Common use of Leasing Bonus Clause in Contracts

Leasing Bonus. 1) Executive shall be entitled to receive a bonus payment with respect to each new lease and lease renewal executed during the Employment Term (and for six (6) months after the Employment Term in the event of any Post-Termination Leasing Bonuses); provided a bonus will be payable with respect to those lease transactions where the lease is executed before four weeks after Executive commences Executive’s employment only if in the reasonable judgment of the Company, the Executive has taken an active role in obtaining the executed lease. The amount of the bonus (with the exception of bonuses for leases relating to ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. ▇▇▇▇▇▇ or such other building for which Executive has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement) shall be 25 cents per square foot for leases having a term of at least three years. Bonuses for such leases having a term of less than three years will be pro-rated at 8.33 cents per square foot for each full year of term. With respect to leases of space in ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. ▇▇▇▇▇▇ (or such other building for which Executive has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement), such leasing bonus shall be $1.00 per square foot for leases having a term of at least three years, and for leases having terms shorter than three years, 33 cents per square foot for each full year of term. The leasing bonuses described in this paragraph shall be paid within 30 days after execution of the lease or lease renewal. For new leases or lease renewals, expansions or extensions which have a commencement date or effective date of more than twenty four (24) months from the date signed, the relevant leasing bonus shall be discounted to present value at a discount rate of 8% per year. Notwithstanding the foregoing sentence, there shall be no discount to present value for the extension, expansion or renewal of existing leases if the tenant is already in occupancy of the space in question and all conditions to the effectiveness of such extension, expansion or renewal have been satisfied. Except as provided below, Executive shall also be entitled to a leasing bonus of $82,500 less any leasing bonuses Executive receives after the date of this Agreement relating to Floors 2 through 13, inclusive, of ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (“Floors 2-13”), in the event the foregoing building or a portion of it that contains Floors 2-13, is sold to an unaffiliated third party and Employer or an affiliate is not retained as leasing agent for Floors 2-13. In the event that a portion but not all of Floors 2-13 is sold, then the $82,500 shall be adjusted pro-rata and the leasing bonuses, if any, deducted shall only be those relating to that portion of Floors 2-13 being sold. In the event that any sale of all or a portion of Floors 2-13 is being made in lieu of a lease to an office space user (or third party designated by an office space user for transaction structuring purposes), which office space user is using such space for its own office purposes, then a leasing bonus of $1.00 per square foot shall be payable in the same manner as specified in the foregoing paragraph and the $82,500 leasing bonus shall not be applicable.

Leasing Bonus. 1) Executive shall be entitled to receive a bonus payment with respect to each new lease and lease renewal executed during the Employment Term (and for six (6) months after the Employment Term in the event of any Post-Termination Leasing Bonuses)Term; provided a bonus will be payable with respect to those lease transactions where set forth on the list previously provided to Executive only if (i) the lease is executed after and not before four weeks after Executive commences Executive’s employment only if in the reasonable judgment of the CompanyNovember 30, the 2005, and (ii) Executive has taken an active role in obtaining the an executed lease. The amount of the bonus (with the exception of bonuses for leases relating to ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. ▇▇▇▇▇▇ or such other building for which Executive has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement) shall be 25 cents per square foot for leases having a term of at least three years. Bonuses for such leases having a term of less than three years will be pro-rated at 8.33 cents per square foot for each full year of term. With respect to leases of space in ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. 77 West ▇▇▇▇▇▇ (or such other building for which Executive Employee has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement), such leasing bonus shall be $1.00 per square foot for leases having a term of at least three years, and for leases having terms shorter than three years, 33 cents per square foot for each full year of term. The leasing bonuses described in this paragraph shall be paid within 30 days after execution of the lease or lease renewal. For new leases or . 2) In the event Executive’s employment shall be terminated by the Employer other than for Cause, Executive shall submit to Employer for review and approval (which approval shall not be unreasonably withheld) a list of possible lease renewals, expansions or extensions transactions with respect to which have a commencement date or Executive is actively involved as of the effective date of more than twenty four (24) months from the date signed, the relevant leasing bonus termination. The list shall be discounted to present value at submitted no later than ten (10) days after such date of termination. Employer shall return a discount rate of 8% per year. Notwithstanding the foregoing sentence, there shall be no discount to present value for the extension, expansion or renewal of existing leases if the tenant is already in occupancy copy of the space in question and all conditions list as approved (the “Protected List”) to the effectiveness of such extension, expansion or renewal have been satisfied. Except as provided below, Executive shall also be entitled to a leasing bonus of $82,500 less any leasing bonuses Executive receives after the date of this Agreement relating to Floors 2 through 13, inclusive, of ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (“Floors 2-13”), in the event the foregoing building or a portion of it that contains Floors 2-13, is sold to an unaffiliated third party and Employer or an affiliate is not retained as leasing agent for Floors 2-13Executive. In the event that a portion but not all any of Floors 2-13 is soldthe leases on the Protected List are executed within six (6) months after said effective date of termination, then such lease will be deemed to have been executed during the $82,500 Employment Term, and a bonus shall be adjusted pro-rata and the leasing bonuses, if any, deducted shall only be those relating to that portion of Floors 2-13 being sold. In the event that any sale of all or a portion of Floors 2-13 is being made paid in lieu of a lease to an office space user (or third party designated by an office space user for transaction structuring purposes), which office space user is using such space for its own office purposes, then a leasing bonus of $1.00 per square foot shall be payable in the same manner as specified in the foregoing paragraph and the $82,500 leasing bonus shall not be applicableaccord with this paragraph.

Leasing Bonus. 1) Executive In addition to the Annual Bonus, the Company shall be entitled to receive pay you a bonus payment with respect (the “Leasing Bonus”) equal to each new lease and lease renewal executed $0.75 per square foot of rentable area leased during the Employment Term term of your employment (and regardless of whether such leases resulted from your efforts) pursuant to leases for six (6) months after the Employment Term space in the event portfolio of any Post-Termination Leasing Bonusesassets owned by the Company as of December 31, 2008 as summarized on Exhibit “A” hereto (such assets are individually and collectively defined as the “Portfolio”); provided a bonus will be payable with respect to those lease transactions where the lease is executed before four weeks after Executive commences Executive’s employment only if in the reasonable judgment of the Company, the Executive has taken an active role in obtaining the executed lease. The amount of the bonus (with Leasing Bonus shall be reviewed each year and reset by mutual agreement as the exception portfolio of bonuses for leases relating to ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Citadel Center Company assets and ▇▇▇ ▇. ▇▇▇▇▇▇ or such other building for which Executive has primary responsibility inventory of available space for leasing as mutually determined change (the prior year’s amount shall continue unless and until reset by Employer and Executive pursuant to Section 1 of the Agreement) shall be 25 cents per square foot for leases having a term of at least three yearsmutual agreement). Bonuses for such leases having a term of less than three years Any Leasing Bonus due you will be pro-rated at 8.33 cents per square foot for each full year of term. With respect to leases of space in ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Citadel Center and ▇▇▇ ▇. ▇▇▇▇▇▇ (or such other building for which Executive has primary responsibility for leasing as mutually determined by Employer and Executive pursuant to Section 1 of the Agreement), such leasing bonus shall be $1.00 per square foot for leases having a term of at least three years, and for leases having terms shorter than three years, 33 cents per square foot for each full year of term. The leasing bonuses described in this paragraph shall be paid within 30 thirty (30) days after execution the end of the calendar quarter(s) in or after which the applicable lease(s) have been executed, but in no event later than the last day of the applicable two and one-half (2 1/2) month “short-term deferral period” with respect to such Leasing Bonus, within the meaning of Treasury Regulation Section 1.409A-1(b)(4). A lease will be deemed to have been “executed” in a given calendar quarter if the tenant executes and delivers to landlord or landlord’s counsel the lease renewal. For new leases executed by Tenant in such calendar quarter and landlord executes and delivers such lease to the tenant or its agent at any time, provided, however, that if landlord decides in good faith not to, and does not, execute such lease, such lease renewals, expansions or extensions which have a commencement date or effective date shall no longer be considered for purposes of more than twenty four (24) months from the date signed, the relevant leasing calculating bonus shall be discounted to present value at a discount rate of 8% per yeareligibility. Notwithstanding the foregoing sentenceor the actual Leasing Bonus paid to you, the parties agree that no later than each April 30th during the term of your employment, there shall be a reconciliation of eligible leases to take into account any lease which had previously met the foregoing “executed” conditions, but which tenant subsequently terminated prior to the commencement date thereunder by tenant’s exercise of a termination right explicitly set forth in the lease, provided that no discount adjustment shall be made during such reconciliation for terminations which result from a mutual agreement or renegotiation of landlord and tenant under a given lease, nor shall the reconciliation apply to present value for any tenant termination rights which may exist after the extensionlease commencement date. Amounts paid you, expansion but subsequently identified through the reconciliation as overpayment, shall automatically be credited against subsequent Leasing Bonus otherwise payable you in the order due. For purposes hereof, executed leases shall include renewal or renewal extension of existing leases and expansion of existing leases. A Leasing Bonus will be due for leases approved and executed by landlord even if the tenant is already in occupancy of the space in question and all conditions to the effectiveness of such extension, expansion or renewal have been satisfied. Except as provided below, Executive shall also be entitled to a leasing bonus of $82,500 less any leasing bonuses Executive receives after the date of this Agreement relating to Floors 2 through 13, inclusive, of ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (“Floors 2-13”), in the event the foregoing building or a portion of it that contains Floors 2-13, is sold to an unaffiliated third party and Employer or an affiliate is pro forma rents” are not retained as leasing agent for Floors 2-13. In the event that a portion but not all of Floors 2-13 is sold, then the $82,500 shall be adjusted pro-rata and the leasing bonuses, if any, deducted shall only be those relating to that portion of Floors 2-13 being sold. In the event that any sale of all or a portion of Floors 2-13 is being made in lieu of a lease to an office space user (or third party designated by an office space user for transaction structuring purposes), which office space user is using such space for its own office purposes, then a leasing bonus of $1.00 per square foot shall be payable in the same manner as specified in the foregoing paragraph and the $82,500 leasing bonus shall not be applicableachieved.