Amendment to Restricted Share Agreement between Corporate Office Properties Trust and Roger A. Waesche, Jr.

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the terms of a previous Restricted Share Agreement between Corporate Office Properties Trust and employee Roger A. Waesche, Jr. The amendment changes the vesting schedule for 23,000 restricted shares, specifying that one-third of the shares will become unrestricted each year on July 2, 2003, 2004, and 2005. All other terms of the original agreement remain unchanged. The amendment is effective as of July 1, 2002.

View More
EX-10.6 7 a2093431zex-10_6.txt EXHIBIT 10.6 EXHIBIT 10.6 AMENDMENT TO RESTRICTED SHARE AGREEMENT THIS AMENDMENT to Restricted Share Agreement is made as of the 1st day of July, 2002, between Corporate Office Properties Trust, a Maryland business trust (the "Company") and Roger A. Waesche, Jr. (the "Employee"). RECITALS A. The Company and the Employee entered into a Restricted Share Agreement on July 2, 2001 (the "Agreement") providing for the issuance of 23,000 common shares (the "Restricted Shares") of beneficial interest, $0.01 par value per share, of the Company pursuant to the Corporate Office Properties Trust 1998 Long Term Incentive Plan (the "Plan"). B. The Restricted Shares were subject to certain restrictions on the beneficial ownership of the shares as specified in the Agreement. C. Pursuant to Paragraph 8(d) of the Plan, the terms of an award of Restricted Shares under the Plan may be amended with the consent of the Employee. D. The Employee and the Company wish to amend the Agreement as hereinafter provided in connection with a renegotiation of an employment agreement between the Company and the Employee. NOW, THEREFORE, in consideration of the foregoing, the Company and the Employee hereby amend the Agreement as follows, effective as of July 1, 2002: 1. Section 2(b) of the Agreement is amended by deleting the schedule referenced therein in its entirety and substituting, therefore, the following:
Percentage of Total Amount of Total Number of Restricted Number of Restricted Shares as to Which Shares as to Which Date Forfeiture Restricted Lapse Forfeiture Restrictions Lapse ------------ --------------------------- ----------------------------- July 2, 2002 0% 0 July 2, 2003 33 1/3% 7,666 July 2, 2004 33 1/3% 7,667 July 2, 2005 33 1/3% 7,667
Except as herein expressly changed, the Agreement is ratified and confirmed in all respects. IN WITNESS WHEREOF, the Company and Employee have executed this Amendment the ___ day of ___________, 2002. EMPLOYEE CORPORATE OFFICE PROPERTIES TRUST By:/s/ Clay W. Hamlin, III - ------------------------------ ----------------------------------------- Roger A. Waesche, Jr. 2