Document:

evc-ex1031_1520.htm

 

EXHIBIT 10.31

 

ENTRAVISION COMMUNICATIONS CORPORATION

2004 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AWARD

GRANT DATE: __________________

 

Dear Participant:

 

You have been granted an award of Restricted Stock Units (an “Award”) under the Entravision Communications Corporation (together with its Affiliates, the “Company”) 2004 Equity Incentive Plan, as amended (the “Plan”) with the terms and conditions as set forth on Exhibit A to this Award agreement (this “Award Agreement”) and as follows:

 

			
	
Grant Date:

 
	
__________________

	
Issuance of Shares:

 
	
As soon as practicable after your Restricted Stock Units vest, the Company will issue in your name a number of Shares equal to the number of Restricted Stock Units that have vested.

 

	
Vesting:
	
The Restricted Stock Units will vest as set forth on Exhibit A to this Award Agreement.  

 

If your employment terminates as a result of death or Disability prior to the vesting date, your Restricted Stock Units will become fully vested on the date of such termination.  If you are employed by the Company at the time of a Change of Control, your Restricted Stock Units will vest as determined by the Compensation Committee of the Board of Directors of the Company (the “Committee”) or otherwise as provided by Section 16(c) of the Plan (provided, that, for purposes of Section 16(d) of the Plan and notwithstanding anything therein, accelerated vesting of Restricted Stock Units will be cut back as necessary to avoid the application of Section 280G, if applicable, and neither you nor the Company will have any discretion to elect other compensation to be cut back prior to cutting back any accelerated vesting under this Award).  Upon any other termination of employment prior to the vesting date, you will forfeit the Restricted Stock Units.

 

	
Transferability of 

Restricted Shares:
	
By accepting this Award, you agree not to sell any Shares acquired under this Award at a time when applicable law or Company policies (including without limitation, the Company’s Insider Trading Policy) prohibit such sale.

 

	
Rights as Shareholder:

 

 

 

 
	
You will not be deemed for any purposes to be a shareholder of the Company with respect to any of the Restricted Share Units unless and until Shares are issued therefor upon vesting of the Restricted Stock Units.

1

 

 

			
	
Transferability of Award:

 
	
You may not transfer, assign, hypothecate, pledge or encumber this Award for any reason, other than any transfer under your will or as required by intestate laws. Except for permitted transfers as described in the foregoing sentence, any attempted transfer, assignment, hypothecation, pledge or encumbrance will be null and void. Your Restricted Stock Units are not subject to any offset for any amounts that may be owed to the Company or otherwise.

 

	
Tax Withholding:
	
To the extent that the payment of the Restricted Stock Units results in income to you for Federal, state or local income tax purposes, the Company may withhold that number of Shares otherwise deliverable to you having an aggregate Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that the Company must withhold. The value of any fractional Share remaining shall be paid in cash.

 

2

 

 

			
	
Miscellaneous:
	
The existence of this Award shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or prior preference stock senior to or affecting the common stock or the rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s assets or business or any other corporate act or proceeding, whether of a similar character or otherwise.

This Award shall be interpreted by the Committee and any interpretation by the Committee of the terms of this Award or the Plan and any determination made by the Committee pursuant to this Award shall be final, binding and conclusive.

The issuance of Shares under this Award shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

The Restricted Stock Units granted hereunder are not intended to provide for any deferral of compensation subject to Code Section 409A and, accordingly, the benefits provided pursuant hereto shall be paid on or before the fifteenth day of the third month following the taxable year in which such benefit vests and is no longer subject to a substantial risk of forfeiture, as determined in accordance with Code Section 409A and any Treasury Regulations and other guidance issued thereunder.  The Company makes no representation or warranty and shall have no liability to Grantee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption or exception from, or the conditions of, Section 409A of the Code.  Each payment under this Agreement shall be considered a separate payment and not one of a series of payments for purposes of 

Section 409A of the Code.  If the Company determines that one or more of the payments or benefits under this Agreement are in fact a “deferral of compensation” within the meaning of Section 409A of the Code (“Deferred Compensation”) and if Grantee is a “specified employee” (as determined by the Company in accordance with Section 409A of the Code) as of the date of Executive’s Separation from Service, then any payment of any amount constituting Deferred Compensation to which Executive otherwise would be entitled to receive hereunder during the first six months following his Separation from Service will be withheld until the first Company payroll date that occurs in the seventh month immediately following Grantee’s Separation from Service, at which time Grantee shall be paid a lump-sum payment in an amount equal to the amount of the Deferred Compensation that otherwise would have been paid to Grantee pursuant to this Agreement absent the application of this provision.

 

This Restricted Stock Unit Award is granted under and governed by the terms and conditions of the Plan. Additional provisions regarding your Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan. 

3EX-10.1

 Exhibit 10.1 

CITY OFFICE REIT, INC. 

EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

This Award Agreement (the “Award Agreement”) is made as of [DATE] by and between City Office REIT, Inc. (the
“Company”) and [INDIVIDUAL] (the “Participant”) to effect the grant of Restricted Stock Units under the Company’s Equity Incentive Plan (the “Plan”). Capitalized terms not otherwise defined
herein shall have the meaning ascribed to such term in the Plan. 
 1.    Grant of Units and DER. Effective as of
[DATE] (the “Grant Date”), the Participant has been granted a total of [NUMBER] Restricted Stock Units (the “Units”), each representing the right to receive Shares (or cash of equivalent value) upon settlement as
set forth herein. In addition, effective as of the Grant Date, the Participant has been granted an equivalent DER, providing that, as dividends are paid on Shares, the Participant automatically shall be issued additional Restricted Stock Units (the
“Additional Units”) covering that number of Shares with a value equivalent to the total dividends that would be paid on the number of Shares equal to the number of Units and Additional Units divided by the fair market value of the
Shares on the dividend payment date. 
 2.    Vesting. The Units shall vest in three substantially equal
installments on each of the first three annual anniversaries of the Grant Date, subject to the Participant’s continued employment with the Company through each applicable vesting date. The Additional Units shall vest on the same date that the
underlying Unit in respect of which each Additional Unit was issued, vests. Notwithstanding the foregoing, the Units and Additional Units shall vest in full upon termination of the Participant’s employment with the Company without Cause. For
purposes of the foregoing, “Cause” shall mean: (i) any willful act by the Participant constituting dishonesty, fraud or other malfeasance, which in any such case is injurious to the financial condition or business reputation of
the Company or any its affiliates, (ii) the Participant’s conviction of, or pleading nolo contendere to, any felony or a misdemeanor involving moral turpitude (or the equivalents thereof in any other jurisdiction in which the
Company or any of its affiliates conducts business), or (iii) any material breach by the Participant of any of the material terms of any agreement, including an employment agreement, between the Participant and the Company. 

3.    Settlement of Awards. Subject to Section 4 below, vested Units and vested Additional Units shall be
settled as soon as practicable upon vesting and in no event later than March 15 of the year following the year in which the applicable Units vested. Settlement shall be in the form of Shares, or if so approved by the Committee, in cash of
equivalent value. 
 4.    Termination of Units. 

(a)    Generally. Upon the termination of the Participant’s employment with the Company for any reason, all
outstanding, unvested Units and outstanding, unvested Additional Units shall be immediately cancelled for no consideration (after giving effect to any vesting acceleration otherwise applicable to the Units and Additional Units, including the
potential vesting upon termination of employment without Cause specified in Section 2). 

 (b)    Settlement Following Termination. For avoidance of doubt,
following the Participant’s termination of employment with the Company, the Participant still shall be entitled to receive payments in connection with the settlement of vested Units and vested Additional Units as set forth in Section 3
above. 
 5.    Rights as a Stockholder. The Participant shall have no rights as a stockholder of the Company
with respect to the Units and any Additional Units issued hereunder until Shares are delivered to the Participant upon settlement of vested Units and vested Additional Units. 

6.    Plan to Prevail. This Award Agreement, the Units and Additional Units granted hereby, and the Shares subject
hereto, are subject to all of the terms and provisions of the Plan. In the event of a conflict between the terms and provisions of this Award Agreement and the Plan, the provisions in the Plan shall prevail. 

7.    Administration. By accepting the grant of the Units and right to receive Additional Units, the Participant
agrees (i) that the Committee shall have full power to interpret the terms and conditions of this Award Agreement and resolve, in its sole discretion, any discrepancies or questions of facts, and (ii) that no member of the Committee shall
be liable for any action or determination made in good faith with respect to the Units, any Additional Units, or this Agreement. Any action taken or decision made by the Company, the Committee or its delegates arising out of or in connection with
the construction, administration, interpretation or effect of this Award Agreement shall lie within its sole and absolute discretion, shall not require the Participant’s consent and shall be final, conclusive and binding upon the Participant
and all persons claiming under or through the Participant. Any certifications by the Committee pursuant to this Award Agreement shall be determined in writing and may be in any form determined by the Committee (including as part of applicable
meeting minutes or in a written consent). By accepting the grant of the Units and right to receive Additional Units, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated acceptance
and ratification of, and consent to, any action taken or decision made under, or with respect to, this Award Agreement by the Company, the Committee or its delegates. 

8.    Notices. Any notice to be given to the Company hereunder shall be in writing and shall be addressed to the
Company’s Chief Financial Officer at the Company’s headquarters, or at such other address as the Company may hereafter designate to the Participant by notice as provided in this Section 8. Any notice to be given to the Participant
hereunder shall be addressed to the Participant’s home address of record with the Company. A notice shall be deemed to have been duly given when personally delivered or mailed by registered or certified mail to the party entitled to receive it.

 9.    No Employment/Service Right. The grant of the Units and the terms set forth in this Award Agreement
shall not confer upon the Participant the right to employment with, or other service to, the Company. 

 10.    Successors and Assigns. The terms of this Award Agreement shall
be binding upon and inure to the benefit of the Company and the successors and assigns of the Company. 
 11.     No
Right to Future Awards. The grant of the Units does not confer on the Participant any right or entitlement to receive any other compensation at any time in the future or with respect to any future period. 

12.    Governing Law. This Award Agreement shall be interpreted, construed and administered in accordance with the
laws of the State of New York applicable to contracts executed and to be performed entirely therein, without giving effect to conflict of law provisions. 

13.    Entire Agreement. This Award Agreement constitutes the entire agreement between the parties hereto with
regard to the subject matter hereof. This Award Agreement supersedes all other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the Units. By accepting the grant of the Units and
the right to receive Additional Units, the Participant shall be deemed to accept all of the terms and conditions of this Award Agreement. 

14.     Amendments. Notwithstanding any provision set forth in this Award Agreement and subject to all applicable
laws, rules and regulations, the Committee shall have the power to, without the Participant’s consent, (i) alter or amend the terms and conditions of this Award Agreement in any manner that the Committee considers necessary or advisable,
in its sole discretion, to comply with, or take into account changes in, or interpretations or rescissions of, applicable tax laws, securities laws, employment laws, accounting rules or standards and other applicable laws, rules, regulations,
guidance, ruling, judicial decision or legal requirement; (ii) alter or amend the terms and conditions of this Award Agreement in any manner that the Committee determines necessary or advisable to reflect any changes in the Company’s
corporate structure, so long as the Committee reasonably determines such change is equitable to the Participant; and (iii) waive any terms and conditions that operate in favor of the Company. Any alteration or amendment of the terms of this
Award Agreement shall be effective only upon adoption by the Committee, and, upon such adoption, shall become and be binding on all persons affected thereby. The Company shall give notice to the Participant of any such alteration or amendment as
promptly as practicable after the adoption thereof. 
 [SIGNATURE PAGE FOLLOWS] 

 
			
	CITY OFFICE REIT, INC.
		
	BY:	 	 
		 	Authorized Signature
	Name:	 	

  

			
	Consented and Agreed to:
	
	 

 [SIGNATURE PAGE TO THE RESTRICTED STOCK UNIT AWARD AGREEMENT]

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