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Document Preview Restricted Stock Unit Award Agreement |
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Title: |
Restricted Stock Unit Award Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
10KB total |
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Price: |
$33 |
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ID: |
#844898 |
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RESTRICTED STOCK UNIT AWARD AGREEMENT
THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the Agreement), dated as of the 2nd day of March, 2006 (the Award Date) and entered into by and between iStar Financial Inc. (the Company) and the Participant identified on the Notice of Grant of Award attached hereto (the Notice), sets forth the general terms and conditions of an award of restricted stock units (Units) relating to shares of Common Stock of the Company (Shares) made to the Participant, pursuant to the iStar Financial Inc. 1996 Long-Term Incentive Plan, as amended and restated (the Plan). Except as otherwise defined herein, capitalized terms used in this Agreement have the respective meanings set forth in the Plan.
1. Award. The number of Units, representing the right to receive an equivalent number of Shares, is set forth in the attached Notice.
2. Vesting.
(a) The Units shall vest in increments in the amounts, and on the dates, set forth in the attached Notice, if the Participants employment with an iStar Entity (as defined below) has not terminated before each such vesting date; provided, however, all of the Units shall become immediately vested in the event the Participant terminates employment with an iStar Entity by reason of death or Disability or if an iStar Entity terminates Participants employment without Cause (as defined below) and a new employment relationship is not established between Participant and another iStar Entity within 30 days of such termination.
(b) Upon the vesting of Units, Participant shall be entitled to receive Shares equal to the number of vested Units. The Company shall withhold Shares in an amount necessary to satisfy any applicable income taxes and other withholding obligations due in connection with the vesting of the Units. Promptly following each vesting date, the net amount of Shares shall be issued and delivered to Participant, free of any restrictive legend, in certificated form or otherwise as Participant may direct.
(c) In the event that Participant voluntarily terminates employment with an iStar Entity or an iStar Entity terminates Participants employment for Cause (as defined below), any unvested portion of the Units shall be forfeited automatically as of the date of termination of employment.
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