AGREEMENT
Exhibit 10.7
THIS AGREEMENT MADE AND ENTERED INTO as of this 1st day of January, 2016 (the “Effective Date”), by and between FOREST CITY EMPLOYER, LLC, of Terminal Tower, 00 Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxxxx, Xxxx 00000-0000, hereinafter referred to as “Company”, and XXXXX X. XxXXX, hereinafter referred to as “Employee”.
WHEREAS, the Company desires to grant to the Employee a benefit to his Estate upon his death, and
NOW THEREFORE, it is agreed that in consideration of the Employee working for the Company, it is agreed that:
1. The Agreement between Employee and Forest City Enterprises, Inc. dated May 31, 1999 shall terminate effective immediately prior to the Effective Date and this Agreement shall become effective as of the Effective Date.
2. In consideration of his employment, if the Employee dies while in the employ of the Company, the Company agrees to pay to the beneficiaries of the Employee as stipulated in his Will, or designated by written notice to the Company from the Employee during his lifetime, or designated by operation of law if the Employee dies intestate, an amount equal to one hundred percent (100%) of the salary paid to the Employee for the last calendar year prior to the death, for a period of five (5) years following the decease of said Employee; said sum to be payable in quarterly installments to said beneficiaries of said deceased Employee.
[Signatures on the following page]
The parties hereto have signed this Agreement as of the 18th day of November, 2015, to be effective as of the 1st day of January, 2016.
FOREST CITY EMPLOYER, LLC
By Forest City Rental Properties, LLC, the sole manager
By Forest City Enterprises, L.P., the sole manager
By Forest City Realty Trust, Inc., its general partner
By: /s/ XXXXXXX X. XXXXXX
Xxxxxxx X. Xxxxxx, Chairman of the Board
ACCEPTED AND AGREED
/s/ XXXXX X. XXXXX
XXXXX X. XxXXX, Employee
GUARANTEE
In order to induce Employee to enter into the foregoing Agreement, Forest City Realty Trust, Inc. hereby unconditionally and irrevocably guarantees to Employee and Employee’s estate and legal representatives that it will cause the Company to perform each and all of its obligations under this Agreement in accordance with the terms hereof. This guarantee of performance is a principal obligation of the undersigned and shall continue in full force and effect notwithstanding any amendments or modifications to this Agreement.
/s/ XXXXXXX X. XXXXXX
By: Xxxxxxx X. Xxxxxx
Its: Chairman of the Board of Directors
