sale of the securities represented hereby
have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”). Any transfer of such securities will
be invalid unless a Registration Statement under the Securities Act
is in effect as to such transfer or in the opinion of counsel for
the Partnership such registration is unnecessary in order for such
transfer to comply with the Securities Act.”

               “The securities represented hereby are subject to forfeiture
and transferability and other restrictions as set forth in (i) a
written agreement with the Partnership, (ii) the Younan Properties,
Inc. 2010 Incentive Award Plan and (iii) the Amended and Restated
Agreement of Limited Partnership of Younan Properties, L.P.,
dated as of _____________, 2010, in each case, as may be
amended from time to time, and such securities may not be sold or
otherwise transferred except pursuant to the provisions of such
documents.”

                14. Restrictions on Public Sale by Participant. To the extent not inconsistent with
applicable law, Participant agrees not to effect any sale or distribution of the LTIP Units or any
similar security of the Company, or any securities convertible into or exchangeable or exercisable
for such securities, including a sale pursuant to Rule 144, during the 14 days prior to, and during
the 90-day period beginning on, the effective date of a registration statement filed by the
Partnership or the Company (except as part of such registration), if and to the extent requested in
writing by the Partnership or the Company in the case of a non-underwritten public offering or if
and to the extent requested in writing by the managing underwriter or underwriters and consented to
by the Partnership or the Company, which consent may be given or withheld in the Partnership’s or
the Company’s sole and absolute discretion, in the case of an underwritten public offering (such
agreement to be in the form of lock-up agreement provided by the managing underwriter or
underwriters).

                15. Conformity to Securities Laws. Participant acknowledges that the Plan and this
Agreement are intended to conform to the extent necessary with all provisions of all applicable
federal and state laws, rules and regulations (including, but not limited to the Securities Act and
the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange
Commission thereunder, including without limitation the applicable exemptive conditions of Rule
16b-3 of the Exchange Act) and to such approvals by any listing,

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regulatory or other governmental
authority as may, in the opinion of counsel for the Partnership or the Company, be necessary or
advisable in connection therewith. Notwithstanding anything herein to the contrary, the Plan shall
be administered, and the Award of LTIP Units is made, only in such a manner as to conform to such
laws, rules and regulations. To the extent permitted by applicable law, the Plan, this Agreement
and the Award shall be deemed amended to the extent necessary to conform to such laws, rules and
regulations.

                16. Code Section 409A. Neither the Award nor the LTIP Units are intended to
constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A
of the Code (“Section 409A”). However, notwithstanding any other provision of the Plan or this
Agreement, if at any time the Committee determines that the Award or the LTIP Units may be subject
to Section 409A, the Committee shall have the right, in its sole discretion, to adopt such
amendments to the Plan or this Agreement or take such other actions (including amendments and
actions with retroactive effect) as the Committee determines are necessary or appropriate either
for the Award and the LTIP Units to be exempt from the application of Section 409A or to comply
with the requirements of Section 409A. Notwithstanding the foregoing, the Company shall have no
obligation to adopt any such amendment or take any such other action, and nothing contained in this
Section 16 shall create any such obligation.

                17. Counterparts. This Agreement may be executed in any number of counterparts, any
of which may be executed and transmitted by facsimile, and each of which shall be deemed to be an
original, but all of which together shall be deemed to be one and the same instrument.

                18. Successors and Assigns. Subject to the limitations set forth in this Agreement,
this Agreement shall be binding upon, and inure to the benefit of, the executors, administrators,
heirs, legal representatives, successors and assigns of the parties hereto, including, without
limitation, any business entity that succeeds to the business of the Partnership.

                19. Entire Agreement; Amendments and Waivers. This Agreement, together with the Plan
and the Partnership Agreement, constitutes the entire agreement among the parties pertaining to the
subject matter hereof and supersedes all prior agreements, understandings, negotiations and
discussions, whether oral or written, of the parties. This Agreement may not be amended except in
an instrument in writing signed by Participant and a duly authorized representative of the Company.
No amendment, supplement, modification or waiver of this Agreement shall be binding unless
executed in writing by the party to be bound thereby. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or
not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly
provided.

                20. Invalidity. If for any reason one or more of the provisions contained in this
Agreement or in any other instrument referred to herein, shall, for any reason, be held to be
invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such
invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
or any other such instrument.

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                21. Titles. The titles, captions or headings of the Sections herein are inserted for
convenience of reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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                IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	YOUNAN PROPERTIES, L.P.,

a Maryland limited partnership

 	 
	 
	 	By:  	 	 
	 	Name: 	 	  	 
	 	Title:  	 	 	 
	 
	 	PARTICIPANT:	 
	 
	 
	 	(Sign Name)	 
	 
	 
	 	(Print Name)	 

     Participant’s spouse indicates by the execution of this Agreement his or her consent to be
bound by the terms herein as to his or her interests, whether as community property or otherwise,
if any, in the LTIP Units.

	 	 	 	 	 
	 	Participant’s Spouse:	 
	 
	 
	 
	 	(Sign Name)	 
	 
	 
	 	(Sign Name)	 

S-1exv10w37

Exhibit 10.37

YOUNAN PROPERTIES, INC.

AND YOUNAN PROPERTIES, L.P.

2010 INCENTIVE AWARD PLAN

RESTRICTED STOCK AWARD GRANT NOTICE AND

RESTRICTED STOCK AWARD AGREEMENT

     Younan Properties, Inc., a Maryland corporation, (the “Company”), pursuant to its 2010
Incentive Award Plan (the “Plan”), hereby grants to the individual listed below (the
“Participant”), in consideration of the mutual agreements set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the number of
shares of the Company’s Common Stock set forth below (the “Shares”). This Restricted Stock award
is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award
Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) (including
without limitation the Restrictions on the Shares set forth in the Restricted Stock Agreement) and
the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the
terms defined in the Plan shall have the same defined meanings in this Restricted Stock Award Grant
Notice (the “Grant Notice”) and the Restricted Stock Agreement.

			
	Participant:	 	   

			
	Grant Date:	 	   

			
	Total Number of Shares of
Restricted Stock:	 	   Shares

			
	Vesting Commencement Date:	 	   

			
	Vesting Schedule:	 	[To be specified in individual Grant Notices.]

     By his or her signature and the Company’s signature below, the Participant agrees to be bound
by the terms and conditions of the Plan, the Restricted Stock Agreement and this Grant Notice. The
Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement
and the Plan. The Participant hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Administrator of the Plan upon any questions arising under the
Plan, this Grant Notice and/or the Restricted Stock Agreement. If the Participant is married, his
or her spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit B.

	 	 	 	 	 	 	 
	YOUNAN PROPERTIES, INC.: Holder:	 	PARTICIPANT:
	 
	By:
	 	 	 	By:	 	 
	 
	 	 	 	 	 	 
	Print Name:
	 	 	 	Print Name:	 	 
	 
	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Address:

	 	 	 	Address:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 

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EXHIBIT A

TO RESTRICTED STOCK AWARD GRANT NOTICE

YOUNAN PROPERTIES RESTRICTED STOCK AWARD AGREEMENT

     Pursuant to the Restricted Stock Award Grant Notice (the “Grant Notice”) to which this
Restricted Stock Award Agreement (the “Agreement”) is attached, Younan Properties, Inc., a Maryland
corporation (the “Company”) has granted to the Participant the number of shares of Restricted Stock
(the “Shares”) under the Younan Properties, Inc. and Younan Properties, L.P. 2010 Incentive Award
Plan, as amended from time to time (the “Plan”), as set forth in the Grant Notice.

ARTICLE I.

GENERAL

     1.1 Incorporation of Terms of Plan. The Award is subject to the terms and conditions
of the Plan, which are incorporated herein by reference. In the event of any inconsistency between
the Plan and this Agreement, the terms of the Plan shall control.

ARTICLE II.

AWARD OF RESTRICTED STOCK

     2.1 Award of Restricted Stock.

          (a) Award. In consideration of the Participant’s past and/or continued employment
with or service to the Company or its Affiliates, and for other good and valuable consideration
which the Administrator has determined exceeds the aggregate par value of the Common Stock subject
to the Award (as defined below), as of the Grant Date, the Company issues to the Participant the
Award described in this Agreement (the “Award”). The number of Shares subject to the Award is set
forth in the Grant Notice. The Participant is an Employee, Director or Consultant of the Company
or one of its Affiliates.

          (b) Book Entry Form; Certificates. At the sole discretion of the Administrator, the
Shares will be issued in either (i) uncertificated form, with the Shares recorded in the name of
the Participant in the books and records of the Company’s transfer agent with appropriate notations
regarding the restrictions on transfer imposed pursuant to this Agreement, and upon vesting and the
satisfaction of all conditions set forth in Section 2.2(d) hereof, the Company shall cause
certificates representing the Shares to be issued to the Participant; or (ii) certificated form
pursuant to the terms of Sections 2.1(c) and (d) below.

          (c) Legend. Certificates representing Shares issued pursuant to this Agreement shall,
until all Restrictions (as defined below) imposed pursuant to this Agreement lapse or shall have
been removed and the Shares shall thereby have become vested or the Shares represented thereby have
been forfeited hereunder, bear the following legend (or such other legend as shall be determined by
the Administrator):

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING
REQUIREMENTS AND MAY BE SUBJECT TO FORFEITURE UNDER THE TERMS OF A RESTRICTED STOCK
AWARD AGREEMENT, BY AND BETWEEN YOUNAN PROPERTIES, INC. AND THE REGISTERED OWNER OF
SUCH SHARES, AND SUCH SHARES MAY NOT BE, DIRECTLY OR

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INDIRECTLY, OFFERED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF UNDER ANY CIRCUMSTANCES, EXCEPT PURSUANT TO THE PROVISIONS OF SUCH
AGREEMENT.”

          (d) Escrow. The Secretary of the Company or such other escrow holder as the
Administrator may appoint may retain physical custody of any certificates representing the Shares
until all of the Restrictions on transfer imposed pursuant to this Agreement lapse or shall have
been removed; in such event, the Participant shall not retain physical custody of any certificates
representing unvested Shares issued to him or her. The Participant, by acceptance of the Award,
shall be deemed to appoint, and does so appoint, the Company and each of its authorized
representatives as the Participant’s attorney(s)-in-fact to effect any transfer of unvested
forfeited Shares (or Shares otherwise reacquired by the Company hereunder) to the Company as may be
required pursuant to the Plan or this Agreement and to execute such documents as the Company or
such representatives deem necessary or advisable in connection with any such transfer.

          (e) Delivery of Certificates Upon Vesting. As soon as administratively practicable
after the vesting of any Shares subject to the Award pursuant to Section 2.2(b) or Section 2.2(c)
hereof, as applicable, the Company shall, as applicable, either remove the notations on any Shares
subject to the Award issued in book entry form which have vested or deliver to the Participant a
certificate or certificates evidencing the number of Shares subject to the Award which have vested
(or, in either case, such lesser number of Shares as may be permitted pursuant to Section 11.2 of
the Plan). The Participant (or the beneficiary or personal representative of the Participant in the
event of the Participant’s death or incapacity, as the case may be) shall deliver to the Company
any representations or other documents or assurances required by the Company. The Shares so
delivered shall no longer be subject to the Restrictions hereunder.

     2.2 Restrictions.

          (a) Forfeiture. Any Award which is not vested as of the date of the Participant’s
Termination of Service (after taking into consideration any accelerated vesting and lapsing of
Restrictions which may occur in connection with such Termination of Service (if any)) shall
thereupon be forfeited immediately and without any further action by the Company. For purposes of
this Agreement, in the event that the Participant is both an Employee and a Director, the
Participant shall not be deemed to have incurred a Termination of Service unless and until his or
her status as both an Employee and Director has terminated. For purposes of this Agreement,
“Restrictions” shall mean the restrictions on sale or other transfer set forth in Section 3.2
hereof and the exposure to forfeiture set forth in this Section 2.2(a).

          (b) Vesting and Lapse of Restrictions. Subject to Sections 2.2(a) and 2.2(c), the
Award shall vest and Restrictions shall lapse in accordance with the vesting schedule set forth in
the Grant Notice (rounding down to the nearest whole Share). Notwithstanding anything contained
herein, the Award shall not vest and the Restrictions shall not lapse to the extent that such
lapsing of Restrictions and vesting is prohibited by Section 13.10 of the Plan.

          (c) Acceleration of Vesting. Notwithstanding Sections 2.2(a) and 2.2(b) hereof (but
subject to the limitations imposed under Section 13.10 of the Plan), the vesting of the Award and
lapsing of Restrictions may be accelerated pursuant to Sections 13.2 and 13.3 of the Plan, as
provided therein. [In addition, the Company and the Participant acknowledge that the vesting of
the Award and lapsing of the Restrictions may be subject to acceleration in the event of a
Termination of Service under certain circumstances in accordance with the Participant’s employment
agreement with the Company dated as of                     
..

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          (d) Tax Withholding. The Company or its Affiliates shall be entitled to require a
cash payment (or to elect, or permit the Participant to elect, such other form of payment
determined in accordance with Section 11.2 of the Plan) by or on behalf of the Participant and/or
to deduct from other compensation payable to the Participant any sums required by federal, state or
local tax law to be withheld with respect to the grant or vesting of the Award or the lapse of the
Restrictions hereunder. In satisfaction of the foregoing requirement with respect to the grant or
vesting of the Award or the lapse of the Restrictions hereunder, unless otherwise determined by the
Company, the Company or its Affiliates shall withhold Shares otherwise issuable under the Award
having a fair market value equal to the sums required to be withheld by federal, state and/or local
tax law. The number of Shares which shall be so withheld in order to satisfy such federal, state
and/or local withholding tax liabilities shall be limited to the number of shares which have a fair
market value on the date of withholding equal to the aggregate amount of such liabilities based on
the minimum statutory withholding rates for federal, state and/or local tax purposes that are
applicable to such supplemental taxable income. Notwithstanding any other provision of this
Agreement (including without limitation Section 2.1(b) hereof), the Company shall not be obligated
to deliver any new certificate representing Shares to the Participant or the Participant’s legal
representative or to enter any such Shares in book entry form unless and until the Participant or
the Participant’s legal representative shall have paid or otherwise satisfied in full the amount of
all federal, state and local taxes applicable to the taxable income of the Participant resulting
from the grant or vesting of the Award or the issuance of Shares hereunder.

          (e) Conditions to Delivery of Shares. Subject to Section 2.1 above, the Shares
deliverable under this Award may be either previously authorized but unissued Shares, treasury
Shares or Shares purchased on the open market. Such Shares shall be fully paid and nonassessable.
The Company shall not be required to issue or deliver any Shares under this Award prior to
fulfillment of all of the following conditions:

               (i) The admission of such Shares to listing on all stock exchanges on which the Common Stock
is then listed;

               (ii) The completion of any registration or other qualification of such Shares under any state
or federal law or under rulings or regulations of the Securities and Exchange Commission or of any
other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem
necessary or advisable;

               (iii) The obtainment of any approval or other clearance from any state or federal governmental
agency which the Administrator shall, in its absolute discretion, determine to be necessary or
advisable;

               (iv) The receipt by the Company or its Affiliates of full payment of any applicable
withholding tax;

               (v) The lapse of such reasonable period of time following the grant of this Award as the
Administrator may from time to time establish for reasons of administrative convenience; and

               (vi) The lapse of all Restrictions with respect to the Shares.

     Notwithstanding the foregoing, the issuance of such Shares shall not be delayed to the extent
that such delay would result in a violation of Section 409A of the Code. In the event that the
Company delays the issuance of such Shares because it reasonably determines that the issuance of
such Shares will violate federal securities laws or other applicable law, such issuance shall be
made at the earliest date at which

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the Company reasonably determines that issuing such Shares will not cause such violation, as
required by Treasury Regulation Section 1.409A-2(b)(7)(ii).

          (f) To ensure compliance with the Restrictions, the Common Stock Ownership Limit (as defined
in the Company’s Articles of Incorporation, as amended from time to time), the Aggregate Stock
Ownership Limit (as defined in the Company’s Articles of Incorporation, as amended from time to
time), the provisions of the charter documents of the Company, and/or state and federal securities
and other laws and for other proper purposes, the Company may issue appropriate “stop transfer” and
other instructions to its transfer agent with respect to the Restricted Stock. The Company shall
notify the transfer agent as the Restrictions lapse.

     2.3 Consideration to the Company. In consideration of the grant of the Award by the
Company, the Participant agrees to render faithful and efficient services to the Company or its
Affiliates.

ARTICLE III.

OTHER PROVISIONS

     3.1 Section 83(b) Election. The Participant covenants that he or she will not make an
election under Section 83(b) of the Code with respect to the receipt of any Share without the
consent of the Administrator, which the Administrator may grant or withhold in its sole discretion.
If, with the consent of the Administrator, the Participant makes an election under Section 83(b)
of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the
Restricted Stock rather than as of the date or dates upon which the Participant would otherwise be
taxable under Section 83(a) of the Code, the Participant hereby agrees to deliver a copy of such
election to the Company promptly after filing such election with the Internal Revenue Service.

     3.2 Restricted Stock Not Transferable. Until the Restrictions hereunder lapse or
expire pursuant to this Agreement and the Shares vest, the Restricted Stock (including any Shares
received by holders thereof with respect to Restricted Stock as a result of stock dividends, stock
splits or any other form of recapitalization) shall be subject to the restrictions on
transferability set forth in Section 11.3 of the Plan; provided, however, that this Section 3.2
notwithstanding, with the consent of the Administrator, the Shares may be transferred to one or
more Permitted Transferees, subject to and in accordance with Section 11.3 of the Plan.

     3.3 Rights as Stockholder. Except as otherwise provided herein, upon the Grant Date,
the Participant shall have all the rights of a stockholder with respect to the Shares, subject to
the Restrictions herein, including the right to vote the Shares and the right to receive any cash
or stock dividends paid to or made with respect to the Shares. 

     3.4 Not a Contract of Service. Nothing in this Agreement or in the Plan shall confer
upon the Participant any right to continue to serve as an employee or other service provider of the
Company or any of its Affiliates or shall interfere with or restrict in any way the rights of the
Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate
the services of the Participant at any time for any reason whatsoever, with or without cause,
except to the extent expressly provided otherwise in a written agreement between the Company or an
Affiliate and the Participant.

     3.5 Governing Law. The laws of the State of California shall govern the
interpretation, validity, administration, enforcement and performance of the terms of this
Agreement regardless of the law that might be applied under principles of conflicts of laws.

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     3.6 Conformity to Securities Laws. The Participant acknowledges that the Plan and
this Agreement are intended to conform to the extent necessary with all provisions of the
Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder
by the Securities and Exchange Commission. Notwithstanding anything herein to the contrary, the
Plan shall be administered, and the Award is granted, only in such a manner as to conform to such
laws, rules and regulations. To the extent permitted by applicable law, the Plan and this
Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and
regulations.

     3.7 Amendment, Suspension and Termination. To the extent permitted by the Plan, this
Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any
time or from time to time by the Committee or the Board, provided, however, that, except as may
otherwise be provided by the Plan, no amendment, modification, suspension or termination of this
Agreement shall adversely affect the Award in any material way without the prior written consent of
the Participant.

     3.8 Notices. Notices required or permitted hereunder shall be given in writing and
shall be deemed effectively given upon personal delivery or upon deposit in the United States mail
by certified mail, with postage and fees prepaid, addressed to the Participant to his address shown
in the Company records, and to the Company at its principal executive office.

     3.9 Successors and Assigns. The Company or any Affiliate may assign any of its rights
under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit
of the successors and assigns of the Company and its Affiliates. Subject to the restrictions on
transfer herein set forth, this Agreement shall be binding upon the Participant and his or her
heirs, executors, administrators, successors and assigns.

     3.10 Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the
Exchange Act, the Plan, the Award and this Agreement shall be subject to any additional limitations
set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such
exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended
to the extent necessary to conform to such applicable exemptive rule.

     3.11 Full Satisfaction; Entire Agreement. This Award is made in full and final
satisfaction of the Company’s and its Affiliates’
obligations arising under Section       of      . The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and
supersede in their entirety all prior undertakings and agreements of the Company and its Affiliates
and the Participant with respect to the subject matter hereof.

     3.12 Limitation on the Participant’s Rights. Participation in the Plan confers no
rights or interests other than as herein provided. This Agreement creates only a contractual
obligation on the part of the Company as to amounts payable and shall not be construed as creating
a trust. The Plan, in and of itself, has no assets. The Participant shall have only the rights of
a general unsecured creditor of the Company and its Affiliates with respect to amounts credited and
benefits payable, if any, with respect to the Shares issuable hereunder.

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EXHIBIT B

TO RESTRICTED STOCK AWARD GRANT NOTICE

CONSENT OF SPOUSE

     I,                                         , spouse of                                         , have read and approve the foregoing
Restricted Stock Award Agreement (the “Agreement”). In consideration of issuing to my spouse the
shares of the common stock of Younan Properties, Inc. set forth in the Agreement, I hereby appoint
my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and
agree to be bound by the provisions of the Agreement insofar as I may have any rights in said
Agreement or any shares of the common stock of Younan Properties, Inc. issued pursuant thereto
under the community property laws or similar laws relating to marital property in effect in the
state of our residence as of the date of the signing of the foregoing Agreement.

	 	 	 

	Dated:                     ,      

	 	 
	 

	 	 
	 

	 	Signature of Spouse

B-1

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