EXHIBIT 10.8
GLOBAL self storage, inc.
2017 EQUITY INCENTIVE PLAN
rESTRICTED Share AWARD AGREEMENT
THIS AGREEMENT is made by and between Global Self Storage, Inc., a Maryland corporation (the “Company”) and [________] (the “Grantee”), dated as of the __ day of ____, 20__ (the "Grant Date").
WHEREAS, the Company maintains the Global Self Storage, Inc. 2017 Equity Incentive Plan (the “Plan”) (capitalized terms used but not defined herein shall have the respective meanings ascribed thereto by the Plan);
WHEREAS, the Grantee is an Eligible Person; and
WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best interests of the Company and its shareholders to grant Restricted Shares to the Grantee subject to the terms and conditions set forth below.
NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
The Company hereby grants the Grantee [____] Restricted Shares, subject to the following terms and conditions and subject to the provisions of the Plan. The Plan is hereby incorporated herein by reference as though set forth herein in its entirety. To the extent the terms or conditions of this Agreement conflict with any provision of the Plan, such terms and conditions shall govern.
The Restricted Shares awarded pursuant to this Agreement shall be subject to the following restrictions and conditions:
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For purposes of the Plan and this Agreement, Restricted Shares with respect to which the Restriction Period has lapsed shall be vested. Notwithstanding the foregoing, the Restriction Period with respect to such Restricted Shares shall only lapse as to whole Shares (rounded down to the nearest whole Share). Subject to the provisions of the Plan and this Agreement, during the Restriction Period, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, hypothecate, alienate, encumber or assign the Restricted Shares awarded under this Agreement (or have such Restricted Shares attached or garnished).
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IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and year first above written.
Global self storage, inc.
By:
Name:
Title:
____________________________________
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EXHIBIT A
The number of Restricted Shares earned by the Grantee under Section 2(a)(i) of the Agreement shall be determined by the Committee on the Determination Date, by measuring the Company's Adjusted Funds From Operations for the fiscal year ending December 31, 20__ against the performance criteria set forth below.
Performance Level | AFFO Target | Earned Amount of Restricted Shares |
Max |
| 200% of AFFO Restricted Shares Granted |
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| 175% of AFFO Restricted Shares Granted |
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| 150% of AFFO Restricted Shares Granted |
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| 125% of AFFO Restricted Shares Granted |
Target |
| 100% of AFFO Restricted Shares Granted |
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| 75% of AFFO Restricted Shares Granted |
|
| 50% of AFFO Restricted Shares Granted |
|
| 25% of AFFO Restricted Shares Granted |
Threshold |
| 0% of AFFO Restricted Shares Granted |
In the event the AFFO of the Company falls between two adjacent AFFO Targets in the above table, the number of earned Restricted Shares shall be determined by using straight line linear interpolation.
In the event that the number of shares increases or decreases, the Company may make equitable adjustments to the target, max and threshold, as necessary to account for such increase or decrease.
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EXHIBIT B
The number of Restricted Shares earned by the Grantee under Section 2(a)(ii) of the Agreement shall be determined by the Committee on the Determination Date, by measuring the Company's Same Store Revenue Growth for the fiscal year ending December 31, 20__ against the performance criteria set forth below.
Performance Level | Same Store Revenue Growth Percentile Targets | Earned Amount of Restricted Shares |
Max |
| 200% of SSRG Restricted Shares Granted |
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| 175% of SSRG Restricted Shares Granted |
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| 150% of SSRG Restricted Shares Granted |
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| 125% of SSRG Restricted Shares Granted |
Target |
| 100% of SSRG Restricted Shares Granted |
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| 75% of SSRG Restricted Shares Granted |
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| 50% of SSRG Restricted Shares Granted |
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| 25% of SSRG Restricted Shares Granted |
Threshold |
| 0% of SSRG Restricted Shares Granted |
In the event the Same Store Revenue Growth Percentile of the Company falls between two adjacent Targets in the above table, the number of earned Restricted Shares shall be determined by using straight line linear interpolation.
The 20__ Target equals a percentage that is the median of the 20__ Peer Same-Store Revenue Growth. The Max and Threshold each equal a percentage that varies by the same range from the Target.
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“20__ Peer Same-Store Revenue Growth,” is a percentage equal to the median of the actual 20__ same-store revenue growth percentages for and as reported by ___, ___, ___, ___, and ___.
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EXHIBIT C
The number of Restricted Shares earned by the Grantee under Section 2(a)(i) – 2(a)(ii) shall be increased by twenty-five (25%) in the event that the Company completes self storage property acquisitions of $___ or more during the fiscal year ending December 31, 20__. All such acquisitions are subject to approval by the Board.
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