Document:

cbg-ex1023_775.htm

Exhibit 10.23

ADOPTION AGREEMENT

 

	
1.01
	
PREAMBLE

 

	
By the execution of this Adoption Agreement the Plan Sponsor hereby [complete (a) or (b)]

	
 

	
(a)
	
☐
	
adopts a new plan as of                     [month, day, year]

	
 
	
 
	
 

	
(b)
	
☒
	
amends and restates its existing plan as of January 1, 2019  [month, day, year] which is the Amendment Restatement Date.  Except as otherwise provided in Appendix A, all amounts deferred under the Plan prior to the Amendment Restatement Date shall be governed by the terms of the Plan as in effect on the day before the Amendment Restatement Date.

	
 
	
 
	
 

	
 
	
 
	
Original Effective Date:   April 15, 2012  [month, day, year]

	
 
	
 
	
 

	
 
	
 
	
Pre-409A Grandfathering:          ☐ Yes    ☒ No

 

	
1.02
	
PLAN

 

Plan Name: CBRE Deferred Compensation Plan

Plan Year:   January 1 – December 31___________

 

	
1.03
	
Plan Sponsor

 

	
Name:
	
CBRE Services, Inc.

	
Address:
	
2100 Ross Avenue, Suite 1600, Dallas, TX 75201

	
Phone # :
	
 

	
EIN:
	
52-1616016

	
Fiscal Yr:
	
 

 

Is stock of the Plan Sponsor, any Employer or any Related Employer publicly traded on an established securities market?

 

  ☒   Yes       ☐   No

 

- 1 -

 

March 2018

 

	
1.04
	
Employer

 

The following entities have been authorized by the Plan Sponsor to participate in and have adopted the Plan (insert “Not Applicable” if none have been authorized):

 

						
	
Entity
	
Publicly Traded on Est. Securities Market

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Yes
	
 
	
No
	
 

	
CBRE Group, Inc.
	
 
	
☒
	
 
	
☐
	
 

	
All direct and indirect subsidiaries of CBRE Group, Inc.
	
 
	
☐
	
 
	
☒
	
 

	
 
	
 
	
☐
	
 
	
☐
	
 

	
 
	
 
	
☐
	
 
	
☐
	
 

	
 
	
 
	
☐
	
 
	
☐
	
 

	
 
	
 
	
☐
	
 
	
☐
	
 

 

	
1.05
	
Administrator

 

The Plan Sponsor has designated the following party or parties to be responsible for the administration of the Plan:

 

		
	
Name:
	
Chief Executive Officer of CBRE Services, Inc. or a committee consisting of three or more individuals selected by the Chief Executive Officer of CBRE Services, Inc.

	
Address:
	
     

 

	
 
	
Note:
	
The Administrator is the person or persons designated by the Plan Sponsor to be responsible for the administration of the Plan.  Neither Fidelity Employer Services Company nor any other Fidelity affiliate can be the Administrator.

 

	
1.06
	
key employee determination DATEs

 

The Employer has designated                      as the Identification Date for purposes of determining Key Employees.

 

In the absence of a designation, the Identification Date is December 31.

 

The Employer has designated                      as the effective date for purposes of applying the six month delay in distributions to Key Employees.

 

In the absence of a designation, the effective date is the first day of the fourth month following the Identification Date.

 

 

- 2 -

 

March 2018

 

	
2.01
	
Participation

 

	
(a)
	
☒
	
Employees [complete (i), (ii) or (iii)]

	
 
	
 
	
 
	
 

	
 
	
(i)
	
☐
	
Eligible Employees are selected by the Employer.

	
 
	
 
	
 
	
 

	
 
	
(ii)
	
☒
	
Eligible Employees are those employees of the Employer who satisfy the following criteria:

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
A select group of management or highly compensated employees as determined each year by the Administrator

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
     

	
 
	
 
	
 
	
     

	
 
	
 
	
 
	
     

	
 
	
 
	
 
	
 

	
 
	
(iii)
	
☐
	
Employees are not eligible to participate.

	
 
	
 
	
 
	
 

	
(b)
	
☒
	
Directors [complete (i), (ii) or (iii)]

	
 
	
 
	
 
	
 

	
 
	
(i)
	
☐
	
All Directors are eligible to participate.

	
 
	
 
	
 
	
 

	
 
	
(ii)
	
☒
	
Only Directors selected by the Administrator each year are eligible to participate.

	
 
	
 
	
 
	
 

	
 
	
(iii)
	
☐
	
Directors are not eligible to participate.

	
 
	
 
	
 
	
 

	
(c)
	
Effective as of January 1, 2019, Qualified Real Estate Agents as selected by the Administrator each year are eligible to participate

 

- 3 -

 

March 2018

 

	
3.01
	
Compensation

 

	
For purposes of determining Participant contributions under Article 4 and Employer contributions under Article 5, Compensation shall be defined in the following manner [complete (a) or (b) and select (c) and/or (d), if applicable]:

	
 
	
 
	
 

	
(a)
	
☒
	
Compensation is defined as:

	
 
	
 
	
 

	
 
	
 
	
Base Compensation

	
 
	
 
	
Annual Bonus

	
 
	
 
	
Commissions

	
 
	
 
	
     

	
 
	
 
	
     

	
 
	
 
	
     

	
 
	
 
	
 

	
(b)
	
☐
	
Compensation as defined in       [insert name of qualified plan] without regard to the limitation in Section 401(a)(17) of the Code for such Plan Year.

	
 
	
 
	
 

	
(c)
	
☒
	
Director Compensation is defined as:

	
 
	
 
	
 

	
 
	
 
	
Retainer

	
 
	
 
	
 Meeting Fees

	
 
	
 
	
     

	
 
	
 
	
 

	
(d)
	
☐
	
Compensation shall, for all Plan purposes, be limited to $     .

	
 
	
 
	
 

	
(e)
	
☐
	
Not Applicable.

 

	
3.02
	
BonusES

 

Compensation, as defined in Section 3.01 of the Adoption Agreement, includes the following type of bonuses that will be the subject of a separate deferral election:

 

						
	
Type
	
Will be treated as Performance

Based Compensation

	
 
	
 

	
 
	
 
	
Yes
	
 
	
No
	
 

	
Annual Bonus
	
 
	
☒
	
 
	
☐
	
 

	
     
	
 
	
☐
	
 
	
☐
	
 

	
     
	
 
	
☐
	
 
	
☐
	
 

	
     
	
 
	
☐
	
 
	
☐
	
 

	
     
	
 
	
☐
	
 
	
☐
	
 

 

☐      Not Applicable.

 

- 4 -

 

March 2018

 

	
4.01
	
Participant Contributions

 

If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

 

	
 
	
(a)
	
Amount of Deferrals

 

A Participant may elect within the period specified in Section 4.01(b) of the Adoption Agreement to defer the following amounts of remuneration.  For each type of remuneration listed, complete “dollar amount” and / or “percentage amount”.

 

	
 
	
(i)
	
Compensation Other than Bonuses [do not complete if you complete (iii)]

 

						
	
Type of Remuneration
	
Dollar Amount
	
% Amount
	
Increment

	
Min
	
Max
	
Min
	
Max

	
(a)    Base Compensation
	
 
	
 
	
1%
	
50%
	
1%

	
(b)    Commissions
	
 
	
 
	
1%
	
50%
	
1%

	
(c)
	
 
	
 
	
 
	
 
	
 

 

Note:  The increment is required to determine the permissible deferral amounts.  For example, a minimum of 0% and maximum of 20% with a 5% increment would allow an individual to defer 0%, 5%, 10%, 15% or 20%.

 

	
 
	
(ii)
	
Bonuses [do not complete if you complete (iii)]

 

						
	
Type of Bonus
	
Dollar Amount
	
% Amount
	
Increment

	
Min
	
Max
	
Min
	
Max

	
(a)    Annual Bonus
	
 
	
 
	
1
	
100%
	
1%

	
(b)
	
 
	
 
	
 
	
 
	
 

	
(c)
	
 
	
 
	
 
	
 
	
 

 

	
 
	
(iii)
	
Compensation [do not complete if you completed (i) and (ii)]

 

					
	
Dollar Amount
	
% Amount
	
Increment

	
Min
	
Max
	
Min
	
Max

	
 
	
 
	
 
	
 
	
 

 

	
 
	
(iv)
	
Director Compensation

 

						
	
Type of Compensation
	
Dollar Amount
	
% Amount
	
Increment

	
Min
	
Max
	
Min
	
Max

	
Annual Retainer 
	
 
	
 
	
1%
	
100%
	
1%

	
Meeting Fees
	
 
	
 
	
1%
	
100%
	
1%

	
Other: 
	
 
	
 
	
 
	
 
	
 

	
Other:
	
 
	
 
	
 
	
 
	
 

 

- 5 -

 

March 2018

 

	
 
	
(b)
	
Election Period

 

	
 
	
(i)
	
Performance Based Compensation

 

A special election period 

 

					
	
☐
	
Does
	
 
	
☒
	
Does Not

 

apply to each eligible type of performance based compensation referenced in Section 3.02 of the Adoption Agreement.

 

The special election period, if applicable, will be determined by the Employer.

 

	
 
	
(ii)
	
Newly Eligible Participants

 

An employee who is classified or designated as an Eligible Employee during a Plan Year 

 

					
	
☒
	
May
	
 
	
☐
	
May Not

 

elect to defer Compensation earned during the remainder of the Plan Year by completing a deferral agreement within the 30 day period beginning on the date he is eligible to participate in the Plan.

 

	
 
	
(c)
	
Revocation of Deferral Agreement

 

A Participant’s deferral agreement

 

		
	
☐
	
Will 

	
☒
	
Will Not

 

be cancelled for the remainder of any Plan Year during which he receives a hardship distribution of elective deferrals from a qualified cash or deferred arrangement maintained by the Employer to the extent necessary to satisfy the requirements of Reg. Sec. 1.401(k)-1(d)(3).  If cancellation occurs, the Participant may resume participation in accordance with Article 4 of the Plan.

 

	
 
	
(d)
	
No Participant Contributions

 

	
 
	
☐
	
Participant contributions are not permitted under the Plan.

 

- 6 -

 

March 2018

 

	
5.01
	
Employer Contributions

 

If Employer contributions are permitted, complete (a) and/or (b).  Otherwise
complete (c).

 

	
 
	
(a)
	
Matching Contributions

 

	
 
	
(i)
	
Amount

 

For each Plan Year, the Employer shall make a Matching Contribution on behalf of each Participant who defers Compensation for the Plan Year and satisfies the requirements of Section 5.01(a)(ii) of the Adoption Agreement equal to [complete the ones that are applicable]:

 

				
	
(A)
	
☐
	
            [insert percentage] of the Compensation the Participant has elected to defer for the Plan Year

	
 
	
 
	
 

	
(B)
	
☐
	
An amount determined by the Employer in its sole discretion

	
 
	
 
	
 

	
(C)
	
☐
	
Matching Contributions for each Participant shall be limited to $      and/or      % of Compensation.

	
 
	
 
	
 

	
(D)
	
☐
	
Other:

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
(E)
	
☐
	
Not Applicable [Proceed to Section 5.01(b)]

 

	
 
	
(ii)
	
Eligibility for Matching Contribution

 

A Participant who defers Compensation for the Plan Year shall receive an allocation of Matching Contributions determined in accordance with Section 5.01(a)(i) provided he satisfies the following requirements [complete the ones that are applicable]:

 

			
	
(A)
	
☐
	
Describe requirements: 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
(B)
	
☐
	
Is selected by the Employer in its sole discretion to receive an allocation of Matching Contributions

	
 
	
 
	
 

	
(C)
	
☐
	
No requirements

 

- 7 -

 

March 2018

 

	
 
	
(iii)
	
Time of Allocation

 

Matching Contributions, if made, shall be treated as allocated [select one]:

 

			
	
(A)
	
☐
	
As of the last day of the Plan Year

	
 
	
 
	
 

	
(B)
	
☐
	
At such times as the Employer shall determine in it sole discretion

	
 
	
 
	
 

	
(C)
	
☐
	
At the time the Compensation on account of which the Matching Contribution is being made would otherwise have been paid to the Participant

	
 
	
 
	
 

	
(D)
	
☐
	
Other:

	
 
	
 
	
 

	
 
	
 
	
 

 

	
 
	
(b)
	
Other Contributions

 

	
 
	
(i)
	
Amount

 

The Employer shall make a contribution on behalf of each Participant who satisfies the requirements of Section 5.01(b)(ii) equal to [complete the ones that are applicable]:

 

			
	
(A)
	
☐
	
An amount equal to           [insert number] % of the Participant’s Compensation

	
 
	
 
	
 

	
(B)
	
☐
	
An amount determined by the Employer in its sole discretion

	
 
	
 
	
 

	
(C)
	
☐
	
Contributions for each Participant shall be limited to

	
 
	
 
	
$                      

	
 
	
 
	
 

	
(D)
	
☐
	
Other:

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
(E)
	
☐
	
Not Applicable [Proceed to Section 6.01]

 

- 8 -

 

March 2018

 

	
 
	
(ii)
	
Eligibility for Other Contributions

 

A Participant shall receive an allocation of other Employer contributions determined in accordance with Section 5.01(b)(i) for the Plan Year if he satisfies the following requirements [complete the one that is applicable]:

 

			
	
(A)
	
☐
	
Describe requirements:

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
(B)
	
☐
	
Is selected by the Employer in its sole discretion to receive an allocation of other Employer contributions

	
 
	
 
	
 

	
(C)
	
☐
	
No requirements

 

	
 
	
(iii)
	
Time of Allocation

 

Employer contributions, if made, shall be treated as allocated [select one]:

 

			
	
(A)
	
☐
	
As of the last day of the Plan Year

	
 
	
 
	
 

	
(B)
	
☐
	
At such time or times as the Employer shall determine in its sole discretion

	
 
	
 
	
 

	
(C)
	
☐
	
Other:

	
 
	
 
	
 

	
 
	
 
	
 

 

	
 
	
(c)
	
No Employer Contributions

 

	
 
	
☒
	
Employer contributions are not permitted under the Plan.

 

- 9 -

 

March 2018

 

	
6.01
	
DIStributions

 

The timing and form of payment of distributions made from the Participant’s vested Account shall be made in accordance with the elections made in this Section 6.01 of the Adoption Agreement except when Section 9.6 of the Plan requires a six month delay for certain distributions to Key Employees of publicly traded companies.  

 

	
 
	
(a)
	
Timing of Distributions

 

 

			
	
(i)
	
All distributions shall commence in accordance with the following [choose one]:

 

	
 
	
(A)       ☒
	
As soon as administratively feasible following the distribution event but in no event later than the time prescribed by Treas. Reg. Sec. 1.409A-3(d).

	
 
	
(B)       ☐
	
Monthly on specified day ___ [insert day]

	
 
	
(C)       ☐
	
Annually on specified month and day         [insert month and day]

	
 
	
(D)       ☐
	
Calendar quarter on specified month and day [       month of quarter (insert 1,2 or 3);    __  day (insert day)]

 

			
	
(ii)
	
The timing of distributions as determined in Section 6.01(a)(i) shall be modified by the adoption of:

 

	
 
	
(A)       ☒
	
Event Delay – Distribution events other than those based on Specified Date or Specified Age will be treated as not having occurred for ___6___ months [insert number of months].

 

	
 
	
(B)       ☐
	
Hold Until Next Year – Distribution events other than those based on Specified Date or Specified Age will be treated as not having occurred for twelve months from the date of the event if payment pursuant to Section 6.01(a)(i) will thereby occur in the next calendar year or on the first payment date in the next calendar year in all other cases.

 

	
 
	
(C)       ☐
	
Immediate Processing – The timing method selected by the Plan Sponsor under Section 6.01(a)(i) shall be overridden for the following distribution events [insert events]:

 

	
 
	
 

	
 
	
 

	
 
	
 
	
 

	
 
	
(D)       ☐
	
Not applicable.

 

 

- 10 -

 

March 2018

 

	
 
	
(b)
	
Distribution Events

 

Participants may elect one of the following payment events and the associated form or forms of payment. For installments, insert the range of available periods (e.g., 5-15) or insert the periods available (e.g., 5,7,9).

 

					
	
 
	
 
	
Lump Sum
	
Installments

	
 
	
 
	
 
	
 

	
(i)       ☒
	
Specified Date
	
x
	
2-5      years

	
 
	
 

	
(ii)      ☐
	
Specified Age
	
        
	
         years

	
 
	
 

	
(iii)     ☐
	
Separation from Service
	
        
	
_____ years

	
 
	
 

	
(iv)     ☒
	
Separation from Service plus 6 months
	
x
	
2-5 years

	
 
	
 

	
(v)      ☐
	
Separation from Service plus          months [not to exceed          months]
	
        
	
         years

	
 
	
 

	
(vi)     ☐
	
Retirement
	
        
	
         years

	
 
	
 

	
(vii)    ☐
	
Retirement plus 6 months
	
        
	
         years

	
 
	
 

	
(viii)   ☐
	
Retirement plus          months [not to exceed          months]
	
        
	
         years

	
 
	
 

	
 
	
 

	
(ix)     ☐
	
Disability
	
        
	
         years

	
 
	
 

	
(x)      ☐
	
Death
	
        
	
         years

	
 
	
 

	
(xi)     ☐
	
Change in Control
	
        
	
         years

 

The minimum deferral period for Specified Date or Specified Age event shall be two (2) years.

 

Installments may be paid [select each that applies]

 

		
	
☐
	
Monthly

	
☐
	
Quarterly

	
☒
	
Annually

 

	
 
	
(c)
	
Specified Date and Specified Age elections may not extend beyond age Not Applicable [insert age or “Not Applicable” if no maximum age applies].

- 11 -

 

March 2018

 

	
 
	
(d)
	
Payment Election Override

 

Payment of the remaining vested balance of the Participant’s Account will automatically occur at the time specified in Section 6.01(a) of the Adoption Agreement in the form indicated upon the earliest to occur of the following events [check each event that applies and for each event include only a single form of payment]: 

 

						
	
 
	
EVENTS
	
FORM OF PAYMENT

	
☐
	
Separation from Service plus six months  
	
 
	
Lump sum
	
 
	
Installments

	
☒
	
Separation from 

Service before Retirement plus six (6) months
	
 

 

x
	
Lump sum
	
 
	
Installments

	
☐
	
Death
	
 
	
Lump sum
	
 
	
Installments

	
☐
	
Disability
	
 
	
Lump sum
	
 
	
Installments

	
☐
	
Not Applicable
	
 
	
 
	
 
	
 

 

The provisions of this Section 6.01(d) shall not apply to Participants who are non-employee Directors.

 

	
 
	
(e)
	
Involuntary Cashouts

		
	
☐
	
If the Participant’s vested Account at the time of his Separation from Service does not exceed $        distribution of the vested Account shall automatically be made in the form of a single lump sum in accordance with Section 9.5 of the Plan.

 

	
☒
	
There are no involuntary cashouts.

 

	
 
	
(f)
	
Retirement

		
	
☒
	
Retirement shall be defined as a Separation from Service that occurs on or after the Participant [insert description of requirements]:

 

	
 
	
Attainment of age 62 and completion of ten (10) years of service (using the elapsed time method from date of hire)

	
 
	
 

	
☐
	
No special definition of Retirement applies.

 

 

- 12 -

 

March 2018

 

	
 
	
(g)
	
Distribution Election Change

 

A Participant

 

		
	
☐
	
Shall

	
☒
	
Shall Not

 

be permitted to modify a scheduled distribution date and/or payment option in accordance with Section 9.2 of the Plan.

 

A Participant shall generally be permitted to elect such modification _____ number of times.

 

Administratively, allowable distribution events will be modified to reflect all options necessary to fulfill the distribution change election provision.

 

 

	
 
	
(h)
	
Frequency of Elections

 

The Plan Sponsor

 

		
	
☒
	
Has

	
☐
	
Has Not

 

Elected to permit annual elections of a time and form of payment for amounts deferred under the Plan.  If a single election of a time and/or form of payment is required, the Participant will make such election at the time he first completes a deferral agreement which, in all cases, will be no later than the time required by Reg. Sec. 1.409A-2.

 

 

- 13 -

 

March 2018

 

	
7.01
	
VESTING

 

	
 
	
(a)
	
Matching Contributions

The Participant’s vested interest in the amount credited to his Account attributable to Matching Contributions shall be based on the following schedule:

 

	
☐
	
Years of Service
	
Vesting %
	
 

	
 
	
0
	
          
	
(insert ‘100’ if there is immediate vesting)

	
 
	
1
	
          
	
 

	
 
	
2
	
          
	
 

	
 
	
3
	
          
	
 

	
 
	
4
	
          
	
 

	
 
	
5
	
          
	
 

	
 
	
6
	
          
	
 

	
 
	
7
	
          
	
 

	
 
	
8
	
          
	
 

	
 
	
9
	
          
	
 

	
 
	
 
	
 
	
	
☐
	
Other:

 
	
	
 
	
 
	
	
 
	
 
	
	
☐
	
Class year vesting applies.

 
	
	
 
	
 
	
 
	
	
☒
	
Not applicable.
	
 
	

 

	
 
	
(b)
	
Other Employer Contributions

The Participant’s vested interest in the amount credited to his Account attributable to Employer contributions other than Matching Contributions shall be based on the following schedule:

 

	
☐
	
Years of Service
	
Vesting %
	
 

	
 
	
0
	
          
	
(insert ‘100’ if there is immediate vesting)

	
 
	
1
	
          
	
 

	
 
	
2
	
          
	
 

	
 
	
3
	
          
	
 

	
 
	
4
	
          
	
 

	
 
	
5
	
          
	
 

	
 
	
6
	
          
	
 

	
 
	
7
	
          
	
 

	
 
	
8
	
          
	
 

	
 
	
9
	
          
	
 

	
 
	
 
	
 
	
	
☐

 
	
Other:

 
	
	
 
	
 
	
	
 
	
 
	
	
☐

 
	
Class year vesting applies.

 
	
	
 
	
 
	
 
	
	
☒
	
Not applicable.
	
 
	

 

- 14 -

 

March 2018

 

 

	
 
	
(c)
	
Acceleration of Vesting

A Participant’s vested interest in his Account will automatically be 100% upon the occurrence of the following events: [select the ones that are applicable]:

 

		
	
(i)        ☐
	
Death

	
 
	
 

	
(ii)       ☐
	
Disability

	
 
	
 

	
(iii)      ☐
	
Change in Control

	
 
	
 

	
(iv)      ☐
	
Eligibility for Retirement

	
 
	
 

	
(v)       ☐
	
Other:

	
 
	
 

	
 
	
 

	
(vi)      ☒
	
Not applicable.

 

	
 
	
(d)
	
Years of Service

	
 
	
(i)
	
A Participant’s Years of Service shall include all service performed for the Employer and

 

		
	
☐
	
Shall

	
☐
	
Shall Not

 

include service performed for the Related Employer.

	
 
	
(ii)
	
Years of Service shall also include service performed for the following entities:

 

	
	
 

	
 

	
 

	
 

	
 

 

	
 
	
(iii)
	
Years of Service shall be determined in accordance with (select one)

 

		
	
(A)      ☐
	
The elapsed time method in Treas. Reg. Sec.  1.410(a)-7

	
 
	
 

	
(B)      ☐
	
The general method in DOL Reg. Sec.  2530.200b-1 through b-4

	
 
	
 

	
(C)      ☐
	
The Participant’s Years of Service credited under [insert name of plan]  

	
 
	
 

	
(D)      ☐
	
Other: 

	
 
	
 

	
 
	
 

 

	
 
	
(iv)
	
☒      Not applicable.

- 15 -

 

March 2018

 

	
8.01
	
UNFORESEEABLE EMERGENCY

 

	
 
	
(a)
	
A withdrawal due to an Unforeseeable Emergency as defined in Section 2.24:

	
 
	
☐
	
Will

	
 
	
☒
	
Will Not [if Unforeseeable Emergency withdrawals are not permitted, proceed to Section 9.01]

 

be allowed.

 

	
 
	
(b)
	
Upon a withdrawal due to an Unforeseeable Emergency, a Participant’s deferral election for the remainder of the Plan Year:

☐Will

☐Will Not

be cancelled.  If cancellation occurs, the Participant may resume participation in accordance with Article 4 of the Plan.

- 16 -

 

March 2018

 

	
9.01
	
INVESTMENT DECISIONS

 

Investment decisions regarding the hypothetical amounts credited to a Participant’s Account shall be made by [select one]:

 

	
 
	
(a)
	
☒          The Participant or his Beneficiary

	
 
	
(b)
	
☐          The Employer

 

- 17 -

 

March 2018

 

	
10.01
	
TRUST 

 

The Employer [select one]:

 

	
 
	
☒
	
Does

	
 
	
☐
	
Does Not

 

intend to establish a rabbi trust as provided in Article 11 of the Plan.

- 18 -

 

March 2018

 

	
11.01
	
TERMINATION UPON CHANGE IN CONTROL

 

The Plan Sponsor

 

	
 
	
☒
	
Reserves

	
 
	
☐
	
Does Not Reserve

 

the right to terminate the Plan and distribute all vested amounts credited to Participant Accounts upon a Change in Control as described in Section 9.7.

 

	
11.02
	
AUTOMATIC  DISTRIBUTION UPON CHANGE IN CONTROL

 

Distribution of the remaining vested balance of each Participant’s Account

 

	
 
	
☐
	
Shall

	
 
	
☒
	
Shall Not

 

automatically be paid as a lump sum payment upon the occurrence of a Change in Control as provided in Section 9.7.

 

	
11.03
	
CHANGE IN CONTROL

 

A Change in Control for Plan purposes includes the following [select each definition that applies]:

 

	
 
	
(a)
	
☒          A change in the ownership of the Employer as described in Section 9.7(c) of the Plan.

 

	
 
	
(b)
	
☒          A change in the effective control of the Employer as described in Section 9.7(d) of the Plan.

 

	
 
	
(c)
	
☒          A change in the ownership of a substantial portion of the assets of the Employer as described in Section 9.7(e) of the Plan.

 

	
 
	
(d)
	
☐          Not Applicable.

 

- 19 -

 

March 2018

 

	
12.01
	
GOVERNING STATE LAW

 

The laws of Delaware shall apply in the administration of the Plan to the extent not preempted by ERISA.

 

 

- 20 -

 

March 2018

EXECUTION PAGE

 

 

The Plan Sponsor has caused this Adoption Agreement to be executed this 19th day of Nov, 2018.

 

	
PLAN SPONSOR:
	
 
	
CBRE

	
By:
	
 
	
/s/ J. Christopher Kirk

	
Title:
	
 
	
Chief Administrative Officer

 

- 21 -

 

March 2018

 

APPENDIX A 

SPECIAL EFFECTIVE DATES

The plan document effective April 15, 2012, as amended prior to January 1, 2019, is hereby incorporated by reference as if fully rewritten herein.

 

- 22 -

 

March 2018Exhibit

Exhibit 10.19

GERMAN AMERICAN BANCORP, INC.

Restricted Stock Award Agreement (2018/2019 Additional Retainer)
for _________________ (“Director”)

December 17, 2018

German American Bancorp, Inc.  (the “Company”) is pleased to grant to you an award pursuant to the resolution of the Company’s Board of Directors adopted as of the date of this document consisting of a certain amount of shares of Common Stock of the Company (the “Common Stock”) subject to certain restrictions under the Company’s 2009 Long Term Equity Incentive Plan (the “Plan”) and this Agreement (“Agreement”).  This Agreement and the shares granted hereby are subject to the terms and conditions of the Plan, the terms of which are incorporated herein.  Any capitalized term that is not defined in this Agreement has the meaning described by the Plan.  Please see the Plan document for more information regarding your rights and obligations under this Agreement.
Please execute this Agreement by signing both copies.  Return one copy within thirty (30) days of its date to Terri Eckerle, Shareholder Relations, German American Bancorp, Inc., 711 Main Street, Box 810, Jasper, Indiana 47546.  Retain one copy of the Agreement for yourself along with the enclosed Plan.
1.    Grant of the Award.  The Company hereby grants you, as of the date specified above (the “Grant Date”) an Award consisting of Six Hundred Ninety-Six ( 696 ) shares of Common Stock, with an aggregate value as of the Grant Date of approximately Twenty Thousand Dollars ($20,000).  We sometimes refer in this Agreement to the shares of Common Stock that are part of the Award (including any other securities distributed in respect of the shares of Common Stock, or in substitution for those shares, by reason of an adjustment provided for in Section 8) as the “Restricted Stock.” This Award is granted to you subject to the terms and conditions specified in this Agreement and the Plan.

2.    Vesting of the Award.  Subject to earlier forfeiture and cancellation pursuant to the Plan and this Agreement and possible acceleration as provided by Article VIII of the Plan, your rights to retain the Award (including the Restricted Stock) will vest as of 12:01 A.M.  Jasper time on the morning of December 5, 2019 (“Vesting Date”).  The period prior to the Vesting Date is referred to in this Agreement as the Restricted Period.  The Board of Directors, by the vote (or written consent in lieu thereof) of not fewer than a majority of the members of the Board of Directors then in office (other than you) who are independent directors for purposes of NASDAQ independence rules and who are “non-employee directors” as defined for purposes of the rules of the Securities and Exchange Commission under Section 16 of the Securities Exchange Act of 1934, as amended (the “Section 16 Non-Employee Directors”), shall have the authority, in its sole judgment (which shall be conclusive and binding), to determine whether the conditions to vesting specified by this Agreement and the Plan have been satisfied as of the Vesting Date or any other date.  The Board of Directors 

1

by action of the Section 16 Non-Employee Directors may also waive the provisions of Section 5 or otherwise shorten the Restricted Period as to any or all of the Award, and in connection with such actions may cause the Award to vest at an earlier date, whenever the Board of Directors by the above-described vote may determine that such action is appropriate by reason of changes in applicable tax or other laws or accounting principles or interpretations, or by reason of other changes in circumstances occurring after the Grant Date.

3.    Your Rights in Award before Vesting.  Except as otherwise provided in this Agreement, you shall have all the rights of a holder of Common Stock in respect of each of your shares of Restricted Stock that are included in the Award during the Restricted Period, including, but not limited to, the right to receive all cash dividends paid on the Restricted Stock that are declared with a record date on or after the Grant Date and the right to vote the Restricted Stock on all matters to come for a vote by the holders of the Common Stock with a record date on or after the Grant Date.

4.    Non-Certificated Nature of Restricted Stock during the Restricted Period.  The Company has directed its registrar and transfer agent (the “Transfer Agent”) to issue the shares of Restricted Stock in your name as of the Grant Date, and to evidence the issuance of such shares of Restricted Stock to you by crediting the number of such shares of Restricted Stock to an account that has been established in your name on the Transfer Agent’s books (your “Restricted Stock Account”).  During the Restricted Period, the Company shall have no obligation to cause a certificate evidencing any of the shares of Restricted Stock to be prepared or delivered.  Any cash dividends payable in respect of the Restricted Stock during the Restricted Period pursuant to Section 3 shall be paid to you in cash, unless you otherwise direct, in which event such dividends will be paid to such account as you direct.  

5.    Forfeiture and Cancellation of the Award; Accelerated Vesting under Certain Cases.

		
	(a)
	Continuing Board Service and Meeting Attendance Conditions.  If you should not continue in service to the Company and its subsidiaries or affiliates as a director through December 5, 2019, for any reason other than your death or disability, your Award (including your Restricted Stock and all associated property and rights) shall be fully forfeited and cancelled.  Furthermore, if you (i) fail to attend (for any reason other than disability) in person at least seventy-five percent (75%) of the aggregate number of meetings of the Company’s Board of Directors and the other corporate or subsidiary or affiliate boards and committees on which you may be (from time to time) a member during the period commencing on January 1, 2019 through December 5, 2019, or (ii) fail to attend (other than by reason of disability or illness or bona fide emergency as determined in the sole discretion of the Company’s lead independent director) the Company’s annual meeting of shareholders held in 2019, your Award (including your Restricted Stock and all associated property and rights) shall be subject to a 50% forfeiture and cancellation.  Each of the circumstances set forth above (i.e., failure to fulfill a service or attendance requirement) that results in a forfeiture of your Award (including your Restricted Stock and all associated property and rights) shall be referred to herein as a “Disqualifying Circumstance” and the date of the last fact that establishes the existence of a Disqualifying Circumstance 

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shall be referred to herein as the “Disqualification Date.” In the event of any forfeiture or cancellation of your Award pursuant to this Section 5, the shares of Restricted Stock subject thereto shall be deemed to have been reacquired by the Company and cancelled effective as of the Disqualification Date (regardless of the date on which the Board of Directors makes a determination as to the existence of a Disqualifying Circumstance), and you therefore shall not have the right to receive any cash dividends or other distributions with respect to the Restricted Stock that are declared with a record date after the Disqualification Date.  The existence or non-existence of a Disqualifying Circumstance (and the date of the associated Disqualification Date) shall, in the event of any uncertainty or dispute, be determined for all purposes under the Plan and this Agreement by the Board of Directors (by vote or consent as provided by Section 2), whose judgment on such matters shall be conclusive and binding.

		
	(b)
	Immediate Vesting Caused by an Extraordinary Event.  If an Extraordinary Event (as defined by Section 6.06(d) of the Plan) occurs during the Restricted Period, and prior to the date of any forfeiture and cancellation of your Award, then the Vesting Date of your Award shall be deemed to have been accelerated to the date of the Extraordinary Event, and your Award shall be deemed fully non-restricted and non-forfeitable as of such date.

6.    Non-Transferability.  Prior to expiration of the Restricted Period, you may not sell, assign, transfer, pledge or otherwise encumber any of your rights under the Award, including the Restricted Stock.  

7.    Disclaimer of Contract.  Nothing contained in this Agreement shall be construed as an obligation of the Company or any of its Subsidiaries or any other person to retain you as a member of the Board of Directors, or in any other capacity.  

8.    Adjustments for Changes in Capitalization of the Company.  In the event of any change in the outstanding shares of Common Stock during the Restricted Period by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation, or any change in the corporate structure of the Company or in the shares of Common Stock, the number and class of the shares of your Restricted Stock covered by your Award shall be appropriately adjusted by the Board of Directors, whose determination shall be conclusive.  Any shares of Common Stock or other securities distributed during the Restricted Period in respect of your Restricted Stock as a result of any of the foregoing to which you may be determined to be entitled shall be held without interest by the Transfer Agent for your account until the expiration of the Restricted Period, and shall be subject to the forfeiture and other provisions of this Agreement to the same extent and in the same manner as the previously issued shares of Restricted Stock in respect of which they were distributed.

9.    Securities Laws.  The Company’s obligation to issue to you, or to deliver to you any stock certificates evidencing, shares of Common Stock hereunder shall, if the Board of Directors so requests, be conditioned upon the Company’s receipt of a representation by you as to your investment 

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intention, in such form as the Board of Directors shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended, or any other federal, state or local securities legislation.  The Company shall not be required to deliver any certificates for shares under this Agreement or to issue any shares hereunder prior to (i) the admission of such shares to listing on any stock exchange on which the shares of Common Stock may then be listed, and (ii) the completion of such registration or other qualification of such shares under any state or federal law, rule or regulation, as the Board of Directors shall determine to be necessary or advisable.

10.    Tax and Other Withholding Obligations.  The Company’s obligation to pay or deliver to you the Restricted Stock that constitutes the Award shall be subject to the Company’s compliance with applicable tax withholding and other required withholding or deductions, if any, with respect to the compensation realized by you as a result of having received the Award (including the non-cash compensation income that you may be deemed to realize for income tax purposes upon the lapsing of the restrictions upon the Award) including any deductions that may be required under the Company’s employee benefit plans (collectively, the “Withholding”).  The Company may satisfy any such Withholding or other obligation by withholding from the Restricted Stock otherwise deliverable to you such number of shares as would have at such time a fair market value equal to the amount of such obligation.

11.    Agreement.  By signing this Agreement below, you acknowledge that you have received a copy of the Plan, and that you are familiar with the terms and provisions of the Plan and the Agreement, and that you accept their terms.  You also acknowledge your agreement (on behalf of yourself and your estate, including your personal representatives, guardians, executors and heirs) to accept as binding, conclusive, and final all decisions and interpretations of the Company’s Board of Directors (by the vote or consent of such members thereof as is determined in accordance with Section 2 of this Agreement) upon any question arising under the Plan or this Agreement.

	
				
	 
	 
	 
	GERMAN AMERICAN BANCORP, INC.

	 
	 
	 
	 

	 
	 
	By:
	 

	Director's Name
	 
	 
	Mark A Schroeder, Chairman and CEO

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