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EXHIBIT 10.1
COUSINS PROPERTIES INCORPORATED
2005 RESTRICTED STOCK UNIT PLAN
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TABLE OF CONTENTS
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PAGE
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Section 1 BACKGROUND
AND
PURPOSE............................................................................
1
Section 2
DEFINITIONS.......................................................................................
1
2.1
Affiliate........................................................................................
1
2.2
Award............................................................................................
1
2.3
Award
Certificate................................................................................
1
2.4
Beneficiary......................................................................................
1
2.5
Board............................................................................................
1
2.6
Change in
Control................................................................................
1
2.7
Code.............................................................................................
1
2.8
Committee........................................................................................
1
2.9
CPI..............................................................................................
2
2.10
CREC.............................................................................................
2
2.11
Fair
Market
Value................................................................................
2
2.12
Key
Employee.....................................................................................
2
2.13
1934
Act.........................................................................................
2
2.14
Parent...........................................................................................
2
2.15
Plan.............................................................................................
2
2.16
Preferred Stock
Subsidiary.......................................................................
2
2.17
Restricted Stock
Unit............................................................................
2
2.18
Rule
16b-3.......................................................................................
2
2.19
Stock............................................................................................
2
2.20
Subsidiary.......................................................................................
2
Section 3 EFFECTIVE
DATE....................................................................................
2
Section 4
COMMITTEE.........................................................................................
3
Section 5
ELIGIBILITY AND GRANT
CAP.........................................................................
3
Section 6 RESTRICTED
STOCK
UNITS............................................................................
3
6.1
Committee
Action.................................................................................
3
6.2
Payment of
Restricted Stock
Units................................................................
3
6.3
Cash
Dividends...................................................................................
3
6.4
Section
409A
Compliance..........................................................................
3
Section 7
ADJUSTMENT........................................................................................
4
Section 8 CHANGE IN
CONTROL.................................................................................
4
Section 9 AMENDMENT
OR
TERMINATION..........................................................................
4
Section 10
MISCELLANEOUS.....................................................................................
4
10.1
Shareholder
Rights...............................................................................
4
10.2
No
Contract of
Employment........................................................................
5
10.3
Withholding......................................................................................
5
10.4
Construction.....................................................................................
5
10.5
Rule
16b-3.......................................................................................
5
10.6
Nontransferability and Status as Unsecured
Creditor.............................................. 5
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Exhibit 10.1-i
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Section 1
BACKGROUND AND PURPOSE
The
purpose of this Plan is to promote the interest of CPI by
authorizing
the Committee to grant Restricted Stock
Units to Key Employees in order (1) to
attract and retain Key Employees, (2) to
provide an additional incentive to each
Key Employee to work to increase the value
of Stock and (3) to provide each Key
Employee with a stake in the future of CPI
which corresponds to the stake of
each of CPI's stockholders, without
resulting in a dilution of the ownership
interests of the shareholders of CPI.
Section 2
DEFINITIONS
2.1
Affiliate - means any organization (other than a Subsidiary)
that
would be treated as under common control
with CPI or CREC under Section 414(c)
of the Code if "50 percent" were
substituted for "80 percent" in the income tax
regulations under Section 414(c) of the
Code.
2.2 Award
- means a Restricted Stock Unit award.
2.3 Award
Certificate - means the document that sets forth the terms and
conditions of an Award.
2.4
Beneficiary - means the person designated by the Key Employee
to
receive payment in the event of the Key
Employee's death.
2.5 Board
- means the Board of Directors of CPI.
2.6 Change
in Control - means an event that is both a "change in control
event" as defined in Section 409A of the
Code and one of the following: (1) a
"change in control" of CPI of a nature that
would be required to be reported in
response to Item 6(e) of Schedule 14A for a
proxy statement filed under Section
14(a) of the 1934 Act, (2) a "person" (as
that term is used in Section 14(d)(2)
of the 1934 Act) becomes after the
effective date of this Plan the beneficial
owner (as defined in Rule 13d-3 under the
1934 Act) directly or indirectly of
securities representing 50% or more of the
combined voting power for election of
directors of the then outstanding
securities of CPI, (3) the individuals who at
the beginning of any period of two
consecutive years or less constitute the
Board cease for any reason during such
period to constitute at least a majority
of the Board, unless the election or
nomination for election of each new member
of the Board was approved by vote of at
least two-thirds of the members of the
Board then still in office who were members
of the Board at the beginning of
such period, (4) the shareholders of CPI
approve any dissolution or liquidation
of CPI or any sale or disposition of 50% or
more of the assets or business of
CPI or (5) the shareholders of CPI approve
a merger or consolidation to which
CPI is a party (other than a merger or
consolidation with a wholly-owned
subsidiary of CPI) or a share exchange in
which CPI shall exchange CPI shares
for shares of another corporation as a
result of which the persons who were
shareholders of CPI immediately before the
effective date of such merger,
consolidation or share exchange shall have
beneficial ownership of less than 50%
of the combined voting power for election
of directors of the surviving
corporation following the effective date of
such merger, consolidation or share
exchange.
2.7 Code -
means the Internal Revenue Code of 1986, as amended.
2.8
Committee - means the Compensation, Succession, Nominating and
Governance Committee of the Board or
another committee of the Board designated
for this purpose by the Board.
Exhibit 10.1-1
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2.9 CPI -
means Cousins Properties Incorporated, a Georgia corporation,
and any successor to such corporation.
2.10 CREC
- means Cousins Real Estate Corporation, a Georgia corporation,
and any successor to such corporation.
2.11 Fair
Market Value - means (1) the closing price on any date for a
share of Stock as reported by The Wall
Street Journal under the New York Stock
Exchange Composite Transactions quotation
system (or under any successor
quotation system) or, if Stock is no longer
traded on the New York Stock
Exchange, under the quotation system under
which such closing price is reported
or, if The Wall Street Journal no longer
reports such closing price, such
closing price as reported by a newspaper or
trade journal selected by the
Committee; or, (2) if no such closing price
is available on such date, such
closing price as so reported in accordance
with Section 2.11(1) for the
immediately preceding business day; or, (3)
if no newspaper or trade journal
reports such closing price or if no such
price quotation is available, the price
which the Committee acting in good faith
determines through any reasonable
valuation method that a share of Stock
might change hands between a willing
buyer and a willing seller, neither being
under any compulsion to buy or to sell
and both having reasonable knowledge of the
relevant facts.
2.12 Key
Employee - means an employee of CPI, CREC, a Preferred Stock
Subsidiary that has been designated by the
Committee as covered by this Plan,
any Subsidiary of CPI or CREC, any Parent
of CPI or CREC, or any Affiliate of
CPI or CREC who has been designated by the
Committee and who, in the judgment of
the Committee acting in its absolute
discretion, is key directly or indirectly
to the success of CPI, CREC, a Preferred
Stock Subsidiary, a Subsidiary of CPI
or CREC, a Parent of CPI or CREC or an
Affiliate of CPI or CREC.
2.13 1934
Act - means the Securities Exchange Act of 1934, as amended.
2.14
Parent - means any corporation which is a parent corporation
within
the meaning of Section 424(e) of the
Code.
2.15 Plan
- means this Cousins Properties Incorpor
