Document ID: 11860

Text:
(iii) Annual Equity or Equity-Based Incentive Awards. Commencing in 2017, and continuing during each subsequent calendar year of the Employment Period, the Executive shall be eligible to receive an annual equity award (the Annual LTIP Award), which shall be awarded each year during the Employment Period by the Compensation Committee based upon its evaluation of such performance measures and objectives as may be established by the Compensation Committee from time to time. The Annual LTIP Award shall be a long-term equity or equity-based incentive award with an aggregate grant value (with respect to the portion of the Annual LTIP Award that is subject to performance metrics, based on the achievement of the applicable performance metrics that cause the award to vest at the level of 100% , and without taking into account the probability of the award vesting at that level on the date of grant) on the date of grant equal to TWO MILLION SIX HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($2,625,000.00 ) , with the number of shares of the Companys common stock, par value $0.01 per share (the Common Stock) subject to such Annual LTIP Award determined by dividing the aggregate grant value by the closing price per share of the Common Stock on a nationally recognized exchange or as otherwise provided for in the Incentive Plan on the date of grant, which shall be awarded each year upon the achievement of certain performance goals established by the Compensation Committee for such year. The determination as to whether the performance goals have been achieved shall be made in the sole discretion of the Compensation Committee and, to the extent Section162(m)of the Code, is applicable, and shall be consistent with and subject to the requirements set forth in Section162(m)of the Code. The Annual LTIP Award shall be granted to the Executive at the same time that other senior executives of the Company are granted their annual equity or equity-based incentive awards but in no event later than March15 following the end of the fiscal year to which such Annual LTIP Award relates. Fifty percent ( 50% ) of each Annual LTIP Award granted to the Executive shall provide for pro rata time vesting over five years in accordance with the terms of the applicable award agreement (the Time Vesting LTIP Award, which, for the avoidance of doubt, shall not include the Initial LTIP Award, as defined below) and the other fifty percent ( 50% ) of such award shall provide for performance-based vesting (the Performance Vesting LTIP Award). All Annual LTIP Awards shall be subject to the terms and conditions of the Incentive Plan and any applicable award agreements thereunder. For purposes of this Agreement, Incentive Plan shall mean The Howard Hughes Corporation Amended and Restated 2010 Incentive Plan, as in effect from time to time (and any successor plan thereto).

Named Entities:
136
137
Percentage
178
185
Principal
201
204
Price
388
389
Percentage
391
392
Percentage
456
457
Percentage

Tokenized Text:
(
iii
)
Annual
Equity
or
Equity-Based
Incentive
Awards
.
Commencing
in
2017
,
and
continuing
during
each
subsequent
calendar
year
of
the
Employment
Period
,
the
Executive
shall
be
eligible
to
receive
an
annual
equity
award
(
the
Annual
LTIP
Award
)
,
which
shall
be
awarded
each
year
during
the
Employment
Period
by
the
Compensation
Committee
based
upon
its
evaluation
of
such
performance
measures
and
objectives
as
may
be
established
by
the
Compensation
Committee
from
time
to
time
.
The
Annual
LTIP
Award
shall
be
a
long-term
equity
or
equity-based
incentive
award
with
an
aggregate
grant
value
(
with
respect
to
the
portion
of
the
Annual
LTIP
Award
that
is
subject
to
performance
metrics
,
based
on
the
achievement
of
the
applicable
performance
metrics
that
cause
the
award
to
vest
at
the
level
of
100
%
,
and
without
taking
into
account
the
probability
of
the
award
vesting
at
that
level
on
the
date
of
grant
)
on
the
date
of
grant
equal
to
TWO
MILLION
SIX
HUNDRED
TWENTY-FIVE
THOUSAND
AND
00
/
100
DOLLARS
(
$
2
,
625
,
000
.
00
)
,
with
the
number
of
shares
of
the
Companys
common
stock
,
par
value
$
0
.
01
per
share
(
the
Common
Stock
)
subject
to
such
Annual
LTIP
Award
determined
by
dividing
the
aggregate
grant
value
by
the
closing
price
per
share
of
the
Common
Stock
on
a
nationally
recognized
exchange
or
as
otherwise
provided
for
in
the
Incentive
Plan
on
the
date
of
grant
,
which
shall
be
awarded
each
year
upon
the
achievement
of
certain
performance
goals
established
by
the
Compensation
Committee
for
such
year
.
The
determination
as
to
whether
the
performance
goals
have
been
achieved
shall
be
made
in
the
sole
discretion
of
the
Compensation
Committee
and
,
to
the
extent
Section162
(
m
)
of
the
Code
,
is
applicable
,
and
shall
be
consistent
with
and
subject
to
the
requirements
set
forth
in
Section162
(
m
)
of
the
Code
.
The
Annual
LTIP
Award
shall
be
granted
to
the
Executive
at
the
same
time
that
other
senior
executives
of
the
Company
are
granted
their
annual
equity
or
equity-based
incentive
awards
but
in
no
event
later
than
March15
following
the
end
of
the
fiscal
year
to
which
such
Annual
LTIP
Award
relates
.
Fifty
percent
(
50
%
)
of
each
Annual
LTIP
Award
granted
to
the
Executive
shall
provide
for
pro
rata
time
vesting
over
five
years
in
accordance
with
the
terms
of
the
applicable
award
agreement
(
the
Time
Vesting
LTIP
Award
,
which
,
for
the
avoidance
of
doubt
,
shall
not
include
the
Initial
LTIP
Award
,
as
defined
below
)
and
the
other
fifty
percent
(
50
%
)
of
such
award
shall
provide
for
performance-based
vesting
(
the
Performance
Vesting
LTIP
Award
)
.
All
Annual
LTIP
Awards
shall
be
subject
to
the
terms
and
conditions
of
the
Incentive
Plan
and
any
applicable
award
agreements
thereunder
.
For
purposes
of
this
Agreement
,
Incentive
Plan
shall
mean
The
Howard
Hughes
Corporation
Amended
and
Restated
2010
Incentive
Plan
,
as
in
effect
from
time
to
time
(
and
any
successor
plan
thereto
)
.