# EDGAR Filing Document

**Accession Number:** 0000910612
**File Stem:** 0001193125-26-054978
**Filing Date:** 2026-2
**Character Count:** 226968
**Document Hash:** 61ae248ca811a50c30a4925eb7b5ae17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-054978.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001193125-26-054978

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260211

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CBL & ASSOCIATES PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000910612
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621545718
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12494
- **FILM NUMBER:** 26643114

**BUSINESS ADDRESS:**
- **STREET 1:** 2030 HAMILTON PLACE BVLD, SUITE 500
- **STREET 2:** CBL CENTER
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421
- **BUSINESS PHONE:** 4238550001

**MAIL ADDRESS:**
- **STREET 1:** 2030 HAMILTON PLACE BVLD, SUITE 500
- **STREET 2:** CBL CENTER
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 11, 2026<br>

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CBL & ASSOCIATES PROPERTIES, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 1-12494 | 62-1545718 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2030 Hamilton Place Blvd., Suite 500 |  |  |
| Chattanooga**,** Tennessee |  | 37421-6000 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 423 855-0001<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.001 par value<br> CBL | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Effective February 11, 2026, the Compensation Committee of the Board of Directors of CBL & Associates Properties, Inc. (herein the "Company" or "CBL") took the following actions with respect to the compensation of those individuals who currently qualify as "named executive officers" of the Company pursuant to Item 402(a)(3) of Securities and Exchange Commission ("<u>SEC</u>") Regulation S-K (such individuals, collectively, the "<u>Named Executive Officers</u>" or "<u>NEOs</u>"): (i) approved a further amendment and restatement of the Company's Executive Employment Agreements with each of its Named Executive Officers; (ii) approved the 2026 Annual Incentive Compensation Plan (the "<u>2026 AIP</u>") that will be applicable to determine annual bonus compensation for performance during the Company's fiscal year 2026 for the Named Executive Officers; (iii) approved the 2026 Long Term Incentive Compensation Program ("<u>LTIP</u>") applicable to the Named Executive Officers and (iv) in connection with its certification of the Company's achievement of the outcome of performance goals (and the related Common Stock earned) pursuant to performance stock units issued in February 2023, approved the form of Stock Restriction Agreement to be utilized for the additional one-year vesting period applicable to those awards, all as further described below.

<u>Approval of Amendments to Executive Employment Agreements</u>

Following an Employment Agreement and Retirement Policy Review conducted by the Company's independent compensation consulting firm Ferguson Partners Consulting, L.P. ("<u>Ferguson</u>"), the Compensation Committee approved a further amendment and restatement of the Executive Employment Agreements with each of its current NEOs – Stephen D. Lebovitz (Chief Executive Officer), Benjamin W. Jaenicke (Executive Vice President – Chief Financial Officer), Michael I. Lebovitz (President), Katie A. Reinsmidt (Executive Vice President – Chief Operating Officer) and Jeffery V. Curry (Chief Legal Officer and Secretary). Each of these agreements was most recently amended and restated in November 2023 as summarized in the Company's 2025 proxy statement. The purpose of these February 2026 amendments is to update the terms of each agreement as follows: (i) to update the term of each agreement and add provisions governing the term of each agreement following any Change of Control (as described below); (ii) to reset the current base salaries in the agreements to the current 2026 base salary for each NEO as determined by the Compensation Committee; (iii) to replace previously prescribed dollar amounts used to calculate certain potential future severance payments provided for in the agreements, as well as the previous description of annual bonus opportunities, with direct references to target bonus amounts for each NEO determined by the Compensation Committee pursuant to the Company's Annual Incentive Plan for the NEOs (as described below); and (iv) to provide for uniform continuation of health insurance benefits for 24 months following termination, subject to longer continuation, if applicable, under the terms of the Company's Tier I, Tier II and Tier III Legacy Retiree Programs. Following these updates, the terms of the Executive Employment Agreements with the Company's NEOs may be summarized as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Initial term runs from August 18, 2020 (or, in the case of Mr. Jaenicke, from September 1, 2022) through (i) April 1, 2027 (for NEOs other than Mr. Jaenicke and Ms. Reinsmidt) or (ii) April 1, 2029 (for Mr. Jaenicke and Ms. Reinsmidt), in each case with automatic renewals for successive 1-year terms if not terminated by either party on 120 days' advance written notice (including any such renewals, the "<u>Term</u>"). |
| &nbsp;&nbsp;**Term Following a**<br>**Change of Control:** | &nbsp;&nbsp;Following any Change of Control (as defined in the Company's 2021 Equity Incentive Plan), the term of each Employment Agreement shall be extended for an additional two (2) years beyond the date of the Change of Control (for NEOs other than Mr. Jaenicke and Ms. Reinsmidt) or for until the later to occur of their initial termination date or 2 years beyond the date of the Change of Control (for Mr. Jaenicke and Ms. Reinsmidt), unless terminated by either party on 120 days' advance written notice prior to the end of such extended term. Thereafter, as stated above the Term will include additional automatic renewals for successive 1-year terms if not terminated by either party on 120 days' advance written notice. |
| &nbsp;&nbsp;**Base Salary:** | &nbsp;&nbsp;Annual base salaries are reset to the base salary in effect for each NEO as of January 1, 2026 ($719,442 for Stephen D. Lebovitz; $404,000 for Mr. Jaenicke; $428,691 for Michael I. Lebovitz; $353,500 for Ms. Reinsmidt; and $406,443 for Mr. Curry) – in each case with future increases or decreases determined by discretionary Compensation Committee or Board action (provided that each NEO's base salary shall not be decreased by more than 5% during the Term). |
| &nbsp;&nbsp;**Annual Bonus:** | &nbsp;&nbsp;Executives to be provided with annual bonus opportunities, structured as determined by the Compensation Committee pursuant to the Company's Annual Incentive Plan for its NEOs (or any similar future program). |
| &nbsp;&nbsp;**Other Incentives:** | &nbsp;&nbsp;Participation and amounts applicable to future equity incentives under the 2021 Equity Incentive Plan to be as determined by the Company's Compensation Committee, which currently consists of the LTIP program as described in this report. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Insurance/Benefits:** | &nbsp;&nbsp;Continuation of health insurance benefits for 24 months following termination, subject to longer continuation, if applicable, under the terms of the Company's Tier I, Tier II and Tier III Legacy Retiree Programs as described in the Company's annual proxy statements, subject to the executive not having been terminated for Cause (which term continues to have the meaning described in the summary of the Executive Employment Agreements in the Company's 2025 proxy statement).  |
| &nbsp;&nbsp;**Severance:** | &nbsp;&nbsp;If employment is terminated either (A) by the Company without Cause or (B) by the executive for Good Reason (which term also continue to have the respective meanings described in the summary of the Executive Employment Agreements in the Company's 2025 proxy statement) following a Change in Control (as defined in the 2021 Equity Incentive Plan), severance is twice (2x) the sum of (i) the NEO's then-current annual base salary plus (ii) the NEO's specified Target Cash Bonus Award as set forth in the Company's Annual Incentive Plan in effect for the fiscal year in which the NEO's date of termination occurs. |
| &nbsp;&nbsp;**Death/Disability:** | &nbsp;&nbsp;If employment is terminated due to death or disability (other than for the CEO), severance is twice (2x) then-current annual base salary. In the case of CEO Stephen D. Lebovitz, such severance would equal 1x then-current annual base salary plus the CEO's specified Target Cash Bonus Award as set forth in the Company's Annual Incentive Plan in effect for the fiscal year in such termination occurs. |
| &nbsp;&nbsp;**Non-Solicitation/<br>Non-Compete:** | &nbsp;&nbsp;Non-Competition Period is six months following termination, while Non-Solicitation Period is one year following termination.  |

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The foregoing summary description of (i) the Third Amended and Restated Executive Employment Agreements for all NEOs other than the Executive Vice President – Chief Financial Officer and (ii) the Second Amended and Restated Employment Agreement for the Executive Vice President – Chief Financial Officer are not complete, and are qualified in their entirety by reference to the full text of the form of such agreements which is filed as an exhibit to this report.

<u>Approval of 2026 Annual Incentive Compensation Plan</u>

The 2026 AIP, similar to the Annual Incentive Compensation Plans adopted for prior years beginning with fiscal year 2015, is designed to reward the Named Executive Officers for the achievement of annual Corporate Goals and Individual Performance Goals, as assessed by the Compensation Committee. For the Chief Executive Officer ("<u>CEO</u>"), 70% of the total 2026 AIP opportunity will be based on the Corporate Goals, which are generally quantitative, and the remaining 30% will be based on qualitative Individual Performance Goals. For the other Named Executive Officers, 60% of the total award will be based on Corporate Goals and the remaining 40% will be based on Individual Performance Goals.

The Corporate Goals portion of the 2026 AIP awards will be allocated between the two categories of performance measures described below, with (A) the Financial Goals weighted 42% for the CEO and 36% for the other Named Executive Officers and (B) the Operational Goals weighted 28% for the CEO and 24% for the other Named Executive Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Goals, including goals related to (i) Funds From Operations ("<u>FFO</u>"), as adjusted, as reported in the Company's periodic reports (Forms 10-K and 10-Q) filed with the SEC (the "<u>Periodic Reports</u>"), (ii) Net Operating Income ("<u>NOI</u>"), as reported in the Periodic Reports and (iii) addressing property level mortgage maturities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Operational Goals, including goals related to (i) square footage of new and renewal leases signed and (ii) achievement of targets related to new development and redevelopment project openings, as well as anchor transactions at the Company's properties.

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The target cash bonus award levels were set by the Compensation Committee under the 2026 AIP for each of the Company's Named Executive Officers as specified below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**<br>Named Executive Officer** | &nbsp;&nbsp;**Total<br>2026 Target Cash Bonus<br>Award** | &nbsp;&nbsp;**Quantitative/<br>Corporate Goals Allocation** | &nbsp;&nbsp;**Qualitative/<br>Individual Goals Allocation** |
| &nbsp;&nbsp;Stephen D. Lebovitz, Chief Executive Officer | &nbsp;&nbsp;$1517578 | &nbsp;&nbsp;70% | &nbsp;&nbsp;30% |
| &nbsp;&nbsp;Benjamin W. Jaenicke, Executive Vice President – Chief Financial Officer and Treasurer | &nbsp;&nbsp;$654199 | &nbsp;&nbsp;60% | &nbsp;&nbsp;40% |
| &nbsp;&nbsp;Michael I. Lebovitz, President | &nbsp;&nbsp;$500018 | &nbsp;&nbsp;60% | &nbsp;&nbsp;40% |
| &nbsp;&nbsp;Katie A. Reinsmidt, Executive Vice President and Chief Operating Officer  | &nbsp;&nbsp;$483742 | &nbsp;&nbsp;60% | &nbsp;&nbsp;40% |
| &nbsp;&nbsp;Jeffery V. Curry, Chief Legal Officer and Secretary | &nbsp;&nbsp;$359797 | &nbsp;&nbsp;60% | &nbsp;&nbsp;40% |

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Based on consideration by the Compensation Committee and management of recommendations from the Company's independent compensation consultant, Ferguson Partners Consulting, L.P., the Compensation Committee determined that these target cash bonus award levels for the 2026 AIP would reflect a 3% increase from the target bonus levels set under the Company's 2025 Annual Incentive Plan (the "<u>2025 AIP</u>").

Achievement of *target* performance for a performance measure under the 2026 AIP will result in 100% payout of the portion of the award based on that performance measure. Performance that meets *threshold* requirements will result in 50% (of target) payout of the portion of the award based on that performance measure and achievement of the *stretch* performance for a performance measure will result in 150% (of target) payout. Performance achieved between *threshold* and *stretch* level for either metric will result in a prorated bonus payout. There will be no payout for the portion of any award that is based on a performance measure for which less than the *threshold* level of performance is achieved. The Compensation Committee has the ability to adjust each metric, if appropriate, to account for significant unbudgeted transactions or events, such as acquisitions, dispositions, joint ventures, equity or debt issuances and other capital markets activities, mark-to-market adjustments and certain one-time extraordinary charges for purposes of determining the portion of any Corporate Goals AIP Bonus Award payment based on these metrics.

The Individual Performance Goals established by the Compensation Committee for each Named Executive Officer under the qualitative portion of the 2026 AIP are outlined below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Named<br>Executive Officer** | &nbsp;&nbsp;**2026 Individual Performance Goals** |
| &nbsp;&nbsp;Stephen D. Lebovitz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Refining, enhancing and executing the Company's Business Plan.<br>(2) Progress Executive Team capabilities and responsibilities.<br>(3) Coordinate closely with the Board Chairman and regularly communicate with other members of the Board.<br>(4) Maintaining and enhancing key retailer, financial and other important relationships. |
| &nbsp;&nbsp;Benjamin W. Jaenicke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Refining, enhancing and executing the Company's Business Plan.<br>(2) Managing future debt maturities, both secured loans and the term loan. Managing the Company's lending relationships as well as overseeing the Company's disposition program.<br>(3) Effectively leading the financial services team and managing the accounting function including the relationship with outside auditors. Regular involvement with other internal departments including leasing, management, development and financial operations. <br>(4) Maintaining and improving key financial stakeholder and joint venture partner relationships. Ongoing involvement with investors and shareholders.<br>(5) Effectively overseeing cash management, insurance, real estate taxes and other key responsibilities of the CFO. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Named<br>Executive Officer** | &nbsp;&nbsp;**2026 Individual Performance Goals** |
| &nbsp;&nbsp;Michael I. Lebovitz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Refining, enhancing and executing the Company's Business Plan.<br>(2) Supervising redevelopment projects with a focus on managing capital investment as well as achieving approved pro forma returns and scheduled openings. <br>(3) Managing and enhancing anchor/department store and joint venture partner relationships. <br>(4) Effectively overseeing the Company's Technology Solutions (IT) and People & Culture (HR) functions including the implementation of technology and organizational initiatives. <br>(5) Ongoing involvement with the leasing, marketing and management divisions of the Company. |
| &nbsp;&nbsp;Katie A. Reinsmidt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Refining, enhancing and executing the Company's Business Plan.<br>(2) Successfully managing the Company's operations as COO, including enhanced leadership of leasing, management and operations. Ongoing focus on developing external relationships and interactions to support effectiveness as the Company's COO.<br>(3) Leading the Company's acquisition program. Ongoing involvement in capital markets programs as well as coordinate development of certain required disclosures and public filings.<br>(4) Effectively managing and overseeing the Company's corporate responsibility, corporate communications and investor relations programs.<br>(5) Continuing lead for Board material preparation and Board support.  |
| &nbsp;&nbsp;Jeffery V. Curry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Refining, enhancing and executing the Company's Business Plan.<br>(2) Overseeing and pursuing favorable resolution of disputes/litigation as well as the legal department's role in overall risk management for the Company.<br>(3) Effectively managing and overseeing the legal department and manage spend on outside counsel.<br>(4) Continued involvement in Board material preparation and Board support as necessary. Preparation and maintenance of corporate records including Board and committee meetings, resolutions and corporate actions, policies, organizational documents (charter, bylaws and certificates) and Company legal entity structure.<br>(5) Maintaining and enhancing relationships with key business/legal representatives of CBL's major vendors, joint venture partners and other key business relationships. |

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Based on management's recommendations developed in consultation with and approved by the Compensation Committee, one-fourth of the potential 2026 AIP cash bonus awards for achievement of these qualitative Individual Performance Goals (7.5% out of the 30% allocated to Individual Performance Goals for the CEO and 10% of the 40% allocated to Individual Performance Goals for the other Named Executive Officers) will be determined based on the Compensation Committee's evaluation of their performance in relation to the first (Business Plan) goal listed above for each officer, with the remainder of such payments based on the Compensation Committee's evaluation of each officer's performance with respect to their other Individual Performance Goals.

Apart from the changes and updates for 2026 as described above, the additional terms of the 2026 AIP are substantially similar to those of the 2025 AIP for the Company's Named Executive Officers, as described in the proxy statement for the Company's 2025 Annual Meeting of Stockholders previously filed with the SEC. The 2026 AIP is an unfunded arrangement and any compensation payable thereunder may be evaluated, modified or revoked at any time in the sole discretion of the Compensation Committee, which is responsible for administering the plan.

The foregoing summary description of the 2026 AIP is not complete and is qualified in its entirety by reference to the full text of the 2026 AIP, which is filed as an exhibit to this report.

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<u>Approval of 2026 Long Term Incentive Compensation Program</u>

Effective February 11, 2026, the Compensation Committee also approved the 2026 LTIP for the Named Executive Officers, consisting of the following elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Performance Stock Unit Awards</u> – 60% of the value of the Long Term Incentive Award for each Named Executive Officer other than the CEO (70% for the CEO) consists of a performance stock unit ("<u>PSU</u>") award authorized by the Compensation Committee under the Company's 2021 Equity Incentive Plan ("<u>EIP</u>"). The number of shares of the Company's Common Stock that each Named Executive Officer may receive upon the conclusion of the 3-year performance period applicable to each such award will be determined by two measures: (i) a portion (30%) of the number of shares issued will be determined based on the Company's achievement of specified levels of long-term relative Total Stockholder Return ("<u>TSR</u>") performance (stock price appreciation plus aggregate dividends) versus the Retail Sector Component (excluding companies comprising the Free-Standing Subsector) of the FTSE NAREIT All Equity REIT Index (the "<u>Designated Index</u>"), provided that at least a "Threshold" level must be attained for any shares to be received, and (ii) a portion (70%) of such number of shares issued will be determined based on the Company's absolute TSR performance over such period, provided again that at least a "Threshold" level must be attained for any shares to be received, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Annual Restricted Stock Awards</u> – 40% of the value of each Named Executive Officer's Long Term Incentive Awards (30% for the CEO) consists of a grant of shares of time-vesting restricted stock awarded under the EIP, having the terms and conditions described below.

*Named Executive Officer Grants under 2026 LTIP*

The following table illustrates the Long Term Incentives approved by the Compensation Committee on February 11, 2026, for the Company's 2026 year and the 2026 – 2028 performance cycle with respect to the PSUs:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Plan Participants – <br>Named Executive Officers** | &nbsp;&nbsp;**Target Value of Long Term Incentive Award** | &nbsp;&nbsp;**Target Value of PSU Award <br>(1)** | &nbsp;&nbsp;&nbsp;**Target Number of Performance Stock Units<br>(2)** | &nbsp;&nbsp;&nbsp;**Value of Annual Restricted Stock Award**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** | &nbsp;&nbsp;**Number of Shares of Annual Restricted Stock Awarded (3)** |
| &nbsp;&nbsp;Stephen D. Lebovitz, Chief Executive Officer | $1556500 | &nbsp;&nbsp;&nbsp;&nbsp;$1089550 | &nbsp;&nbsp;&nbsp;&nbsp;30227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$466950 | &nbsp;&nbsp;&nbsp;&nbsp;12955 |
| &nbsp;&nbsp;Ben Jaenicke, Executive Vice President, Chief Financial Officer and Treasurer | $1288000 | &nbsp;&nbsp;&nbsp;&nbsp;$772800 | &nbsp;&nbsp;&nbsp;&nbsp;21440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$515200 | &nbsp;&nbsp;&nbsp;&nbsp;14293 |
| &nbsp;&nbsp;Michael I. Lebovitz, President | $673500 | &nbsp;&nbsp;&nbsp;&nbsp;$404100 | &nbsp;&nbsp;&nbsp;&nbsp;11211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$269400 | &nbsp;&nbsp;&nbsp;&nbsp;7474 |
| &nbsp;&nbsp;Katie Reinsmidt, Executive Vice President and Chief Operating Officer | $673500 | &nbsp;&nbsp;&nbsp;&nbsp;$404100 | &nbsp;&nbsp;&nbsp;&nbsp;11211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$269400 | &nbsp;&nbsp;&nbsp;&nbsp;7474 |
| &nbsp;&nbsp;Jeffery V. Curry, Chief Legal Officer | $673500 | &nbsp;&nbsp;&nbsp;&nbsp;$404100 | &nbsp;&nbsp;&nbsp;&nbsp;11211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$269400 | &nbsp;&nbsp;&nbsp;&nbsp;7474 |

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(1)The Long Term Incentive Awards are divided into two parts: 60% (70% in the case of the CEO) for the PSUs and 40% (30% in the case of the CEO) for Annual Restricted Stock Awards.

(2)The number of PSUs granted was determined by dividing the target value of each such PSU award by $36.045, the average of the high and low prices reported for the Company's Common Stock on the New York Stock Exchange ("<u>NYSE</u>") on the date that the Compensation Committee set the target value for the Long Term Incentive Award (February 11, 2026), with any fractional amounts rounded up or down (as applicable) to the nearest whole share.

(3)The number of shares of Restricted Common Stock per each Annual Restricted Stock Award likewise was determined by dividing the value of each such Annual Restricted Stock Award by $36.045, determined as stated above.

*Performance Stock Unit Awards Component of the 2026 LTIP*

<u>Structure of Designated Index Measure Component of PSU Awards</u>

As noted above, 30% of the number of shares issuable to a Named Executive Officer upon conclusion of the 3-year performance period will depend on the Company's achievement of at least a "Threshold" level of TSR performance as compared to the TSR for the Designated Index over the same time period. The level of achievement will be determined based on how the Company's TSR ranks among the constituents that comprise the Designated Index.

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The "Threshold," "Target," and "Maximum" benchmarks established for the TSR achieved by the Company over the relevant 3-year performance period in comparison to the Designated Index, the resulting impact on the number of shares of Restricted Common Stock earned by each Named Executive Officer for the 30% of the award based on the Designated Index Measure upon the maturity of PSUs at the conclusion of the 3-year performance period, and the additional service-based vesting schedule applicable to any shares earned is summarized in the following table:

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| | | |
|:---|:---|:---|
| **Performance Benchmark Achieved** | **Number of Shares Awarded<br>at Payout of <br>Performance Stock Units** | **Vesting Schedule** |
| *Below "Threshold" Level* | No performance stock earned | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of PSUs issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>*"Threshold"*<br>No less than 30<sup>th</sup> Percentile of the Designated Index TSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Shares issued equal to 0.5 x 30% of the Performance <br>Stock Units issued for <br>Such 3-year Cycle, <br>with excess over Threshold Benchmark pro-rated between Threshold and Target levels | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of PSUs issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>*"Target"*<br>No less than 50th Percentile of the Designated Index TSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Shares issued equal to 1.0 x 30% of the Performance <br>Stock Units<br>issued for Such 3-year Cycle, with excess over Target Benchmark pro-rated between Target and Maximum levels | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of PSUs issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>*"Maximum"*<br>At least 75<sup>th</sup> Percentile<br>of the Designated Index TSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Shares issued equal to 2.0 x 30% of the Performance <br>Stock Units<br>Issued for Such 3-year Cycle | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of PSUs issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |

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If the calculated comparison is between Threshold and Maximum for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

<u>Structure of Company Absolute Return Measure Component of PSU Awards</u>

As noted above, 70% of the number of shares issuable to a Named Executive Officer upon conclusion of the 3-year performance period will depend on the Company's achievement of at least a "Threshold" level of absolute TSR for holders of the Company's Common Stock over the same time period.

The "Threshold," "Target," and "Maximum" benchmarks established for the absolute TSR achieved by the Company over the relevant 3-year performance period, the resulting impact on the number of shares of Restricted Common Stock earned by each Named Executive Officer for the 70% of the award based on the Company Absolute Return Measure upon the maturity of PSUs at the conclusion of the 3-year performance period, and the additional service-based vesting schedule applicable to any shares earned is summarized in the following table:

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| | | |
|:---|:---|:---|
| **Performance <br>Benchmark Achieved** | **Number of Shares Awarded <br>at Payout of <br>Performance Stock Units** | **Vesting Schedule** |
| <br>*Below "Threshold" Level <br>Annualized Company TSR<br> of less than 5.5%* | <br>No performance stock earned | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares.  |
| <br>*"Threshold"*<br>Annualized Company TSR of 5.5% | &nbsp;&nbsp; <br>Shares issued equal to 0.5 x 70% of the Performance Stock Units issued for Such 3-year Cycle, with excess over Threshold Benchmark pro-rated between Threshold <br>and Target levels | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares.  |
| <br>*"Target"*<br>Annualized Company TSR of 10% | &nbsp;&nbsp; <br>Shares issued equal to 1.0 x 70% of the Performance Stock Units issued for Such 3-year Cycle, with excess over Target Benchmark pro- rated between Target <br>and Maximum levels | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares.  |
| <br>*"Maximum"*<br>Annualized Company TSR <br>of 18% or greater | &nbsp;&nbsp; <br>Shares issued equal to 2.0 x 70% of the Performance Stock Units Issued for Such 3-year Cycle | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Named Executive Officer for each rolling 3-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Named Executive Officer at the beginning of the 3-year performance period.<br>Such shares, when issued at the conclusion of the 3-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares.  |

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If the calculated basis point comparison is between benchmarks as noted above for the 3-year performance period, then the number of PSUs earned will be prorated as indicated in the preceding table.

As reflected above, once issued, the shares of Restricted Common Stock issued in connection with performance under either the Designated Index Measure or the Company Absolute Return Measure components of the PSUs will then vest one (1) year after the date of issuance. Upon vesting, the shares will not be subject to forfeiture.

Based on consideration by the Compensation Committee and management of recommendations from the Company's independent compensation consultant, Ferguson Partners Consulting, L.P., concerning current market standards for the vesting of restricted stock awards in the event of retirement, the Company's award agreements for both Performance Stock Units and Annual Restricted Stock Awards were modified, beginning with the 2025 LTIP, to provide the Compensation Committee with discretion to allow a portion of the shares earned to vest on a pro-rata basis in the event of an officer's voluntary retirement, which discretion was extended with the 2026 LTIP awards to allow the Compensation Committee full discretion to vest all or any portion of such awards in connection with a recipient's retirement. Additional terms and conditions of the PSU component of the LTIP Awards to the Named Executive Officers, including the update made for the 2026 LTIP described in the preceding sentence, may be summarized as follows:

• Shares subject to PSU Awards will not be issued until the maturity of each such award at the end of a 3-year performance period and, accordingly, will not have any voting rights and will not receive any dividends unless earned. As soon as administratively practicable following the date on which the Company's Compensation Committee certifies that a PSU award is earned for the applicable performance period, the Company will issue to the participant one share of the Company's common stock for each earned PSU. Settlement is subject to applicable tax withholding.

• As cash or stock dividends are paid on the shares of the Company's common stock underlying the PSUs, those dividends will increase the number of a participant's outstanding PSUs. In the case of cash dividends, the number of additional PSUs will be determined based on the number of shares of Company common stock that could be purchased with such cash dividends based on the closing price of Company common stock on the applicable record date. Dividend equivalents will be paid out in additional shares of Common Stock at the time the PSUs are earned. Dividend equivalents related to PSUs that are not earned will be forfeited.

• If a participating officer's employment is terminated prior to the end of any performance period due to (A) death or disability (as defined in the PSU award agreements) or (B) due to a termination by the Company without "Cause" (as defined in the PSU award agreements), then the PSU award will be accelerated such that the officer will be entitled to receive a pro rata portion of any PSUs earned for that Performance Period (determined by dividing the number of days from January 1 of the applicable year within the 3-year performance period through the date of such termination by 365), and the Company shall issue to the officer (or his or her beneficiary) a number of fully vested shares of common stock equal to such number of PSUs earned by the officer within 60 days of such termination. In the discretion of the Compensation Committee, a participating officer who voluntarily retires prior to the end of any performance period may similarly be entitled to receive a pro rata portion of any PSUs earned for that Performance Period, determined as

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described in the preceding sentence (any such event being referred to as a "Company-Approved Retirement" under the 2026 LTIP). In either case, any remaining PSUs for such performance period, and any subsequent performance period, will be forfeited.

• If a participating officer's employment is terminated other than for "Cause" (as defined in the PSU award agreements) within 24 months following a Change in Control (as defined in the PSU award agreements) and prior to the end of the 3-year performance period, then the PSU award will be accelerated such that the officer will be entitled to receive a pro rata portion of any PSUs earned through the date of such termination (determined by dividing the number of days from January 1 of the applicable year within the 3-year performance period through the date of such termination by 365), and the Company shall issue to the officer (or his or her beneficiary) a number of fully vested shares of common stock equal to such number of PSUs earned by the officer within 60 days of such termination. Any remaining PSUs for such performance period, and any subsequent performance period, will be forfeited.

• If the grantee's employment terminates during the additional one-year vesting period for shares of Restricted Common Stock issued at the conclusion of the 3-year PSU performance period for any reason other than (i) a grantee's voluntary retirement where the Compensation Committee exercises its discretion to deem such termination a Company-Approved Retirement for which vesting will be allowed (in the same manner as described below for discretionary vesting of Annual Restricted Stock Awards); (ii) termination by the Company without "cause" (as defined in the award), (iii) death or disability (as defined in the award) or (iv) termination by the Company upon a Change in Control (as defined in the EIP), the award agreements provide that any non-vested portion of the restricted stock award will be immediately forfeited by the grantee.

The foregoing description of the PSU awards is qualified in its entirety by reference to the full text of the Company's EIP, the 2026 LTIP and the Form of Performance Stock Unit Award Agreement for such awards, each of which is filed or incorporated by reference as an exhibit to this report.

*Annual Restricted Stock Awards Component of the 2026 LTIP*

As referenced above, each LTIP Award includes a target value amount (40% for Named Executive Officers other than the CEO and 30% in the case of the CEO) that a grantee will receive in the form of an Annual Restricted Stock Award. The terms and conditions of the Annual Restricted Stock Awards to the Named Executive Officers, including the update made for the 2026 LTIP to provide the Compensation Committee with vesting discretion in the event of an officer's retirement as described above, may be summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The shares vest over a three (3) year period, with restrictions expiring on one third of the shares subject to each award annually beginning on the first anniversary of the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The grantee generally has all of the rights of a stockholder during the vesting/restricted period, including the right to receive dividends on the same basis and at the same rate as all other outstanding shares of common stock and the right to vote such shares on any matter on which holders of the Company's common stock are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The shares generally are not transferable during the restricted period, except for any transfers which may be required by law (such as pursuant to a domestic relations order).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the grantee's employment terminates during the restricted period for any reason other than (i) a grantee's voluntary retirement in connection with a discretionary vesting approved by the Compensation Committee; (ii) termination by the Company without "cause" (as defined in the award), (iii) death or disability (as defined in the award) or (iv) termination by the Company upon a Change in Control (as defined in the EIP), the award agreements provide that any non-vested portion of the restricted stock award will be immediately forfeited by the grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the grantee's employment is terminated due to voluntary retirement during the restricted period, and the Compensation Committee exercises its discretion to deem such termination a Company-Approved Retirement for which vesting will be allowed, then all or a portion of the restricted stock award that is not vested on the date of such retirement (as determined by the Compensation Committee in the exercise of its discretion) shall vest, and the remaining balance of non-vested shares (if any) shall be forfeited by the grantee. Any portion of a restricted stock award that is not vested on the date of any voluntary retirement by a grantee this is not determined by the Compensation Committee to be a Company-Approved Retirement will likewise be forfeited and returned to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If employment terminates during the restricted period (i) due to a termination by the Company without "cause" (as defined in the award), (ii) due to death or disability (as defined in the award) or (iii) due to termination by the Company within 24 months following a Change in Control (as defined in the EIP), the award agreements provide that any portion of the restricted stock award that is not vested as of such date shall immediately become fully vested in the grantee or his or her estate, as applicable.

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The foregoing description of such restricted stock awards is qualified in its entirety by reference to the full text of the EIP, the 2026 LTIP and the form of award agreement, each of which is filed or incorporated by reference as an exhibit to this report.

<u>Approval of Stock Restriction Agreement for Shares Earned Under 2023 PSU Awards</u>

Also effective February 11, 2026, in connection with certification of the outcome of the 3-year performance period associated with the PSUs awarded by the Compensation Committee in February 2023 pursuant to the 2023 LTIP (as detailed in the Compensation Discussion and Analysis section of the Company's proxy statement for its 2022 Annual Meeting of Shareholders (the "<u>2023 CD&A</u>"), the Compensation Committee approved the form of Stock Restriction Agreement to be utilized for an additional one-year vesting period applicable to those awards.

As also previously described in the 2023 CD&A, shares of Common Stock earned pursuant to the outcome of the 2023 PSU performance criteria (i) will vest one (1) year after their date of issuance and (ii) are subject to a further requirement that each NEO receiving such shares must retain ownership of at least a number of shares representing the after-tax value of the shares so earned for a period of two (2) years following such vesting date, except in the event of the termination of such NEO's employment with the Company. Consistent with its current treatment of other awards of restricted Common Stock, the Compensation Committee approved a form of Stock Restriction Agreement governing the additional one-year vesting period for shares of Common Stock earned pursuant to the outcome of the 2023 PSU performance criteria that provides for the vesting or forfeiture of such shares in the event of a NEO's voluntary retirement, termination by the Company without "cause" (as defined in the award), death or disability (as defined in the award) or termination by the Company upon a Change in Control (as defined in the EIP) in the same manner as the Stock Restriction Agreements governing Annual Restricted Stock Awards under the 2026 LTIP.

The foregoing description of the terms of the Stock Restriction Agreements applicable to shares of Common Stock earned by the NEOs pursuant to the outcome of the 2023 PSU performance criteria is qualified in its entirety by reference to the full text of the EIP, the 2023 LTIP and the form of such agreements, each of which is filed or incorporated by reference as an exhibit to this report.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 10.1 | [<u>Form of Third Amended and Restated Employment Agreement entered into February 11, 2026 with certain Company executives \[titled Second Amended and Restated Employment Agreement for the Executive Vice President – Chief Financial Officer\].</u>](cbl-ex10_1.htm) |
| 10.2 | [<u>CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2026).</u>](cbl-ex10_2.htm) |
| 10.3 | [<u>CBL & Associates Properties, Inc. 2021 Equity Incentive Plan. Incorporated by reference from the Company's Current Report on Form 8-K filed on November 16, 2021.</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021057283/cbl-ex101_15.htm) |
| 10.4 | [<u>2023 Long Term Incentive Plan under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan. Incorporated by reference from the Company's Current Report on Form 8-K filed on February 22, 2023.</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023003692/cbl-ex10_4.htm) |
| 10.5 | [<u>2026 Long Term Incentive Plan under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan.</u>](cbl-ex10_5.htm) |
| 10.6 | [<u>Form of 2026 LTIP Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan.</u>](cbl-ex10_6.htm) |
| 10.7 | [<u>Form of 2026 LTIP Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan.</u>](cbl-ex10_7.htm) |
| 10.8 | [<u>Form of Stock Restriction Agreement for Common Stock Issued pursuant to 2023 LTIP Performance Based Equity Awards under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan.</u>](cbl-ex10_8.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **CBL & ASSOCIATES PROPERTIES, INC.** |
| Date: | February 17, 2026 | By:  | /s/ Benjamin W. Jaenicke |
|  |  |  | Benjamin W. Jaenicke<br>Executive Vice President - <br>Chief Financial Officer and Treasurer |

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## Exhibit 10.1

**Exhibit 10.1**

<u>[FORM – 2/11/2026]</u>

<u>THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT</u>

<u>[FOR CFO – SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT]</u>

THIS THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT [**FOR CFO** – THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT] (this "<u>Agreement</u>") is entered into as of [●], 2026 by and between [●] ("<u>Executive</u>") and CBL & Associates Management, Inc., a Delaware corporation (together with its successors and assigns permitted under this Agreement, the "<u>Company</u>"). Executive is employed by CBL & Associates Management, Inc., which is an affiliate of CBL & Associates Properties, Inc., a Delaware corporation ("<u>CBL/REIT</u>"), and, as such, references herein to, the "<u>Company</u>", where the context requires, will include the CBL/REIT.

**WHEREAS**, Executive previously entered into an employment agreement with the Company dated August 18, 2020 (the "<u>Initial Agreement</u>"); and

**WHEREAS**, the Company and Executive amended and restated the Initial Agreement on the terms of the Amended and Restated Employment Agreement between the Company and Executive dated May 21, 2021 (the "<u>First Amended/Restated Agreement</u>"); and

**WHEREAS**, the First Amended/Restated Agreement was amended and restated on the terms of the Second Amended and Restated Employment Agreement between the Executive and the Company dated November 7, 2023 (the "<u>Second Amended/Restated Agreement</u>");_

**WHEREAS,** the Company and Executive now desire to amend and restate the Second Amended/Restated Agreement on the terms and conditions of this Agreement.

[**FOR CFO** - **WHEREAS**, Executive previously entered into an employment agreement with the Company dated September 1, 2022 as amended by that certain First Amendment dated February 15, 2023 (collectively, the "<u>Initial Agreement</u>"); and

**WHEREAS**, the Initial Agreement was amended and restated on the terms of the Amended and Restated Employment Agreement between the Executive and the Company dated November 7, 2023 (the "<u>First Amended/Restated Agreement</u>");_

**WHEREAS,** the Company and Executive now desire to amend and restate the First Amended/Restated Agreement on the terms and conditions of this Agreement.]

**NOW**, **THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

The terms and provisions of the Second Amended/Restated Agreement [**FOR CFO** – First Amended/Restated Agreement] are hereby amended and restated on the terms set forth in this Agreement.

1. <u>Term of Employment</u>. The Company hereby agrees to continue to employ Executive, and Executive hereby agrees to be employed with the Company, upon the terms and conditions contained in this Agreement, for the period set forth in this Agreement. Executive's continued employment with the Company pursuant to this Agreement commenced on August 18, 2020 [**FOR CFO** – September 1, 2022] and shall continue until April 1, 2027 [**FOR CFO AND COO** – April 1, 2029] (the "<u>Initial Term</u>") unless this Agreement is renewed pursuant to <u>Section 8</u> below or until terminated in accordance with and pursuant

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to <u>Section 8</u> below. The Initial Term and any renewal term as set forth in <u>Section 8</u> below is hereinafter referred to as the "<u>Term</u>".

2. <u>Employment Duties</u>. Executive shall have the title of [●] of the Company and CBL/REIT and shall have such duties, authorities and responsibilities as are consistent with such position and as the Board of Directors of CBL/REIT (the "<u>Board</u>") may designate from time to time. Executive shall devote Executive's full working time and attention and Executive's best efforts to Executive's employment and service with the Company and shall perform Executive's services in a capacity and in a manner consistent with Executive's position for the Company.

3. <u>Annual Base Salary</u>. Commencing on January 1, 2026 and continuing during the Term of this Agreement as may be adjusted, the Company shall pay Executive a base salary at an annual amount of [●] [Each Executive's approved 2026 Salary], payable in accordance with the Company's normal payroll practices. Executive's annual base salary, as in effect from time to time, is hereinafter referred to as the "<u>Annual Base Salary</u>." The Annual Base Salary may be increased in the discretion of the Compensation Committee of the Board (the "<u>Compensation Committee</u>") (and in the absence of such Compensation Committee, by the Board) or by the Board but shall not be decreased by an amount greater than five percent (5%), during the Term.

4. <u>Annual Bonus</u>. With respect to each fiscal year of the Company commencing for the 2021 fiscal year of the Company and continuing for each subsequent fiscal year of the Company thereafter during the Term, Executive shall be eligible to earn an annual cash bonus award (the "<u>Annual Bonus</u>") in an amount established by the Compensation Committee or the Board, which may include all or a portion of such amount being determined based upon the achievement of performance targets established by the Compensation Committee or the Board, in its or their discretion. The Annual Bonus, if any, shall be paid at the same time annual bonuses are paid to other senior executives of the Company generally or as otherwise determined by the Compensation Committee or the Board, but in no event later than ninety (90) days following, the end of the fiscal year in which the Annual Bonus was earned, and shall be subject to Executive being employed by the Company on January 1st of the fiscal year following the year in which such Annual Bonus relates. The Executive's Annual Bonus shall be as set forth in the Annual Incentive Compensation Plan which is part of the Executive Compensation Program as further detailed in <u>Section 6</u> below.

5. [Intentionally left blank]

6. <u>Executive Compensation Programs</u>. CBL/REIT has adopted an Annual Incentive Compensation Plan\*<sup>1</sup> and Long Term Incentive Compensation Program (collectively, the "<u>Executive Compensation Program</u>") in which the Executive is a participant, and it is intended that CBL/REIT will adopt Executive Compensation Programs for years subsequent to 2026 and that Executive will be a participant in such future programs. Executive's entitlement to participate and/or receive benefits from an Executive Compensation Program are subject to the terms and provisions of each Executive Compensation Program and are separate and distinct from Executive's rights under this Agreement.

7. <u>Employee Benefits</u>. Executive shall be entitled to participate in the employee benefit plans offered by the Company to its employees generally (collectively, "<u>Benefit Plans</u>"), consistent with the terms of the applicable Benefit Plan. The Company reserves the right to amend or cancel any Benefit Plan in accordance with its terms. Executive shall be entitled to annual paid time off ("<u>PTO</u>") in accordance with the

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\*<sup>1</sup> Executive's Annual Bonus shall be set forth in the Annual Incentive Plan and the amount of such bonus shall be the Executive's "Target Cash Bonus Award" as stated in the applicable Annual Incentive Plan subject to any adjustments as provided in the applicable Annual Incentive Plan.

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Company's PTO policies as in effect from time to time. Subject to <u>Section 9(d</u>) below, Executive (or Executive's spouse/family, if Executive's employment is terminated due to Executive's death and Executive's spouse/family was participating in the Company's health insurance program at that time) shall be entitled to continue, at the Company's expense for a period of twenty-four (24) calendar months following the month in which the date of Executive's death or termination of Executive's employment occurs other than Executive's termination by the Company for Cause, to participate in and receive benefits and coverage under the Company's Benefit Plans that provide health insurance to Company employees, with Executive being entitled to the levels of benefits and coverages that were in place for Executive (and Executive's spouse/family if applicable) as of the date of termination of employment or Executive's death. Notwithstanding any provision of this <u>Section 7</u> to the contrary and subject to <u>Section 9(d)</u> below, if, upon Executive's death or termination of employment other than Executive's termination by the Company for Cause, Executive (or Executive's spouse if Executive's employment is terminated due to Executive's death) is entitled to participate in the Company's Tier I Legacy Retiree Program, Tier II Legacy Retiree Program or Tier III – Post 65 Retiree Program (collectively, the "<u>Legacy Retiree Programs</u>") and such Legacy Retiree Programs provide for Company-provided health insurance for a period of time in excess of the twenty-four (24)-month period referenced above, Executive and/or Executive's spouse shall be entitled to participate in the applicable Legacy Retiree Program for such longer period as set forth in the applicable Legacy Retiree Program.

8. <u>Termination of Employment</u>. Executive's employment hereunder may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall terminate automatically in the event of the death of Executive;

(b) This Agreement shall terminate at the option of the Company, by written notice to Executive or Executive's legal representative, in the event of the Disability of Executive. "<u>Disability</u>" shall mean Executive's complete and permanent disability as defined by the Company's health insurance plans or as otherwise defined by the Company from time to time consistent with applicable law. Executive acknowledges and agrees that the determination of disability shall be within the sole, absolute and exclusive discretion of the Company;

(c) This Agreement shall terminate at the option of the Company for Cause, as determined in the discretion of the Company, by delivering written notice to Executive. For purposes of this Agreement, "<u>Cause</u>" shall mean (i) any act of fraud or willful malfeasance committed by Executive; (ii) Executive's engagement in conduct which, is injurious to the Company or any of its affiliates, monetarily or otherwise if (provided, that, such conduct is capable of being cured), after written notice by the Board or the Compensation Committee to Executive stating, with specificity, the alleged conduct and providing direction and a reasonable opportunity for Executive to cure any such alleged conduct, Executive then fails to cure such alleged conduct within thirty (30) days following Executive's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iii) Executive's failure to perform Executive's material duties under this Agreement, or Executive's material breach of this Agreement, if (provided, that, such failure to perform or material breach is capable of being cured), after written notice by the Board or the Compensation Committee to Executive stating, with specificity, the duties Executive has failed to perform and providing direction and a reasonable opportunity for Executive to cure any such alleged failures, Executive then fails to cure alleged failures within thirty (30) days following Executive's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iv) Executive's conviction of, or pleading guilty or no contest to, a felony, or a conviction of, or a plea of guilty or no contest to, any criminal offence involving fraud, willful malfeasance, embezzlement, extortion, bribery, misappropriation or moral turpitude; (v) Executive's (A) material violation of the Company's policies and procedures including, but not limited to, (I) the Company's policies prohibiting conduct that constitutes sexual misconduct, harassment (including sexual harassment), discrimination or retaliation and

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(II) the Fourth Amended and Restated Code of Business Conduct and Ethics dated February 16, 2022, as may be further amended; and (B) engagement in any conduct or cover-up of such conduct that is in violation of any of the Company's policies and procedures (including but not limited to policies listed in (I) and (II) of this <u>Subsection 8(c)(v)</u>) that could cause or has caused damage to the reputation or business of the Company or any of its affiliates or their respective employees; provided, however, that, except for violations that would constitute "Cause" under subsection (iv) directly above, after written notice by the Board or the Compensation Committee to Executive stating, with specificity, the material violations alleged to have been committed by Executive and providing direction and a reasonable opportunity for Executive to cure any such alleged violations (if curable, as determined by the Board or the Compensation Committee), Executive then fails to cure alleged violations within thirty (30) days following Executive's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee.

(d) This Agreement shall terminate at the option of the Company at any time without Cause, by delivering written notice to Executive;

(e) This Agreement shall terminate at the option of Executive (other than for Good Reason following the occurrence of a Change of Control), upon thirty (30) days prior written notice to the Company (which the Company may, in its sole discretion, make effective on the date of its receipt of such written notice or at any time within such thirty (30)-day period);

(f) This Agreement shall terminate following the occurrence of a Change of Control, upon the resignation by Executive for Good Reason. For purposes of this Agreement, "<u>Good Reason</u>" shall mean (i) a material diminution in the Executive's duties and responsibilities; provided, however, that the Executive shall not have Good Reason to terminate employment pursuant to this clause if such change in duties and responsibilities results solely from the Company's ceasing to be a publicly-traded company; (ii) a reduction in Executive's Annual Base Salary, other than a reduction not in excess of five percent (5%) as provided in <u>Section 3</u> of the Agreement; or (iii) the relocation of the geographic location of Executive's principal place of employment to a location more than fifty (50) miles from Executive's principal place of employment as of the date hereof; provided, that, Executive shall not have the right to terminate Executive's employment hereunder for Good Reason unless (1) within thirty (30) days of the initial existence of the condition or conditions giving rise to such right Executive provides written notice to the Company of the existence of such condition or conditions, and (2) the Company fails to remedy such condition or conditions within thirty (30) days following the receipt of such written notice (the "<u>Cure Period</u>"). If any such condition is not remedied within the Cure Period, Executive must terminate Executive's employment with the Company immediately following the end of the Cure Period. As used in this Agreement, a "Change of Control" shall have the meaning ascribed to such term in the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan adopted to be effective as of November 1, 2021 as such may be amended from time to time; or

(g) (i) <u>Standard Termination/Renewal on Expiration of Initial Term</u>. (i) Except as set forth in <u>Section 8(g)(ii)</u> below, this Agreement shall terminate upon the expiration of the Initial Term if written notice of such termination is given by the Company to the Executive or by the Executive to the Company on or before the date that is one-hundred and twenty (120) days prior to the end of the Initial Term. Except in the event of a Change of Control as set forth in <u>Section 8(g)(ii</u>) below, if such notice is not provided by such date, this Agreement shall then automatically renew for successive one (1)-year renewal terms until terminated pursuant to this <u>Section 8</u> and either Executive or the Company (or both) may elect to terminate this Agreement at the end of any successive one (1)-year renewal term by giving the other a written notice of termination at least one-hundred and twenty (120) days prior to the end of such successive one (1)-year renewal term, and if notice is timely provided, this Agreement shall then terminate at the end of such successive one (1)-year renewal term.

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; (ii) <u>Termination/Renewal In Event of Change of Control Occurring During The Initial Term or Any Renewal Term</u>. Notwithstanding the provisions of <u>Section 8(g)(i)</u> above, in the event of a Change of Control as set forth in <u>Section 8(f)</u>, this Agreement shall terminate upon the date that is two (2) years from the date of the Change of Control if written notice of such termination is given by the Company to the Executive or by the Executive to the Company on or before the date that is one-hundred and twenty (120) days prior to the date that is two (2) years from the date of the Change of Control. If such notice is not provided by such date, this Agreement shall then automatically renew for successive one (1)-year renewal terms until terminated pursuant to this <u>Section 8</u> and either Executive or the Company (or both) may elect to terminate this Agreement at the end of any successive one (1)-year renewal term by giving the other a written notice of termination at least one-hundred and twenty (120) days prior to the end of such successive one (1)-year renewal term, and if notice is timely provided, this Agreement shall then terminate at the end of such successive one (1)-year renewal term.

[**FOR CFO and COO** - (ii) <u>Termination/Renewal In Event of Change of Control Occurring During The Initial Term or Any Renewal Term</u>. Notwithstanding the provisions of <u>Section 8(g)(i)</u> above, in the event of a Change of Control as set forth in <u>Section 8(f)</u>, this Agreement shall terminate upon the last to occur of (A) the expiration of the Initial Term or (B) the date that is two (2) years from the date of the Change of Control if, in either case, written notice of such termination is given by the Company to the Executive or by the Executive to the Company on or before the date that is one-hundred and twenty (120) days prior to the end of the Initial Term or one-hundred and twenty (120) days prior to the date that is two (2) years from the date of the Change of Control, whichever date is applicable. If the 120-day notice is not provided on or before (I) the expiration of the Initial Term or (II) the date that is two (2) years from the date of the Change of Control, whichever may be applicable, this Agreement shall then automatically renew for successive one (1)-year renewal terms until terminated pursuant to this <u>Section 8</u> and either Executive or the Company (or both) may elect to terminate this Agreement at the end of any successive one (1)-year renewal term by giving the other a written notice of termination at least one-hundred and twenty (120) days prior to the end of such successive one (1)-year renewal term, and if notice is timely provided, this Agreement shall then terminate at the end of such successive one (1)-year renewal term.]

9. <u>Payments Upon Termination of Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Termination by the Company Without Cause or by Executive for Good Reason following the Occurrence of a Change of Control</u>. If (x) Executive's employment is terminated at any time by the Company without Cause or (y) Executive terminates Executive's employment with the Company for Good Reason at any time following the occurrence of a Change of Control, Executive shall be entitled to, in addition to the continued benefits set forth in <u>Section 7</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) (A) within thirty (30) days following such termination, payment of Executive's accrued and unpaid Annual Base Salary accrued through the date of termination and (B) all other accrued amounts or accrued benefits due to Executive in accordance with the Company's benefit plans, programs or policies (other than severance), required by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Subject to <u>Section 9(d)</u> below, an amount (the "<u>Severance Amount</u>") equal to two times (2x) the sum of: (A) the Executive's Annual Base Salary in effect immediately prior to Executive's date of termination plus (B) the Executive's Target Cash Bonus Award as set forth in the Annual Incentive Plan in effect for the fiscal year in which the Executive's date of termination occurs, payable in substantially equal installments in accordance with the Company's regular payroll practices as in effect from time to time, over the twelve (12) months following the date of termination (the "<u>Severance Period</u>"); <u>provided</u>, that the first payment pursuant to this <u>Section 9(a)(ii)</u> shall be made on the first payroll date after the sixtieth (60<sup>th</sup>) day following the date of Executive's termination (the "<u>Without Cause/For Good Reason Payment Date</u>"), subject to the prior execution, delivery and non-revocation by Executive

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to the Company of the General Release, as defined and set forth below, and any other documents or instruments reasonably required by the Company to be executed by Executive in standard terminations of employment as determined by the Company's HR department and that are consistent with the past practices of the Company's HR department\*<sup>2</sup> for similarly-situated executives. In the event of Executive's death during the Severance Period, any payments to be made pursuant to this <u>Section 9(a)(ii)</u> shall be paid to Executive's legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Termination on Executive's Death or Disability</u>. If Executive's employment is terminated at any time on Executive's death or by the Company due to Executive's Disability, Executive or Executive's legal representative, as applicable, shall be entitled to, in addition to the continued benefits set forth in <u>Section 7</u> of this Agreement:

(i) (A) within thirty (30) days following such termination, payment of Executive's accrued and unpaid Annual Base Salary accrued through the date of termination and (B) all other accrued amounts or accrued benefits due to Executive in accordance with the Company's benefit plans, programs or policies (other than severance), required by law; and

&nbsp;&nbsp;&nbsp;&nbsp; (ii) Subject to <u>Section 9(d)</u> below, an amount (the "<u>Death/Disability Severance Amount</u>") equal to two times (2x) the Executive's Annual Base Salary in effect immediately prior to Executive's date of termination [**FOR CEO** – one times (1x) the Executive's Annual Base Salary in effect immediately prior to Executive's date of termination plus (B) the Executive's Target Cash Bonus Award as set forth in the Annual Incentive Plan in effect for the fiscal year in which the Executive's date of termination occurs], with such Death/Disability Severance Amount to be paid to Executive over the Severance Period payable in substantially equal installments in accordance with the Company's regular payroll practices as in effect from time to time during the Severance Period; <u>provided</u>, that the first payment pursuant to this <u>Section 9(b)(ii)</u> shall be made on the first payroll date after the sixtieth (60th) day following the date of Executive's death or termination by the Company due to Disability (the "<u>Death or Disability Payment Date</u>" and each of the Death or Disability Payment Date and the Without Cause/For Good Reason Payment Date, a "<u>Payment Date</u>"), subject to the prior execution, delivery and non-revocation by Executive or Executive's legal representative, as applicable, to the Company of the General Release, as defined and set forth below, and any other documents or instruments reasonably required by the Company to be executed by Executive or Executive's legal representative, as applicable, in standard terminations of employment as determined by the Company's HR department and that are consistent with the past practices of the Company's HR department for similarly-situated executives.

(c) <u>Other Terminations</u>. Subject to <u>Section 7</u> of this Agreement, if Executive's employment is terminated for any reason other than (i) by the Company without Cause, (ii) by Executive for Good Reason following the occurrence of a Change of Control, or (iii) on Executive's death or by the Company due to Executive's Disability, Executive shall be entitled to receive only the payments and benefits described under <u>Section 9(a)(i)</u> of this Agreement.

(d) <u>Conditions to Payment</u>. (i) The continued benefits following Executive's death or termination other than a termination by the Company for Cause under <u>Section 7</u> herein shall be provided in accordance with <u>Section 7</u> and (ii) the first payment of the Severance Amount or the Death/Disability Severance Amount shall be made on the applicable Payment Date on termination pursuant to <u>Section 9(a)</u> or <u>Section 9(b)</u>, as applicable (with such first payment inclusive of the installment payments that would otherwise have been payable during such sixty (60)-day period); <u>provided</u>, that, prior to such Payment Date, Executive or Executive's legal representative, as applicable (i) executes and delivers to the Company a general release of claims in a form acceptable to the Company (the "<u>General Release</u>") and does not revoke such execution within the revocation period specified in such General Release, (ii) executes and delivers to

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\*<sup>2</sup> Also known as the Company's People & Culture Department.

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the Company any other documents or instruments reasonably required by the Company to be executed in standard terminations of employment as determined by the Company's HR department and that are consistent with the past practices of the Company's HR department for similarly-situated executives, and (iii) withdraws, resigns or otherwise terminates any and all positions with the Company or any of its affiliates, including effectuating such termination in any reasonable manner requested by the Company. Failure to timely execute and return such General Release shall be a waiver by Executive or Executive's legal representative, as applicable, of Executive's right to the continued benefits under <u>Section 7</u> and the Severance Amount or Death/Disability Severance Amount, as applicable (which, for the avoidance of doubt, shall not include the payments and benefits described under <u>Sections 9(a)(i)</u> or <u>9(b)(i)</u> of this Agreement); provided, that, the parties may mutually agree to extend the date set forth in the General Release on which Executive must execute, deliver and not revoke the General Release so long as no extension of such period to execute, deliver and not revoke the release extends past the sixtieth (60<sup>th</sup>) day following Executive's date of termination. In addition, (x) the continued benefits under <u>Section 7</u> in accordance with <u>Section 7</u> and (y) the payment of the Severance Amount or the Death/Disability Severance Amount on a termination pursuant to <u>Section 9(a)</u> or on a termination pursuant to <u>Section 9(b)</u>, as applicable, shall be conditioned on Executive's compliance with <u>Section 10</u> of this Agreement, and on Executive's continued compliance with <u>Section 11</u> and <u>Section 12</u> of this Agreement as provided in <u>Section 13</u> below.

(e) <u>No Other Severance</u>. Executive hereby acknowledges and agrees that, other than (i) the payments and benefits described under <u>Sections 9(a)(i)</u> or <u>9(b)(i)</u> of this Agreement, (ii) the continued benefits set forth in <u>Section 7</u> of this Agreement and (iii) the Severance Amount or the Death/Disability Severance Amount payable on a termination pursuant to <u>Section 9(a)</u> or on a termination pursuant to <u>Section 9(b)</u>, upon the effective date of the termination of Executive's employment, Executive shall not be entitled to receive any other payments or benefits from the Company or any of its affiliates, including any severance payments or benefits of any kind under any Company benefit plan, severance policy generally available to the Company's employees or otherwise and all other rights of Executive to compensation under this Agreement shall end as of such date. Notwithstanding any provision of this <u>Section 9(e)</u> to the contrary, Executive shall be entitled to Executive's vested account in any Company retirement plan, including but not limited to the Company's 401(K) Profit Sharing Plan and Trust, on Executive's termination of employment.

10. <u>Return of Company Property</u>. Immediately following the effective date of Executive's termination for any reason, Executive, or Executive's legal representative, as applicable, shall return all property of the Company or any of its affiliates in Executive's possession, custody or control, including, but not limited to, all Company-owned computer equipment (hardware and software), telephones, facsimile machines, tablet computers and other communication devices, credit and charge cards, office keys, security access cards, badges, identification cards and all copies (including drafts) of any documentation or information, including Confidential and Proprietary Information (as defined below) (however stored) relating to the business of the Company or any of its affiliates.

11. <u>Confidentiality; Non-Solicitation; Non-Competition</u>.

(a) <u>Confidential and Proprietary Information</u>. Executive agrees that all materials and items produced or developed by Executive for the Company or any of its affiliates, or obtained by Executive from the Company or any of its affiliates either directly or indirectly pursuant to this Agreement or otherwise shall be and remains the property of the Company and its affiliates. Executive acknowledges that Executive will, during Executive's association with the Company, acquire, or be exposed to, or have access to, materials, data and information that constitute valuable, confidential and proprietary information of the Company and its affiliates, including, without limitation, any or all of the following: business plans, practices and procedures, pricing information, sales figures, profit or loss figures, this Agreement and its

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terms, information relating to tenants, occupants, intellectual property, suppliers, technology, sources of supply and customer lists, research, technical data, trade secrets, or know-how, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, policies, training manuals and similar materials used by the Company in conducting its business operations, personnel information of any Person employed by the Company, potential business combinations, and such other information or material as the Company may designate as confidential and/or proprietary from time to time (collectively hereinafter, the "<u>Confidential and Proprietary Information</u>"). During Executive's employment with the Company and at all times thereafter, Executive shall not, directly or indirectly, use, misuse, misappropriate, disclose or make known, without the prior written approval of the Board, to any party, firm, corporation, association or other entity, any such Confidential and Proprietary Information for any reason or purpose whatsoever, except as may be required in the course of Executive's performance of Executive's duties hereunder. In consideration of the unique nature of the Confidential and Proprietary Information, all obligations pertaining to the confidentiality and nondisclosure thereof shall remain in effect until the Company and its affiliates have released such information; <u>provided</u>, that the provisions of this <u>Section 11(a)</u> shall not apply to the disclosure of Confidential and Proprietary Information to the Company's affiliates together with each of their respective shareholders, directors, officers, accountants, lawyers and other representatives or agents, nor to a Permitted Disclosure as defined in <u>Section 11(b)</u> below. In addition, it shall not be a breach of the confidentiality obligations hereof if Executive is required by applicable law to disclose any Confidential and Proprietary Information; <u>provided</u>, that in such case, Executive shall (x) give the Company the earliest notice possible that such disclosure is or may be required and (y) cooperate with the Company, at the Company's expense, in protecting to the maximum extent legally permitted, the confidential or proprietary nature of the Confidential and Proprietary Information which must be so disclosed. Upon termination of Executive's employment, Executive agrees that all Confidential and Proprietary Information, directly or indirectly, in Executive's possession, that is in writing, or other tangible form (together with all duplicates thereof) will immediately be returned to the Company and will not be retained by Executive or furnished to any person, either by sample, facsimile film, audio or video cassette, electronic data, verbal communication or any other means of communication.

(b) <u>Permitted Disclosure</u>. This Agreement does not limit or interfere with Executive's right to communicate and cooperate in good faith with any self-regulatory organization or U.S. federal, state, or local governmental or law enforcement branch, agency, commission, or entity (collectively, a "<u>Government Entity</u>") for the purpose of (i) reporting a possible violation of any U.S. federal, state, or local law or regulation, (ii) participating in any investigation or proceeding that may be conducted or managed by any Government Entity, including by providing documents or other information, or (iii) filing a charge or complaint with a Government Entity; <u>provided</u>, that, in each case, such communications, participation, and disclosures are consistent with applicable law; <u>provided</u>, further, that, Executive may not receive any relief (including, but not limited to, reinstatement, back pay, front pay, damages, attorneys' or experts' fees, costs, and/or disbursements) as a consequence of any charge or complaint filed with a Government Entity and/or any litigation arising out of a charge or complaint filed with a Government Entity except as provided in any indemnity agreement between the Company and the Executive. Additionally, Executive shall not be held criminally or civilly liable under the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), or any applicable federal or state trade secret law, for the disclosure of a trade secret that is made (A) in confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. All disclosures permitted under this <u>Section 11(b)</u> are herein referred to as "<u>Permitted Disclosures.</u>" Notwithstanding the foregoing, under no circumstance will Executive be authorized to disclose any Confidential and Proprietary Information as to which the Company may assert protections from disclosure under the attorney-client privilege or the attorney work product doctrine, without prior written consent of Company's designated legal counsel or an authorized officer designated by the Company.

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(c) <u>Work Product</u>. Executive agrees that any and all developments, improvements, inventions, discoveries, creations, formulae, algorithms, processes, systems, interfaces, protocols, concepts, programs, products, risk management tools, methods, designs, and works of authorship, and any and all documents, information (including Confidential and Proprietary Information), or things relating thereto, whether patentable or not, within the scope of or pertinent to any business, research, or development in which the Company or any of its affiliates is engaged or (if such is known to or ascertainable by Executive) considering engaging, which Executive may conceive, make, author, create, invent, develop, or reduce to practice, in whole or in part, during Executive's employment with the Company or any of its affiliates, whether alone or working with others, whether during or outside of normal working hours, whether inside or outside of the offices of the Company or any of its affiliates, and whether with or without the use of the computers, systems, materials, equipment, or other property of the Company or any of its affiliates, shall be and remain the sole and exclusive property of the Company or any of its affiliates (the foregoing, individually and collectively, "<u>Work Product</u>"). To the maximum extent allowable by law, any Work Product subject to copyright protection shall be considered "works made for hire" for the Company or any of its affiliates under U.S. copyright law. To the extent that any Work Product that is subject to copyright protection is not considered a work made for hire, or to the extent that Executive otherwise has or retains any ownership or other rights in any Work Product (or any intellectual property rights therein) anywhere in the world, Executive hereby assigns and transfers to the Company or any of its affiliates all such rights, including the intellectual property rights therein, effective automatically as and when such Work Product is conceived, made, authored, created, invented, developed, or reduced to practice. The Company or its affiliates shall have the full worldwide right to use, assign, license, and/or transfer all rights in, with, to, or relating to Work Product (and all intellectual property rights therein). Executive shall, whenever requested to do so by the Company (whether during Executive's employment or thereafter), execute any and all applications, assignments, and/or other instruments, and do all other things (including cooperating in any matter or giving testimony in any legal proceeding) which the Company may deem necessary or appropriate in order to (A) apply for, obtain, maintain, enforce, or defend patent, trademark, copyright, or similar registrations of the United States or any other country for any Work Product; (B) assign, transfer, convey, or otherwise make available to the Company or any of its affiliates any right, title, or interest which Executive might otherwise have in any Work Product; and/or (C) confirm the Company's or any of its affiliate's right, title, and interest in any Work Product. Executive shall promptly communicate and disclose all Work Product to the Company and, upon request, report upon and deliver all such Work Product to the Company or its affiliates. Executive shall not use or permit any Work Product to be used for any purpose other than on behalf of the Company or its affiliates, whether during Executive's employment or thereafter.

(d) <u>Non-Solicitation</u>. Executive agrees that during the Non-Solicitation Restricted Period (defined below), Executive will not, without written consent of the Company, directly or indirectly, Solicit (as defined below), recruit, induce or encourage to leave employment or association with the Company or its affiliates, or to become employed by, become associated with or consult for, any Person other than the Company or its affiliates, or to hire, attempt to hire, employ or engage (whether as an employee, consultant, agent, independent contractor or otherwise), any Person who or which is or was employed or engaged by the Company or its affiliates at any time during the Non-Solicitation Restricted Period or the one (1) year period preceding the Non-Solicitation Restricted Period, or directly or indirectly, Solicit or accept business from, any Person who is a customer, client or supplier of the Company or its affiliates, with whom Executive has had, or employees reporting to Executive have had, personal contact or dealings on behalf of the Company during the one (1)-year period preceding the Non-Solicitation Restricted Period, or induce or encourage any such Person to cease to engage the services of the Company or its affiliates in order to use the services of any Person that competes with a business of the Company or its affiliates. "<u>Non-Solicitation Restricted Period</u>" means the period beginning on the date of this Agreement and ending on the one (1)-year anniversary of the date on which Executive's employment is terminated. "<u>Person</u>" means an individual, a partnership, a corporation, an association, a limited liability

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company, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. "<u>Solicit</u>" shall mean making any direct or indirect communication of any kind, regardless of who initiates it, or engaging in any conduct, that in any way invites, advises, encourages, or requests any Person to take or refrain from taking any action.

(e) <u>Non-Competition</u>. Executive agrees that during the Non-Competition Restricted Period (defined below), Executive will not, directly or indirectly, individually or on behalf of any Person, whether for compensation or otherwise, engage in Competing Business in any state of the United States of America in which the Company or any of its affiliates did business during Executive's service, or any other jurisdiction in which the Company or any of its affiliates engages in business or derives a material portion of its revenues, or where the Company or any of its affiliates has plans to commence business activities. "<u>Non-Competition Restricted Period</u>" means the period beginning on the date of this Agreement and ending on the six (6)-month anniversary of the date on which Executive's employment is terminated. "<u>Competing Business</u>" means any business engaged in by the Company or any of its affiliates on the date of Executive's termination or any business activity in which the Company or any of its affiliates has substantive plans to engage as of the date of Executive's termination.

(f) <u>Non-disparagement</u>. Executive agrees that during Executive's employment with the Company or any of its affiliates and following the end of Executive's employment (regardless of whether Executive resigns or is terminated, or the reason for any such resignation or termination), Executive shall not make, publish, encourage, ratify, or authorize, whether in private or in public, whether orally or in writing, or otherwise, whether directly or indirectly, any disparaging or defamatory comments concerning the Company or any of its affiliates, or the Company's or its affiliate's respective businesses, products or services, or their respective current or former directors, officers, agents, partners, shareholders or employees, in any manner whatsoever, or aid, assist, or direct any other Person to do any of the foregoing. Nothing in this <u>Section 11(f)</u> shall interfere with Executive's ability to make the Permitted Disclosures, as defined in <u>Section 11(b)</u> above.

(g) <u>Tolling</u>. In the event of any violation of the provisions of this <u>Section 11</u>, Executive acknowledges and agrees that the post-termination restrictions contained in this <u>Section 11</u> shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

12. <u>Cooperation</u>. From and after Executive's termination of employment, Executive shall provide Executive's reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive's employment hereunder, and assist and advise the Company in any investigation which may be performed by the Company, provided, that the Company shall reimburse Executive for Executive's reasonable costs and expenses and such cooperation shall not unreasonably burden Executive or unreasonably interfere with any subsequent employment that Executive may undertake. In the event Executive is subpoenaed by any person or entity (including, but not limited to, any Government Entity) to give testimony or provide documents (in a deposition, court proceeding, or otherwise), that in any way relates to Executive's employment by the Company, Executive will give prompt notice of such subpoena to the Company and will make no disclosure until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure. Nothing in this <u>Section 12</u> shall limit Executive's right to make Permitted Disclosures as provided in <u>Section 11(b)</u> above.

13. <u>Injunctive Relief and Specific Performance</u>. Executive understands and agrees that Executive's covenants under <u>Sections 10, 11 and 12</u> are special and unique and that the Company and its affiliates may suffer irreparable harm if Executive breaches any of <u>Sections 10, 11, or 12</u> because monetary damages

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would be inadequate to compensate the Company and its affiliates for the breach of any of these sections. Accordingly, Executive acknowledges and agrees that the Company shall, in addition to any other remedies available to the Company at law or in equity, be entitled to obtain specific performance and injunctive or other equitable relief by a federal or state court in Chattanooga, Tennessee to enforce the provisions of <u>Sections 10, 11 and/or 12</u> without the necessity of posting a bond or proving actual damages, without liability should such relief be denied, modified or vacated. Additionally, in the event of a breach or threatened breach by Executive of <u>Section 11</u>, in addition to all other available legal and equitable rights and remedies, the Company shall have the right to cease making payments, if any, being made pursuant to <u>Sections 9(a)(ii)</u> and 9<u>(b)(ii)</u> hereunder and cease providing the continued benefits pursuant to <u>Section 7</u> of this Agreement. Executive also recognizes that the territorial, time and scope limitations set forth in <u>Section 11</u> are reasonable and are properly required for the protection of the Company and its affiliates, and in the event that a court of competent jurisdiction deems any territorial, time or scope limitation in this Agreement to be unreasonable, the Company and Executive agree, and Executive submits, to the reduction of any or all of said territorial, time or scope limitations to such an area, period or scope as said court shall deem reasonable under the circumstances.

14. [Intentionally left blank]

15. <u>Miscellaneous</u>.

(a) Any notice provided for in this Agreement ("<u>Notice(s)</u>") shall be in writing and either (i) personally delivered, (ii) sent by a nationally recognized overnight courier delivery service, (iii) mailed by United States registered or certified mail, return receipt requested, postage prepaid, deposited in a United States post office or a depository for the receipt of mail regularly maintained by the post office, (iv) sent via telefax transmission or (v) sent via electronic mail. If personally delivered, then Notices shall be effective when received as evidenced by affidavit of the person or entity making such delivery; if sent by overnight courier delivery service then Notices shall be deemed to have been received by the addressee on the next business day following the date so sent; if mailed, then Notices or other communication shall be deemed to have been received by the addressee on the date received as evidenced by the return receipt; if sent via telefax transmission, then Notices shall be deemed to have been received when received by the addressee with the burden of proving receipt to be borne by the sender; and if sent via electronic mail, then Notices shall be deemed to have been received when received by the addressee with the burden of proving receipt to be borne by the sender. The inability to make delivery because of changed address of which no notice was given or by reason of rejection or refusal to accept delivery of any Notice shall be deemed to be receipt of the Notice as of the date of such inability to deliver or rejection or refusal to accept.

The addresses of the parties for Notices hereunder shall be as follows:

If to the Company:

CBL & Associates Management, Inc

CBL & Associates Properties, Inc.

2030 Hamilton Place Boulevard

Suite 500, CBL Center

Chattanooga, TN 37421

Attn: People & Culture Department

Email: People.Culture@cblproperties.com

If to Executive:

___________________

___________________

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___________________

A party may change its/hers/his notice address at any time by providing written notice thereof to the other party.

(b) This Agreement is personal to Executive and shall not be assigned by Executive. Any purported assignment by Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and its successors and assigns.

(c) This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes and replaces all other agreements, term sheets, offer letters, and drafts thereof, oral or written, between the parties hereto with respect to the subject matter hereof, including the Initial Agreement, First Amended/Restated Agreement and Second Amended/Restated Agreement **[FOR CFO** - the Initial Agreement and First Amended/Restated Agreement]. Notwithstanding the foregoing, this Agreement shall not supersede (i) any indemnification agreement between the Company and Executive through which Executive is provided an indemnity by the Company for claims or actions against Executive in Executive's capacity as an executive officer of the Company; or (ii) any bonus or compensation arrangements implemented by the Company after the date of this Agreement.

(d) No amendment, modification or waiver of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, unless so provided in the waiver.

(e) If any provisions of this Agreement (or portions thereof) shall, for any reason, be held invalid or unenforceable, such provisions (or portions thereof) shall be ineffective only to the extent of such invalidity or unenforceability, and the remaining provisions of this Agreement (or portions thereof) shall nevertheless be valid, enforceable and of full force and effect. If any court of competent jurisdiction finds that any restriction contained in this Agreement is invalid or unenforceable, then the parties hereto agree that such invalid or unenforceable restriction shall be deemed modified so that it shall be valid and enforceable to the greatest extent permissible under law, and if such restriction cannot be modified so as to make it enforceable or valid, such finding shall not affect the enforceability or validity of any of the other restrictions contained herein.

(f) Notwithstanding anything to the contrary in this Agreement:

(i) The parties agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and authoritative guidance promulgated thereunder to the extent applicable (collectively "<u>Section 409A</u>"), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. In no event whatsoever will the Company, any of its affiliates, successors or assigns be liable for any additional tax, interest or penalties that may be imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

(ii) If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., "payment shall be made within thirty (30) days following the date of termination"), the actual date of payment within the specified period shall be within the sole discretion of the Company.

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(g) This Agreement will be governed by and construed in accordance with the laws of the State of Tennessee, without giving effect to any choice of law or conflict of law provision or rule. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT.

(h) The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

(i) The covenants and obligations of the Company under <u>Sections 7, 9 and 12,</u> hereof, and the covenants and obligations of Executive under <u>Sections 9, 10, 11, 12 and 13</u> hereof, shall continue and survive termination of Executive's employment or any termination of this Agreement for the period of time specified in this Agreement or for the period of time until the expiration of the applicable statute of limitations if no expiration is specifically stated herein.

(j) This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and together constitute one and the same instrument. To facilitate execution of this Agreement, the parties may exchange counterparts of the signature page by facsimile or electronic mail (e-mail), including, but not limited to, as an attachment in portable document format (PDF), which shall be effective as original signature pages for all purposes.

[*signature page follows*]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

CBL & ASSOCIATES MANAGEMENT, INC.

By:________________________________

By:<br>Title:

EXECUTIVE

___________________________________

Name:

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## Exhibit 10.2

**Exhibit 10.2**

**CBL & ASSOCIATES PROPERTIES, INC.**

**DESIGNATED EXECUTIVE OFFICER**

***ANNUAL INCENTIVE COMPENSATION PLAN*** 

**(Fiscal Year 2026)**

**<u>ANNUAL INCENTIVE COMPENSATION PLAN (AIP)</u>**

**<u>OVERVIEW</u>**

This Annual Incentive Compensation Plan ("<u>AIP</u>") is a cash incentive compensation plan adopted and established by the Compensation Committee of the Board of Directors of CBL & Associates Properties, Inc. (the "<u>Company</u>"). This plan is designed and authorized for execution on an annual basis. The policies, objectives, purposes and guidelines of this plan are as defined by the Compensation Committee of the Company's Board of Directors, as designated by the Board from time to time (herein sometimes referred to as the "<u>Compensation Committee</u>" and sometimes as the "<u>Committee</u>"). All awards and bonus payments described herein are entirely variable and at the sole discretion of the Compensation Committee may be evaluated, modified or revoked at any time.

All awards and bonus payments hereunder are not considered standard payment for services and are not guaranteed. All compensation payable under this AIP will be paid to plan participants in their capacity as employees of CBL & Associates Management, Inc. (the "<u>Management Company</u>"), a wholly owned subsidiary of the Company.

**<u>ADMINISTRATION AND ELIGIBILITY</u>**

This AIP shall be effective as of the date of its approval by the Compensation Committee of the Company's Board of Directors (the "<u>Effective Date</u>"). The AIP shall be administered by the Compensation Committee of the Board as such is presently constituted on the Effective Date and as it shall be constituted after the Effective Date throughout the term of this AIP. The Compensation Committee shall have sole authority, subject to the terms hereof, to set the terms pursuant to which any discretionary cash incentive compensation is to be paid to any participant under this AIP and to otherwise supervise the administration of this AIP, to interpret the terms and provisions hereof and to otherwise adopt, alter and repeal such administrative rules, guidelines and practices governing the AIP as the Compensation Committee shall, from time to time, deem advisable.

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Participation in this AIP is limited to the following individuals:

Stephen D. Lebovitz, Chief Executive Officer

Michael I. Lebovitz, President

Ben Jaenicke, Executive Vice President, Chief Financial Officer and Treasurer

Katie A. Reinsmidt, Executive Vice President and Chief Operating Officer

Jeffery V. Curry, Chief Legal Officer and Secretary

Each such individual is hereinafter referred to as a "<u>Designated Executive Officer</u>".

**<u>OBJECTIVES AND PURPOSE</u>**

The objective of this AIP is to incentivize the Company's Designated Executive Officers to produce a high level of operational performance that results in the creation of increased value for the Company's shareholders.

The purposes of this AIP are to reward the Company's Designated Executive Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for achieving and exceeding specified levels of Company performance with respect to quantitative metrics and goals selected by the Compensation Committee that it believes are important drivers in the creation of shareholder value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for individual performance in relation to qualitative criteria established by the Compensation Committee for each such Designated Executive Officer.

**<u>AWARD CRITERIA</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Awards under this AIP are dependent upon accomplishment of the Company's goals and objectives and the individual goals and objectives specified by the Compensation Committee. Payments will be based on performance criteria established for each fiscal year of the Company beginning January 1 and ending December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management may develop recommendations for consideration by the Compensation Committee as to the criteria to be utilized in determining awards to each Designated Executive Officer, but the Compensation Committee shall have the sole and final authority to decide all such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Overall AIP payments (aggregate) made under this plan require approval of the Compensation Committee.

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All compensation paid or payable pursuant to awards made under this AIP for any annual performance period shall be subject to the terms of the executive compensation Amended and Restated Clawback Policy adopted by the Company's Board of Directors by resolution dated November 8, 2023, as such policy may be hereafter modified or amended.

**<u>PLAN DESIGN</u>**

Specific AIP award criteria will be established each year for each Designated Executive Officer based on goals relating to overall Company performance and individual performance, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Compensation Committee will set forth annually a target cash bonus award level (the "<u>Target Cash Bonus Award</u>") for each Designated Executive Officer under the AIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Target Cash Bonus Awards shall consist of two parts as set forth below: Corporate Goals Bonus Awards and Individual Goals Bonus Awards.

"<u>Corporate Goals Bonus Awards</u>" - the Corporate Goals Bonus Award component of any Target Cash Bonus Award that may be earned by each Designated Executive Officer will be determined based on 60% of the Target Cash Bonus Award for each Designated Executive Officer other than the Chief Executive Officer ("<u>CEO</u>") (70% in the case of the CEO), to be determined by the Company's performance relative to specified criteria established by the Compensation Committee as set forth herein. The actual Bonus Award earned by a Designated Executive Officer may range from 0% to 150% of Target based on actual performance. Goals will be set at Threshold, Target and Stretch. Achievements below Threshold will payout at 0%. Achieve-ments at Threshold will payout at 50%, Target at 100% and Stretch at 150%. Payouts for achievements between two levels will payout a pro-rated amount, as determined by the Committee.

"<u>Individual Goals Bonus Awards</u>" - the Individual Goals Bonus Award component of any Target Cash Bonus Award to be earned by each Designated Executive Officer will be determined based on 40% of the Target Cash Bonus Award for each Designated Executive Officer other than the CEO (30% in the case of the CEO), to be determined based on the Compensation Committee's subjective evaluation of such Designated Executive Officer's performance relative to specified individual criteria established by the Compensation Committee for each such Designated Executive Officer as set forth herein. The actual Bonus Award earned by a Designated Executive Officer may range from 0% to 150% of target based on actual performance, as determined by the Committee.

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*2026 Target Cash Bonus Award Levels*

The Target Cash Bonus Awards set by the Compensation Committee for each of the Company's Designated Executive Officers based on performance during calendar year 2026 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**2026 Corporate Goals Bonus Target** | &nbsp;&nbsp;**2026 Individual Goals Bonus Target** |
| | | &nbsp;&nbsp;**2026 Corporate Goals Bonus Target** | &nbsp;&nbsp;**2026 Individual Goals Bonus Target** |
| <br>&nbsp;&nbsp;**Designated Executive Officer** | <br>&nbsp;&nbsp;**Total 2026 Target Cash**<br>&nbsp;&nbsp;**Bonus Award** | &nbsp;&nbsp;**2026 Corporate Goals Bonus Target** | &nbsp;&nbsp;**2026 Individual Goals Bonus Target** |
| &nbsp;&nbsp;Stephen D. Lebovitz, Chief Executive Officer | &nbsp;&nbsp;$1517578 | &nbsp;&nbsp;$1062305  | &nbsp;&nbsp;$455273  |
| &nbsp;&nbsp;Ben Jaenicke, Executive Vice President, Chief Financial Officer and Treasurer | &nbsp;&nbsp;$654199 | &nbsp;&nbsp;$392519 | &nbsp;&nbsp;$261680 |
| &nbsp;&nbsp;Michael I. Lebovitz, President  | &nbsp;&nbsp;$500018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300011  | &nbsp;&nbsp;$200007  |
| &nbsp;&nbsp;Katie A. Reinsmidt, Executive Vice President and Chief Operating Officer | &nbsp;&nbsp;$483742 | &nbsp;&nbsp;$290245 | &nbsp;&nbsp;$193497 |
| &nbsp;&nbsp;Jeffery V. Curry, Chief Legal Officer and Secretary | &nbsp;&nbsp;$359797 | &nbsp;&nbsp;$215878 | &nbsp;&nbsp;$143919 |

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*Determination of 2026 Corporate Goals Bonus Award* 

The Corporate Goals Bonus Award will be weighted across two Corporate Goal Categories: 40% of the Corporate Goals Bonus Award for each participant will be weighted to Operational Goals and 60% weighted to Financial Goals. The goals and metrics underlying each of the two Corporate Goal Categories will be determined by the Compensation Committee on an annual basis. For the fiscal year ended December 31, 2026, these include:

**Operational Goals**

*Weighting: 28% for CEO/ 24% for Others*

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description of Goal** | &nbsp;&nbsp;**Additional Details** |
| &nbsp;&nbsp;Square footage of new and renewal leases signed | &nbsp;&nbsp;Square footage as reported in the Company's periodic reports. May be adjusted for acquisitions/dispositions. |
| &nbsp;&nbsp;New junior anchor/anchor transactions and (re)development project openings | &nbsp;&nbsp;An "anchor transaction" is defined as the sale, purchase or lease of an anchor space of 20,000 square feet or more. |

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**Financial Goals:**

*Weighting: 42% for CEO/ 36% for Others*

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| | |
|:---|:---|
| &nbsp;&nbsp;**Description of Goal** | &nbsp;&nbsp;**Additional Details** |
| &nbsp;&nbsp;Funds From Operations ("<u>FFO</u>"), as adjusted, per diluted share, as reported in the Company's periodic reports (Forms 10-K and 10-Q) filed with the Securities and Exchange Commission ("<u>SEC</u>").<br>| &nbsp;&nbsp;FFO as adjusted may be adjusted for any acquisition/disposition, capital markets, bankruptcy timing, impact of confirmed reorganization plan. |
| &nbsp;&nbsp;Net Operating Income as reported in the Company's period reports. | &nbsp;&nbsp;NOI targets may be adjusted for any acquisition/disposition activity. |
| &nbsp;&nbsp;Address 2026 property level mortgage maturities through completed or in process refinancing, extension/modification, working with lender to convey the property or other satisfactory solution.<br>|  |

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The Compensation Committee shall have the option, pursuant to its administrative authority over the AIP as set forth herein, to adjust each metric as appropriate to take into account significant unbudgeted transactions and unforeseen events such as acquisitions, dispositions, joint ventures, equity or debt issuances and other capital markets activities, mark-to-market adjustments and certain one-time extraordinary charges for purposes of determining the portion of any Corporate Goals Bonus Award payment based on these metrics.

With the establishment of the Corporate Goals Bonus Award criteria for 2026 under this AIP, the Compensation Committee will establish, and communicate in writing to each Designated Executive Officer, a rigorous set of Corporate Goals designated into two Corporate Goal Categories: Operational and Financial goals. These Corporate Goals should challenge Management and align incentives with the Company's ultimate long-term objectives. The Corporate Goals should be clearly measurable and primarily formulaic, but also allow for some level of business judgement for the Committee to evaluate the quality of the results. This structure is designed to help ensure that the program does not result in unintended outcomes.

The Corporate Goals Bonus Award payment to be made to a Designated Executive Officer with respect to each applicable Corporate Goal Category will depend on the Company's

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overall achievement of at least the stated minimum performance level or stated Threshold level of performance established by the Compensation Committee for the goals underlying each of the two Corporate Goals Categories (Operational Goals and Financing Goals Goals). If the stated minimum performance level or stated Threshold level of performance is not achieved there will be no Corporate Goals Bonus Award payable to such Designated Executive Officer for that goal.

At the conclusion of the performance year, the Compensation Committee will review performance results for each goal underlying the Corporate Goal Categories. The Committee will then assign a performance score from 0%-150% for the overall Corporate Goal Category based on these results with each Goal Category weighted equally.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Operational Goals  | &nbsp;&nbsp;Financial Goals  |
| &nbsp;&nbsp;Performance Score Range | &nbsp;&nbsp;0% - 150% | &nbsp;&nbsp;0% - 150% |
| &nbsp;&nbsp;Corporate Goals Bonus Weighting  | &nbsp;&nbsp;40% | &nbsp;&nbsp;60% |

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*Determination of 2026 Individual Goals Bonus Award Pursuant to Subjective Performance Criteria*

The Individual Goals Bonus Award portion of each Designated Executive Officer's Target Cash Bonus will be based on the Compensation Committee's subjective evaluation of the Designated Executive Officer's performance relative to the following individual criteria established for 2026 for each Designated Executive Officer, which the Compensation Committee has determined are also important elements of each Designated Executive Officer's contribution to the creation of overall shareholder value:

**INDIVIDUAL GOALS:**

*Weighting: 30% for CEO/40% for Others*

Individual goals are set at the beginning of the performance period. Results are determined by subjective review by the Compensation Committee, inclusive of CEO recommendations. Individual Goals for 2026 for each participant are as follows:

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---

| |
|:---|
| &nbsp;&nbsp;**Named<br>Executive Officer** |
| &nbsp;&nbsp;Stephen Lebovitz<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refining, enhancing, and executing the Company's Business Plan. <sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Progress Executive Team capabilities and responsibilities. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Coordinate closely with the Board Chairman and regularly communicate with other members of the Board.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Maintaining and enhancing key retailer, financial and other important relationships.<br>|
| &nbsp;&nbsp;Ben Jaenicke<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refining, enhancing, and executing the Company's Business Plan. <sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Managing future debt maturities, both secured loans and the term loan. Managing the Company's lending relationships as well as overseeing the Company's disposition program.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Effectively leading the financial services team and managing the accounting function including the relationship with outside auditors. Regular involvement with other internal departments including leasing, management, development and financial operations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Maintaining and improving key financial stakeholder and joint venture partner relationships. Ongoing involvement with investors and shareholders.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Effectively overseeing cash management, insurance, real estate taxes and other key responsibilities of the CFO. |
| &nbsp;&nbsp;Michael Lebovitz<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refining, enhancing, and executing the Company's Business Plan. <sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Supervising redevelopment projects with a focus on managing capital investment as well as achieving approved pro forma returns and scheduled openings. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Managing and enhancing anchor/department store and joint venture partner relationships. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Effectively overseeing of the Company's Technology Solutions (IT) and People & Culture (HR) including the implementation of technology and organizational initiatives. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ongoing involvement with the leasing, marketing, and management divisions of the Company. |

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| |
|:---|
| &nbsp;&nbsp;**Named<br>Executive Officer** |
| &nbsp;&nbsp;Jeffery Curry<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refining, enhancing, and executing the Company's Business Plan. <sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Overseeing and pursuing favorable resolution of disputes/litigation as well as the legal department's role in overall risk management for the company. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Effectively managing and overseeing the legal department and manage spend on outside counsel.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Continued involvement in Board material preparation and Board support as necessary. Preparation and maintenance of corporate records including Board and committee meetings, resolutions and corporate actions, policies, organizational documents (charter, bylaws and certificates) and company legal entity structure.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Maintaining and enhancing relationships with key business/legal representatives of CBL's major vendors, joint venture partners and other key business relationships. |
| &nbsp;&nbsp;Katie Reinsmidt<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refining, enhancing, and executing the Company's Business Plan. <sup>(1)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Successfully managing the Company's operations as COO including enhanced leadership of leasing, management, and operations. Ongoing focus on developing external relationships and interactions to support effectiveness as the Company's COO.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Leading the company's acquisition program. Ongoing involvement in capital markets programs as well as coordinate development of certain required disclosures and public filings.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Effectively managing and overseeing the Company's corporate responsibility, corporate communications and investor relations programs.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Continuing lead for Board material preparation and Board support.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)25% of the overall score for Individual Goals will be weighted to performance relative to each participant's Goal #1 (Business Plan). 75% of the overall score will be weighted to performance relative to each participant's other listed Goals.

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**<u>AIP BONUS PAYMENTS</u>**

The amount of a Designated Executive Officer's Target Cash Bonus Award (consisting of the Corporate Goals Bonus Awards portion and Individual Goals Bonus Awards portion and after the determination of the amount of each such portion) that is to be paid to a Designated Executive Officer hereunder is referred to as the "<u>AIP Bonus Payment</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All AIP Bonus Payments will be made in the year following the completion of the annual performance period to which the AIP Bonus Payment relates. The actual payment to each Designated Executive Officer will be made as soon as practical after final certification of the underlying performance results and approval of such payment by the Compensation Committee; provided, however, that in no event will any such payment be made later than March 15 of such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To be eligible to receive an AIP Bonus Payment, a Designated Executive Officer must have been actively employed by the Management Company during the annual performance period with respect to which the payment relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any Designated Executive Officer whose employment is terminated prior to the conclusion of the annual performance period with respect to which an applicable AIP Bonus Payment relates will not receive an AIP Bonus Payment, except as stipulated below:

oIn the event of such Designated Executive Officer's death or disability (defined as the complete and permanent disability of the Designated Executive Officer as defined by the Company's health insurance plans or as otherwise defined by the Company from time to time) prior to the end of the annual performance period, an otherwise eligible Designated Executive Officer shall receive an AIP Bonus Payment in the amount of such Designated Executive Officer's full Target Cash Bonus Award, pro-rated for the Designated Executive Officer's time of service during the performance period, as determined by the Compensation Committee, provided a Target Cash Bonus Award was approved for such Designated Executive Officer for the applicable annual performance period.

oIn the event of the termination of such Designated Executive Officer's employment, other than (i) voluntarily by the Designated Executive Officer except for "Good Reason" following a "Change of Control" or (ii) for Cause (as "cause" is defined in a Designated Executive Officer's Amended and Restated

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Employment Agreement with the Company) prior to end of the annual performance period, an otherwise eligible Designated Executive Officer shall receive an AIP Bonus Payment in the amount of such Designated Executive Officer's full Target Cash Bonus Award, pro-rated for the Designated Executive Officer's time of service during the performance period, as determined by the Compensation Committee, provided a Target Cash Bonus Award was approved for such Designated Executive Officer for the applicable annual performance period. \*<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AIP Bonus Payments will be paid-out on a one-time basis as a lump-sum, in cash, as such are considered compensation and reportable income for all tax reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AIP Bonus Payments are included in total annual earnings and may be taken into account under the Company's other benefit programs in accordance with their terms.

This AIP can be modified or terminated at any time by the Compensation Committee of the Company's Board of Directors; provided, however, that the Compensation Committee may not modify or terminate the AIP or any award under the AIP in such manner so as to impair the rights of any Designated Executive Officer under an award that has been granted without the Designated Executive Officer's consent, except for an amendment made to cause the award to qualify for the exemption provided by Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended. Neither participation in the AIP at any time nor the grant of an award under the AIP at any time shall be deemed to guarantee or infer the right to participate in the AIP (whether at the same level or at any other level) or to receive the grant of an award under the AIP at any future time. Furthermore, neither the AIP nor participation hereunder shall be deemed to establish any contract of employment or to guarantee continued employment with the Company for any amount of time.

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\*<sup>1</sup> A voluntary termination by a Designated Executive Officer for "Good Reason" following a "Change of Control" shall not disqualify such Designated Executive Officer from being entitled to or receiving the pro-rated portion of such Designated Executive Officer's full Target Cash Bonus Award as stated herein. The definitions of "Good Reason" and "Change of Control" shall be as set forth in the Amended and Restated Employment Agreements for the Designated Executive Officers.

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## Exhibit 10.5

**Exhibit 10.5**

**CBL & ASSOCIATES PROPERTIES, INC.**

**2026 LONG TERM INCENTIVE**

 **COMPENSATION PROGRAM**

**(Fiscal Year 2026)**

**<u>OVERVIEW</u>**

This 2026 Long Term Incentive Compensation Program (the "<u>2026 LTI Program</u>") is an equity-based incentive compensation plan adopted and established by the Compensation Committee (the "<u>Compensation Committee</u>") of the Board of Directors of CBL & Associates Properties, Inc. (the "<u>Company</u>"). The Annual Long Term Incentive Awards (the "<u>Long Term Incentive</u>") are equity-based incentive compensation subject to the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan as adopted on November 1, 2021, and as may be amended (the "<u>Equity Incentive Plan</u>"). Accordingly, these awards will draw from the pool of shares already authorized by the Company's stockholders to be issued pursuant to equity compensation awards under the Equity Incentive Plan, which means that no additional stockholder approval will be required under SEC or NYSE rules. The policies, objectives, purposes and guidelines of this 2026 LTI Program are as defined by the Compensation Committee.

**<u>ADMINISTRATION AND ELIGIBILITY</u>**

Awards pursuant to the Long Term Incentive shall be administered under the Equity Incentive Plan. Any and all awards pursuant to the Long Term Incentive shall be subject to the terms and provisions of (i) the Equity Incentive Plan including without limitation the amount of shares of the Company's stock that may be subject to awards and (ii) applicable rules of any stock exchange or quotation system on which the Company's Common Stock is listed or quoted and applicable U.S. federal and state securities laws and regulations including but not limited to rules and regulations of the Securities and Exchange Commission (SEC). In any conflict between the terms of any award pursuant to the Long Term Incentive and the terms of the Equity Incentive Plan, the terms of the Equity Incentive Plan shall control. The Compensation Committee shall have sole authority, subject to the terms hereof, to interpret the terms and provisions hereof and to otherwise adopt, alter and repeal such administrative rules, guidelines and practices governing this 2026 LTI Program as the Compensation Committee shall, from time to time, deem advisable subject to the terms of the Equity Incentive Plan.

The individuals who may receive awards under this 2026 LTI Program include (i) those individuals who are or have been included in the group of "named executive officers" of the Company for the applicable annual performance period, as determined pursuant to Item 402 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission

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("<u>SEC</u>") pursuant to the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or any applicable successor provision and (ii) certain other designated officers of the Company (collectively, the "<u>Plan Participants</u>"). All awards granted under this 2026 LTI Program will be paid to or issued to Plan Participants in their capacity as employees of CBL & Associates Management, Inc. (the "<u>Management Company</u>"), a wholly owned subsidiary of the Company.

**<u>OBJECTIVES AND PURPOSE</u>**

The objective of this 2026 LTI Program is to incentivize the Plan Participants to produce a high level of operational performance that results in the creation of increased value for the Company's shareholders.

**<u>PLAN DESIGN</u>**

Awards of "Restricted Common Stock", as defined below, under this Long Term Incentive are herein referred to as "<u>Long Term Incentive Awards</u>", and such awards will consist of the following two components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"<u>Performance Stock Unit Awards</u>" - 60% of the value of each Plan Participant's annual Long Term Incentive Award (70% for the CEO) will consist of a performance stock unit award authorized by the Compensation Committee pursuant to Section 6.3 of the Equity Incentive Plan (a "<u>Performance Stock Unit Award</u>"), utilizing the form of Performance Stock Unit Award Agreement attached as <u>Exhibit A</u> hereto, with the number of shares of restricted common stock of the Company ("<u>Restricted Common Stock</u>") issued at the conclusion of the three-year performance cycle applicable to each Performance Stock Unit Award determined by two measures: (i) a portion (30%) of such number of shares issued to be determined based on the Company's total stockholder return performance over such period relative to that of the Designated Index, as described below, and (ii) a portion (70%) of such number of shares issued to be determined based on the Company's absolute total stockholder return over such period, as described below. The applicable three-year performance period applicable to the Performance Stock Unit Awards is January 1, 2026 through December 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"<u>Annual Restricted Stock Awards</u>" - 40% of the value of each Plan Participant's Long Term Incentive Awards (30% for the CEO) will consist of the Company's grant of time-vested shares of Restricted Common Stock made upon the adoption of the 2026 LTI Program utilizing the form of Plan Participant Restricted Stock Award Agreement attached as <u>Exhibit B</u> hereto.

*Structure of Performance Stock Unit Awards*

The number of Performance Stock Units included in a Performance Stock Unit Award made at the beginning of each rolling 3-year performance cycle will be determined by dividing the

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dollar value of that portion of the annual Long Term Incentive Award allocated to such Performance Stock Unit Award by the average of the high and low price reported for the Company's Common Stock on the New York Stock Exchange on the date the Compensation Committee sets the target value for the Long Term Incentive Award.

<u>Designated Index Measure</u> - a portion (30%) of the number of shares of Restricted Common Stock issued to a Plan Participant upon the maturity of a Performance Stock Unit Award at the end of the applicable 3-year performance period will depend on the Company's achievement of at least a "Threshold" level of Total Shareholder Return or "<u>TSR</u>" (stock price appreciation plus aggregate dividends) for holders of the Company's common stock as compared to the TSR for the Retail Sector Component, excluding the companies comprising the Free-Standing Subsector, of the FTSE NAREIT All Equity REIT Index (the "<u>Designated Index</u>") over the same time period. The level of achievement will be determined based on how the Company's TSR ranks among the constituents that comprise the Designated Index.

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The "Threshold," "Target," and "Maximum" benchmarks to be established for the TSR achieved by the Company over each relevant three-year performance period in comparison to the Designated Index, and the resulting impact on the number of shares of Restricted Common Stock earned by each Plan Participant for the 30% of the award based on the Designated Index Measure upon the maturity of Performance Stock Units at the conclusion of each three-year performance period, is summarized in the following table:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<br>Performance<br>Benchmark Achieved** | &nbsp;&nbsp;**Number of Shares<br>Awarded at Payout of Performance Stock Units** | &nbsp;&nbsp;**<br>Vesting<br>Schedule** |
| &nbsp;&nbsp;*Below "Threshold" Level*<br>| &nbsp;&nbsp;No performance stock earned<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Threshold"*<br>No less than 30<sup>th</sup> Percentile <br>of the Designated Index TSR<br>| &nbsp;&nbsp;Shares issued equal to 0.5 x<br>30% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Threshold Benchmark pro-rated between Threshold and Target levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Target"*<br>No less than 50th Percentile <br>of the Designated Index TSR<br>| &nbsp;&nbsp;Shares issued equal to 1.0 x<br>30% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Target Benchmark pro-rated between Target and Maximum levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Maximum"*<br>At least 75<sup>th</sup> Percentile <br>of the Designated Index TSR<br>| &nbsp;&nbsp;Shares issued equal to 2.0 x<br>30% of the Performance Stock Units<br>Issued for Such 3-year Cycle<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |

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If the calculated comparison is between Threshold and Maximum for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

<u>Company Absolute Return Measure</u> - a portion (70%) of the number of shares of Restricted Common Stock issued to a Plan Participant upon the maturity of a Performance Stock Unit Award at the end of the applicable 3-year performance period will depend on the Company's achievement of at least a "Threshold" level of absolute TSR for holders of the Company's common stock over the same time period.

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The "Threshold," "Target" and "Maximum" benchmarks to be established for the absolute TSR achieved by the Company over each relevant three-year performance period and the resulting impact on the number of shares of Restricted Common Stock earned by each Plan Participant for the 70% of the award based on Company absolute TSR upon the maturity of Performance Stock Units at the conclusion of each three-year performance period, is summarized in the following table:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<br>Performance<br>Benchmark Achieved** | &nbsp;&nbsp;**Number of Shares<br>Awarded at Payout of Performance Stock Units** | &nbsp;&nbsp;**<br>Vesting<br>Schedule** |
| &nbsp;&nbsp;*Below "Threshold" Level*<br>*Annualized Company TSR of less than 5.5%*<br>| &nbsp;&nbsp;No performance stock earned | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Threshold"*<br>Annualized Company TSR of 5.5% | &nbsp;&nbsp;Shares issued equal to 0.5 x<br>70% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Threshold Benchmark pro-rated between Threshold and Target levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Target"*<br>Annualized Company TSR of 10% | &nbsp;&nbsp;Shares issued equal to 1.0 x<br>70% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Target Benchmark pro-rated between Target and Maximum levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Maximum"*<br>Annualized Company TSR of 18% or greater | &nbsp;&nbsp;Shares issued equal to 2.0 x<br>70% of the Performance Stock Units<br>Issued for Such 3-year Cycle<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |

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If the calculated basis point comparison is between benchmarks as noted above for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

Once issued, the shares of Restricted Common Stock issued per the PSUs will then vest 1 year after the date of issuance. Upon vesting, the shares will not be subject to forfeiture.

*Structure of Annual Restricted Stock Awards*

As referenced above, each Long Term Incentive Award includes a target value amount (40% and 30% in the case of the CEO) that a Plan Participant will receive in the form of an Annual

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Restricted Stock Award for that year. The number of shares of the Company's Common Stock corresponding to the Annual Restricted Stock Award shall be issued to the Plan Participant. Specifically, the number of shares will be determined by dividing the value of each such Annual Restricted Stock Award by the average of the high and low prices reported for the Company's Common Stock on the New York Stock Exchange on the date on the date the Compensation Committee sets the target value for the Long Term Incentive Award. Upon issuance, the shares of Common Stock representing the Annual Restricted Stock Award will be subject to annual level vesting over the next succeeding 3 years after the date of issuance.

*Long Term Incentive Awards*

Effective as of the date on which the Compensation Committee approves this 2026 LTI Program, a Long Term Incentive Award will be set for each of the Plan Participants. As provided above, the Long Term Incentive Award will then be divided into two parts: a Performance Stock Unit Award and an Annual Restricted Stock Award. Each Long Term Incentive Award will have an initial target value as set by the Compensation Committee.

The following table illustrates the Long Term Incentives approved by the Compensation Committee on February 11, 2026 for the Company's 2026 year and the 2026 – 2028 performance cycle with respect to the Performance Stock Units:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Plan Participants - Named Executive Officers** | &nbsp;&nbsp;**Target Value of Long Term Incentive Award \*1** | &nbsp;&nbsp;**Target Value of Performance Stock Unit Award \*1** | &nbsp;&nbsp;**Target Number of Performance Stock Units \*2** | &nbsp;&nbsp;**Value of Annual Restricted Stock Award \*1** | &nbsp;&nbsp;**Number of Shares of Annual Restricted Stock Award \*3** |
| &nbsp;&nbsp;Stephen D. Lebovitz, Chief Executive Officer | &nbsp;&nbsp;$1556500  | &nbsp;&nbsp;$1089550  | &nbsp;&nbsp;30227 | &nbsp;&nbsp;$466950  | &nbsp;&nbsp;12955 |
| &nbsp;&nbsp;Michael I. Lebovitz, President | &nbsp;&nbsp;$673500  | &nbsp;&nbsp;$404100  | &nbsp;&nbsp;11211 | &nbsp;&nbsp;$269400  | &nbsp;&nbsp;7474 |
| &nbsp;&nbsp;Ben Jaenicke, Executive Vice President, Chief Financial Officer and Treasurer | &nbsp;&nbsp;$1288000  | &nbsp;&nbsp;$772800  | &nbsp;&nbsp;21440 | &nbsp;&nbsp;$515200  | &nbsp;&nbsp;14293 |
| &nbsp;&nbsp;Katie Reinsmidt, Executive Vice President and Chief Operating Officer | &nbsp;&nbsp;$673500  | &nbsp;&nbsp;$404100  | &nbsp;&nbsp;11211 | &nbsp;&nbsp;$269400  | &nbsp;&nbsp;7474 |
| &nbsp;&nbsp;Jeffery V. Curry, Chief Legal Officer and Secretary | &nbsp;&nbsp;$673500  | &nbsp;&nbsp;$404100  | &nbsp;&nbsp;11211 | &nbsp;&nbsp;$269400  | &nbsp;&nbsp;7474 |
| &nbsp;&nbsp;Other Plan Participants | &nbsp;&nbsp;\*4 | &nbsp;&nbsp;\*4 | &nbsp;&nbsp;\*4 | &nbsp;&nbsp;\*4 | &nbsp;&nbsp;\*4 |

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\*1 Target Value of Long Term Incentive Awards is set by Compensation Committee. The Long Term Incentive Awards are divided into two parts: 60% (70% in the case of the CEO) for the Performance Stock Unit Awards and 40% (30% in the case of the CEO) for Annual Restricted Stock Awards.

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\*2 The number of Performance Stock Units granted was determined by dividing the target value of each such Performance Stock Unit Award by $36.045, the average of the high and low prices reported for the Company's Common Stock on the New York Stock Exchange on the date that the Compensation Committee set the target value for the Long Term Incentive Award (February 11, 2026).

\*3 The number of shares of Restricted Common Stock per each Annual Restricted Stock Award was determined by dividing the value of each such Annual Restricted Stock Award by $36.045, the average of the high and low prices reported for the Company's Common Stock on the New York Stock Exchange on the date that the Compensation Committee set the target value for the Long Term Incentive Award (February 11, 2026).

\*4 The individual executive officers listed in the table above represent the Company's Named Executive Officers. A Target Value of Long Term Incentive Award, Target Value of Performance Stock Unit Award and Value of Annual Restricted Stock Award has been determined for the all other Plan Participants and is set forth on <u>Schedule 1</u> attached hereto. Grants of Performance Stock Units and Annual Restricted Stock Awards for such other Plan Participants listed on <u>Schedule 1</u> shall be on the same terms as set forth in this table.

**<u>DIVIDEND PAYMENTS AND VOTING RIGHTS ON RESTRICTED STOCK; ISSUANCE OF SHARES UNDER PERFORMANCE STOCK UNITS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dividends will be paid currently, and voting rights will apply only with respect to shares of Restricted Common Stock constituting the time-vested portion of these Long Term Incentive Awards following the actual issuance of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares subject to Performance Stock Unit Awards will not be issued until the maturity of each such award at the end of a three year performance period and, accordingly, will not have any voting rights and will not receive any dividends unless earned. Any dividends paid (stock or cash) on the Company's common stock during a performance period will accrue to the Performance Stock Unit Awards as dividend equivalents (i.e., cash dividends will be deemed to have been utilized to purchase shares of the Company's common stock). The number of shares underlying the cash dividend equivalents will be determined based on total value of the cash dividend divided by the closing price on the applicable dividend record date. Dividend equivalents will be paid out in additional shares of common stock at the time they are earned. Dividend equivalents related to Performance Stock Units that are not earned will be forfeited.

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## Exhibit 10.6

**Exhibit 10.6**

<u>Form of Plan Participant Performance Stock Unit Award Agreement</u>

**<u>2026 PLAN PARTICIPANT PERFORMANCE STOCK UNIT AWARD AGREEMENT</u>**

***THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN*** 

***REGISTERED UNDER THE SECURITIES ACT OF 1933. NEITHER THE SECURITIES AND EXCHANGE COMMISSION*** 

***NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED*** 

***ON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS.***

This 2026 Plan Participant Performance Stock Unit Award Agreement (the "<u>Agreement</u>") is made as of the _____ day of _________, 2026 (the "<u>Award Date</u>"), by and between **CBL & ASSOCIATES PROPERTIES, INC.**, a Delaware corporation (the "<u>Company</u>"), and _________ (the "<u>Employee</u>").

**WHEREAS**, Employee is employed by CBL & Associates Management, Inc. (the "<u>CBL Management Company</u>"), an affiliate of the Company;

 **WHEREAS**, pursuant to the Equity Incentive Plan (as hereinafter defined) and subject to the terms of this Agreement, the Company desires to grant to the Employee performance stock units;

 **NOW, THEREFORE**, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

1. <u>Definitions; Conflicts</u>. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan as may be amended (the "<u>Equity Incentive Plan</u>") as may be hereafter amended. The terms and provisions of the Equity Incentive Plan, including without limitation definitions of capitalized terms as set forth in the Equity Incentive Plan, are incorporated herein and in the event of any conflict or inconsistency between the terms and provisions of the Equity Incentive Plan and the terms and provisions of this Agreement, the terms and provisions of the Equity Incentive Plan shall govern and control. Specifically, but without limitation, the granting of the Performance Stock Units under this Agreement and any and all issuances of shares of Common Stock for Performance Stock Units pursuant to this Agreement shall be subject to (i) the terms and provisions of the Equity Incentive Plan including but not limited to any term in the Equity Incentive Plan providing a maximum limitation on the number of shares of Common Stock that may be subject to the Performance Stock Units granted to the Employee pursuant to this Agreement in any calendar year, and (ii) applicable rules of any stock exchange or quotation system on which the Company's Common Stock is listed or quoted and applicable U.S. federal and state securities laws and regulations including but not limited to rules and regulations of the Securities and Exchange Commission (SEC).

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2. <u>Grant of Performance Stock Units</u>. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Employee _________ performance stock units (the "<u>Performance Stock Units</u>"). Such number of Performance Stock Units is referred to hereinafter as the "<u>Target Award</u>". Each Performance Stock Unit represents one share of the Company's common stock, $0.001 par value ("<u>Common Stock</u>"). The actual number of Performance Stock Units earned by the Employee shall be determined following the end of the three-year performance period coinciding with the Company's fiscal years 2026 through 2028 (the "<u>Performance Period</u>") based upon the satisfaction of the performance hurdles (the "<u>Performance Criteria</u>") set forth in <u>Exhibit A</u> attached hereto. Following the completion of such Performance Period, and as soon as practicable following the date on which the Compensation Committee certifies the performance results for the Performance Period (the "<u>Certification Date</u>"), the Company shall issue to the Employee a number of shares of Common Stock equal to the number of Performance Stock Units earned by the Employee (the shares of Common Stock so issued to the Employee are herein referred to as the "<u>Issued Common Stock</u>" and the date of the issuance of the Issued Common Stock to the Employee is herein referred to as the "<u>Issuance Date</u>").

3. <u>Forfeiture/Acceleration of Performance Stock Units</u>. As noted herein, Performance Stock Units are not shares of Common Stock. Shares of Common Stock may be issued for Performance Stock Units upon satisfaction of Performance Criteria as noted herein. Set forth in this <u>Paragraph 3</u> are the provisions governing the forfeiture or acceleration of Performance Stock Units in the event the Employee's employment with the CBL Management Company is terminated prior to the issuance of Common Stock for Performance Stock Units. As used herein, the term "acceleration" of Performance Stock Units refers to an acceleration of the issuance of Common Stock for Performance Stock Units prior to the conclusion of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Except as set forth in <u>Paragraphs 3(b)</u>, <u>3(c)</u> or <u>3(d)</u> below, if the Employee's employment with the CBL Management Company terminates for any reason *prior* to the end of the Performance Period, the Employee's Performance Stock Units granted pursuant to this Agreement shall thereupon be forfeited and the Employee shall have no further right, title and/or interest in such Performance Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination for Death or Disability</u>. If the Employee's employment with the CBL Management Company terminates for reasons of the Employee's death or disability (defined as the complete and permanent disability of the Employee as defined by the Company's benefit insurance plans) *prior* to the end of the Performance Period, then the Performance Stock Units shall be accelerated, and the Performance Stock Units then deemed to be earned by the Employee will be a pro-rated portion of the Performance Stock Units granted under this Agreement, calculated based upon the achievement of the relevant Performance Criteria as set forth in <u>Exhibit A</u> to this Agreement through the date of such termination, and the Company shall issue to the Employee (or his or her beneficiary), within 60 days of the

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Employee's separation from service, a number of fully vested shares of Common Stock equal to the number of Performance Stock Units earned by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination following a Change in Control</u>. If the Employee's employment with CBL Management Company is terminated (other than for Cause) *prior* to the end of the Performance Period but within 24 months after a Change of Control, then the Performance Stock Units shall be accelerated, and the Performance Stock Units then deemed to be earned by the Employee will be a pro-rated portion of the Performance Stock Units granted under this Agreement, calculated based upon the achievement of the relevant Performance Criteria as set forth in <u>Exhibit A</u> to this Agreement through the date of such termination, and the Company shall issue to the Employee (or his or her beneficiary), within 60 days of the Employee's separation from service, a number of fully vested shares of Common Stock equal to the number of Performance Stock Units earned by the Employee.

(d) <u>Termination Without "Cause" or on a "Company-Approved Retirement"</u>. If the Employee's employment with CBL Management Company is terminated *prior* to the end of the Performance Period (i) by the Company without "cause" (as "cause" is defined on <u>Exhibit B</u> attached hereto) or (ii) upon the Employee's retirement pursuant to a retirement of the Employee that includes an approval by the Company's Compensation Committee of the acceleration referenced in this <u>Paragraph 3(d)</u> (a "<u>Company-Approved Retirement</u>"), then the Performance Stock Units shall be accelerated, and the Performance Stock Units then deemed to be earned by the Employee will be a pro-rated portion of the Performance Stock Units granted under this Agreement, calculated based upon the achievement of the relevant Performance Criteria as set forth in <u>Exhibit A</u> to this Agreement through the date of such termination, and the Company shall issue to the Employee (or his or her beneficiary), within 60 days of the Employee's separation from service, a number of fully vested shares of Common Stock equal to the number of Performance Stock Units earned by the Employee.

Upon the conclusion of the Performance Period, the provisions of this <u>Paragraph 3</u> shall have no further force and effect.

4. <u>Vesting of Issued Common Stock</u>. As noted herein, Shares of Common Stock may be issued for Performance Stock Units upon satisfaction of Performance Criteria following the conclusion of the Performance Period as noted in <u>Paragraph 2</u> above. Set forth in this <u>Paragraph 4</u> are the provisions governing the vesting of Issued Common Stock and provisions governing the forfeiture or vesting of Issued Common Stock in the event of the Employee's employment with the CBL Management Company is terminated prior to the full vesting of the Issued Common Stock. As used in this Agreement, the term "vest" or "vesting" shall mean the immediate, non-forfeitable, fixed right of present or future enjoyment of the Issued Common Stock. Such Issued Common Stock, subject to the terms, conditions, limitations and exceptions contained herein (including but not limited to the provisions of <u>Paragraph 4</u> below), shall vest in full on the first (1<sup>st</sup>) anniversary of the

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Issuance Date (the "<u>Vesting Date</u>"); provided that the Employee has remained in continuous employment with the CBL Management Company from the Award Date through the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Except as set forth above or in <u>Paragraph 4(b), 4(c) or</u> 4(d) below, if the Employee's employment with the CBL Management Company terminates for any reason, any non-vested portion of the Issued Common Stock shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Issued Common Stock.

(b) <u>Death or Disability</u>. If the Employee's employment with the CBL Management Company terminates for reasons of the Employee's death or disability (as defined herein), the portion of the Issued Common Stock that is non-vested on the date of such termination (including any Issued Common Stock that is issued on such date pursuant to <u>Paragraph 3(b)</u> above) shall immediately, on the date of such termination of employment, thereupon vest in the Employee or his/her estate.

(c) <u>Termination of Employment Without Cause</u>. If the Employee's employment with the CBL Management Company is terminated by the CBL Management Company or the Company without "cause" (as defined herein), the portion of the Issued Common Stock that is non-vested on the date of such termination shall immediately, on the date of such termination of employment, thereupon vest in the Employee. For purposes hereof, the term "cause" shall be as defined in the employment agreement between the Employee and the Company and if there is no employment agreement in place between the Employee and the Company, then "cause" shall be as defined in <u>Exhibit "B"</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination of Employment upon a "Post-Issuance Company-Approved Retirement"</u>. If the Employee's employment with the CBL Management Company is terminated upon the Employee's retirement pursuant to a retirement of the Employee that includes an approval by the Company's Compensation Committee of the vesting referenced in this <u>Paragraph 4(d)</u> (a "<u>Post-Issuance Company-Approved Retirement</u>"), then a portion or all of the Issued Common Stock, as determined by the Company's Compensation Committee, that is non-vested on the date of such termination shall vest in the Employee. If the Company's Compensation Committee does not approve any vesting of the Issued Common Stock on the date of such termination as referenced in this <u>Paragraph 4(d)</u>, then any non-vested portion of the Issued Common Stock shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the Issued Common Stock.

(e) <u>Six-Month Delayed Payment of Shares</u>. Notwithstanding <u>Paragraphs 4(a)</u>, <u>4(b),</u> 4(c) and <u>4(d)</u> above, the Company shall delay issuance of any shares of Common Stock to the Employee for a period of six months following the Employee's

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termination of employment to the extent any payment pursuant to this Agreement is considered a "deferred compensation" payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and such delayed payment is required pursuant to Code Section 409A(a)(2)(B) because the Employee is a "specified employee" as defined therein.

The provisions of this <u>Paragraph 4</u> shall have no force and effect until shares of Common Stock are issued to the Employee as set forth in this Agreement.

5. <u>Rights as a Shareholder</u>. The Employee shall have all of the rights of a shareholder with respect to the shares of Issued Common Stock pursuant to this Agreement, subject only to the transfer restrictions set forth in <u>Paragraph 6</u> below and forfeiture provisions set forth above. The Employee's rights as a shareholder shall include the rights to receive all dividends on the Issued Common Stock and to exercise any voting rights attributable to the Issued Common Stock for so long as the Employee shall own the Issued Common Stock. Prior to the issuance of such Common Stock to the Employee, the Employee shall have no voting rights. Prior to the issuance of such Common Stock, all dividends paid (stock or cash) on the Company's common stock during a performance period will accrue to the Performance Stock Unit Awards as dividend equivalents (i.e., cash dividends will be deemed to have been utilized to purchase shares of the Company's common stock). The number of shares underlying the cash dividend equivalents will be determined based on total value of the cash dividend divided by the closing price on the applicable dividend record date. Dividend equivalents will be paid out in additional shares of common stock at the time they are earned. Dividend equivalents related to Performance Stock Unit Awards that are not earned will be forfeited.

6. <u>Non-Transferability of Performance Stock Units and Common Stock</u>. (a) Except for any transfers that may be required by law, the Performance Stock Units may not be transferred by the Employee and any non-permitted attempted transfer by the Employee shall be null and void.

(b) With respect to any non-vested Issued Common Stock under this Agreement and except for any transfers that may be required by law, including pursuant to any domestic relations order or otherwise, such non-vested Issued Common Stock may not be transferred by the Employee until the termination of the vesting period (or immediate vesting pursuant to the provisions of <u>Paragraph 4</u> above) and any non-permitted attempted transfer by the Employee of any such non-vested portion prior to the termination of the vesting period shall be null and void. Any transferee who may receive a transfer of such non-vested Issued Common Stock pursuant to a transfer required by law as set forth above shall be subject to all the terms and provisions of this Agreement and any termination of the employment of the Employee prior to the termination of the vesting period (except for terminations of employment pursuant to <u>Paragraph 4(b), 4(c) or 4(d)</u> above or on a Change in Control) shall cause the forfeiture of any non-vested shares even if such shares are in the hands of a transferee.

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7. <u>Restricted Stock</u>. To the extent any shares of shares of Common Stock issued pursuant to this Agreement are not vested, such Common Stock will be considered a grant of restricted property to the Employee that is subject to a "substantial risk of forfeiture" as defined in Section 83 of the Code.

8. <u>Restricted Stock Account; Uncertificated Shares</u>. The Employee understands and acknowledges that any non-vested Issued Common Stock will be held in an uncertificated form in a restricted stock account maintained by the Company's stock transfer agent for the Employee until such time as such shares of Issued Common Stock are no longer subject to the restrictions set forth in this Agreement. The Employee understands and acknowledges that as the shares of Issued Common Stock shall vest during the vesting period and upon such vesting, the Company shall cause such vested shares to be issued out of the above-stated restricted stock account and issued to an unrestricted stock account maintained by the Company's stock transfer agent for the Employee (with reduction in the number of shares necessary to cover any applicable employment taxes unless the Employee shall elect to pay such amounts in cash pursuant to notices and procedures that the Company has instituted or shall institute) and such vested shares shall no longer be subject to the terms and provisions of this Agreement. The Employee understands and acknowledges that, except for terminations of employment pursuant to <u>Paragraph 4(b), 4(c) or 4(d)</u> above or on a Change in Control, in the event the Employee's employment with the Company, its Subsidiaries or Affiliates including the CBL Management Company, is terminated at any time during the vesting period, any non-vested shares of Issued Common Stock shall then be cancelled and/or returned to the Company and that the Company shall be entitled to take such action on behalf of the Employee in the form of executing such documents or instruments to authorize the cancellation of such shares and/or return of same to the Company.

9. <u>No Enlargement of Employee Rights</u>. Nothing in this Agreement shall be construed to confer upon the Employee any right to continued employment or to restrict in any way the right of the Company or any Subsidiary or Affiliate including the CBL Management Company to terminate the Employee's employment at any time.

10. <u>Income Tax Withholding</u>. The Company, in its sole discretion, shall make such provisions and take such steps as it may deem necessary or appropriate for the withholding of all Federal, state, local and other taxes required by law to be withheld with respect to the shares of Issued Common Stock (as such shares vest or if certain tax elections are made by the Employee, i.e., a Section 83(b) election under applicable provisions of the Code) and any dividends paid on any portion of non-vested shares of Issued Common Stock, including, but not limited to, the following: (i) deducting the amount of any such withholding taxes therefrom or from any other amounts then or thereafter payable to the Employee by the Company or any of its Subsidiaries or Affiliates including the CBL Management Company; (ii) requiring the Employee, or the beneficiary or legal representative of the Employee, to pay to the Company the amount required to be withheld or to execute such documents as the

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Company deems necessary or desirable to enable the Company to satisfy its withholding obligations; and/or (iii) withholding from the shares of Issued Common Stock otherwise payable and/or deliverable one or more of such shares having an aggregate Fair Market Value, determined as of the date the withholding tax obligation arises, less than or equal to the amount of the total withholding tax obligation.

11. <u>Binding Effect</u>. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

12. <u>Governing Law</u>. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without reference to the principles of conflicts of laws thereof.

13. <u>Headings</u>. Headings are for the convenience of the parties and are not deemed to be part of this Agreement.

14. <u>Power of Attorney</u>. The Employee, by execution of this Agreement, does hereby appoint the Company as the Employee's attorney-in-fact for the limited purposes of executing any documents or instruments necessary in conjunction with the shares of Issued Common Stock while such shares are subject to the restrictions provided by this Agreement. The employee understands and acknowledges that the shares of Issued Common Stock may be subject to adjustment or substitution, as determined by the Company or the Company's Compensation Committee, as to the number, price or kind of a share of stock or other consideration subject to such awards or as otherwise determined by the Company or the Company's Compensation Committee to be equitable in the event of changes in the outstanding stock or in the capital structure of the Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the date of grant of any such award.

15. <u>Section 83(b) Election</u>. By execution of this Agreement, the Employee is acknowledging that he/she understands that he/she may make a Section 83(b) Election pursuant to applicable provisions of the Code with respect to any non-vested Issued Common Stock but that such election must be made on or before the date that is thirty (30) days from the original issuance of such shares following the Certification Date as set forth above.

16. <u>Compliance with Section 409A</u>. To the extent applicable and notwithstanding any provision in this Agreement to the contrary, this Agreement shall be interpreted and administered in accordance with Section 409A of the Code and regulations and other guidance issued thereunder. For purposes of determining whether any payment made pursuant to this Agreement under the Equity Incentive Plan results in a "deferral of compensation" within the meaning of Treasury Regulation §1.409A-1(b), the Company shall maximize the exemptions described in such section, as applicable. Any reference to a

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"termination of employment" or similar term or phrase shall be interpreted as a "separation from service" within the meaning of Code Section 409A and the regulations issued thereunder.

17. <u>Reference to Company</u>. The grant of Performance Stock Units hereunder is being made to the Employee by virtue of the Employee's status as an employee of the CBL Management Company. As stated above, the CBL Management Company is an affiliate of the Company. The use of the term "Company" in this Agreement shall, unless the context specifically states otherwise, be deemed to include both CBL & Associates Properties, Inc. and the CBL Management Company.

18. <u>Prospectus</u>. A current prospectus describing the material terms of the Equity Incentive Plan is available for review on the Company's internal website in the CBL Officer Guide in One Note under "*Benefits – General Information – Equity Incentive Plan*".

19. <u>Counterpart Execution</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and together constitute one and the same instrument. To facilitate execution of this Agreement, the parties may exchange counterparts of the signature page by facsimile or electronic mail (e-mail), including, but not limited to, as an attachment in portable document format (PDF), which shall be effective as original signature pages for all purposes.

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the Award Date first written above.

**CBL & ASSOCIATES PROPERTIES, INC.**

Stephen D. Lebovitz

Chief Executive Officer

**<u>EMPLOYEE</u>**:

[Plan Participant]

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**EXHIBIT A**

**PERFORMANCE CRITERIA FOR PERFORMANCE STOCK UNIT AWARD**

30% of the actual number of Performance Stock Units earned by the Employee shall be determined following the end of the Performance Period based upon the level of Total Shareholder Return or "TSR" (stock price appreciation plus aggregate dividends) realized by holders of the Common Stock as compared to the TSR for the Retail Sector Component, excluding the companies comprising the free-standing subsector, of the FTSE NAREIT All Equity REIT Index (the "<u>Designated Index</u>") over the same time period. The level of achievement will be determined based on how the Company's TSR ranks among the constituents that comprise the NAREIT Retail Index in accordance with the following table:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<br>Performance<br>Benchmark Achieved** | &nbsp;&nbsp;**Number of Shares<br>Awarded at Payout of Performance Stock Units** | &nbsp;&nbsp;**<br>Vesting<br>Schedule** |
| &nbsp;&nbsp;*Below "Threshold" Level*<br>| &nbsp;&nbsp;No performance stock earned | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Threshold"*<br>No less than 30<sup>th</sup> Percentile <br>of the Designated Index TSR<br>| &nbsp;&nbsp;Shares issued equal to 0.5 x<br>30% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Threshold Benchmark pro-rated between Threshold and Target levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Target"*<br>No less than 50th Percentile <br>of the Designated Index TSR<br>| &nbsp;&nbsp;Shares issued equal to 1.0 x<br>30% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Target Benchmark pro-rated between Target and Maximum levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Maximum"*<br>At least 75<sup>th</sup> Percentile <br>of the Designated Index TSR<br>| &nbsp;&nbsp;Shares issued equal to 2.0 x<br>30% of the Performance Stock Units<br>Issued for Such 3-year Cycle<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year performance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |

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If the calculated comparison ranking is between Threshold and Maximum for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

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70% of the actual number of Performance Stock Units earned by the Employee shall be determined following the end of the Performance Period based upon the Company's achievement of at least a "Threshold" level of absolute TSR for holders of the Company's common stock over the same time period. The level of achievement will be determined based on the Company's TSR over the Performance Period in accordance with the following table:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<br>Performance<br>Benchmark Achieved** | &nbsp;&nbsp;**Number of Shares<br>Awarded at Payout of Performance Stock Units** | &nbsp;&nbsp;**<br>Vesting<br>Schedule** |
| &nbsp;&nbsp;*Below "Threshold" Level*<br>*Annualized Company TSR of less than 5.5%*<br>| &nbsp;&nbsp;No performance stock earned | &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year perform-ance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Threshold"*<br>Annualized Company TSR of 5.5% | &nbsp;&nbsp;Shares issued equal to 0.5 x<br>70% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Threshold Benchmark pro-rated between Threshold and Target levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year perform-ance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Target"*<br>Annualized Company TSR of 10% | &nbsp;&nbsp;Shares issued equal to 1.0 x<br>70% of the Performance Stock Units<br>issued for Such 3-year Cycle, with excess over Target Benchmark pro-rated between Target and Maximum levels<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year perform-ance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |
| &nbsp;&nbsp;*"Maximum"*<br>Annualized Company TSR of 18% or greater | &nbsp;&nbsp;Shares issued equal to 2.0 x<br>70% of the Performance Stock Units<br>Issued for Such 3-year Cycle<br>| &nbsp;&nbsp;The number of shares of Restricted Common Stock earned by (and then issued to) a Plan Participant for each rolling three-year perform-ance cycle is equal to the multiple indicated in the preceding column of the number of Performance Stock Units issued to each Plan Participant at the beginning of the three year performance period. <br>Such shares, when issued at the conclusion of the three-year performance cycle, will then vest in full on the first anniversary date following the date of issuance of such shares. |

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If the calculated basis point comparison is between benchmarks as noted above for any performance period, then the number of Performance Stock Units earned will be prorated as indicated in the preceding table.

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**EXHIBIT B**

**"CAUSE" DEFINITION**

For purposes of this Agreement, "<u>Cause</u>" shall mean (i) any act of fraud or willful malfeasance committed by Employee; (ii) Employee's engagement in conduct which, is injurious to the Company or any of its affiliates, monetarily or otherwise if (provided, that, such conduct is capable of being cured), after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the alleged conduct and providing direction and a reasonable opportunity for Employee to cure any such alleged conduct, Employee then fails to cure such alleged conduct within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iii) Employee's failure to perform Employee's material duties, if (provided, that, such failure to perform or material breach is capable of being cured), after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the duties Employee has failed to perform and providing direction and a reasonable opportunity for Employee to cure any such alleged failures, Employee then fails to cure alleged failures within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iv) Employee's conviction of, or pleading guilty or no contest to, a felony, or a conviction of, or a plea of guilty or no contest to, any criminal offence involving fraud, willful malfeasance, embezzlement, extortion, bribery, misappropriation or moral turpitude; (v) Employee's (A) material violation of the Company's policies and procedures including, but not limited to, (I) the Company's policies prohibiting conduct that constitutes sexual misconduct, harassment (including sexual harassment), discrimination or retaliation and (II) the Fourth Amended and Restated Code of Business Conduct and Ethics dated February 16, 2022, as may be further amended; and (B) engagement in any conduct or cover-up of such conduct that is in violation of any of the Company's policies and procedures (including but not limited to policies listed in (I) and (II) of this paragraph) that could cause or has caused damage to the reputation or business of the Company or any of its affiliates or their respective employees; provided, however, that, except for violations that would constitute "Cause" under subsection (iv) directly above, after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the material violations alleged to have been committed by Employee and providing direction and a reasonable opportunity for Employee to cure any such alleged violations (if curable, as determined by the Board or the Compensation Committee), Employee then fails to cure alleged violations within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee.

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## Exhibit 10.7

**Exhibit 10.7**

<u>Form of Plan Participant Stock Restriction Agreement</u>

**<u>2026 PLAN PARTICIPANT STOCK RESTRICTION AGREEMENT</u>**

***THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN*** 

***REGISTERED UNDER THE SECURITIES ACT OF 1933. NEITHER THE SECURITIES AND EXCHANGE COMMISSION*** 

***NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED*** 

***ON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS.***

This 2026 Plan Participant Stock Restriction Agreement (the "<u>Agreement</u>") is made as of the _________ day of February, ___________ (the "<u>Agreement Date</u>"), by and between **CBL & ASSOCIATES PROPERTIES, INC.**, a Delaware corporation (the "<u>Company</u>"), and _________ (the "<u>Employee</u>").

**WHEREAS**, Employee is employed by CBL & Associates Management, Inc. (the "<u>CBL Management Company</u>", an affiliate of the Company;

 **WHEREAS**, pursuant to the Equity Incentive Plan (as hereinafter defined) and subject to the terms of this Agreement, the Company desires to grant to the Employee ________ shares of Common Stock, par value $.001 per share (the "<u>Common Stock</u>"), of the Company.

 **NOW, THEREFORE**, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

The Employee's date of receipt of the Stock Award set forth in this Agreement shall be and is _____________, 2026 (the "<u>Receipt Date</u>").

1. <u>Definitions; Conflicts</u>. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (the "<u>Equity Incentive Plan</u>") as may be hereafter amended. The terms and provisions of the Equity Incentive Plan are incorporated herein and in the event of any conflict or inconsistency between the terms and provisions of the Equity Incentive Plan and the terms and provisions of this Agreement, the terms and provisions of the Equity Incentive Plan shall govern and control. Specifically, but without limitation, the granting of the Stock Awards under this Agreement and any and all issuances of shares of Common Stock for Stock Awards pursuant to this Agreement shall be subject to (i) the terms and provisions of the Equity Incentive Plan including but not limited to any term in the Equity Incentive Plan providing a maximum limitation on the number of shares of Common Stock that may be subject to the Stock Awards granted to the Employee pursuant to this Agreement in any calendar year, and (ii) applicable rules of any stock exchange or quotation system on which the Company's Common Stock is listed or quoted and applicable U.S.

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federal and state securities laws and regulations including but not limited to rules and regulations of the Securities and Exchange Commission (SEC).

2. <u>Grant of Common Stock</u>. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Employee all right, title and interest in _______ shares of Common Stock (the "<u>Stock Award</u>").

3. <u>Vesting</u>. As used in this Agreement, the term "vest" or "vesting" shall mean the immediate, non-forfeitable, fixed right of present or future enjoyment of the Common Stock pursuant to the Stock Award. The balance of the Stock Award, subject to the terms, conditions and limitations contained herein (including but not limited to the provisions of <u>Paragraph 4</u> below), shall vest in accordance with the following installments: one-third (33.33%) of the balance on the first anniversary of the Agreement Date hereof, and an additional one-third (33.33%) of the balance on each of the next succeeding two (2) anniversaries of the Agreement Date hereof (being a total of three (3) years, the "<u>Vesting Period</u>"); provided that, with respect to each such installment, the Employee has remained in continuous employment with the CBL Management Company from the Agreement Date through the date such installment is designated to vest.

4. <u>Termination of Employment</u>. (a) <u>General</u>. Except as set forth in this <u>Paragraph 4</u> below, if the Employee's employment with the CBL Management Company terminates for any reason, any non-vested portion of the Stock Award shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Common Stock subject to the Stock Award.

(b) <u>Death or Disability</u>. If the Employee's employment with the CBL Management Company terminates for reasons of the Employee's death or disability (as defined herein), the portion of the Stock Award that is non-vested on the date of such termination shall immediately, on the date of such termination of employment, thereupon vest in the Employee or his/her estate. For purposes hereof, the term "disability" refers to the complete and permanent disability of the Employee as defined by the Company's health insurance plans or as otherwise defined by the Company from time to time. The Employee acknowledges and agrees that the determination of disability shall be within the sole, absolute and exclusive discretion of the Company.

(c) <u>"Change in Control"</u>. If the Employee's employment with the CBL Management Company is terminated by the Company (or any successor company) within 24 months following a "Change in Control", as defined in the Equity Incentive Plan, prior to the end of the Vesting Period, the Stock Award shall immediately, on the date of such termination, thereupon vest in the Employee.

(d) <u>Termination of Employment Without Cause</u>. If the Employee's employment with the CBL Management Company is terminated by the CBL Management Company or the

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Company without "cause" (as defined herein), the portion of the Stock Award that is non-vested on the date of such termination shall immediately, on the date of such termination of employment, thereupon vest in the Employee. For purposes hereof, the term "cause" shall be as defined in the employment agreement between the Employee and the Company and if there is no employment agreement in place between the Employee and the Company, then "cause" shall be as defined in <u>Exhibit "A"</u> attached hereto.

(e) <u>Termination of Employment upon a "Company-Approved Retirement"</u>. If the Employee's employment with the CBL Management Company is terminated upon the Employee's retirement pursuant to a retirement of the Employee that includes an approval by the Company's Compensation Committee of the vesting referenced in this <u>Paragraph 4(e)</u> (a "<u>Company-Approved Retirement</u>"), then a portion or all of the Stock Award, as determined by the Company's Compensation Committee, that is non-vested on the date of such termination shall vest in the Employee. If the Company's Compensation Committee does not approve any vesting of the Stock Award on the date of such termination as referenced in this <u>Paragraph 4(e)</u>, then any non-vested portion of the Stock Award shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Common Stock subject to the Stock Award.

Notwithstanding any provision herein to the contrary, if the Employee's employment is terminated by the Company for "cause", any non-vested portion of the Stock Award shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Common Stock subject to the Stock Award.

5. <u>Rights as a Shareholder</u>. The Employee shall have all of the rights as a shareholder with respect to any shares of Common Stock issued pursuant to the Stock Award subject only to the transfer restrictions set forth in <u>Paragraph 6</u> below and forfeiture provisions set forth above. The Employee's rights as a shareholder shall include the rights to receive all dividends on the Common Stock and to exercise any voting rights attributable to the Common Stock for so long as the Employee shall own the Common Stock but such rights shall cease as to any non-vested portion of the shares of Common Stock subject to the Stock Award that are forfeited pursuant to the terms of this Agreement.

6. <u>Non-Transferability of Stock Award</u>. Except for any transfers that may be required by law, including pursuant to any domestic relations order or otherwise, no non-vested portion of the Common Stock making up the Stock Award may be transferred by the Employee until the termination of the Vesting Period (or immediate vesting pursuant to the provisions of <u>Paragraph 4(b)</u>, <u>4(c)</u>, <u>4(d)</u> or <u>4(e)</u> above) and any non-permitted attempted transfer by the Employee of any such non-vested portion prior to the termination of the Vesting Period shall be null and void. Any transferee who may receive any of such non-vested portion of the Common Stock making up the Stock Award pursuant to a transfer required by law as set forth above shall be subject to all the terms and provisions of this Agreement and any termination of the employment of the Employee prior to the termination

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of the Vesting Period (except for terminations of employment pursuant to <u>Paragraph 4(b)</u>, <u>4(c)</u>, <u>4(d</u>) or <u>4(e)</u> above) shall cause the forfeiture of any non-vested shares of the Common Stock making up the Stock Award even if such shares are in the hands of a transferee.

7. <u>Restricted Stock Account; Uncertificated Shares</u>. The Employee understands and acknowledges that the shares of Common Stock issued to the Employee pursuant to the Stock Award will be held in an uncertificated form in a restricted stock account maintained by the Company's stock transfer agent for the Employee until such time as such shares of Common Stock are no longer subject to the restrictions set forth in this Agreement. The Employee understands and acknowledges that as the shares of Common Stock issued to the Employee pursuant to the Stock Award shall vest during the Vesting Period and upon such vesting, the Company shall cause such vested shares to be issued out of the above-stated restricted stock account and delivered to an unrestricted stock account maintained by the Company's stock transfer agent for the Employee (with reduction in the number of shares necessary to cover any applicable employment taxes unless the Employee shall elect to pay such amounts in cash pursuant to notices and procedures that the Company has instituted or shall institute) and such vested shares shall no longer be subject to the terms and provisions of this Agreement. The Employee understands and acknowledges that, except for terminations of employment pursuant to <u>Paragraph4(b)</u>, <u>4(c)</u>, <u>4(d)</u> or <u>4(e)</u> above, in the event the Employee's employment with the Company, its Subsidiaries or Affiliates including the CBL Management Company, is terminated at any time during the Vesting Period, any non-vested shares of Common Stock making up the Stock Award shall then be cancelled and/or returned to the Company and that the Company shall be entitled to take such action on behalf of the Employee in the form of executing such documents or instruments to authorize the cancellation of such shares and/or return of same to the Company

8. <u>No Enlargement of Employee Rights</u>. Nothing in this Agreement shall be construed to confer upon the Employee any right to continued employment or to restrict in any way the right of the Company or any Subsidiary or Affiliate including the CBL Management Company to terminate the Employee's employment at any time.

9. <u>Income Tax Withholding</u>. The Company, in its sole discretion, shall make such provisions and take such steps as it may deem necessary or appropriate for the withholding of all Federal, state, local and other taxes required by law to be withheld with respect to the shares of Common Stock issued pursuant to the Stock Award (as such shares vest or if certain tax elections are made by the Employee, i.e., a Section 83(b) election under applicable provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) and any dividends paid on any portion of non-vested shares of Common Stock, including, but not limited to, the following: (i) deducting the amount of any such withholding taxes therefrom or from any other amounts then or thereafter payable to the Employee by the Company or any of its Subsidiaries or Affiliates including the CBL Management Company; (ii) requiring the Employee, or the beneficiary or legal representative of the Employee, to pay to the Company the amount required to be withheld or to execute such documents as the

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Company deems necessary or desirable to enable the Company to satisfy its withholding obligations; and/or (iii) withholding from the shares of Common Stock otherwise payable and/or deliverable one or more of such shares having an aggregate Fair Market Value, determined as of the date the withholding tax obligation arises, less than or equal to the amount of the total withholding tax obligation.

10. <u>Restricted Stock</u>. The Stock Award granted hereunder is intended to be a grant of restricted property to the Employee that is subject to a "substantial risk of forfeiture" as defined in Section 83 of the Code.

11. <u>Binding Effect</u>. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

12. <u>Governing Law</u>. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without reference to the principles of conflicts of laws thereof.

13. <u>Headings</u>. Headings are for the convenience of the parties and are not deemed to be part of this Agreement.

14. <u>Power of Attorney</u>. The Employee, by execution of this Agreement, does hereby appoint the Company as the Employee's attorney-in-fact for the limited purposes of executing any documents or instruments necessary in conjunction with the shares of Common Stock issued to the Employee pursuant to the Stock Award while such shares are subject to the restrictions provided by this Agreement. The employee understands and acknowledges that the shares of Common Stock issued to the Employee pursuant to the Stock Award may be subject to adjustment or substitution, as determined by the Company or the Company's Compensation Committee, as to the number, price or kind of a share of stock or other consideration subject to such awards or as otherwise determined by the Company or the Company's Compensation Committee to be equitable in the event of changes in the outstanding stock or in the capital structure of the Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the date of grant of any such award.

15. <u>Section 83(b) Election</u>. By execution of this Agreement, the Employee is acknowledging that he/she understands that he/she may make a Section 83(b) Election with respect to the Stock Award pursuant to applicable provisions of the Code but that such election must be made on or before the date that is thirty (30) days from the Receipt Date set forth above.

16. <u>Reference to Company</u>. The Stock Award granted hereunder is being made to the Employee by virtue of the Employee's status as an employee of the CBL Management Company. As stated above, the CBL Management Company is an affiliate of

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the Company. The use of the term "Company" in this Agreement shall, unless the context specifically states otherwise, be deemed to include both CBL & Associates Properties, Inc. and the CBL Management Company.

17. <u>Prospectus</u>. A current prospectus describing the material terms of the Equity Incentive Plan is available for review in the Company's internal website in the CBL Officer Guide in One Note under "*Benefits – General Information – Equity Incentive Plan*".

18. <u>Counterpart Execution</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and together constitute one and the same instrument. To facilitate execution of this Agreement, the parties may exchange counterparts of the signature page by facsimile or electronic mail (e-mail), including, but not limited to, as an attachment in portable document format (PDF), which shall be effective as original signature pages for all purposes.

 **IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the Agreement Date first written above.

**CBL & ASSOCIATES PROPERTIES, INC.**

Stephen D. Lebovitz

Chief Executive Officer

**<u>EMPLOYEE</u>**:

[Print Name]

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**<u>Exhibit "A"</u>**

"Cause" Definition

For purposes of this Agreement, "<u>Cause</u>" shall mean (i) any act of fraud or willful malfeasance committed by Employee; (ii) Employee's engagement in conduct which, is injurious to the Company or any of its affiliates, monetarily or otherwise if (provided, that, such conduct is capable of being cured), after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the alleged conduct and providing direction and a reasonable opportunity for Employee to cure any such alleged conduct, Employee then fails to cure such alleged conduct within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iii) Employee's failure to perform Employee's material duties, if (provided, that, such failure to perform or material breach is capable of being cured), after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the duties Employee has failed to perform and providing direction and a reasonable opportunity for Employee to cure any such alleged failures, Employee then fails to cure alleged failures within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iv) Employee's conviction of, or pleading guilty or no contest to, a felony, or a conviction of, or a plea of guilty or no contest to, any criminal offence involving fraud, willful malfeasance, embezzlement, extortion, bribery, misappropriation or moral turpitude; (v) Employee's (A) material violation of the Company's policies and procedures including, but not limited to, (I) the Company's policies prohibiting conduct that constitutes sexual misconduct, harassment (including sexual harassment), discrimination or retaliation and (II) the Fourth Amended and Restated Code of Business Conduct and Ethics dated February 16, 2022, as may be further amended; and (B) engagement in any conduct or cover-up of such conduct that is in violation of any of the Company's policies and procedures (including but not limited to policies listed in (I) and (II) of this paragraph) that could cause or has caused damage to the reputation or business of the Company or any of its affiliates or their respective employees; provided, however, that, except for violations that would constitute "Cause" under subsection (iv) directly above, after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the material violations alleged to have been committed by Employee and providing direction and a reasonable opportunity for Employee to cure any such alleged violations (if curable, as determined by the Board or the Compensation Committee), Employee then fails to cure alleged violations within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee.

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## Exhibit 10.8

**Exhibit 10.8**

**<u>2023 PERFORMANCE BASED EQUITY AWARD PROGRAM –</u>** 

**<u>PARTICIPANT STOCK RESTRICTION AGREEMENT</u>**

***THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN*** 

***REGISTERED UNDER THE SECURITIES ACT OF 1933. NEITHER THE SECURITIES AND EXCHANGE COMMISSION*** 

***NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED*** 

***ON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS.***

This 2023 Performance Based Equity Award Program - Plan Participant Stock Restriction Agreement (the "<u>Agreement</u>") is made as of the 11 day of February, 2026 (the "<u>Agreement Date</u>"), by and between **CBL & ASSOCIATES PROPERTIES, INC.**, a Delaware corporation (the "<u>Company</u>"), and ____________ (the "<u>Employee</u>").

**WHEREAS**, Employee is employed by CBL & Associates Management, Inc. (the "<u>CBL Management Company</u>", an affiliate of the Company;

 **WHEREAS**, pursuant to the Equity Incentive Plan (as hereinafter defined) and the 2023 Performance Based Equity Award Program approved by the Company's Compensation Committee by resolution dated February 17, 2023 and subject to the terms of this Agreement, the Company desires to grant to the Employee __________ shares of Common Stock, par value $.001 per share (the "<u>Common Stock</u>"), of the Company.

 **NOW, THEREFORE**, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

The Employee's date of receipt of the Stock Award set forth in this Agreement shall be and is February 11, 2026 (the "<u>Receipt Date</u>").

1. <u>Definitions; Conflicts</u>. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (the "<u>Equity Incentive Plan</u>") as may be hereafter amended. The terms and provisions of the Equity Incentive Plan are incorporated herein and in the event of any conflict or inconsistency between the terms and provisions of the Equity Incentive Plan and the terms and provisions of this Agreement, the terms and provisions of the Equity Incentive Plan shall govern and control. Specifically, but without limitation, the granting of the Stock Awards under this Agreement and any and all issuances of shares of Common Stock for Stock Awards pursuant to this Agreement shall be subject to (i) the terms and provisions of the Equity Incentive Plan including but not limited to any term in the Equity Incentive Plan providing a maximum limitation on the number of shares of Common Stock that may be subject to the Stock Awards granted to the Employee pursuant to this Agreement in any calendar year, and (ii) applicable rules of any stock exchange or quotation system on which the Company's Common Stock is listed or quoted and applicable U.S. federal and state securities laws and regulations including but not limited to rules and regulations of the Securities and Exchange Commission (SEC).

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2. <u>Grant of Common Stock</u>. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Employee all right, title and interest in _________ shares of Common Stock (the "<u>Stock Award</u>").

3. <u>Vesting</u>. As used in this Agreement, the term "vest" or "vesting" shall mean the immediate, non-forfeitable, fixed right of present or future enjoyment of the Common Stock pursuant to the Stock Award. The Stock Award, subject to the terms, conditions and limitations contained herein (including but not limited to the provisions of <u>Paragraph 4</u> below), shall vest, in full, on the first anniversary of the Agreement Date hereof (being a total of one (1) year, the "<u>Vesting Period</u>"); provided that the Employee has remained in continuous employment with the CBL Management Company from the Agreement Date through the Vesting Period.

4. <u>Termination of Employment</u>. (a) <u>General</u>. Except as set forth in this <u>Paragraph 4</u> below, if the Employee's employment with the CBL Management Company terminates for any reason, any non-vested portion of the Stock Award shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Common Stock subject to the Stock Award.

(b) <u>Death or Disability</u>. If the Employee's employment with the CBL Management Company terminates for reasons of the Employee's death or disability (as defined herein), the portion of the Stock Award that is non-vested on the date of such termination shall immediately, on the date of such termination of employment, thereupon vest in the Employee or his/her estate. For purposes hereof, the term "disability" refers to the complete and permanent disability of the Employee as defined by the Company's health insurance plans or as otherwise defined by the Company from time to time. The Employee acknowledges and agrees that the determination of disability shall be within the sole, absolute and exclusive discretion of the Company.

(c) <u>"Change in Control"</u>. If the Employee's employment with the CBL Management Company is terminated by the Company (or any successor company) following a "Change in Control", as defined in the Equity Incentive Plan, prior to the end of the Vesting Period, the Stock Award shall immediately, on the date of such termination, thereupon vest in the Employee.

(d) <u>Termination of Employment Without Cause</u>. If the Employee's employment with the CBL Management Company is terminated by the CBL Management Company or the Company without "cause" (as defined herein), the portion of the Stock Award that is non-vested on the date of such termination shall immediately, on the date of such termination of employment, thereupon vest in the Employee. For purposes hereof, the term "cause" shall be as defined in the employment agreement between the Employee and the Company and if there is no employment agreement in place between the Employee and the Company, then "cause" shall be as defined in <u>Exhibit "A"</u> attached hereto.

(e) <u>Termination of Employment upon a "Company-Approved Retirement"</u>. If the Employee's employment with the CBL Management Company is terminated upon the Employee's retirement pursuant to a retirement of the Employee that includes an approval by the Company's Compensation Committee of the vesting referenced in this <u>Paragraph 4(e)</u> (a "<u>Company-Approved Retirement</u>"), then a portion or all of the Stock Award, as determined by the Company's Compensation Committee, that is non-vested on the date of such termination shall vest in the Employee. If the Company's Compensation

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Committee does not approve any vesting of the Stock Award on the date of such termination as referenced in this <u>Paragraph 4(e)</u>, then any non-vested portion of the Stock Award shall thereupon be forfeited and returned to the Company and the Employee shall have no further right, title and/or interest in the non-vested portion of the shares of Common Stock subject to the Stock Award.

4A. On and following the Vesting Date, the shares of Common Stock issued to the Employee hereunder will not be subject to forfeiture. Upon Vesting, the Employee will be required to retain ownership of shares representing the after-tax value of the shares for a period of two (2) years following the Vesting Date except upon the Employee's termination of employment with the Company. By his/her execution hereof, the Employee is acknowledging his/her agreement to the transfer restriction set forth in this <u>Paragraph 4A.</u>

5. <u>Rights as a Shareholder</u>. The Employee shall have all of the rights as a shareholder with respect to any shares of Common Stock issued pursuant to the Stock Award subject only to the transfer restrictions set forth in <u>Paragraph 6</u> below and forfeiture provisions set forth above. The Employee's rights as a shareholder shall include the rights to receive all dividends on the Common Stock and to exercise any voting rights attributable to the Common Stock for so long as the Employee shall own the Common Stock but such rights shall cease as to any non-vested portion of the shares of Common Stock subject to the Stock Award that are forfeited pursuant to the terms of this Agreement.

6. <u>Non-Transferability of Stock Award</u>. Except for any transfers that may be required by law, including pursuant to any domestic relations order or otherwise, no non-vested portion of the Common Stock making up the Stock Award may be transferred by the Employee until the termination of the Vesting Period (or immediate vesting pursuant to the provisions of <u>Paragraph 4(b)</u>, <u>4(c)</u>, <u>4(d)</u> or <u>4(e)</u> above) and any non-permitted attempted transfer by the Employee of any such non-vested portion prior to the termination of the Vesting Period shall be null and void. Any transferee who may receive any of such non-vested portion of the Common Stock making up the Stock Award pursuant to a transfer required by law as set forth above shall be subject to all the terms and provisions of this Agreement and any termination of the employment of the Employee prior to the termination of the Vesting Period (except for terminations of employment pursuant to <u>Paragraph 4(b), 4(c), 4(d) or 4(e)</u> above) shall cause the forfeiture of any non-vested shares of the Common Stock making up the Stock Award even if such shares are in the hands of a transferee.

7. <u>Restricted Stock Account; Uncertificated Shares</u>. The Employee understands and acknowledges that the shares of Common Stock issued to the Employee pursuant to the Stock Award will be held in an uncertificated form in a restricted stock account maintained by the Company's stock transfer agent for the Employee until such time as such shares of Common Stock are no longer subject to the restrictions set forth in this Agreement. The Employee understands and acknowledges that as the shares of Common Stock issued to the Employee pursuant to the Stock Award shall vest during the Vesting Period and upon such vesting, the Company shall cause such vested shares to be issued out of the above-stated restricted stock account and delivered to an unrestricted stock account maintained by the Company's stock transfer agent for the Employee (with reduction in the number of shares necessary to cover any applicable employment taxes unless the Employee shall elect to pay such amounts in cash pursuant to notices and procedures that the Company has instituted or shall institute) and such vested shares shall no longer be subject to the

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terms and provisions of this Agreement. The Employee understands and acknowledges that, except for terminations of employment pursuant to <u>Paragraph 4(b), 4(c), 4(d) or 4(e)</u> above, in the event the Employee's employment with the Company, its Subsidiaries or Affiliates including the CBL Management Company, is terminated at any time during the Vesting Period, any non-vested shares of Common Stock making up the Stock Award shall then be cancelled and/or returned to the Company and that the Company shall be entitled to take such action on behalf of the Employee in the form of executing such documents or instruments to authorize the cancellation of such shares and/or return of same to the Company

8. <u>No Enlargement of Employee Rights</u>. Nothing in this Agreement shall be construed to confer upon the Employee any right to continued employment or to restrict in any way the right of the Company or any Subsidiary or Affiliate including the CBL Management Company to terminate the Employee's employment at any time.

9. <u>Income Tax Withholding</u>. The Company, in its sole discretion, shall make such provisions and take such steps as it may deem necessary or appropriate for the withholding of all Federal, state, local and other taxes required by law to be withheld with respect to the shares of Common Stock issued pursuant to the Stock Award (as such shares vest or if certain tax elections are made by the Employee, i.e., a Section 83(b) election under applicable provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) and any dividends paid on any portion of non-vested shares of Common Stock, including, but not limited to, the following: (i) deducting the amount of any such withholding taxes therefrom or from any other amounts then or thereafter payable to the Employee by the Company or any of its Subsidiaries or Affiliates including the CBL Management Company; (ii) requiring the Employee, or the beneficiary or legal representative of the Employee, to pay to the Company the amount required to be withheld or to execute such documents as the Company deems necessary or desirable to enable the Company to satisfy its withholding obligations; and/or (iii) withholding from the shares of Common Stock otherwise payable and/or deliverable one or more of such shares having an aggregate Fair Market Value, determined as of the date the withholding tax obligation arises, less than or equal to the amount of the total withholding tax obligation.

10. <u>Restricted Stock</u>. The Stock Award granted hereunder is intended to be a grant of restricted property to the Employee that is subject to a "substantial risk of forfeiture" as defined in Section 83 of the Code.

11. <u>Binding Effect</u>. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

12. <u>Governing Law</u>. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without reference to the principles of conflicts of laws thereof.

13. <u>Headings</u>. Headings are for the convenience of the parties and are not deemed to be part of this Agreement.

14. <u>Power of Attorney</u>. The Employee, by execution of this Agreement, does hereby appoint the Company as the Employee's attorney-in-fact for the limited purposes of executing any documents or instruments necessary in conjunction with the shares of Common Stock issued to the

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Employee pursuant to the Stock Award while such shares are subject to the restrictions provided by this Agreement. The employee understands and acknowledges that the shares of Common Stock issued to the Employee pursuant to the Stock Award may be subject to adjustment or substitution, as determined by the Company or the Company's Compensation Committee, as to the number, price or kind of a share of stock or other consideration subject to such awards or as otherwise determined by the Company or the Company's Compensation Committee to be equitable in the event of changes in the outstanding stock or in the capital structure of the Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the date of grant of any such award.

15. <u>Section 83(b) Election</u>. By execution of this Agreement, the Employee is acknowledging that he/she understands that he/she may make a Section 83(b) Election with respect to the Stock Award pursuant to applicable provisions of the Code but that such election must be made on or before the date that is thirty (30) days from the Receipt Date set forth above.

16. <u>Reference to Company</u>. The Stock Award granted hereunder is being made to the Employee by virtue of the Employee's status as an employee of the CBL Management Company. As stated above, the CBL Management Company is an affiliate of the Company. The use of the term "Company" in this Agreement shall, unless the context specifically states otherwise, be deemed to include both CBL & Associates Properties, Inc. and the CBL Management Company.

17. <u>Prospectus</u>. A current prospectus describing the material terms of the Equity Incentive Plan is available for review in the Company's internal website in the CBL Officer Guide in One Note under "*Benefits – General Information – Equity Incentive Plan*".

18. <u>Counterpart Execution</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and together constitute one and the same instrument. To facilitate execution of this Agreement, the parties may exchange counterparts of the signature page by facsimile or electronic mail (e-mail), including, but not limited to, as an attachment in portable document format (PDF), which shall be effective as original signature pages for all purposes.

 **IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the Agreement Date first written above.

**<u>CBL & ASSOCIATES PROPERTIES, INC.</u>**

By: ____________________

Name: ____________________

Title: ____________________

**<u>EMPLOYEE</u>**:

[Plan Participant]

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**<u>Exhibit "A"</u>**

"Cause" Definition

For purposes of this Agreement, "<u>Cause</u>" shall mean (i) any act of fraud or willful malfeasance committed by Employee; (ii) Employee's engagement in conduct which, is injurious to the Company or any of its affiliates, monetarily or otherwise if (provided, that, such conduct is capable of being cured), after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the alleged conduct and providing direction and a reasonable opportunity for Employee to cure any such alleged conduct, Employee then fails to cure such alleged conduct within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iii) Employee's failure to perform Employee's material duties, if (provided, that, such failure to perform or material breach is capable of being cured), after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the duties Employee has failed to perform and providing direction and a reasonable opportunity for Employee to cure any such alleged failures, Employee then fails to cure alleged failures within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee; (iv) Employee's conviction of, or pleading guilty or no contest to, a felony, or a conviction of, or a plea of guilty or no contest to, any criminal offence involving fraud, willful malfeasance, embezzlement, extortion, bribery, misappropriation or moral turpitude; (v) Employee's (A) material violation of the Company's policies and procedures including, but not limited to, (I) the Company's policies prohibiting conduct that constitutes sexual misconduct, harassment (including sexual harassment), discrimination or retaliation and (II) the Fourth Amended and Restated Code of Business Conduct and Ethics dated February 16, 2022, as may be further amended; and (B) engagement in any conduct or cover-up of such conduct that is in violation of any of the Company's policies and procedures (including but not limited to policies listed in (I) and (II) of this paragraph) that could cause or has caused damage to the reputation or business of the Company or any of its affiliates or their respective employees; provided, however, that, except for violations that would constitute "Cause" under subsection (iv) directly above, after written notice by the Board or the Compensation Committee to Employee stating, with specificity, the material violations alleged to have been committed by Employee and providing direction and a reasonable opportunity for Employee to cure any such alleged violations (if curable, as determined by the Board or the Compensation Committee), Employee then fails to cure alleged violations within thirty (30) days following Employee's receipt of such written notice to the reasonable satisfaction of the Board or the Compensation Committee.

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