Document:

EXHIBIT 4.1

 

Form of Restricted Stock Agreement

 

Restricted Stock Agreement

 

This RESTRICTED STOCK AGREEMENT (the “Agreement”)
is made this ______ day of ______________, 20__, by and between MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation
(the “Company”), and __________________________, a resident of ___________________________, _______  (the
“Recipient”).

 

WITNESSETH:

 

WHEREAS the Company has adopted the Mid-America Apartment Communities,
Inc. 2004 Stock Plan, as amended (the “Plan”), which authorizes the Company to award restricted shares (“Restricted
Shares”) of its common stock, $0.01 par value per share (the “Common Stock”), to key employees of
the Company and/or its affiliates (individually, a “Restricted Stock Award”); and

 

WHEREAS, the Compensation Committee of the Board of Directors
of the Company has adopted the 2013 Long Term Incentive Program (the “2013 Plan”); and

 

WHEREAS, the Company and Recipient wish to confirm the terms
and conditions of a Restricted Stock Award through the 2013 Plan to Recipient on ___________________, 20___ (the “Date
of Award”).

 

NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
it is agreed between the parties hereto as follows:

 

1.           Definitions.  Except
as provided in this Agreement, or unless the context otherwise requires, the terms used herein shall have the same meaning as in
the Plan.

 

2.           Award
of Shares.  Upon and subject to the terms, restrictions, limitations and conditions stated herein, the Company hereby
awards to Recipient ____________ Restricted Shares of the Company’s Common Stock (the “Shares”).

 

3.           Rights;
Vesting; Forfeiture.  Except as otherwise provided herein, Recipient shall have full right, title and interest in
the Shares to the extent such Shares have vested in accordance with subparagraph (iii) below.

 

i.           During
the Vesting Period (as defined below) and prior to the vesting of the Shares, the Shares may not be sold, assigned, transferred,
pledged or otherwise encumbered by Recipient.  Certificates issued with respect to the Shares shall be registered in
the name of Recipient and deposited by Recipient with the Company, and any such certificates shall bear an appropriate legend disclosing
the restrictions imposed on the Shares hereunder and by the Plan.  Upon the lapse of the restrictions applicable to the
Shares, the Company shall deliver such certificates to Recipient or Recipient’s legal representative, as the case may be.

 

ii.           During
the Vesting Period the Recipient shall have all rights of a shareholder of the Company (except as otherwise provided herein), including
without limitation the right to vote and receive dividends on the Shares.  If as a result of a stock dividend, stock
split, recapitalization or other adjustment in the capital stock or stated capital of the Company, or as the result of a merger,
consolidation, or other reorganization, the Common Stock is increased, reduced or otherwise changed and by virtue thereof, Recipient
shall be entitled to new or additional or different shares, with such new or additional shares being subject to the same terms,
conditions and restrictions as applicable to the Shares, as determined by the 2013 Plan.

 

    	 

    	 

    

 

iii.           The
Shares shall vest at such time and on such date as the performance criteria indicated on Schedule A has been satisfied (the “Vesting
Date(s)”), provided that Recipient is employed by the Company or an Affiliate (the “Employer”) at
all times following the Date of Award and prior to and on the Vesting Date(s) (the “Vesting Period”).  If,
at any time during the Vesting Period, Recipient’s employment with Employer is terminated for any reason other than as a
result of termination for good reason, termination without cause, death, Disability, retirement or change of control, all of the
Shares held by such Recipient shall immediately and automatically be forfeited without monetary consideration to the Company and
shall be automatically canceled and retired.  If Recipient’s employment with Employer is terminated for termination
for good reason, termination without cause, death, Disability, retirement or change of control, all as defined in the 2013 Plan,
then in any such case all Shares shall become immediately vested and nonforfeitable.

 

4.           Share
Award and Shares Subject to Plan.  The Restricted Stock Award represented by this Agreement and the Shares shall
be subject to, and the Company and Recipient agree to be bound by, all of the terms and conditions of the Plan, as the same shall
be amended from time to time in accordance with the terms thereof.

 

5.           Covenants
and Representations of Recipient.  Recipient represents, warrants, covenants and agrees with the Company as follows:

 

i.           The
Shares cannot be offered for sale, sold or transferred by Recipient other than pursuant to: (A) an effective registration under
applicable state securities laws or in a transaction which is otherwise in compliance with such laws; (B) an effective registration
under the Securities Act of 1933, as amended (the “1933 Act”), or in a transaction otherwise in compliance with the
1933 Act; and (C) evidence satisfactory to the Company of compliance with the securities laws of all applicable jurisdictions.  The
Company shall be entitled to rely upon an opinion of counsel satisfactory to it with respect to compliance with the foregoing laws;

 

ii.           The
Company will be under no obligation to register (or maintain the registration of) the Shares or to comply with any exemption available
for sale of the Shares without registration.  The Company is under no obligation to act in any manner so as to make Rule
144 promulgated under the 1933 Act available with respect to sales of the Shares; and

 

iii.           If
applicable, a legend indicating that the Shares have not been registered under the applicable state securities laws and referring
to any applicable restrictions on transferability and sale of the Shares may be placed on the certificate or certificates delivered
to Recipient and any transfer agent of the Company may be instructed to require compliance therewith.

 

6.           Governing
Law.  This Agreement shall be construed, administered and enforced according to the laws of the State of Tennessee,
without regard to the conflicts of laws provisions thereof.

 

7.           Successors.  This
Agreement shall be binding upon and inure to the benefits of the heirs, legal representatives, successors and permitted assigns
of the parties.

 

8.           Notice.  Except
as otherwise specified herein, all notices and other communications under this Agreement shall be in writing and shall be deemed
to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested,
postage prepaid, addressed to the proposed recipient at the last known address of such recipient.  Any party may designate
any other address to which notices shall be sent by giving notice of such address to the other parties in the same manner provided
herein.

 

    	 

    	 

    

 

9.           Severability.  In
the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to
be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of
this Agreement and this Agreement shall be construed as if such invalid, illegal or unenforceable provision or portion thereof
had never been contained herein.

 

10.           Entire
Agreement.  Subject to the terms and conditions of the Plan, this Agreement expresses the entire understanding and
agreement of the parties hereto with respect to such terms, restrictions and limitations.  This Agreement may be executed
in two or more counterparts, each of which shall be deemed and original but all of which shall constitute one and the same instrument.

 

11.           Violation.  Any
transfer, pledge, sale, assignment or hypothecation of the Shares except in accordance with this Agreement shall be a violation
of the terms hereof and shall be void and without effect.

 

12.           Headings.  Section
headings used herein are for convenience of reference only and shall not be considered in interpreting this Agreement.

 

13.           Specific
Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and
provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction
in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

 

14.           Counterparts.  This
Agreement may be executed by the signatures of each of the parties hereto, or to a counterpart of this Agreement, and all such
counterparts shall collectively constitute one Agreement.  Facsimile signatures shall constitute original signatures
for purposes of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed and sealed this
Agreement on the day and year first set forth above.

 

	 	MID-AMERICA APARTMENT COMMUNITIES, INC.
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	RECIPIENT:
	 	 
	 	Signature:
	 	Name (printed):EXHIBIT 10.1

 

	MAA
	2013 LONG TERM INCENTIVE PROGRAM
	 

 

The Mid-America Apartment Communities, Inc., or MAA, 2013 Long
Term Incentive Program, or Plan, covers three separate performance periods: the one year performance period beginning on January
1, 2013 and ending on December 31, 2013, the 2 year performance period beginning on January 1, 2012 and ending on December 31,
2013 and the three year performance period beginning on January 1, 2011 and ending on December 31, 2013. Any awards earned under
the Plan will be issued in shares of restricted common stock of MAA based on MAA’s closing common stock price on the first
market day of 2013. All shares issued under the Plan will be issued pursuant and subject to MAA’s 2004 Stock Plan, or the
2004 Plan. The amount of awards earned will be based on a percentage of annual base salary. The percentage of base salary earned
will be split between three categories: Absolute Total Shareholder Return, Relative Total Shareholder Return and Service-Based
Shares. Participants will have total award opportunities ranging from 0% to 300% of salary.

 

Each category will operate as follows:

 

Absolute Total Shareholder Return,
or Absolute TSR

 

The Absolute TSR category will be earned dependent on
MAA TSR performance over the performance periods reaching pre-defined levels. Absolute TSR must reach a pre-defined minimum level
over the performance period to earn any shares of restricted stock.

 

Any restricted shares earned in the Absolute TSR category will
be issued on January 24, 2014 and will vest 25% on January 23, 2015, 25% on January 22, 2016, 25% on January 24, 2017 and 25% on
January 24, 2018, dependent upon continued employment in good standing through each vest date.

 

Relative Total Shareholder Return,
or Relative TSR

 

The Relative TSR category will be earned dependent upon
MAA TSR performance being in excess of the NAREIT Apartment REIT Index performance during the performance periods by pre-defined
levels. Relative TSR must be in excess of the NAREIT Apartment REIT Index by a pre-defined minimum level over the performance periods
to earn any shares of restricted stock.

 

Any restricted shares earned in the Relative TSR category will
be issued on January 24, 2014 and will vest 25% on January 23, 2015, 25% on January 22, 2016, 25% on January 24, 2017 and 25% on
January 24, 2018, dependent upon continued employment in good standing through each vest date.

 

TSR Calculations

 

For purposes of this Plan, all TSR performance will be calculated
as the change in closing common stock price plus dividends on an annualized basis. The MAA TSR will be calculated using the closing
stock prices on the first market day of each performance period and the average closing share price for the month of December,
2013. Should the NAREIT Apartment REIT index be unavailable for any reason, the SNL U.S. REIT Multifamily index will be used in
its place.

 

Service Based Shares

 

Shares awarded through the Service Based Share category will
be issued on January 24, 2014 contingent upon certain length of service and performance assessment requirements and will vest 25%
on January 23, 2015, 25% on January 22, 2016, 25% on January 24, 2017 and 25% on January 24, 2018, dependent upon continued employment
in good standing through each vest date.

 

    	 

    	 

    

 

Dividends

 

Participants will be eligible to receive dividends on issued
shares of restricted stock during any and all applicable vesting periods.

 

Termination of Employment

 

Neither the adoption of the Plan nor the granting of any award
under the Plan shall confer upon any employee of MAA any right to continued employment with MAA, nor shall it interfere in any
way with the right, if any, of MAA to terminate the employment of any employee at any time for any reason.

 

For purposes of the Plan, the following terms shall have the
meanings ascribed to such terms in the 2004 Plan:

 

		·	Cause

		·	Change in Control

		·	Disability

		·	Retirement

 

In the event that a Participant voluntarily terminates his or
her employment with MAA (other than as a result of Retirement) or such employee’s employment is terminated by MAA with Cause,
all issued and vested shares will be retained by the Participant, any issued but unvested shares shall be immediately forfeited
and rights to any earned but unissued shares shall be immediately forfeited.

 

If a Participant’s employment with MAA is terminated as
a result of death, Disability, Retirement, or without Cause, all issued and vested shares will be retained by the Participant,
all issued and unvested shares will immediately vest upon the occurrence of such termination and all earned but unissued shares
will issue in accordance with the Plan and immediately vest upon such issuance date.

 

All issued but unvested shares shall automatically vest upon
a Change in Control.

 

Equity Restructurings

 

In the event of an equity restructuring as defined by Financial
Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation, the Compensation Committee of the Board
of Directors shall in an equitable and proportionate manner (and, as applicable, in such equitable and proportionate manner as
is consistent with Sections 422 and 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder)
either: (i) adjust any or all of (1) the aggregate number of shares or other securities of MAA (or number and kind of
other securities or property) with respect to which awards may be granted under the 2013 Long Term Incentive Program; and (2) the
number of shares or other securities of MAA (or number and kind of other securities or property) subject to outstanding awards
under the 2013 Long Term Incentive Program, provided that the number of shares subject to any award shall always be a whole number;
(ii) provide for an equivalent award based on the market fair value of the shares or other securities of MAA in respect of
securities of the surviving entity of any merger, consolidation or other transaction or event having a similar effect; or (iii) make
provision for a cash payment equal to the market fair value of the shares or other securities of MAA to the holder of an outstanding
award.

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