GENERATION INCOME PROPERTIES, INC.
2020 OMNIBUS INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
Dear [______________]:
You have been granted an award (this “Award”) of restricted stock units (“RSUs”) relating to shares of the common stock (“Common Stock”) of Generation Income Properties, Inc. (the “Company”) under the Generation Income Properties, Inc. 2020 Omnibus Incentive Plan (the “Plan”) with terms and conditions described below. This Award is granted under and governed by the terms and conditions of the Plan. Additional provisions regarding this Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan.
Grant Date: |
[____________]
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Number of RSUs:
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[____________] |
Vesting Schedule: |
The RSUs will vest on the first (1st) anniversary of the above-referenced “Grant Date”, provided that you have been continuously employed by or in the service of the Company or an Affiliate through and including such date.
Notwithstanding the foregoing, the RSUs will vest in full upon a Change of Control, if you are continuously employed with, or in the service of, the Company or an Affiliate thereof through the day preceding the date of the Change of Control.
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Termination of Employment or Service: |
Upon your termination of employment with, or cessation of services to, the Company or an Affiliate thereof prior to the date the RSUs are vested, you will forfeit the unvested RSUs.
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Settlement of Restricted Stock Units: |
Unless you have timely made a deferral election in accordance with the Company’s process (if any) for making such an election (a “Deferral Election”), then, as soon as practicable after your RSUs vest (but no later than two-and-one-half months from the end of the fiscal year in which vesting occurs), the Company will settle such vested RSUs by issuing in your name certificate(s) or making an appropriate book entry for a number of shares of Common Stock equal to the number of RSUs that have vested.
If you have timely made a Deferral Election, then, to the extent your RSUs have then become vested and have not been forfeited, upon the earlier of (1) the third (3rd) anniversary of the Grant Date or (2) your separation from service with the Company (subject to any six-month delay required for compliance with Code Section 409A), the Company will settle such vested RSUs by issuing in your name certificate(s) or making an appropriate book entry for a number of shares of Common Stock equal to the number of RSUs that have become vested.
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