SEC Contract Filing

Filing Date: 2017-08-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101amendmentno3tolo.htm
<DESCRIPTION>EXHIBIT 10.1 AMENDMENT NO. 3 TO LTIP
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<div><a name="s20127640e3734286ac32415b24673f56"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PIEDMONT OFFICE REALTY TRUST, INC.</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM INCENTIVE PROGRAM</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(Amendment No. 3 Effective May 2, 2017)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Compensation Committee (the &#8220;Committee&#8221;) of the Board of Piedmont Office Realty Trust, Inc. (the &#8220;Company&#8221;) previously established this Long-Term Incentive Program (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">LTIP</font><font style="font-family:inherit;font-size:12pt;">&#8221;) under the Piedmont Office Realty Trust, Inc. 2007 Omnibus Incentive Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;) as previously amended on April 28, 2015 and April 28, 2016. The Committee now desires to further amend and restate the LTIP in its entirety, effective as of May 2, 2017. The LTIP is intended to allow the Company to make certain Awards under the Plan in furtherance of the purposes of the Plan. Capitalized terms that are not defined herein shall have the same meanings given to such terms in the Plan.</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:0px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">. For the purposes of the LTIP, the following terms shall have the meanings set forth below:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#8220;Average Price&#8221; means, with respect to the beginning of a Performance Cycle, the average of the Closing Stock Price for the last 10 trading days preceding the start of the applicable Performance Cycle and the first 10 trading days of the applicable Performance Cycle, and with respect to the end of an Performance Cycle, the average of the Closing Stock Price for the last 10 trading days preceding the end of the applicable Performance Cycle and the first 10 trading days after the end of the applicable Performance Cycle. Notwithstanding the forgoing, in the event a Participant terminates employment during a Performance Cycle in accordance with Section 5, Average Price on the date of the Participant&#8217;s termination of employment means the average of the Closing Stock Price for the last 10 trading days preceding the date of the Participant&#8217;s termination of employment and the first 10 trading days following the date of Participant&#8217;s termination of employment.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#8220;Cause&#8221; means, unless otherwise specified in the Participant&#8217;s employment agreement, any of the following: (i)&#160;any material act or material omission by the Participant which constitutes intentional misconduct in connection with the Company&#8217;s business or a willful violation of law in connection with the Company&#8217;s business; (ii)&#160;an act of fraud, conversion, misappropriation or embezzlement by the Participant with respect to the Company&#8217;s assets or business or conviction of, indictment for (or its procedural equivalent) or entering a guilty plea or plea of no contest with respect to a felony, or the equivalent thereof, or any crime involving any moral turpitude with respect to which imprisonment is a common punishment; (iii)&#160;any act of dishonesty committed by the Participant in connection with the Company&#8217;s business; (iv)&#160;the willful neglect of material duties of, or gross misconduct by, the Participant; (v)&#160;the use of illegal drugs or excessive use of alcohol that the Board determines in good faith to materially interfere with the performance of the Participant&#8217;s duties to the Company; and (vi)&#160;any other failure (other than any failure resulting from incapacity due to physical or mental illness) by the Participant to perform his material and r