SEC Contract Filing

Filing Date: 2018-01-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex-10_2x2018xclassbxthreex.htm
<DESCRIPTION>FORM OF 3-YEAR AWARD AGREEMENT (2018)
<TEXT>
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 <title>Exhibit</title>
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<div><a name="s062859C02C491F2CC27D436391502D19"></a></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">FORM (3-Year Vesting)</font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PREFERRED APARTMENT COMMUNITIES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018 CLASS B UNIT </font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AWARD AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This 2018 Class B Unit Award Agreement ("</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:10pt;">") made and entered into as of January 29, 2018, but effective as of the Effective Date, among Preferred Apartment Communities,&#160;Inc., a Maryland corporation (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:10pt;">"), its subsidiary, Preferred Apartment Communities Operating Partnership, L.P., a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Partnership</font><font style="font-family:inherit;font-size:10pt;">"), and the person identified below as the grantee (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Grantee</font><font style="font-family:inherit;font-size:10pt;">").</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recitals</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A.&#160;&#160;&#160;&#160;Grantee is an [officer of the Company and provides services to the Partnership] [employee of an affiliate of the Company that provides services to the Company and the Partnership].</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">B.&#160;&#160;&#160;&#160;The Compensation Committee (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Committee</font><font style="font-family:inherit;font-size:10pt;">") of the Board of Directors of the Company (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Board</font><font style="font-family:inherit;font-size:10pt;">") approved this award (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Award</font><font style="font-family:inherit;font-size:10pt;">") pursuant to the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership dated as of June 3, 2016, as amended, restated and supplemented from time to time hereafter (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Partnership Agreement</font><font style="font-family:inherit;font-size:10pt;">"), to provide [officers of the Company] [employees of affiliates of the Company that provides services to the Company and the Partnership], including the Grantee, in connection with their service, with the incentive compensation described in this Agreement, and thereby provide additional incentive for them to promote the progress and success of the business of the Company and its affiliates, including the Partnership. This Award was approved by the Committee pursuant to authority delegated to it by the Board as set forth in the Partnership Agreement to make grants of Class B Units (as defined in the Partnership Agreement).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">C.&#160;&#160;&#160;&#160;This Agreement evidences an award of Class B Units that have been authorized for issuance under the Partnership Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">D.&#160;&#160;&#160;&#160;Effective as of the Effective Date, the Committee has made an award to the Grantee of the number of Class B Units (the "</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Awarded Class B Units</font><font style="font-family:inherit;font-size:10pt;">") set forth in </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Schedule A</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;[as compensation for services to be directly or indirectly rendered to the Company or the Partnership