Document:

EX-10.4

Exhibit 10.4

MFRESIDENTIAL INVESTMENTS, INC.

2008 EQUITY INCENTIVE PLAN

Form of Restricted Stock Award Agreement

     AGREEMENT by and between MFResidential Investments, Inc., a Maryland corporation (the
“Company”), and _________________(the “Grantee”), dated as of the ___day of ___,
___(the “Effective Date”).

     WHEREAS, the Company maintains the 2008 Equity Incentive Plan (the “Plan”) (capitalized terms
used but not otherwise defined herein shall have the respective meanings ascribed thereto by the
Plan);

     WHEREAS,
the Grantee is _________________of a Participating Company; and

     WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best
interests of the Company and its stockholders to grant Restricted Stock to the Grantee subject to
the terms and conditions set forth below.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     1. Grant of Restricted Stock.

     The Company hereby grants the Grantee ___Shares of Restricted Stock of the Company,
subject to the following terms and conditions and subject to the provisions of the Plan. The Plan
is incorporated herein by reference as though set forth herein in its entirety. To the extent such
terms or conditions conflict with any provision of the Plan, the terms and conditions set forth
herein shall govern.

     2. Restrictions and Conditions.

     The Restricted Stock awarded pursuant to this Agreement and the Plan shall be subject to the
following restrictions and conditions:

	 	(i)	 	Subject to clauses (iii) and (iv) below, the period of
restriction with respect to Shares granted hereunder (the “Restriction
Period”) shall begin on the Effective Date and lapse on the following
schedule:

      

 

      

 

      

 

      

For purposes of the Plan and this Agreement, Shares with respect to which the
Restriction Period has lapsed shall be vested. Notwithstanding the foregoing, the
Restriction Period with respect to such Shares shall only lapse as to whole Shares.
Subject to the provisions of the Plan and this Agreement, during the Restriction
Period, the Grantee shall not be permitted voluntarily or involuntarily to sell,
transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted
Stock awarded under the Plan (or have such Shares attached or garnished).

 

 

	 	(ii)	 	Except as provided in the foregoing clause (i), below in this
clause (ii) or in the Plan, the Grantee shall have, in respect of the Shares of
Restricted Stock, all of the rights of a stockholder of the Company, including
the right to vote the Shares; provided, however, that cash dividends on such
Shares shall, unless otherwise provided by the Committee in this Agreement, be
held by the Company (unsegregated as a part of its general assets) until the
Restriction Period lapses (and forfeited if the underlying Shares are
forfeited), and paid over to the Grantee as soon as practicable after the
Restriction Period lapses (if not forfeited). Certificates for Shares (not
subject to restrictions) shall be delivered (or otherwise be deliverable) to
the Grantee promptly after, and only after, such Shares have vested (i.e., at
such time as the Restriction Period shall lapse with respect thereto) without
forfeiture in respect of such Shares.
	 
	 	(iii)	 	Subject to clause (iv) below, upon the Grantee’s Termination
of Service for Cause or by the Grantee’s termination for any reason other than
his or her death, Retirement or Disability, during the Restriction Period, then
all Shares still subject to restriction shall thereupon, and with no further
action, be forfeited by the Grantee.
	 
	 	(iv)	 	In the event the Grantee has a Termination of Service on
account of death, Disability or Retirement or on account of Termination of
Service by the Company for any reason other than for Cause, during the
Restriction Period, then restrictions under the Plan will immediately lapse on
all Restricted Stock.

     3. Miscellaneous.

	 	(a)	 	THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. The captions of this Agreement are not
part of the provisions hereof and shall have no force or effect. This Agreement may
not be amended or modified except by a written agreement executed by the parties hereto
or their respective successors and legal representatives. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement.
	 
	 	(b)	 	The Committee shall have the power to construe and interpret this Agreement,
and to establish, amend and revoke rules and regulations for administration of this
Agreement or the Plan. In this connection, the Committee may correct any defect or
supply any omission, or reconcile any inconsistency in the Plan, in this Agreement, or
in any related agreements, in the manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective. All decisions and determinations by the
Committee in the exercise of this power shall be final and binding upon the Company and
the Grantee. Notwithstanding the foregoing, the Committee shall not take any action or
make any interpretation with respect to this Agreement or the Plan that would cause (a)
the Plan to not satisfy the requirements for exemption under Rule 16b-3 under the
Exchange Act or (b) any member of the Committee to be disqualified as a Non-Employee
Director under such Rule.
	 
	 	(c)	 	All notices hereunder shall be in writing and, if to the Company or the
Committee, shall be delivered to the Board or mailed to its principal office, addressed
to the attention of the Board; and if to the Grantee, shall be delivered personally or
mailed to the Grantee at

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	 	 	 	the address appearing in the records of the Company. Such addresses may be changed
at any time by written notice to the other party given in accordance with this
paragraph 3(c).
	 	(d)	 	The failure of the Grantee or the Company to insist upon strict compliance with
any provision of this Agreement or the Plan, or to assert any right the Grantee or the
Company, respectively, may have under this Agreement or the Plan, shall not be deemed
to be a waiver of such provision or right or any other provision or right of this
Agreement or the Plan.
	 
	 	(e)	 	Nothing in this Agreement shall confer on the Grantee any right to continue in
the employ or other service of the Company or any of its Subsidiaries (if applicable)
or interfere in any way with the right of the Company and its stockholders to terminate
the Grantee’s employment or other service at any time.
	 
	 	(f)	 	This Agreement (together with the Plan) contains the entire agreement between
the parties with respect to the subject matter hereof and supersedes all prior
agreements, written or oral, with respect thereto.

     IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and
year first above written.

	 	 	 	 	 
	 	MFRESIDENTIAL INVESTMENTS, INC.
 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	
 	 
	 	 	 	 
	 	 	Grantee  	 	 

3EX-10.5

Exhibit 10.5

MFRESIDENTIAL INVESTMENTS, INC.

2008 EQUITY INCENTIVE PLAN

Form of Incentive Stock Option Award Agreement

     AGREEMENT by and between MFResidential Investments, Inc., a Maryland corporation (the
“Company”), and
_________________(the “Optionee”), dated as of the ___day of
___, ___(the “Effective Date”).

     WHEREAS, the Company maintains the 2008 Equity Incentive Plan (the “Plan”) (capitalized
terms used but not otherwise defined herein shall have the respective meanings ascribed thereto by
the Plan);

     WHEREAS, the Optionee is a ___of the Company, or a “subsidiary corporation” or a
“parent corporation” as defined in Section 424(f) of the Code; and

     WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best
interests of the Company and its stockholders to grant stock options and/or DERS to the Optionee
subject to the terms and conditions set forth below.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     1. Grant of Stock Option.

     The Company hereby grants the Optionee an options (the “Options”) to purchase ___
shares of Common Stock, subject to the following terms and conditions and subject to the provisions
of the Plan relating to Options (including Section 15 thereof). The Plan is hereby incorporated
herein by reference as though set forth herein in its entirety. To the extent such terms or
conditions conflict with any provision of the Plan, the terms and conditions set forth herein shall
govern.

     The Options shall be “incentive stock options” under Section 422 of the Code. If Shares
acquired upon exercise of the Options are disposed of in a disqualifying disposition within the
meaning of Section 422 of the Code by the Optionee prior to the expiration of either two years from
the date of grant of such Options or one year from the transfer of Shares to the Optionee pursuant
to the exercise of the Options, or in any other disqualifying disposition within the meaning of
Section 422 of the Code, the Optionee shall notify the Company in writing as soon as practicable
thereafter of the date and terms of such disposition and, if the Company thereupon has a
tax-withholding obligation, shall pay to the Company an amount equal to any withholding tax the
Company is required to pay as a result of the disqualifying disposition.

     2. Option Price.

     The Option Exercise Price per Share shall be $___.

     3. Initial Exercisability.

     Subject to paragraph 5 below, the Options, to the extent that there has been no Termination of
Service and the Options have not otherwise expired or been forfeited, shall first become
exercisable (unless sooner exercisable in accordance with Section 15 of the Plan) as follows:

 

 

	 	 	 
	 	 	Percent of Total
	For the Period Ending	 	Options First Exercisable
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 

     4. Exercisability Upon and After Termination of Optionee.

	 	(a)	 	If upon any Termination of Service for any reason other than death, Retirement
or Disability, the Optionee shall have the right, subject to the provisions of the
Plan, to exercise the Options at any time within three months after such Termination of
Service, but only to the extent that, at the date of Termination of Service, the
Optionee’s right to exercise the Options had accrued pursuant to the terms of this
Agreement and had not previously been exercised; provided, however, that, unless
otherwise provided in this Agreement, if there occurs a Termination of Service by the
Company for Cause or a Termination of Service by the Optionee (other than on account of
death, Retirement or Disability), any Options not exercised in full prior to such
termination shall be canceled.
	 
	 	(b)	 	If the Optionee dies while an Eligible Person or within three months after any
Termination of Service other than for Cause or a Termination of Service by the Optionee
(other than on account of death, Retirement or Disability), and has not fully exercised
the Options, then the Options may be exercised in full, subject to the provisions of
the Plan, at any time within 12 months after the Optionee’s death, by the Successor of
the Optionee, but only to the extent that, at the date of death, the Optionee’s right
to exercise the Option had accrued and had not been forfeited pursuant to the terms of
this Agreement and had not previously been exercised.
	 
	 	(c)	 	Upon Termination of Service for reason of Disability or Retirement, the
Optionee shall have the right, subject to the provisions of the Plan, to exercise the
Option at any time within 24 months after such Termination of Service, but only to the
extent that, at the date of Termination of Service, the Optionee’s right to exercise
the Options had accrued pursuant to the terms of this Agreement and had not previously
been exercised.
	 
	 	(d)	 	No Options which had not become exercisable at the time of cessation of
employment or service shall ever be or become exercisable (except as may be provided in
accordance with Section 15 of the Plans). No provision of this paragraph 4 is intended
to or shall permit the exercise of the Options to the extent the Options was not
exercisable upon cessation of employment or service (except as may be so provided).

     5. Term.

     Unless earlier expired or forfeited, the Options shall, notwithstanding any other provision of
this Agreement, expire in its entirety upon the tenth anniversary of the Effective Date. The
Option shall also expire and be forfeited at such times and in such circumstances as otherwise
provided hereunder or under the Plan.

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     6. Dividend Equivalent Rights.

     Subject to Section 11 of the Plan, ___DERs are granted to the Optionee, consisting of
the right to receive cash per DER in an amount equal to the dividend distributions paid on a Share
subject to an Option, but only to the extent that the underlying Options to which such DERs are
subject are exercisable in accordance with the Plan and this Agreement, but have not yet been
exercised, and have not previously expired or been forfeited. Notwithstanding the other provisions
of Section 11 of the Plan, each payment under the DERs shall be made as soon as practicable (but
not more than 60 days) after the time at which the corresponding dividend distribution is made to
stockholders of the Company; provided, however, that, if the Committee permits the Optionee to
elect to defer the Optionee’s receipt of such payments, the Optionee may elect such a deferral on
such terms and conditions as may be prescribed by the Committee, and using such forms as the
Committee may provide, for this purpose. Notwithstanding the foregoing, if a distribution to
stockholders is made and the extent to which such distribution constitutes a dividend is not known
at the time, (i) the Committee may (but need not) direct that a payment be made in respect of the
Optionee’s DERs as the Committee deems appropriate, and (ii) as soon as practicable (but not more
than 60 days) after the extent to which the distribution constitutes a dividend has been determined
by the Company in its discretion (A) in the case of a prior underpayment (or if no prior payments
had been made), the Company shall make any payments (without interest) as may be required to
reflect such determination, and (B) in the case of a prior overpayment, the Optionee shall make any
repayment (without interest) required to reflect such determination.

     7. Miscellaneous.

	 	(a)	 	THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. The captions of this Agreement are not
part of the provisions hereof and shall have no force or effect. This Agreement may
not be amended or modified except by a written agreement executed by the parties hereto
or their respective successors and legal representatives. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement.
	 
	 	(b)	 	The Committee shall have the power to construe and interpret this Agreement,
and to establish, amend and revoke rules and regulations for administration of this
Agreement or the Plan. In this connection, the Committee may correct any defect or
supply any omission, or reconcile any inconsistency in the Plan, in this Agreement, or
in any related agreements, in the manner and to the extent it shall deem necessary or
expedient to make the Plan fully effective. All decisions and determinations by the
Committee in the exercise of this power shall be final and binding upon the Company and
the Optionee. Notwithstanding the foregoing, the Committee shall not take any action
or make any interpretation with respect to this Agreement or the Plan that would cause
(a) the Plan or the Options to not satisfy the requirements for exemption under Rule
16b-3 under the Exchange Act or (b) any member of the Committee to be disqualified as a
Non-Employee Director under such Rule.
	 
	 	(c)	 	All notices hereunder shall be in writing and, if to the Company or the
Committee, shall be delivered to the Board or mailed to its principal office, addressed
to the attention of the Board; and if to the Optionee, shall be delivered personally or
mailed to the Optionee at the address appearing in the records of the Company. Such
addresses may be changed at any time by written notice to the other party given in
accordance with this paragraph 7(c).

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	 	(d)	 	The failure of the Optionee or the Company to insist upon strict compliance
with any provision of this Agreement or the Plan, or to assert any right the Optionee
or the Company, respectively, may have under this Agreement or the Plan, shall not be
deemed to be a waiver of such provision or right or any other provision or right of
this Agreement or the Plan.
	 
	 	(e)	 	Nothing in the Plan or this Agreement shall confer on the Optionee any right to
continue in the employ or other service of the Company, the Subsidiaries, the Manager
or any of their respective affiliates (if applicable) or interfere in any way with the
right of the Company, its stockholders, the Subsidiaries, the Manager or any of their
respective affiliates (if applicable) to terminate the Optionee’s employment or other
service at any time.
	 
	 	(f)	 	Any and all payments hereunder to the Optionee shall be made from the general
funds of the Company and no special or separate fund shall be established or other
segregation of assets made to assure such payments; provided, however, that bookkeeping
reserves may be established in connection with the satisfaction of payment obligations
hereunder. The obligations of the Company hereunder are unsecured and constitute a
mere promise by the Company to make benefit payments in the future and, to the extent
that any person acquires a right to receive payments hereunder from the Company, such
right shall be no greater than the right of an general unsecured creditor of the
Company.
	 
	 	(g)	 	This Agreement (together with the Plan) contains the entire agreement between
the parties with respect to the subject matter hereof and supersedes all prior
agreements, written or oral, with respect thereto.

     IN WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as of the day
and year first above written.

	 	 	 	 	 
	 	MFRESIDENTIAL INVESTMENTS, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	Optionee 	 
	 	 	 	 
	 

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