Document:

exv10w14

 

EXHIBIT 10.14

ENTERTAINMENT PROPERTIES TRUST

1997 SHARE INCENTIVE PLAN

FORM OF 

RESTRICTED SHARES AWARD AGREEMENT 

     Date of Grant:___

     Number of Restricted Shares Granted: ___

     This Restricted Shares Award Agreement (this “Agreement”) dated ___, 20___, is made
by and between Entertainment Properties Trust, a Maryland real estate investment trust (the
“Company”), and ___(“Participant”).

RECITALS:

          A. The Company has adopted the 1997 Share Incentive Plan (the “Plan”) under which the Company
may grant employees and non-employee trustees of the Company certain equity-based awards.

          B. Participant is an employee or non-employee trustee of the Company or one of its
Subsidiaries and the Company desires to encourage Participant to own Shares and to give Participant
added incentive to advance the interests of the Company, and desires to grant Participant
Restricted Shares of the Company under the terms and conditions established by the Board.

          C. On the Date of Grant, set forth above, the Committee approved the grant of restricted
Common Shares of the Company (the “Restricted Shares”) to Participant in the amount, and subject to
the terms and conditions, set forth herein.

AGREEMENT:

     In consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

     1. Incorporation of Plan. All provisions of this Agreement and the rights of
Participant hereunder are subject in all respects to the provisions of the Plan and the powers of
the Board and the Committee therein provided. Capitalized terms used in this Agreement but not
defined shall have the meaning set forth in the Plan.

     2. Grant of Restricted Shares. Subject to the conditions and restrictions set forth
in this Agreement and in the Plan, the Company hereby grants to Participant that number of
Restricted

 

 

Shares identified above opposite the heading “Number of Restricted Shares Granted”.

     3. Restrictions on Transfer/Period of Restriction. Subject to any exceptions set
forth in this Agreement or in the Plan, the Restricted Shares or the rights relating thereto may
not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or
hypothecated, voluntarily or involuntarily, prior to the vesting dates for such Restricted Shares
(the “Vesting Dates”), as identified below. On the Vesting Dates, such restriction on transfer
shall lapse to the extent set forth herein and the Restricted Shares subject to such lapsed
restriction, if not previously forfeited pursuant to Section 4 below, will become freely
transferable under this Agreement and the Plan, subject only to such further limitations on
transfer, if any, as may exist under applicable law or any other agreement binding upon
Participant. Subject to any exceptions listed in this Agreement or in the Plan, the Restricted
Shares shall become vested in accordance with the schedule set forth below:

	 	 	 
	Anniversary of Date of Grant	 	Percentage of Shares Vested
	                    
	 	___%
	                    
	 	___%
	                    
	 	___%

     The Board may, in its sole discretion, accelerate the Vesting Date for any or all of the
Restricted Shares, if in its judgment the performance of Participant has warranted such
acceleration and/or such acceleration is in the best interests of the Company.

     4. Forfeiture Prior to Vesting. Unless otherwise provided below or in any other
agreement to which the Company and Participant are now or hereafter become parties, if
Participant’s employment with the Company or any of its Subsidiaries is terminated for any reason
(a “Termination of Employment”) after the Date of Grant but before the Restricted Shares become
fully vested pursuant to Section 3 above (the “Restricted Period”), Participant will thereupon
immediately forfeit all unvested Restricted Shares, and the full ownership of such Restricted
Shares and rights will revert to the Company. Upon such forfeiture, Participant shall have no
further rights under this Agreement. For purposes of this Agreement, transfer of employment
between the Company and any of its Subsidiaries does not constitute a Termination of Employment.

     5. Certificates. The Restricted Shares shall be issued in the name of Participant or
a nominee of Participant as of the Date of Grant. The Company may, at its election, issue one or
more certificates evidencing such Restricted Shares or issue such shares in book-entry only until
the expiration of the Restricted Period. Certificates representing the Restricted Shares shall
bear a legend similar to the following:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED SECURITIES AND
SUBJECT TO CERTAIN CONDITIONS UNDER THE ENTERTAINMENT PROPERTIES TRUST 1997
SHARES INCENTIVE PLAN AND THE APPLICABLE RESTRICTED SHARES AWARD AGREEMENT
PURSUANT TO WHICH THE SHARES WERE ISSUED. THESE SHARES ARE SUBJECT TO A
RISK OF FORFEITURE AND CANNOT BE SOLD,
DONATED,

2

 

TRANSFERRED OR IN ANY OTHER MANNER ENCUMBERED EXCEPT IN ACCORDANCE
WITH THE TERMS OF SUCH PLAN AND AGREEMENT, COPIES OF WHICH ARE AVAILABLE
FOR INSPECTION AT THE PRINCIPAL OFFICE OF ENTERTAINMENT PROPERTIES TRUST.

     6. Dividends and Voting. Participant is entitled to (i) receive all dividends,
payable in shares, in cash or in kind, or other distributions, declared on or with respect to any
Restricted Shares as of a record date that occurs on or after the Date of Grant hereunder and
before any transfer or forfeiture of the Restricted Shares by Participant, and (ii) exercise all
voting rights with respect to the Restricted Shares, if the record date for the exercise of such
voting rights occurs during the Restricted Period.

     7. Committee Authority. Any questions concerning the interpretation of this Agreement
and any controversy which arises under this Agreement shall be settled by the Committee in its sole
discretion.

     8. Notice. Whenever any notice is required or permitted hereunder, such notice must
be in writing and personally delivered, sent by recognized expedited delivery service, with proof
of delivery or sent by United States mail, postage prepaid, certified mail, return receipt
requested. Any notice required or permitted to be delivered hereunder shall be deemed to be
delivered on the date which it was personally delivered, received by the addressee, or, whether
actually received or not, on the third business day after it is deposited in the United States
mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the
address which such person has theretofore specified by written notice delivered in accordance
herewith. The Company or Participant may change, at any time and from time to time, by written
notice to the other, the address previously specified for receiving notices. Until changed in
accordance herewith, the Company’s address is: Entertainment Properties Trust, Attention:
Secretary, 30 W. Pershing Road, Suite 201, Kansas City, Missouri 64108, and Participant’s address
will be the last known address held by the Company.

     9. Headings. Headings are provided herein for convenience only and are not to serve
as a basis for interpretation or construction of this Agreement.

     10. Notice of I.R.C. Section 83(b) Election. If Participant makes an election under
Section 83(b) of the Code, Participant shall promptly notify the Company of such election.

     11. Designation of Beneficiary. Participant may designate a person or persons to
receive, in the event of his death, any Shares resulting from the vesting of Restricted Shares or
other property then or thereafter distributable relating to such Shares. Such designation may be
made in a written instrument delivered to the Company. If Participant fails effectively to
designate a beneficiary, then the person(s), or trust(s) entitled by will or the laws of descent
and distribution shall be deemed to be the beneficiary of the transfer.

     12. Tax Withholding. To the extent that the grants of or vesting of any of the
Restricted Shares granted hereunder may obligate the Company to pay withholding taxes on behalf of
Participant, the Company shall have the power to withhold, or require Participant to remit to the

3

 

Company, an amount sufficient to satisfy any such federal, state, local or foreign withholding tax
requirements.

     13. Amendment. This Agreement may be amended only by a writing executed by the
parties hereto which specifically states that it is amending this Agreement.

     14. Governing Law. The laws of the State of Missouri will govern the interpretation,
validity and performance of this Agreement regardless of the law that might be applied under
principles of conflicts of laws.

     15. Binding Effect. Except as expressly stated herein to the contrary, this Agreement
will be binding upon and inure to the benefit of the respective heirs, legal representatives,
successors and assigns of the parties hereto.

     This Agreement has been executed and delivered by the parties hereto effective the day and
year first above written.

	 	 	 	 	 
	 	ENTERTAINMENT PROPERTIES TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	PARTICIPANT

 	 
	 	 	 
	 	 	 

4exv10w15

 

EXHIBIT 10.15

FORM OF

OPTION CERTIFICATE

NUMBER: N___-2006

STOCK OPTIONS (NON-QUALIFIED AND INCENTIVE)

FOR EMPLOYEE

To Purchase Common Shares of

ENTERTAINMENT PROPERTIES TRUST

Issued Pursuant to the Entertainment Properties Trust

1997 Share Incentive Plan (the “Plan”)

     THIS CERTIFIES THAT ON ______(the “Grant Date”), ___(the
“Holder”) was granted an option (“Option”) to purchase at the price $  per share (price
determined as of closing on _________) all or any part of _________(the “Option Shares”)
common shares of beneficial interest, $0.01 par value per share (“Common Shares”), of ENTERTAINMENT
PROPERTIES TRUST, a Maryland real estate investment trust (the “Company”), upon and subject to the
terms of the Plan and following terms and conditions:

     This Option shall expire on the close of business on the tenth anniversary of the date hereof
(the “Expiration Date”).

     This Option shall be exercisable as described on Exhibit A attached hereto.

     Notwithstanding the foregoing, all or any part of the Option that remains unexercised shall
vest and become immediately exercisable upon a Change in Control while Holder is serving as an
employee of the Company.

     This Option and all rights granted hereunder are non-transferable and non-assignable, and this
Option shall be exercisable only by Holder except that, in case of Holder’s death, the
representative of his or her estate or his or her heirs, as the case may be, shall be permitted to
exercise this Option, to the extent permitted by the terms of the Plan and this Option Certificate.

     This Option may be exercised by delivery of written notice signed by Holder, together with
this Option Certificate and the purchase price for the Option Shares purchased on exercise of this
Option. This Option may not be exercised at any time when the Option, or the exercise thereof, may
result in the violation of any law or governmental order or regulation.

     Payment for the Common Shares purchased on exercise of this Option shall be made in full at
the time of exercise by any one or more of the methods provided by the Plan.

 

 

     To the extent this Option shall not have been exercised in full prior to the Expiration Date,
this Option shall immediately terminate and become void and of no further force or effect.

     Within a reasonable time after exercise of the Option, the Company shall cause to be delivered
to the person entitled thereto a certificate for the Common Shares purchased on exercise of the
Option. If the Option shall have been exercised with respect to less than all of the Option Shares
subject to the Option, the Company shall also cause to be delivered a new Option Certificate in
replacement of this Option Certificate, if surrendered at the time of exercise, indicating the
number of Option Shares with respect to which this Option remains exercisable, or this Option
Certificate shall be endorsed to give effect to the partial exercise of the Option.

     In the event of termination of Holder’s service as an Employee of the Company for any reason
other than death or permanent disability (as determined by the Committee), all unvested Options
shall terminate, and all Options (to the extent exercisable as of the date of termination) shall be
exercisable for 90 days following such termination (but in no event beyond the term of the Option),
and shall thereafter terminate. In the event of Holder’s death while an Employee of the Company,
all unvested Options shall terminate, and all Options (to the extent exercisable as of the date of
death), shall be exercisable by any prior transferee or by Holder’s designated beneficiary, or if
none, the person(s) to whom Holder’s rights under the Options are transferred by will or the laws
of descent and distribution, for one year following the date of death (but in no event beyond the
term of the Option), and shall thereafter terminate. In the event of termination of service as an
Employee of the Company due to permanent disability (as determined by the Committee), all unvested
Options shall terminate, and all Options (to the extent exercisable as of the date of termination)
shall be exercisable for one year following such termination of service (but in no event beyond the
term of the Option), and shall thereafter terminate.

     In the event of any change in the outstanding Common Shares of the Company by reason of any
stock dividend or split, recapitalization, merger, consolidation, spinoff, combination or exchange
of shares or other corporate change, or any distribution to holders of Common Shares other than
regular cash dividends, the number or kind of shares subject to the Option and/or the purchase
price therefor may be adjusted by the Committee as in its sole discretion deems equitable to
preserve the value of the Option.

     Nothing contained herein shall be construed to confer upon the Holder any right to continue as
an employee of the Company or affect the right of the Company to remove Holder as an employee at
any time.

     Holder shall not be deemed to be the holder of any Option Shares or to have any of the rights
of a shareholder with respect to any Option Shares unless and until the Option shall have been
exercised and Holder’s name shall have been entered as a shareholder of record with respect to the
Option Shares on the books of the Company.

     Before issuing and delivering any Common Shares to Holder upon exercise of this Option, the
Company may: (a) require Holder to give assurances that the Option Shares are being

 

 

purchased for investment only and not with a view to resale or distribution and will not be
transferred in violation of applicable securities laws; or (b) condition the exercise of this
Option or the issuance and delivery of Common Shares upon the listing, registration or
qualification of the Option Shares upon a securities exchange or under applicable securities laws.

     Any notice required or permitted under this Agreement may be delivered personally or by
certified mail, commercial delivery service or facsimile transmission, if to the Company or the
Committee, at 30 W. Pershing Rd., Suite 201, Kansas City, Missouri 64108, FAX (816) 472-5794, or to
Holder, at the address or facsimile number shown below, or at such other address or facsimile
number as either party may designate in writing from time to time. Notices shall be effective upon
receipt.

     The Option and this Option Certificate are issued pursuant to and are subject to all of the
terms and conditions of the Plan, the terms, conditions and definitions of which are incorporated
herein by reference, and the receipt of a copy of which Holder acknowledges by his or her signature
below.

     Unless otherwise provided herein, all capitalized terms not defined herein shall have the
meaning ascribed in the Plan.

	 	 	 	 	 	 	 
	 	 	ENTERTAINMENT PROPERTIES TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

ACCEPTED AND AGREED:

By:

 

 

EXHIBIT A

Stock Option Vesting and Exercise Schedule

	 	 	 	 	 	 	 	 	 	 	 
	 	 	1/1/20__	 	1/1/20__	 	1/1/20__	 	1/1/20__	 	1/1/20__
	ISO Shares Vested
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ISO Shares Exercised
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	NSQ Shares Vested
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	NSQ Shares Exercised

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