SEC Contract Filing

Filing Date: 2017-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101ltipunitagreement.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s0136d32fe30247a985333807524e866d"></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%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">URBAN EDGE PROPERTIES OMNIBUS SHARE PLAN</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PERFORMANCE LTIP UNIT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name of Employee:&#160;&#160;&#160;&#160;_______________ (the &#8220;Employee&#8221;)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No. of LTIP Units Awarded:&#160;&#160;&#160;&#160;_______</font></div><div style="line-height:120%;padding-bottom:32px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Grant Date:&#160;&#160;&#160;&#160;________________</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;">RECITALS</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;">A.&#160;&#160;&#160;&#160;The Employee is an employee of Urban Edge Properties, a Maryland real estate investment trust (the &#8220;Company&#8221;) and provides services to Urban Edge Properties LP, a Delaware limited partnership, through which the Company conducts substantially all of its operations (the &#8220;Partnership&#8221;).</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;Pursuant to the Urban Edge Properties 2015 Omnibus Share Plan (as amended and supplemented from time to time, the &#8220;Plan&#8221;) and the Limited Partnership Agreement of the Partnership (the &#8220;Partnership Agreement&#8221;), the Company hereby grants the Employee an award of OP Units (an &#8220;Award&#8221;) pursuant to Section 11 of the Plan and hereby causes the Partnership to issue to the Employee, the number of LTIP Units (as defined in the Partnership Agreement) set forth above (the &#8220;Award LTIP Units&#8221;) having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Partnership Agreement. Upon the close of business on the Grant Date pursuant to this LTIP Unit Award Agreement (this &#8220;Agreement&#8221;), the Employee shall receive the number of LTIP Units specified above, subject to the restrictions and conditions set forth herein, in the Plan and in the Partnership Agreement.</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;">C.&#160;&#160;&#160;&#160;The exact number of LTIP Units earned under the Award shall be determined following the conclusion of the Performance Period based on the Company&#8217;s Total Shareholder Return and Relative Performance during the Performance Period as provided herein. Any LTIP Units not earned upon the end of the Performance Period will be forfeited and any additional LTIP Units owed to the Employee shall be issued as soon as reasonably practical following the end of the Performance Period.</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;">NOW, THEREFORE, the Company, the Partnership and the Employee agree as follows: </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:10pt;color:#010000;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:10pt;">. Capitalized terms used herein without definitions shall have the meanings given to those terms in the Plan. In addition, as used herein:</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;">&#8220;Absolute TSR Component&#8221; means 25% percent of the Award LTIP Units. Such Award LTIP Units shall be earned based on the Company&#8217;s Total Shareholder Return during the Performance Period.</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;">&#8220;Baseline Value&#8221; for each of the Company and the Peer Companies means the dollar amount representing the average of the Fair Market Value of one share of common stock of such company over the five consecutive trading days ending on, and including, the Effective Date. </font></div><div sty