Document:

Exhibit 10.29

                                 AMELIA VARELLA
                              EMPLOYMENT AGREEMENT
                    STEVE MADDEN - WHOLESALE WOMENS DIVISION

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TITLE                         Executive Vice President (of SML) -Wholesale Sales

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TERM                          EFFECTIVE 10/1/2004
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BASE SALARY                   $300,000 10/01/2004
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BONUS                         Within ninety days following the end of each
                              calendar year beginning December 31st, 2004 and
                              every calendar year thereafter, the Company shall
                              pay Exec. An annual cash bonus equal to 2% of the
                              increase in the Company's wholesale divisions'
                              EBIT of the fiscal year over the Company's
                              wholesale divisions' EBIT of prior fiscal year.
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CASH COMPENSATION             If Executive still employed by company by
                              12/31/07, then she will be entitled to a cash
                              compensation of $225,000 (75% of one year salary
                              or 25% per year of contract) less any applicable
                              taxes by law.
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CAR ALLOWANCE & INSURANCE     MONTHLY CAR AND INS. ALLOWANCE $1,250.00

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Convenant Not to Compete      The Executive recognizes that the service to be
                              performed by it hereunder is special and unique.
                              In consideration of the compensation granted
                              herein, Executive agrees that, in the event it
                              either terminates this agreement of its own accord
                              (without good cause) or it is terminated by the
                              Company for cause prior to the expiration of this
                              agreement, for a period of 12 months following
                              such termination, Executive shall not engage in or
                              accept employment with any competitive business
                              for its special and unique services.

                                   If Executive terminates its relationship with
                              the Company prior to the expiration of the term,
                              She agrees to forfeit and surrender any unpaid
                              compensation without further liability to the
                              Company.

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/s/ AMELIA NEWTON
-----------------------
Amelia Newton

                                                /s/ JAMIE KARSON
                                                ------------------------------
                                                Jamie Karson, C.E.O

                                                /s/ ARVIND DHARIA
                                                ------------------------------
                                                Arvind Dharia, C.F.Oexv10w1

 

EXHIBIT 10.1

Description of the

Series D Out-Performance Program

General

     The New Out-Performance Program of United Dominion Realty Trust, Inc. (the “Company”), was
approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on May
3, 2005. Pursuant to the New Out-Performance Program, certain of the Company’s executive officers
and other key employees may be given the opportunity to invest in performance shares of United
Dominion Realty, L.P., a Delaware limited partnership (“UDR LP”), in which the Company is the sole
general partner. On February 10, 2006, the Company’s Board of Directors approved a new series of
out-performance partnership shares, or “New OPPSs,” to be issued under the New Out-Performance
Program. The new series approved by the Board of Directors is the Series D Out-Performance
Partnership Shares, referred to herein as the “Series D OPPSs.” The principal terms of the Series
D OPPSs are the principal terms set forth below in the description of the Series D Out-Performance
Program and as described in Exhibit 10.01 to the Company’s Current Report on Form 8-K dated May 3,
2005 (Commission File No.1-10524). Like the Company’s previous out-performance programs, the
Series D OPPSs are designed to provide participants with the possibility of substantial returns on
their investment if the total return of the Company’s common stock exceeds targeted levels, while
putting the participants’ investment at risk if the targeted levels are not exceeded. The New
Out-Performance Program, including the Series D OPPSs, will be administered by the Compensation
Committee of the Company’s Board of Directors.

Purchase Price

     The limited liability company that holds the Series D OPPSs is UDR Out-Performance IV, LLC, a
Delaware limited liability company (the “Series D LLC”). The Series D LLC has agreed to sell
830,000 membership units to members of our senior management at a price of $1.00 per unit. The
aggregate purchase price of $830,000 is based upon the advice of an independent valuation expert.
The valuation took into account that any investment in the Series D OPPSs will become worthless if
the targeted Total Return (as defined below) is not achieved and because of the restrictions on
transfer and the limited redemption rights provided for with respect to the Series D OPPSs. The
Series D LLC has the right, but not the obligation, to repurchase units from members whose
employment with the Company terminates and such units may be retained or re-sold by the Series D
LLC to selected executive officers or other key employees of the Company.

 

 

Participants

     Participants in the Series D OPPSs are as follows:

	 	 	 	 	 
	        Participant	 	Percentage of Units
	Thomas W. Toomey
	 	 	32	%
	W. Mark Wallis
	 	 	18	%
	Christopher D. Genry
	 	 	10	%
	Martha R. Carlin
	 	 	20	%
	Sara Jo Light
	 	 	5	%
	Amount currently unallocated
	 	 	15	%

Measurement Period

     The Company’s performance for the Series D OPPSs will be measured over a 36-month period
beginning January 1, 2006. The Series D LLC will have no right to receive distributions or
allocations of income or loss, or to redeem those shares prior to the date, referred to as the
“Series D Valuation Date,” that is the earlier of (i) the expiration of the measurement period for
the series (December 31, 2008), or (ii) the date of a change of control of the Company (defined as
a “Transaction” in UDR LP’s Amended and Restated Agreement of Limited Partnership).

Payments to Participants

     The Series D OPPSs will only be entitled to receive distributions and allocations of income
and loss if, as of the Series D Valuation Date, the cumulative Total Return of the Company’s common
stock during the measurement period is at least the equivalent of a 36% Total Return or 12%
annualized (the “Minimum Return”).

     If the threshold is met, holders of the Series D OPPSs will be entitled to begin receiving
distributions and allocations of income and loss from UDR LP equal to the distributions and
allocations that would be received on a similar number of OP Units, obtained by:

(i) determining the amount by which the cumulative Total Return of the Company’s common
stock over the measurement period exceeds the Minimum Return (such excess being the “Excess
Return”);

(ii) multiplying 2.0% of the Excess Return by our Market Capitalization; and

(iii) dividing the number obtained in clause (ii) by the market value of one share of the
Company’s common stock on the Series D Valuation Date, computed as the
volume-weighted average price per day of the Company’s common stock for the 20 trading days
immediately preceding the Series D Valuation Date.

 

 

     For the Series D OPPSs, the number determined pursuant to clause (ii) in the preceding
paragraph is capped at 1% of Market Capitalization. “Market Capitalization” is defined as the
average number of shares outstanding over the 36-month period (including common stock, common stock
equivalents and OP Units) multiplied by the daily closing price of the Company’s common stock.

     “Total Return” means, for any security and for any period, the cumulative total return for
such security over such period, assuming that all cash dividends are reinvested in such security as
of the payment date for such dividend based on the security price on the dividend payment date,
computed by taking the market value of the accumulated shares at the end of the period (including
fractional shares acquired with dividend proceeds) and dividing by the market value of a share at
the beginning of the period.

Forfeiture of Investment

     If, on the Series D Valuation Date, the cumulative Total Return of the Company’s common stock
does not meet the Minimum Return and there is no Excess Return, then holders of Series D OPPSs will
forfeit their initial investment.exv10w2

 

Exhibit 10.2

UNITED DOMINION REALTY TRUST, INC.

1999 LONG-TERM INCENTIVE PLAN

FORM OF NOTICE OF PERFORMANCE CONTINGENT RESTRICTED STOCK AWARD

	 	 	 	 
	 	Participant’s Name and Address

	 	«FIRST» «LAST»
	 	 	 	 
	 	 

	 	«ADDRESS»
	 	 	 	 
	 

	 	 	«CITY», «STATE» «ZIP»
	 	 	 	 

     Depending upon the performance of United Dominion Realty Trust, Inc., a Maryland corporation
(the “Company”) during the Performance Period, you (the “Participant”) have been
granted the right (the “Award”) to receive and retain 0% to 116% of the target number of
shares indicated below (the “Target Number of Shares”) of the Company’s $0.01 par value
common stock (“Common Stock”), subject to the restrictions and the other terms and
conditions set forth in this Notice of Performance Contingent Restricted Stock Award (the
“Notice”), the Company’s 1999 Long-Term Incentive Plan, as amended from time to time (the
“Plan”), and the Restricted Stock Award Agreement (the “Agreement”) attached
hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the
same defined meanings in this Notice.

	 	 	 	 
	 	Target Number of Shares:

	 	«SHARES»
	 	 
	 	 
	 	Grant Date:

	 	«DATE»
	 	 
	 	 
	 	Aggregate Value of Target Number
Of Shares as of Grant Date

	 	$«TARGETVALUE»
	 	 
	 	 
	 	Performance Period:

	 	One-year period beginning on
January 1, 2006 and ending on
December 31, 2006

1. Consideration.

     The Award has been issued to the Participant in consideration for continued employment with
the Company or a Parent or Subsidiary of the Company (a Parent or Subsidiary hereinafter referred
to as a “Related Entity”).

2. Grants of Common Stock. 

     2.1 Grant of Initial Shares. On the Grant Date, the Company shall issue to
the Participant the Target Number of Shares of Common Stock (the “Initial Shares”).

     2.2 Adjusted Number of Shares. As soon as practicable following the end of
the Performance Period (the “Determination Date”), the Compensation Committee shall

 

 

certify in writing the Company’s funds from operations (“FFO”) on a fully diluted,
per-share basis, and the Incremental Growth in FFO (as defined below).

On December 31, 2006 the actual number of shares earned will be determined based on the Company’s
FFO and Incremental Growth in FFO compared to the Peer Group for calendar year 2006 as summarized
in the following matrix:

Earned Award as a percent of target

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	1.73	 	 	 	56	%	 	 	60	%	 	 	66	%	 	 	72	%	 	 	80	%	 	 	89	%	 	 	96	%	 	 	102	%	 	 	109	%	 	 	116	%
	 
	 	 	1.72	 	 	 	55	%	 	 	59	%	 	 	64	%	 	 	70	%	 	 	78	%	 	 	86	%	 	 	93	%	 	 	99	%	 	 	106	%	 	 	113	%
	 
	 	 	1.71	 	 	 	54	%	 	 	58	%	 	 	63	%	 	 	69	%	 	 	76	%	 	 	84	%	 	 	90	%	 	 	96	%	 	 	103	%	 	 	109	%
	 
	 	 	1.70	 	 	 	53	%	 	 	57	%	 	 	62	%	 	 	67	%	 	 	74	%	 	 	82	%	 	 	88	%	 	 	94	%	 	 	100	%	 	 	106	%
	 
	 	 	1.69	 	 	 	53	%	 	 	56	%	 	 	60	%	 	 	66	%	 	 	72	%	 	 	80	%	 	 	85	%	 	 	91	%	 	 	96	%	 	 	102	%
	 
	 	 	1.68	 	 	 	52	%	 	 	55	%	 	 	59	%	 	 	64	%	 	 	70	%	 	 	77	%	 	 	83	%	 	 	88	%	 	 	93	%	 	 	99	%
	 
	 	 	1.67	 	 	 	52	%	 	 	54	%	 	 	58	%	 	 	63	%	 	 	68	%	 	 	75	%	 	 	80	%	 	 	85	%	 	 	90	%	 	 	95	%
	 
	 	 	1.66	 	 	 	51	%	 	 	53	%	 	 	57	%	 	 	61	%	 	 	67	%	 	 	73	%	 	 	78	%	 	 	83	%	 	 	87	%	 	 	92	%
	 
	 	 	1.65	 	 	 	51	%	 	 	53	%	 	 	56	%	 	 	60	%	 	 	65	%	 	 	71	%	 	 	76	%	 	 	80	%	 	 	85	%	 	 	89	%
	 
	 	 	1.64	 	 	 	51	%	 	 	52	%	 	 	55	%	 	 	59	%	 	 	64	%	 	 	69	%	 	 	74	%	 	 	78	%	 	 	82	%	 	 	86	%
	UDR FFO
	 	 	1.63	 	 	 	50	%	 	 	52	%	 	 	54	%	 	 	58	%	 	 	62	%	 	 	68	%	 	 	71	%	 	 	75	%	 	 	79	%	 	 	83	%
	Per Share
	 	 	1.62	 	 	 	50	%	 	 	51	%	 	 	53	%	 	 	56	%	 	 	60	%	 	 	66	%	 	 	69	%	 	 	73	%	 	 	76	%	 	 	80	%
	 
	 	 	1.61	 	 	 	0	%	 	 	51	%	 	 	53	%	 	 	55	%	 	 	59	%	 	 	64	%	 	 	67	%	 	 	70	%	 	 	74	%	 	 	77	%
	 
	 	 	1.59	 	 	 	0	%	 	 	50	%	 	 	51	%	 	 	53	%	 	 	57	%	 	 	61	%	 	 	64	%	 	 	66	%	 	 	69	%	 	 	71	%
	 
	 	 	1.58	 	 	 	0	%	 	 	0	%	 	 	51	%	 	 	53	%	 	 	55	%	 	 	59	%	 	 	62	%	 	 	64	%	 	 	66	%	 	 	68	%
	 
	 	 	1.57	 	 	 	0	%	 	 	0	%	 	 	50	%	 	 	52	%	 	 	54	%	 	 	58	%	 	 	60	%	 	 	62	%	 	 	64	%	 	 	65	%
	 
	 	 	1.56	 	 	 	0	%	 	 	0	%	 	 	0	%	 	 	51	%	 	 	53	%	 	 	56	%	 	 	58	%	 	 	59	%	 	 	61	%	 	 	63	%
	 
	 	 	1.55	 	 	 	0	%	 	 	0	%	 	 	0	%	 	 	50	%	 	 	52	%	 	 	55	%	 	 	56	%	 	 	58	%	 	 	59	%	 	 	60	%
	 
	 	 	1.54	 	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	51	%	 	 	54	%	 	 	55	%	 	 	56	%	 	 	57	%	 	 	58	%
	 
	 	 	1.53	 	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	50	%	 	 	53	%	 	 	53	%	 	 	54	%	 	 	54	%	 	 	55	%
	 
	 	 	1.52	 	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	51	%	 	 	52	%	 	 	52	%	 	 	52	%	 	 	53	%
	 
	 	 	1.51	 	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	50	%	 	 	50	%	 	 	50	%	 	 	50	%	 	 	50	%
	 
	 	 	 	 	 	0	th	 	 	15	th	 	 	25	th	 	 	35	th	 	 	45	th	 	 	55	th	 	 	65	th	 	 	75	th	 	 	85	th	 	 	100	th	 

UDR’s FFO Growth ranked against its peers (expressed in percentiles)

The actual number of shares earned, expressed as a percentage of the Target Number of
Shares, is based on the combined impact of FFO and the Company’s Incremental Growth in FFO
ranked against the Peer Group.

No shares will be earned for performance results below the designated thresholds (i.e., if the
Company’s FFO does not exceed $1.51 and Incremental Growth in FFO ranked in the zero percentile
among the Peer Group).

          (a) “Incremental Growth in FFO” shall mean a number stated as a percentage equal to
the product of (i) 100, multiplied by (ii) the quotient of (A) the excess amount, if any,
of the Company’s funds from operations during the Performance Period,

 

 

on a fully-diluted, per-share basis (determined by treating the aggregate number of
Initial Shares of all Participants that were issued during the Performance Period as having
vested), over the Company’s funds from operations during the calendar year immediately
prior to the Performance Period, on a fully-diluted, per-share basis (determined by
treating the aggregate number of Initial Shares and Additional Shares, if any, of all
Participants that were issued during or with respect to the calendar year immediately prior
to the Performance Period as having vested), divided by (B) the Company’s funds from
operations during the calendar year immediately prior to the Performance Period, on a
fully-diluted, per-share basis (determined by treating the aggregate number of Initial
Shares and Additional Shares, if any, of all Participants that were issued during or with
respect to the calendar year immediately prior to the Performance Period as having vested).
The Compensation Committee, in its sole discretion, shall determine whether any
significant item(s) shall be included or excluded from the calculation of Incremental
Growth in FFO for the Performance Period and calculate Incremental Growth in FFO for the
Performance Period accordingly.

          (b) “Peer Group” shall mean: Apartment Investment & Management Co.; Archstone-Smith
Trust; AvalonBay Communities, Inc.; BRE Properties, Inc.; Camden Property Trust; Equity
Residential Properties Trust; Essex Property Trust, Inc.; Home Properties, Inc.;
Mid-America Apartment Communities, Inc.; Post Properties, Inc.; and Town and Country Trust.

     2.3 Grant of Additional Shares. If the Adjusted Number of Shares is greater
than the Target Number of Shares, then, on the Determination Date, the Company shall issue
to the Participant additional shares of Common Stock (the “Additional Shares”)
equal to the excess of the Adjusted Number of Shares over the Target Number of Shares.
Notwithstanding any contrary provision of this Notice, the Agreement and the Plan, (a) if
the Participant’s employment with the Company or a Related Entity is terminated on or prior
to 5:00 p.m. Eastern Time on the last day of the Performance Period for any reason,
including death, Disability or Retirement, he or she shall not be entitled to receive any
Additional Shares for the Performance Period (unless the Compensation Committee, in its
sole discretion, determines that the Participant is remaining in the service of the Company
or a Related Entity in any capacity of employee, director or consultant), and (b) the
number of Additional Shares to be granted to the Participant shall be reduced to the extent
that the aggregate Fair Market Value of the Initial Shares, Additional Shares (determined
as of the dates of grant of the Initial Shares and Additional Shares, respectively), and
any other Awards (as defined in Section 3.1(a) of the Plan, but not including Options or
SARs) granted to the Participant during any one calendar year exceeds $1,000,000 (plus any
consideration paid by the Participant for such Awards).

     2.4 Forfeiture of Initial Shares.

          (a) If the Adjusted Number of Shares is less than the Target Number of Shares, then,
on the Determination Date, the number of Initial Shares equal to the excess of the Target
Number of Shares over the Adjusted Number of Shares shall automatically be forfeited and
deemed re-conveyed to the Company, and the Company

 

 

shall thereafter be the legal and beneficial owner of such Initial Shares and shall
have all rights and interest in or related thereto without further action by the
Participant. After the Determination Date, all references to “Initial Shares” in this
Notice and the Agreement shall be deemed to refer to the remaining number of shares, if
any, held in escrow for the Participant after taking into account the forfeiture of shares
as set forth in this Section 2.4(a).

          (b) Notwithstanding any contrary provision of this Notice, the Agreement or the Plan,
if the Participant’s employment with the Company or a Related Entity is terminated on or
prior to 5:00 p.m. Eastern Time on the last day of the Performance Period for any reason,
other than death, Disability or Retirement, all of the Initial Shares shall automatically
be forfeited and deemed re-conveyed to the Company on the Participant’s date of
termination, and the Company shall thereafter be the legal and beneficial owner of the
Initial Shares and shall have all rights and interest in or related thereto without further
action by the Participant (unless the Compensation Committee, in its sole discretion,
determines that the Participant is remaining in the service of the Company or a Related
Entity in any capacity of employee, director or consultant).

          (c) The foregoing forfeiture provisions set forth in this Section 2.4 as to Initial
Shares shall apply to the new capital stock or other property (including cash paid other
than as a regular cash dividend) received in exchange for Initial Shares in consummation of
any transaction described in Article 15 of the Plan.

     2.5 Grants of Initial Shares and Additional Shares. The Initial Shares and
Additional Shares, if any, shall be granted as shares of Common Stock that are subject to
the restrictions and the other terms and conditions set forth in this Notice, the Agreement
and the Plan.

     2.6 Tax Withholding. The Participant (or his or her beneficiary, as
applicable) shall make appropriate arrangements with the Company or Related Entity to
satisfy any federal, state, local, or non-U.S. income tax withholding requirements and
Social Security or other employment tax withholding requirements applicable to grants of
the Initial Shares and Additional Shares, if any. If no arrangements are made, the Company
or Related Entity may provide, at its discretion and without the consent of the Participant
or his or her beneficiary, for such withholding and tax payments as may be required,
including, without limitation, by reducing the number of Initial Shares and Additional
Shares, if any, by an amount equal to quotient of such tax divided by the Fair Market Value
of a share of Common Stock on the dates of grant of such Initial Shares and Additional
Shares, if any, respectively. The Participant understands and agrees that the Company or a
Related Entity shall treat grants of the Initial Shares and Additional Shares, if any, as
compensation for services for tax purposes. The Participant agrees to refrain from filing
an election with the U.S. Internal Revenue Service under Section 83(b) of the Code to
include in gross income the amount of any compensation taxable in connection with the
receipt of the Initial Shares and Additional Shares, if any, and acknowledges that such
agreement is a condition to the grant by the Company of the Award, the Initial Shares and
Additional Shares, if any.

 

 

3. Vesting and Forfeiture of Common Stock.

     3.1 Vesting Schedule. Subject to the Participant’s continued employment with
the Company or a Related Entity and other limitations set forth in this Notice, the
Agreement and the Plan, the Initial Shares and Additional Shares, if any, held by or in
escrow for the Participant will vest on the earliest to occur of the following (the
“Vesting Schedule”):

          (a) As to the following percentage of the Initial Shares and Additional Shares, if
any,

          (i) 1/4 of the Initial Shares and Additional Shares, if any, held by or in
escrow for the Participant shall vest on the day immediately following the last day
of the Performance Period,

          (ii) 1/4 of the Initial Shares and Additional Shares, if any, held by or in
escrow for the Participant shall vest on the first anniversary of the last day of
the Performance Period,

          (iii) 1/4 of the Initial Shares and Additional Shares, if any, held by or in
escrow for the Participant shall vest on the second anniversary of the last day of
the Performance Period; and

          (iv) 1/4 of the Initial Shares and Additional Shares, if any, held by or in
escrow for the Participant shall vest on the third anniversary of the last day of
the Performance Period.

          (b) On the date of termination of the Participant’s employment with the Company or a
Related Entity because of his or her death, Disability, or Retirement, 100% of the Initial
Shares and Additional Shares, if any, held by or in escrow for the Participant shall vest;

          (c) On the date of a Change of Control that causes acceleration of vesting of Awards
under Section 14.10 of the Plan, 100% of the Initial Shares and Additional Shares, if any,
held by or in escrow for the Participant shall vest; or

          (d) On any date specified by the Compensation Committee, the percentage(s) of the
Initial Shares and Additional Shares, if any, held by or in escrow for the Participant
specified by the Compensation Committee shall vest.

          For purposes of this Notice and the Agreement, the term “vest” shall mean, with
respect to Initial Shares and Additional Shares, if any, held by or in escrow for the Participant
that such Initial Shares and Additional Shares are no longer subject to forfeiture to the Company.
Initial Shares and Additional Shares, if any, held by or in escrow for the Participant that have
not vested are deemed “Restricted Shares.” If the Participant would become vested in a
fraction of a

 

 

Restricted Share, such Restricted Share shall not vest until the Participant becomes vested in
the entire share.

     3.2 Forfeiture of Restricted Shares. Vesting shall cease upon the date of
termination of the Participant’s continued employment with the Company or a Related Entity
for any reason, other than death, Disability or Retirement (unless the Compensation
Committee, in its sole discretion, determines that the Participant is remaining in the
service of the Company or a Related Entity in any capacity of employee, director or
consultant). In the event the Participant’s continued employment with the Company or a
Related Entity is terminated for any reason, other than death, Disability or Retirement,
any Restricted Shares held by or in escrow for the Participant immediately following such
termination of employment shall be deemed re-conveyed to the Company and the Company shall
thereafter be the legal and beneficial owner of the Restricted Shares and shall have all
rights and interest in or related thereto without further action by the Participant (unless
the Compensation Committee, in its sole discretion, determines that the Participant is
remaining in the service of the Company or a Related Entity in any capacity of employee,
director or consultant). The foregoing forfeiture provisions set forth in this Section 3.2
as to Restricted Shares shall apply to the new capital stock or other property (including
cash paid other than as a regular cash dividend) received in exchange for Restricted Shares
in consummation of any transaction described in Article 15 of the Plan.

     IN WITNESS WHEREOF, the Company and the Participant have executed this Notice and agree that
the Award is to be governed by the terms and conditions of this Notice, the Agreement and the Plan.

	 	 	 	 	 	 	 
	 	 	UNITED DOMINION REALTY TRUST, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 
	 

	 	 
	 	 
	 

	 	Name: Thomas W. Toomey
	 	 
	 

	 	Title: Chief Executive Officer & President
	 	 

THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT VESTING OF THE INITIAL SHARES AND ADDITIONAL SHARES,
IF ANY, SHALL OCCUR, IF AT ALL, ONLY DURING THE PERIOD OF THE PARTICIPANT’S CONTINUOUS EMPLOYMENT
WITH THE COMPANY OR A RELATED ENTITY (NOT THROUGH THE ACT OF BEING HIRED OR BEING GRANTED THIS
AWARD, THE INITIAL SHARES AND ADDITIONAL SHARES, IF ANY, HEREUNDER). THE PARTICIPANT FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER
UPON THE PARTICIPANT ANY RIGHT WITH RESPECT TO CONTINUATION OF THE PARTICIPANT’S EMPLOYMENT WITH
THE COMPANY OR A RELATED ENTITY, NOR SHALL IT INTERFERE IN ANY WAY WITH THE PARTICIPANT’S RIGHT OR
THE COMPANY’S OR A RELATED ENTITY’S RIGHT TO TERMINATE THE PARTICIPANT’S EMPLOYMENT WITH THE
COMPANY OR

 

 

RELATED ENTITY AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE PARTICIPANT
ACKNOWLEDGES THAT UNLESS THE PARTICIPANT HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY OR A
RELATED ENTITY TO THE CONTRARY, THE PARTICIPANT’S STATUS IS AT WILL. THE PARTICIPANT AGREES TO
REFRAIN FROM FILING AN ELECTION WITH THE U.S. INTERNAL REVENUE SERVICE UNDER SECTION 83(B) OF THE
CODE TO INCLUDE IN GROSS INCOME THE AMOUNT OF ANY COMPENSATION TAXABLE IN CONNECTION WITH THE
RECEIPT OF THE INITIAL SHARES AND ADDITIONAL SHARES, IF ANY, AND ACKNOWLEDGES THAT SUCH AGREEMENT
IS A CONDITION TO THE GRANT BY THE COMPANY OF THIS AWARD, THE INITIAL SHARES AND ADDITIONAL SHARES,
IF ANY.

     The Participant acknowledges receipt of a copy of the Plan and the Agreement and represents
that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award
subject to all of the terms and provisions hereof and thereof. The Participant has reviewed this
Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice
of counsel prior to executing this Notice and fully understands all provisions of this Notice, the
Agreement and the Plan. The Participant hereby agrees that all disputes arising out of or relating
to this Notice, the Agreement and the Plan shall be resolved in accordance with Section 15 of the
Agreement. The Participant further agrees to notify the Company upon any change in the residence
address indicated in this Notice.

	 	 	 
	Dated:     
                      
       

	 	Signed:                                                             
	 

	 	             «FIRST» «LAST»

 

 

RESTRICTED STOCK AWARD AGREEMENT

under the

UNITED DOMINION REALTY TRUST, INC.

1999 LONG-TERM INCENTIVE PLAN

	 	 	 	 	 
	 	Grantee:

	 	«Grantee»	 
	 	 	 	 	 
	 	 
	 	 	 
	 	Number of Shares:

	 	«NumberOfShares»	 
	 	 	 	 	 
	 	 
	 	 	 
	 	Date of Grant:

	 	«DateOfGrant»	 
	 	 	 	 	 
	 	 
	 	 	 
	 	Value as of Grant Date:

	 	$«PerShareValue» per share	 
	 	 	 	 	 

     1. Grant of Shares. United Dominion Realty Trust, Inc. (the “Company”) hereby grants
to the Grantee named above (the “Grantee”), as additional compensation for services to be rendered,
and subject to the restrictions and the other terms and conditions set forth in the Company’s 1999
Long-Term Incentive Plan (the “Plan”) and in this Restricted Stock Award Agreement (this
“Agreement”), the number of shares indicated above of the Company’s $0.01 par value common stock
(the “Shares”). Capitalized terms used herein and not otherwise defined shall have the meanings
assigned such terms in the Plan.

     2. Vesting of Restricted Stock. Unless the exerciseability of this Agreement is
accelerated in accordance with Article 14 of the Plan, 100% of the Shares subject to this Agreement
shall vest (become exercisable) under the following terms: 1/4 of the Shares shall vest on «VestingDate1»; 1/4 of
the Shares shall vest on «VestingDate2»; 1/4 of the Shares shall vest on «VestingDate3»; and the remaining 1/4 of the Shares
shall vest on «VestingDate4».

     3. Restrictions. The Shares are subject to each of the following restrictions.
“Restricted Shares” means those Shares that are subject to the restrictions imposed hereunder which
restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred,
exchanged, assigned, pledged, hypothecated or otherwise encumbered. If the Grantee’s employment
with the Company or any Parent or Subsidiary terminates for any reason other than as set forth in
paragraph (a) or (b) of Section 4 hereof, then the Grantee shall forfeit all of the Grantee’s
right, title and interest in and to the Restricted Shares as of the date of employment termination
and such Restricted Shares shall be re-conveyed to the Company without further consideration or any
act or action by the Grantee.

     The restrictions imposed under this Section 3 shall apply to all shares of the Company’s stock
or other securities issued with respect to Restricted Shares hereunder in connection with any
merger, reorganization, consolidation, re-capitalization, stock dividend or other change in
corporate structure affecting the common stock of the Company.

 

 

     4. Expiration and Termination of Restrictions. The restrictions imposed under
Section 3 will expire on the earliest to occur of the following:

     (a) On the date of termination of the Grantee’s employment with the Company or any
Parent or Subsidiary because of his or her death or Disability; or

     (b) On the date specified by the Committee or as otherwise established in the Plan in
the event of an acceleration of vesting under Section 14 of the Plan (including, without
limitation, upon the occurrence of a Change in Control, as defined in the Plan).

     5. Delivery of Shares. The Shares will be registered in the name of the Grantee as
Restricted Stock and may be held by the Company prior to the lapse of the restrictions thereon as
provided in Section 4 hereof (the “Restricted Period”). Any certificate for Shares issued during
the Restricted Period shall be registered in the name of the Grantee and shall bear a legend in
substantially the following form:

THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS
AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN
A RESTRICTED STOCK AWARD AGREEMENT DATED «DateOfAgreement» BETWEEN THE REGISTERED OWNER OF THE SHARES
REPRESENTED HEREBY AND UNITED DOMINION REALTY TRUST, INC. RELEASE FROM SUCH TERMS
AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SUCH
AGREEMENT, COPIES OF WHICH ARE ON FILE IN THE OFFICE OF UNITED DOMINION REALTY
TRUST, INC.

     If requested, the Grantee shall deposit with the Company, a stock power, or powers, executed
in blank and sufficient to re-convey the Restricted Shares to the Company upon termination of the
Grantee’s employment during the Restricted Period, in accordance with the provisions of this
Agreement. Stock certificates shall be delivered to the Grantee as soon as practicable after the
lapse of the restrictions on the Shares, but delivery may be postponed for such period as may be
required for the Company with reasonable diligence to comply if deemed advisable by the Company,
with registration requirements under the 1933 Act, listing requirements under the rules of any
stock exchange, and requirements under any other law or regulation applicable to the issuance or
transfer of the Shares.

   6. Voting and Dividend Rights. The Grantee, as beneficial owner of the Shares, shall
have full voting rights with respect to the Shares and shall receive dividends on the Shares during
the Restricted Period. Dividends on the Shares are not eligible for participation in the Company’s
Dividend Reinvestment Plan during the Restricted Period.

 

 

     7. Restrictions on Transfer and Pledge. The Restricted Shares may not be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company or a Parent or
Subsidiary, or be subject to any lien, obligation, or liability of the Grantee to any other party
other than the Company or a Parent or Subsidiary. The Restricted Shares are not assignable or
transferable by the Grantee other than by will or the laws of descent and distribution.

     8. Changes in Capital Structure. In the event a stock dividend is declared upon the
Stock, the shares of Stock then subject to this Agreement shall be increased proportionately. In
the event the Stock shall be changed into or exchanged for a different number or class of shares of
stock or securities of the Company or of another corporation, whether through reorganization,
re-capitalization, reclassification, share exchange, stock split-up, combination of shares, merger
or consolidation, there shall be substituted for each such share of Stock then subject to this
Agreement the number and class of shares into which each outstanding share of Stock shall be so
exchanged, or there shall be made such other equitable adjustment as the Committee shall approve.

     9. Stop Transfer Notices. In order to ensure compliance with the restrictions on
transfer set forth in this Agreement or the Plan, the Company may issue appropriate “stop transfer”
instructions to its transfer agent, if any, and, if the Company transfers its own securities, it
may make appropriate notations to the same effect in its own records.

     10. Refusal to Transfer. The Company shall not be required (a) to transfer on its
books any Restricted Shares that have been sold or otherwise transferred in violation of any of the
provisions of this Agreement or (b) to treat as owner of such Restricted Shares or to accord the
right to vote or pay dividends to any purchaser or other transferee to whom such Restricted Shares
shall have been so transferred.

     11. No Right of Continued Employment. Nothing in this Agreement shall interfere with
or limit in any way the right of the Company or any Parent or Subsidiary to terminate the Grantee’s
employment at any time, nor confer upon the Grantee any right to continue in the employ of the
Company or any Parent or Subsidiary.

     12. Payment of Taxes. The Grantee will, no later than the date as of which any
amount related to the Shares first becomes includable in the Grantee’s gross income for federal
income tax purposes, pay to the Company, or make other arrangements satisfactory to the Committee
regarding payment of, any federal, state and local taxes of any kind required by law to be withheld
with respect to such amount. The obligations of the Company under this Agreement will be
conditional on such payment or arrangements, and the Company, and, where applicable, its
Subsidiaries will, to the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to the Grantee.

     13. Grantee’s Covenant. The Grantee hereby agrees to use his best efforts to
provide services to the Company in a workmanlike manner and to promote the Company’s interests.

 

 

     14. Amendment. The Committee may amend, modify or terminate this Agreement without
approval of the Grantee; provided, however, that such amendment, modification or termination shall
not, without the Grantee’s consent, reduce or diminish the value of this award determined as if it
had been fully vested on the date of such amendment or termination.

     15. Plan Controls. The terms contained in the Plan are incorporated into and made a
part of this Agreement and this Agreement shall be governed by and construed in accordance with the
Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of the Plan shall be controlling and determinative.

     16. Successors. This Agreement shall be binding upon any successor of the Company,
in accordance with the terms of this Agreement and the Plan.

     17. Severability. If anyone or more of the provisions contained in this Agreement is
invalid, illegal or unenforceable, the other provisions of this Agreement will be construed and
enforced as if the invalid, illegal or unenforceable provision had never been included.

     18. Notice. Notices and communications under this Agreement must be in writing and
either personally delivered or sent by registered or certified United States mail, return receipt
requested, postage prepaid. Notices to the Company must be addressed to:

United Dominion Realty Trust, Inc.

1745 Shea Center Dr., Suite 200

Highlands Ranch, Colorado 80129

Attn: Corporate Secretary

or any other address designated by the Company in a written notice to the Grantee. Notices to the
Grantee will be directed to the address of the Grantee then currently on file with the Company, or
at any other address given by the Grantee in a written notice to the Company.

     19. Dispute Resolution. The provisions of this Section 19 shall be the exclusive
means of resolving disputes arising out of or relating to the Plan and this Agreement. The
Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt in good faith to
resolve any disputes arising out of or relating to the Plan and this Agreement by negotiation
between individuals who have authority to settle the controversy. Negotiations shall be commenced
by either party by notice of a written statement of the party’s position and the name and title of
the individual who will represent the party. Within thirty (30) days of the written notification,
the parties shall meet at a mutually acceptable time and place, and thereafter as often as they
reasonably deem necessary, to resolve the dispute. If the dispute has not been resolved by
negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to
the Plan or this Agreement shall be brought in the United States District Court for the District of
Colorado (or should such court lack jurisdiction to hear such action, suit or proceeding, in a
state court in Colorado) and that the parties shall submit to the jurisdiction of such court. The
parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have
to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES
ALSO EXPRESSLY WAIVE ANY

 

 

RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any
one or more provisions of this Section 19 shall for any reason be held invalid or unenforceable, it
is the specific intent of the parties that such provisions shall be modified to the minimum extent
necessary to make it or its application valid and enforceable.

     IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement and agree that
the Shares are to be governed by the terms and conditions of this Agreement and the Plan.

	 	 	 	 	 	 	 
	 	 	UNITED DOMINION REALTY TRUST, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 
	 

	 	 
	 	 
	 

	 	Name: Thomas W. Toomey
	 	 
	 

	 	Title: Chief Executive Officer & President
	 	 

The Grantee acknowledges receipt of a copy of the Plan and this Agreement and represents that he or
she is familiar with the terms and provisions thereof, and hereby accepts the Shares subject to all
of the terms and provisions hereof and thereof. The Grantee has reviewed this Agreement and the
Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Agreement and fully understands all provisions of this Agreement and the Plan. The Grantee
hereby agrees that all disputes arising out of or relating to this Agreement and the Plan shall be
resolved in accordance with Section 19 of this Agreement. The Grantee further agrees to notify the
Company upon any change in the residence address indicated in this Agreement.

	 	 	 	 	 
	 

	 	GRANTEE:	 	 
	 
	 	 	 	 
	 

	 	 

	 

	 

	 
«Grantee»

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