Document:

Exhibit 10.4

 

(Trustee)

 

RLJ LODGING TRUST

2011 EQUITY INCENTIVE PLAN

 

RESTRICTED SHARES AGREEMENT

 

RLJ Lodging Trust, a Maryland real estate investment trust (the “Company”), hereby grants its common shares of beneficial interests, par value $0.01 (“Restricted Shares”) to the Grantee named below, subject to the vesting and other conditions set forth below.  Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment (collectively, the “Agreement”) and in the Company’s 2011 Equity Incentive Plan (as amended from time to time, the “Plan”).

 

Name of Grantee:

 

Grantee’s Social Security Number:              -        -

 

Number of Restricted Shares:

 

Grant Date:

 

Vesting Schedule:

 

[                      ]

 

Purchase Price per Share:  $          .

 

By your signature below, you agree to all of the terms and conditions described herein, in the attached Agreement and in the Plan, a copy of which is also attached.  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this cover sheet or Agreement should appear to be inconsistent.

 

 

	
Grantee:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
(Signature)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Company:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
(Signature)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
 
    	
 
    

 

Attachment

 

This is not a share certificate or a negotiable instrument.

 

1

 

RLJ LODGING TRUST

2011 EQUITY INCENTIVE PLAN

 

RESTRICTED SHARES AGREEMENT

 

	
Restricted   Shares
    	
 
    	
This   Agreement evidences an award of Shares in the number set forth on the cover   sheet and subject to the vesting and other conditions set forth herein, in   the Plan and on the cover sheet (the “Restricted Shares”). The purchase price   is deemed paid by your [prior] Service.
    
	
 
    	
 
    	
 
    
	
Transfer   of Unvested Restricted Shares
    	
 
    	
Unvested   Restricted Shares may not be sold, assigned, transferred, pledged,   hypothecated or otherwise encumbered, whether by operation of law or   otherwise, nor may the Restricted Shares be made subject to execution,   attachment or similar process. If you attempt to do any of these things, the   Restricted Shares will immediately become forfeited.
    
	
 
    	
 
    	
 
    
	
Issuance   and Vesting
    	
 
    	
The   Company will issue your Restricted Shares in the name set forth on the cover   sheet.

 

Your   rights under this Restricted Shares grant and this Agreement shall vest in   accordance with the vesting schedule set forth on the cover sheet so long as   you continue in Service on the vesting dates set forth on the cover sheet.

 

[Notwithstanding   your vesting schedule, the Restricted Shares will become 100% vested upon   your termination of Service due to your death or Disability.]
    
	
 
    	
 
    	
 
    
	
[Change   in Control
    	
 
    	
Notwithstanding   the vesting schedule set forth above, upon the consummation of a Change in   Control, the Restricted Shares will become 100% vested if the Restricted   Shares are not assumed, or equivalent restricted securities are not   substituted for the Restricted Shares, by the Company or its successor.]
    
	
 
    	
 
    	
 
    
	
Evidence   of Issuance
    	
 
    	
The   issuance of the Shares under the grant of Restricted Shares evidenced by this   Agreement shall be evidenced in such a manner as the Company, in its   discretion, deems appropriate, including, without limitation, book-entry,   direct registration or issuance of one or more share certificates, with any   unvested Restricted Shares bearing the appropriate restrictions imposed by   this Agreement. As your interest in the Restricted Shares vests, the   recordation of the number of Restricted Shares attributable to you will be   appropriately modified if necessary.
    
	
 
    	
 
    	
 
    
	
Forfeiture   of Unvested Restricted Shares
    	
 
    	
Unless   the termination of your Service triggers accelerated vesting of your   Restricted Shares or other treatment pursuant to the terms of this Agreement,   the Plan, or any other written agreement between the Company or any Affiliate   and you, you will automatically forfeit to the Company all of the unvested   Restricted Shares in the event you are no 
    

 

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longer   providing Service.
    
	
 
    	
 
    	
 
    
	
Forfeiture of Rights
    	
 
    	
If   you should take actions in violation or breach of or in conflict with any   non-competition agreement, any agreement prohibiting solicitation of   employees or clients of any the Company or any Affiliate or any   confidentiality obligation with respect to the Company or any Affiliate or   otherwise in competition with the Company or any Affiliate, the Company has   the right to cause an immediate forfeiture of your rights to the Restricted   Shares awarded under this Agreement and the Restricted Shares shall   immediately expire.

 

In   addition, if you have vested in Restricted Shares during the [three] year period   prior to your actions, you will owe the Company a cash payment (or forfeiture   of Shares) in an amount determined as follows: (1) for any Shares that you   have sold prior to receiving notice from the Company, the amount will be the   proceeds received from the sale(s), and (2) for any Shares that you still   own, the amount will be the number of Shares owned times the Fair Market   Value of the Shares on the date you receive notice from the Company   (provided, that the Company may require you to satisfy your payment   obligations hereunder either by forfeiting and returning to the Company the   Restricted Shares or any other Shares or making a cash payment or a   combination of these methods as determined by the Company in its sole   discretion).
    
	
 
    	
 
    	
 
    
	
Withholding   Taxes
    	
 
    	
You   agree as a condition of this grant that you will make acceptable arrangements   to pay any withholding or other taxes that may be due as a result of the   vesting or receipt of the Restricted Shares. In the event that the Company or   any Affiliate determines that any federal, state, local or foreign tax or   withholding payment is required relating to the vesting or receipt of Shares   arising from this grant, the Company or any Affiliate shall have the right to   require such payments from you, or withhold such amounts from other payments   due to you from the Company or any Affiliate (including withholding the   delivery of vested Shares otherwise deliverable under this Agreement).
    
	
 
    	
 
    	
 
    
	
Retention   Rights
    	
 
    	
This   Agreement and the grant evidenced hereby do not give you the right to be   retained by the Company or any Affiliate in any capacity. Unless otherwise   specified in a written agreement between the Company or any Affiliate and   you, the Company or any Affiliate reserves the right to terminate your   Service at any time and for any reason.
    
	
 
    	
 
    	
 
    
	
Shareholder   Rights
    	
 
    	
You   will be entitled to receive, upon the Company’s payment of a cash dividend on   outstanding Shares, an amount of Restricted Shares equal to the per-share   dividend paid on the Restricted Shares that you hold as of the record date   for such dividend, which shall be subject to the same vesting, forfeiture and   other conditions as the associated Restricted 
    

 

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Shares.   No adjustments are made for dividends or other rights if the applicable   record date occurs before an appropriate book entry is made (or your   certificate is issued), except as described in the Plan.

 

Your   grant shall be subject to the terms of any applicable agreement of merger,   liquidation or reorganization in the event the Company is subject to such   corporate activity.
    
	
 
    	
 
    	
 
    
	
Legends
    	
 
    	
If   and to the extent that the Shares are represented by certificates rather than   book entry, all certificates representing the Shares issued under this grant   shall, where applicable, have endorsed thereon the following legends:

 

“THE   SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING,   FORFEITURE AND OTHER RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES   SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR   HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT   THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN   REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES   REPRESENTED BY THIS CERTIFICATE.”

 

To   the extent the Shares are represented by a book entry, such book entry will   contain an appropriate legend or restriction similar to the foregoing.
    
	
 
    	
 
    	
 
    
	
Clawback
    	
 
    	
This   Award is subject to mandatory repayment by you to the Company to the extent   you are or in the future become subject to any Company “clawback” or   recoupment policy that requires the repayment by you to the Company of   compensation paid by the Company to you in the event that you fail to comply   with, or violate, the terms or requirements of such policy.
    
	
 
    	
 
    	
 
    
	
Applicable   Law
    	
 
    	
This   Agreement will be interpreted and enforced under the laws of the State of   Maryland, other than any conflicts or choice of law rule or principle that   might otherwise refer construction or interpretation of this Agreement to the   substantive law of another jurisdiction.
    
	
 
    	
 
    	
 
    
	
The   Plan
    	
 
    	
The   text of the Plan is incorporated in this Agreement by reference.

 

Certain capitalized terms used in this Agreement are defined in the   Plan, and have the meaning set forth in the Plan.

 

This   Agreement and the Plan constitute the entire understanding between you and   the Company regarding this grant. Any prior agreements, commitments or   negotiations concerning this grant are superseded; except that any written   employment, consulting, 
    

 

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confidentiality,   non-competition, non-solicitation and/or severance agreement between you and   the Company or any Affiliate shall supersede this Agreement with respect to   its subject matter.
    
	
 
    	
 
    	
 
    
	
Data   Privacy
    	
 
    	
In   order to administer the Plan, the Company may process personal data about   you. Such data includes, but is not limited to, information provided in this   Agreement and any changes thereto, other appropriate personal and financial   data about you such as your contact information, payroll information and any   other information that might be deemed appropriate by the Company to   facilitate the administration of the Plan.

 

By   accepting this grant, you give explicit consent to the Company to process any   such personal data.
    
	
 
    	
 
    	
 
    
	
Code   Section 409A
    	
 
    	
It   is intended that this Award comply with Code Section 409A or an exemption to   Code Section 409A. To the extent that the Company determines that you would   be subject to the additional 20% tax imposed on certain non-qualified   deferred compensation plans pursuant to Code Section 409A as a result of any   provision of this Agreement, such provision shall be deemed amended to the   minimum extent necessary to avoid application of such additional tax. The   nature of any such amendment shall be determined by the Company. For purposes   of this Award, a termination of Service only occurs upon an event that would   be a Separation from Service within the meaning of Code Section 409A.
    

 

By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.

 

5Exhibit 10.5

 

RLJ LODGING TRUST
 2011 EQUITY INCENTIVE PLAN

 

NON-QUALIFIED OPTION AGREEMENT

 

RLJ Lodging Trust, a Maryland real estate investment trust (the “Company”), hereby grants an option to purchase its common shares of beneficial interests, par value $0.01 (the “Option”), to the optionee named below, subject to the vesting and other conditions set forth below.  Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment (collectively, the “Agreement”), and in the Company’s 2011 Equity Incentive Plan (as amended from time to time, the “Plan”).

 

Grant Date:                                      , 20

 

Name of Optionee:

 

Optionee’s Social Security Number:             -        -

 

Number of Shares Covered by Option:

 

Option Price per Share:  $          .       (At least 100% of Fair Market Value)

 

Vesting Schedule [                                    ]

 

By your signature below, you agree to all of the terms and conditions described herein, in the attached Agreement and in the Plan, a copy of which is also attached.  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this cover sheet or Agreement should appear to be inconsistent.

 

	
Optionee:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
(Signature)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Company:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
(Signature)
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
 
    	
 
    

 

Attachment

 

This is not a share certificate or a negotiable instrument.

 

 

RLJ LODGING TRUST
 2011 EQUITY INCENTIVE PLAN

 

NON-QUALIFIED OPTION AGREEMENT

 

	
Non-qualified Option
    	
 
    	
This   Agreement evidences an award of an Option exercisable for that number of   Shares set forth on the cover sheet and subject to the vesting and other   conditions set forth herein, in the Plan and on the cover sheet.  This option is not intended to be an   incentive option under Section 422 of the Internal Revenue Code and will   be interpreted accordingly.
    
	
 
    	
 
    	
 
    
	
Transfer of Option
    	
 
    	
During   your lifetime, only you (or, in the event of your legal incapacity or   incompetency, your guardian or legal representative) may exercise the   Option.  The Option may not be sold,   assigned, transferred, pledged, hypothecated or otherwise encumbered, whether   by operation of law or otherwise, nor may the Option be made subject to   execution, attachment or similar process.

 

If   you attempt to do any of these things, this Option will immediately become   forfeited.

 

Notwithstanding   these restrictions on transfer, the Plan administrator may authorize, in its   sole discretion, the transfer of a vested Option (in whole or in part) to a   member of your immediate family or a trust for the benefit of your immediate   family.
    
	
 
    	
 
    	
 
    
	
Vesting
    	
 
    	
Your   Option shall vest in accordance with the vesting schedule shown on the cover   sheet so long as you continue in Service on the vesting dates set forth on   the cover sheet and is exercisable only as to its vested portion.

 

No   additional Shares will vest after your Service has terminated for any reason.
    
	
 
    	
 
    	
 
    
	
[Change   in Control
    	
 
    	
Notwithstanding   the vesting schedule set forth above, upon the consummation of a Change in   Control, this option will become 100% vested (i) if it is not assumed,   or equivalent options are not substituted for the options, by the Company or   its successor, or (ii) if assumed or substituted for, upon your   Involuntary Termination within the 12-month period following the consummation   of the Change in Control.    Notwithstanding any other provision in this Agreement, if assumed or   substituted for, the option will expire one year after the date of your   termination of Service, for any reason, within such 12-month period.
    

 

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“Involuntary   Termination” means termination of your Service by reason of (i) your   involuntary dismissal by the Company or its successor for reasons other than   Cause; or (ii) your voluntary resignation for Good Reason as defined in   any applicable employment or severance agreement, plan, or arrangement   between you and the Company, or if none, then as set forth in the Plan   following (x) a substantial adverse alteration in your title or responsibilities   from those in effect immediately prior to the Change in Control; (y) a   reduction in your annual base salary as of immediately prior to the Change in   Control (or as the same may be increased from time to time) or a material   reduction in your annual target bonus opportunity as of immediately prior to   the Change in Control; or (z) the relocation of your principal place of   employment to a location more than 35 miles from your principal place of   employment as of the Change in Control or the Company’s requiring you to be   based anywhere other than such principal place of employment (or permitted   relocation thereof) except for required travel on the Company’s business to   an extent substantially consistent with your business travel obligations as   of immediately prior to the Change in Control.  To qualify as an “Involuntary Termination”   you must provide notice to the Company of any of the foregoing occurrences   within 90 days of the initial occurrence and the Company shall have 30 days   to remedy such occurrence.]
    
	
 
    	
 
    	
 
    
	
Forfeiture   of Unvested Options / Term 
    	
 
    	
Unless   the termination of your Service triggers accelerated vesting or other   treatment of your Option pursuant to the terms of this Agreement, the Plan,   or any other written agreement between the Company or Affiliate and you, you   will automatically forfeit to the Company those portions of the Option that   have not yet vested in the event your Service terminates for any reason.

 

Your   option will expire in any event at the close of business at Company   headquarters on the day before the 10th anniversary of the Grant Date, as   shown on the cover sheet.  Your option   will expire earlier if your Service terminates, as described below.
    
	
 
    	
 
    	
 
    
	
Expiration of Vested Options After Service Terminates
    	
 
    	
If   your Service terminates for any reason, other than death, Disability or   Cause, then the vested portion of your Option will expire at the close of   business at Company headquarters on the 90th day after your termination date.

 

If   your Service terminates because of your death or Disability, or if you die   during the 90-day  period after   your termination for any reason (other than Cause), then the vested portion   of your Option will expire at the close of business at Company headquarters   on the date twelve (12) months after the date of your death or termination   for Disability. 
    

 

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During   that twelve (12) month period, your estate or heirs may exercise the vested   portion of your Option.

 

If   your Service is terminated for Cause, then you shall immediately forfeit all   rights to your entire Option and the Option shall immediately expire.
    
	
 
    	
 
    	
 
    
	
Forfeiture of Rights
    	
 
    	
If   you should take actions in violation or breach of or in conflict with any   non-competition agreement, any agreement prohibiting solicitation of   employees or clients of the Company or any Affiliate or any confidentiality   obligation with respect to the Company or any Affiliate or otherwise in   competition with the Company or any Affiliate, the Company has the right to   cause an immediate forfeiture of your rights to this Option and the Option   shall immediately expire.

 

In   addition, if you have exercised any options during the [three] year period prior to your actions, you will owe the   Company a cash payment (or forfeiture of Shares) in an amount determined as   follows: (1) for any Shares that you have sold prior to receiving notice   from the Company, the amount will be the proceeds received from the sale(s),   less the option exercise price, and (2) for any Shares that you still   own, the amount will be the number of Shares owned times the Fair Market   Value of the Shares on the date you receive notice from the Company, less the   option exercise price (provided, that the Company may require you to satisfy   your payment obligations hereunder either by forfeiting and returning to the   Company the Shares or any other Shares or making a cash payment or a   combination of these methods as determined by the Company in its sole   discretion). 
    
	
 
    	
 
    	
 
    
	
Leaves of Absence
    	
 
    	
For   purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by your   employer in writing if the terms of the leave provide for continued Service   crediting, or when continued Service crediting is required by applicable   law.  Your Service terminates in any   event when the approved leave ends unless you immediately return to active   employee work.

 

Your   employer may determine, in its discretion, which leaves count for this   purpose, and when your Service terminates for all purposes under the Plan in   accordance with the provisions of the Plan. Notwithstanding the foregoing,   the Company may determine, in its discretion, that a leave counts for this   purpose even if your employer does not agree.
    
	
 
    	
 
    	
 
    
	
Notice of Exercise
    	
 
    	
The   Option may be exercised, in whole or in part, to purchase a whole number of   vested Shares of not less than 100 shares, unless the 
    

 

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number   of vested Shares purchased is the total number available for purchase under   the option, by following the procedures set forth in the Plan and in this   Agreement.

 

When   you wish to exercise this Option, you must exercise in a manner required or   permitted by the Company.

 

If   someone else wants to exercise this Option after your death, that person must   prove to the Company’s satisfaction that he or she is entitled to do so.
    
	
 
    	
 
    	
 
    
	
Form of Payment
    	
 
    	
When   you exercise your Option, you must include payment of the option price   indicated on the cover sheet for the Shares you are purchasing. Payment may   be made in one (or a combination) of the following forms:

 

·           Cash,   your personal check, a cashier’s check, a money order or another cash   equivalent acceptable to the Company.

 

·           Shares   which are owned by you and which are surrendered to the Company.  The Fair Market Value of the Shares as of   the effective date of the option exercise will be applied to the option   price.

 

·           By   delivery (on a form prescribed by the Company) of an irrevocable direction to   a licensed securities broker acceptable to the Company to sell Shares and to   deliver all or part of the sale proceeds to the Company in payment of the   aggregate option price and any withholding taxes (if approved in advance by   the Committee of the Board if you are either an executive officer or a   director of the Company).
    
	
 
    	
 
    	
 
    
	
Evidence   of Issuance
    	
 
    	
The   issuance of the Shares upon exercise of this Option shall be evidenced in   such a manner as the Company, in its discretion, will deem appropriate,   including, without limitation, book-entry, direct registration or issuance of   one or more Shares certificates.  
    
	
 
    	
 
    	
 
    
	
Withholding Taxes
    	
 
    	
You   agree as a condition of this grant that you will make acceptable arrangements   to pay any withholding or other taxes that may be due as a result of the   Option exercise or sale of Shares acquired under this Option.  In the event that the Company or any   Affiliate determines that any federal, state, local or foreign tax or   withholding payment is required relating to the exercise of this Option or   sale of Shares arising from this Option, the Company or any Affiliate shall   have the right to require such payments from you, or withhold such amounts   from other payments due to you from the Company or any Affiliate (including   withholding the delivery of vested Shares otherwise deliverable under this   Agreement).
    

 

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Retention Rights
    	
 
    	
This   Agreement and the grant evidenced hereby do not give you the right to be   retained by the Company or any Affiliate in any capacity. Unless otherwise   specified in an employment or other written agreement between the Company or   any Affiliate and you, the Company or any Affiliate reserves the right to   terminate your Service at any time and for any reason.
    
	
 
    	
 
    	
 
    
	
Shareholder Rights
    	
 
    	
You,   or your estate or heirs, have no rights as a shareholder of the Company until   the Shares has been issued upon exercise of your Option and either a   certificate evidencing your Shares has been issued or an appropriate entry   has been made on the Company’s books. No adjustments are made for dividends,   distributions or other rights if the applicable record date occurs before   your certificate is issued (or an appropriate book entry is made), except as   described in the Plan.

 

Your   Option shall be subject to the terms of any applicable agreement of merger,   liquidation or reorganization in the event the Company is subject to such   corporate activity.
    
	
 
    	
 
    	
 
    
	
Clawback
    	
 
    	
This Award is subject to mandatory repayment by you to the Company to   the extent you are or in the future become subject to any Company “clawback”   or recoupment policy that requires the repayment by you to the Company of   compensation paid by the Company to you in the event that you fail to comply   with, or violate, the terms or requirements of such policy.

 

If   the Company is required to prepare an accounting restatement due to the   material noncompliance of the Company, as a result of misconduct, with any   financial reporting requirement under the securities laws and you knowingly   engaged in the misconduct, were grossly negligent in engaging in the   misconduct, knowingly failed to prevent the misconduct or were grossly   negligent in failing to prevent the misconduct, you shall reimburse the   Company the amount of any payment in settlement of this Award earned or   accrued during the 12-month period following the first public issuance or   filing with the United States Securities and Exchange Commission (whichever   first occurred) of the financial document that contained such material   noncompliance.

 

[Notwithstanding any other   provision of the Plan or any provision of this Agreement, if the Company is   required to prepare an accounting restatement, then you shall forfeit any   cash or Shares received in connection with this Award (or an amount equal to   the fair market value of such Shares on the date of delivery if you no longer   hold the Shares) if pursuant to the terms of this Agreement, the amount of   the Award earned or the vesting in the Award was explicitly based on the 
    

 

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achievement of pre-established performance goals set forth in this   Agreement (including earnings, gains, or other criteria) that are later   determined, as a result of the accounting restatement, not to have been   achieved.]    [Include if any performance goals are included in award]
    
	
 
    	
 
    	
 
    
	
Applicable Law
    	
 
    	
This   Agreement will be interpreted and enforced under the laws of the State of   Maryland, other than any conflicts or choice of law rule or principle   that might otherwise refer construction or interpretation of this Agreement   to the substantive law of another jurisdiction.
    
	
 
    	
 
    	
 
    
	
The Plan
    	
 
    	
The   text of the Plan is incorporated in this Agreement by reference.

 

Certain capitalized terms used in this   Agreement are defined in the Plan, and have the meaning set forth in the   Plan.

 

This   Agreement and the Plan constitute the entire understanding between you and   the Company regarding this Option.  Any   prior agreements, commitments or negotiations concerning this grant are   superseded; except that any written employment, consulting, confidentiality,   non-competition, non-solicitation and/or severance agreement between you and   the Company or any Affiliate shall supersede this Agreement with respect to   its subject matter.
    
	
 
    	
 
    	
 
    
	
Data Privacy
    	
 
    	
In   order to administer the Plan, the Company may process personal data about   you.  Such data includes, but is not   limited to, information provided in this Agreement and any changes thereto,   other appropriate personal and financial data about you such as your contact   information, payroll information and any other information that might be   deemed appropriate by the Company to facilitate the administration of the   Plan.

 

By   accepting this grant, you give explicit consent to the Company to process any   such personal data.
    
	
 
    	
 
    	
 
    
	
Code   Section 409A
    	
 
    	
It   is intended that this Award comply with Code Section 409A or an   exemption to Code Section 409A.    To the extent that the Company determines that you would be subject to   the additional 20% tax imposed on certain non-qualified deferred compensation   plans pursuant to Code Section 409A as a result of any provision of this   Agreement, such provision shall be deemed amended to the minimum extent   necessary to avoid application of such additional tax.  The nature of any such amendment shall be   determined by the Company.  For   purposes of this Award, a termination of Service only occurs upon an event   that would be a Separation from Service within the meaning of Code Section 409A.
    

 

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By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.

 

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