Document:

exv10w3

EXHIBIT 10.3

2008 ATS Medical Management Incentive Compensation Plan (MICP)

The 2008 ATS Medical Management Incentive Compensation Plan (MICP or Plan) is designed to pay, in
addition to performance based annual salaries, incentive cash compensation to management and other
“key employees” who by their assigned responsibilities contribute to the success of the Company.
Incentive payments will be based on corporate funding and achievement of individual
Objectives/Smart Goals.

	1.	 	DEFINITION OF TERMS
	 
	 	 	Goals
	 
	 	 	The Individual Objectives, as set forth at the beginning of each program year and referred
to as Smart Goals, must be specific, measurable, achievable, related to Corporate Goals and
time bound. The Personnel and Compensation Committee of the Board of Directors (the
Committee) may amend the goals to reflect material adjustments in or changes to the
Company’s accounting policies; to reflect major corporate changes such as mergers,
acquisitions, or divestitures; and to reflect such other events having a significant impact
on the goals.
	 
	 	 	Base Salary
	 
	 	 	The annual salary rates effective on the first day of the program year.
	 
	 	 	Participant
	 
	 	 	Any employee or position which has been designated by the Committee as a participant in the
Plan for the year or during the year. If a particular employee is not covered by the MICP
and has been recognized for extraordinary achievement, he/she may be eligible to participate
in the Plan for that particular year at the discretion of the President/CEO.
	 
	 	 	Eligibility
	 
	 	 	Only regular full time employees may be designated as a participant in the Plan.
	 
	 	 	Program Year
	 
	 	 	The fiscal year of the Company.
	 
	 	 	Funding
	 
	 	 	The total dollar amounts accrued for payment in any program year. The bonus pool will be
funded by achievement of the Company’s annual operating plan and will be tied to bottom line
results.
	 
	 	 	Payout
	 
	 	 	The actual amount to be paid to a participant based on operating results achievement rate
combined with individual Smart Goals performance. The maximum payout each participant is
eligible to receive will be communicated by
his/her Manager.

 

 

	2.	 	DESIGNATION OF PARTICIPANTS
	 
	 	 	The Committee, upon the recommendation of the management of the Company, shall make all
determinations as to the eligibility of employees and positions to participate in the MICP.
Following the Committee’s determination of eligible participants, each participant shall be
notified of eligibility to participate in the 2008 MICP and will be provided with a copy of
the Plan. The 2008 Plan is designed to include officer, director, and manager level
positions as well as employee designated as “key employees.”
	 
	3.	 	CALCULATION AND PAYMENT OF INCENTIVE AWARDS
	 
	 	 	Individual incentives will not be paid unless the President/CEO and the Committee approve
each participant’s individual incentive awards with payout contingent upon completion of the
Company’s year-end financial audit for the program year.

PLAN CRITERIA

	 	 	Achievement of Smart Goals

(40% weight)
	 
	 	 	Operating Income Results=Operating Income (including bonus expense) before non-operating
expenses and taxes (60% weight)

PAYOUT RATES

	 	 	Achievement of Smart Goals
	 
	 	 	Payout is based on individual’s performance in relation to specifically identified smart
goals. Payout range is based on percentage of attainment from 0% to 100%.
	 
	 	 	Payout of smart goal bonus is subject to obtaining at least 80% of operating income goal
	 
	 	 	Obtainment of Operating Income Results

	 	 	 	 	 
	Plan Performance	 	Ratio
	109%

	 	 	182	%
	105%

	 	 	145	%
	100%

	 	 	100	%
	95%

	 	 	55	%
	90%

	 	 	9	%
	89%

	 	 	0	%

 

 

	 	 	Operating Income Adjustments
	 
	 	 	The Committee may, at its discretion, adjust the operating income results for certain items
that were not originally contemplated in the operating plan (i.e., a major change in
business such as an acquisition or divestiture) or other expense or income items that are
not directly related to daily commercial activities of the Company (i.e., litigation
expenses, settlements or windfalls).
	 
	4.	 	PROMOTIONS
	 
	 	 	For individuals promoted from a non-bonus to a bonus position during the program year, the
effective salary upon assuming the new position will be used in calculating eligible
incentive payout. Any payout will be pro rated beginning the first day of the month in
which the individual is promoted into the position.
	 
	5.	 	DEMOTIONS
	 
	 	 	For individuals demoted to a non-bonus position during the program year, MICP payout will be
pro rated based on the number of months in the bonus position.
	 
	6.	 	TERMINATION OF EMPLOYMENT
	 
	 	 	In the event that any participant shall cease to be a full time employee during any year in
which he/she is participating in the Plan, such participant shall be entitled to receive no
incentive compensation for such year. If he/she terminates after the program year but prior
to the payout, the participant remains entitled to receive incentive compensation. An
exception would be if the individual were subject to termination “for cause” if such “cause”
took place during the period covered by the MICP.
	 
	7.	 	AMENDMENT OF THE PLAN
	 
	 	 	The Committee may, from time to time, make amendments to the Plan as it believes appropriate
and may terminate the Plan at any time, provided that no such amendment or termination will
affect the right of any participant to receive incentive compensation in accordance with the
terms of the Plan for the portion of any year up to the date of the amendment or
termination.
	 
	8.	 	MISCELLANEOUS
	 
	 	 	Nothing contained in the MICP shall be construed to confer upon any employee any right to
continue in the employ of the Company or restrict the Company’s right to terminate his/her
employment at any time.

 

 

Establishment of Individual Objectives/Smart Goals

(Specific, Measurable, Achievable,

Related to Corporate Goals and Time Bound.)

In establishing individual objectives, the following guidelines shall be used:

	•	 	Each objective should be clear, concise, and measurable (time, cost, and task
accomplishment).
	 
	•	 	Each objective should be a precise written statement, which is discussed and agreed to by
the individual and the manager.
	 
	•	 	Individual objectives should measure accomplishment and not effort.
	 
	•	 	Individuals will have four (4) Objectives/Smart Goals.

Before a participant may receive an incentive award, it will be necessary for his/her immediate
manager to:

	•	 	Submit written measurable objectives on the appropriate form prior to the commencement of
the program year. These objectives will be reviewed and approved by the President/CEO and
Director of Human Resources.
	 
	•	 	Submit a documented evaluation of results, on a quarterly basis, to the President/CEO.

	 	•	 	Modifications or adjustments to the original objectives must be reviewed by the
participant and his/her manager and then submitted to the President/CEO.

	•	 	Submit the year-end results against objectives within one month following the end of the
program year. The President/CEO and the Director of Human Resources will approve these.EX-10.1

Exhibit 10.1

RAMCO-GERSHENSON PROPERTIES TRUST

Restricted Share Award Agreement

Under 2008 Restricted Share Plan for Non-Employee Trustees

Participant Name:

Grant Date:

Restricted Shares Granted:

     This Restricted Share Award Agreement (the “Award Agreement”), dated as of the Grant Date
specified above, is entered into by and between Ramco-Gershenson Properties Trust, a Maryland real
estate investment trust (the “Trust”), and ___(the “Participant”). Capitalized terms
not defined herein have the meanings ascribed to such terms in the 2008 Restricted Share Plan for
Non-Employee Trustees, as amended from time to time (the “Plan”).

     1. The Award. The Trust hereby grants the Restricted Shares set forth above (the
“Award”) to the Participant, as of the Grant Date, pursuant to and subject to all of the terms and
conditions of this Award Agreement and the Plan, the provisions of which are incorporated herein.
A copy of the Plan is on file in the office of the Trust. If there is any conflict between the
provisions of this Award Agreement and the Plan, the Plan will control.

     2. Restricted Shares and Vesting. Each Restricted Share granted hereunder represents
the right of the Participant to receive, upon vesting and the satisfaction of any required tax
withholding obligation, one share of common beneficial interest, par value $0.01, of the Trust
(“Common Stock”). As of the date hereof and until the date such Restricted Shares are vested, or
are terminated or forfeited in accordance with this Award Agreement, the Participant shall be
entitled to all the rights of a holder of Common Stock as if the outstanding Restricted Shares were
so vested, including the right to vote and to receive dividends. The Participant may not sell,
assign, transfer, pledge, hypothecate, mortgage or otherwise dispose of, by gift or otherwise, or
in anyway encumber any of the Restricted Shares prior to vesting, except as otherwise permitted by
the Plan.

     Prior to vesting, at the Trust’s election, the shares of Common Stock relating to such
Restricted Shares will either be represented in book-entry form by the transfer agent for the
Common Stock or by a certificate held by the Trust or such transfer agent. Any certificate
relating to the Restricted Shares shall be registered in the name of the Participant and shall bear
an appropriate legend referring to the applicable terms, conditions and restrictions.

     Subject to the terms and conditions set forth herein, the Restricted Shares shall vest in
three equal installments on each of the first, second and third anniversaries of the Grant Date, or
if such anniversary is not a trading day, the trading day next preceding such anniversary (“Vesting
Date”). As soon as practicable after vesting, but no later than the date that is 2 1/2 months after
the end of the Participant’s tax year in which the Vesting Date occurs, the Trust shall deliver
certificate(s) (or cause delivery in book-entry form) representing the shares of Common Stock
vested as of such period to the Participant or its designee. Such certificate, if any, shall be
registered in the name of the Participant or as otherwise permitted by the Plan.

 

 

     3. Forfeitures. Except by reason of death or Disability or as determined by the
Compensation Committee of the Board (the “Committee”) or the Board at any time, upon the failure of
the Participant to be a member of the Board for any reason, all unvested Restricted Shares shall be
forfeited by the Participant to the Trust without the payment of any consideration by the Trust.
Upon forfeiture, the Trust shall cancel, or cause the transfer agent to cancel, the stock
certificate or book-entry relating to the unvested Restricted Shares.

     4. Tax Withholding Obligation. If upon the Grant Date, Vesting Date or other
applicable date there shall be payable by the Trust or an affiliate of the Trust any statutory
minimum income and/or other tax withholding, in the Trust’s discretion, then unless provided
otherwise by the Trust, such tax withholding obligations, if any, will be satisfied by the Trust
withholding a number of shares of Common Stock that would otherwise be vested under the Award in an
amount that the Trust determines has a Fair Market Value sufficient to meet such tax withholding
obligations. In the Trust’s discretion, it may require or permit reimbursement or payment of such
tax withholding obligations by wire transfer, certified check, additional payroll withholding or
other means acceptable to the Trust and upon such terms and conditions as the Trust may prescribe.
The Trust may also permit the Participant to tender shares of Common Stock to the Trust subsequent
to receipt of such shares in respect of an Award. The Trust is permitted to defer issuance of
shares under the Plan until reimbursement or payment by the Participant to the Trust or an
affiliate of the Trust of the amount of any such tax.

     The Participant is ultimately liable and responsible for all taxes owed by such Participant in
connection with the Award, regardless of any action the Trust takes with respect to any tax
withholding obligations that arise in connection with the Award. The Trust makes no representation
or undertaking regarding the treatment of any tax withholding in connection with the grant,
issuance, vesting or settlement of the Restricted Shares or the subsequent sale of any of the
shares of Common Stock underlying the Restricted Shares that vest. The Trust does not commit and
is under no obligation to structure the Award program to reduce or eliminate the Participant’s tax
liability.

     5. Rights of Participant. The Award does not confer on the Participant any right to
continue as a trustee of the Board.

     6. Registration. The Trust does not currently have an effective registration
statement on file with the Securities and Exchange Commission with respect to the shares of Common
Stock subject to this Award. As such, the Participant will not be able to transfer or sell shares
issued pursuant to this Award unless exemptions from registration under applicable securities laws
are available. Such exemptions from registration are very limited and might be unavailable. The
Participant agrees that any resale by him or her of the shares of Common Stock issued pursuant to
this Award will comply in all respects with the requirements of all applicable securities laws,
rules, and regulations (including, without limitation, the provisions of the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, and the respective rules and
regulations promulgated thereunder) and any other law, rule, or regulation applicable thereto, as
such laws, rules, and regulations may be amended from time to time. The Trust will not be obligated
to either issue the shares or permit the resale of any shares if such issuance or resale would
violate any such requirements.

     7. Section 83(b) Election. Any Participant making an election under section 83(b) of
the Code for the immediate recognition of income attributable to a grant of Restricted Shares must
provide a copy thereof to the Trust within 10 days of the filing of such election with the Internal
Revenue Service.

     8. Acknowledgment of Participant. The Participant accepts and agrees to the terms of
the Award as described in this Award Agreement and in the Plan, acknowledges receipt of a copy of
this Award Agreement, the Plan, and any applicable summary of the Plan, and acknowledges that he or
she has read all these documents carefully and understands their contents.

 

 

          IN WITNESS WHEREOF, this Award Agreement is duly authorized as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	RAMCO-GERSHENSON PROPERTIES TRUST,
a 
Maryland real estate investment trust	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 		 	 
	 
	 	 	 	 	 	 
	 

	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 

	 	By:

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