Document:

Exhibit 10.3
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EXECUTION VERSION
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FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of July 29, 2022, is made by and between JBG SMITH PROPERTIES LP, a limited partnership formed under the laws of the State of Delaware (“Borrower”), the Banks party hereto (the “Banks”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (“Administrative Agent”).
WHEREAS, Borrower, Administrative Agent and the financial institutions initially a signatory to the Existing Credit Agreement (as defined below) together with their successors and assigns under Section 12.05 of the Existing Credit Agreement have entered into that certain Credit Agreement dated as of January 14, 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”; capitalized terms used herein and not defined herein have the meanings provided in the Existing Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”));
WHEREAS, Borrower has requested that Administrative Agent and Banks amend certain terms and conditions of the Existing Credit Agreement as described herein; and
WHEREAS, Administrative Agent and the Banks party to this Amendment have agreed to so amend certain terms and conditions of the Existing Credit Agreement to make certain agreed upon modifications on the terms and conditions set forth below in this Amendment.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:  
1.Amendments to Existing Credit Agreement.  Effective as set forth in Section 2 below, the Existing Credit Agreement is hereby amended as follows (as so amended, the Existing Credit Agreement shall continue in full force and effect):
(a)The definition of “Benchmark” in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:
“Benchmark” means, initially, (a) with respect to any Term SOFR Loan, the Term SOFR Reference Rate and (b) with respect to any Daily SOFR Loan, the Daily Effective SOFR Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, the Daily Effective SOFR Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.10(c)(i).
(b)The definition of “Sanctioned Country” in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the Crimea 

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Region of Ukraine, the so-called Donetsk People’s Republic or Luhansk People’s Republic regions of Ukraine, Cuba, Iran, North Korea and Syria).
(c)The definition of “Term SOFR Adjustment” in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:
“Term SOFR Adjustment” means, for any calculation with respect to a Base Rate Loan or a SOFR Loan, a 0.10% per annum for each type of such Loan.
(d)The paragraph under the sub-heading “If to Administrative Agent under Article II” in Section 12.07(a) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:
If to Administrative Agent under Article II:
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Wells Fargo Bank, National Association
CRE Agency Services
600 South 4th Street, 8th Floor
Minneapolis, MN 55415
Attention:  Anthony Gangelhoff
Telecopier: 877-410-5023
Telephone: 612-316-0109
Email: Anthony.Gangelhoff@wellsfargo.com
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and
Wells Fargo Bank, National Association
550 S. Tryon Street, 14th Floor
Charlotte, NC 28202
Attention: Mike Pfaff
Telephone: (704) 374-3204
Email: Michael.d.pfaff@wellsfargo.com
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2.Conditions to Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction or waiver of the following conditions precedent (the date of such satisfaction or waiver, the “First Amendment Effective Date”):
(a)Administrative Agent shall have received:
(i)counterparts of this Amendment duly executed and delivered by Borrower, Administrative Agent and all of the Banks; and
(ii)a certificate dated as of the First Amendment Effective Date signed by a Responsible Officer of Borrower stating, to the best of the certifying party’s knowledge, the following:
(A)All representations and warranties of Borrower and the other Loan Parties contained in this Amendment, in the Amended Credit 

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Agreement and in each of the other Loan Documents are true and correct in all material respects on and as of the First Amendment Effective Date as though made on and as of such date (except in those cases where such representation or warranty expressly relates to an earlier date or is qualified as to “materiality”, “Material Adverse Change” or similar language (which shall be true and correct in all respects) and except for changes in factual circumstances not prohibited thereunder), and
(B)No Default or Event of Default has occurred and is continuing.
(b)All fees owed to the Banks incurred in connection with this Amendment and required to be paid as of the First Amendment Effective Date and all expenses (including, without limitation, the reasonable and documented out-of-pocket fees and expenses of legal counsel of Administrative Agent) for which invoices have been presented to Borrower on or prior to the First Amendment Effective Date shall have been paid.
Administrative Agent shall notify in writing Borrower and the Banks of the effectiveness of this Amendment, and such notice shall be conclusive and binding.  
3.Representations and Warranties.  Borrower hereby certifies that: (a) no Default or Event of Default exists as of the date hereof or would exist immediately after giving effect to this Amendment; (b) each of the representations and warranties of Borrower and the other Loan Parties contained in the Amended Credit Agreement and in each of the other Loan Documents are true and correct in all material respects as of the date hereof (except in those cases where such representation or warranty expressly relates to an earlier date or is qualified as to “materiality”, “Material Adverse Change” or similar language (which shall be true and correct in all respects) and except for changes in factual circumstances not prohibited thereunder); (c) no consent, approval, order or authorization of, or registration or filing with, any third party (other than any required filing with the SEC, which, to the extent required, Borrower agrees to file in a timely manner) is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained; and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein and as may be limited by equitable principles generally.  Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.  Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Banks’ or Administrative Agent’s rights and remedies (all of which are hereby reserved). 
4.Ratification.  Without in any way establishing a course of dealing by Administrative Agent or any Bank, Borrower hereby reaffirms and confirms its obligations under the Amended Credit Agreement and the other Loan Documents to which it is a party and each and every such Loan Document executed by the undersigned in connection with the Existing Credit 

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Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  This Amendment is not intended to and shall not constitute a novation.  All references to the Existing Credit Agreement contained in the above-referenced documents shall be a reference to the Amended Credit Agreement and as the same may from time to time hereafter be amended, restated, supplemented or otherwise modified.
5.GOVERNING LAW.  This Amendment shall be governed by, and interpreted and construed in accordance with, the laws of the State of New York.
6.Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any party hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require Administrative Agent to accept electronic signatures in any form or format without its prior written consent.
7.Headings.  The headings of this Amendment and captions hereunder are for convenience only and shall not affect the interpretation or construction of this Amendment.
8.Miscellaneous.  This Amendment shall constitute a Loan Document under the Amended Credit Agreement.  This Amendment sets forth the entire agreement among the parties hereto relating to the transactions contemplated hereby (except with respect to agreements relating solely to compensation, consideration and the coordinated syndication of the Loan).  No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof.  The provisions of this Amendment are intended to be severable.  If for any reason any provision of this Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.  Borrower hereby represents and warrants that it has consulted with independent legal counsel of its selection in connection herewith and is not relying on any representations or warranties of Administrative Agent or its counsel in entering into this Amendment.  
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their authorized officers all as of the day and year first above written.
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BORROWER:
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JBG SMITH PROPERTIES LP
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By:JBG SMITH Properties, 
a Maryland real estate investment trust, 
   its General Partner
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By:  ____/s/_M. Moina Banerjee_______
Name:  M. Moina Banerjee
Title:  Chief Financial Officer
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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent and a Bank
By:  /s/ Michael PfaffName:  Michael Pfaff‌Title:  Director

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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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BANK OF AMERICA, N.A.,
as a Bank
By:  /s/ Alba L. PerezName:  Alba L. Perez‌Title:      Vice President

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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CAPITAL ONE, NATIONAL ASSOCIATION,
as a Bank
By:  /s/  Jessica W. PhillipsName: Jessica W. Phillips ‌Title:  Authorized Signatory

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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PNC BANK, NATIONAL ASSOCIATION,
as a Bank
By:  /s/ Katie ChowdhryName:  Katie Chowdhry‌Title:  Senior Vice President

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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CITIZENS BANK, N.A.,
as a Bank
By:  /s/ Donald WoodsName:  Donald Woods‌Title:  SVP

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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TD BANK, N.A.,
as a Bank
By:  /s/ James M. CupelliName:  James M. Cupelli‌Title:  Vice President

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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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U.S. BANK NATIONAL ASSOCIATION,
as a Bank
By:  /s/ Timothy J. TillmanName:  Timothy J. Tillman‌Title:  Senior Vice President

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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REGIONS BANK,
as a Bank
By:  /s/ Walter E. RivadeneiraName:  Walter E. Rivadeneira‌Title:  Senior Vice President

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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TRUIST BANK,
as a Bank
By:  /s/ Jonathan WhiteName:  Jonathan White‌Title:  Senior Vice President

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
as a Bank
By:  /s/ Adam JennerName:  Adam Jenner‌Title:  Director

By:  /s/ Steven JonassenName:  Steven Jonassen‌Title:  Managing Director

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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UNITED BANK,
as a Bank
By:  /s/ Eric MoralesName:  Eric Morales‌Title:  Market President

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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FIFTH THIRD BANK, NATIONAL ASSOCIATION,
as a Bank
By:  /s/ Casey CicconeName:  Casey Ciccone‌Title: Senior Vice President

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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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GOLDMAN SACHS BANK USA,
as a Bank
By:  /s/ Rebecca KratzName:  Rebecca Kratz‌Title:  Authorized Signatory

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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ASSOCIATED BANK, NATIONAL ASSOCIATION,
as a Bank
By:  /s/ Mitchell VegaName:  Mitchell Vega‌Title: Senior Vice President

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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH,
as a Bank
By:  /s/ David McGannonName:  David McGannon‌Title:  Director

By:  ​ ​/s/ Alexander Joerg​ ​
Name:  Alexander Joerg
Title:  Managing Director
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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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ING CAPITAL LLC,
as a Bank
By:  /s/ Sofya ShusterName:  Sofya Shuster‌Title: Director

By:  /s/ Elizabeth M. WhitworthName:  Elizabeth M. Whitworth‌Title:  Director

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Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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THE BANK OF NOVA SCOTIA,
as a Bank
By:  /s/ Sacha BoxillName:  Sacha Boxill‌Title:  Director, Corporate Banking 

		-	U.S. Real Estate, Gaming and Leisure

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
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THE BANK OF NEW YORK MELLON,
as a Bank
By:  /s/ Carol MurrayName:  Carol Murray‌Title: Director

Signature Page to First Amendment to Credit Agreement
JBG Smith Properties
 ​Microsoft Word - Paul Separation Agreement (DRAFT) v.FINAL

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Exhibit 10.4
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RETIREMENT AGREEMENT AND RELEASE
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Retirement Agreement and Release (the “Agreement”) by and between JBG SMITH Properties, a Maryland real estate investment trust (together with its affiliates, the “Company”), with its principal offices in Bethesda, Maryland and David P. Paul (the “Executive”).
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Recitals
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The Executive is employed by the Company in the position of President and Chief Operating Officer, pursuant to that certain Second Amended and Restated Employment Agreement, dated February 18, 2021, by and between the Company and Executive (the “Second Amended Employment Agreement”); and
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The Company and Executive have agreed upon a mutual separation of Executive’s employment and desire to set forth their agreement concerning the terms and conditions of the Executive's separation, including the precise nature and amount of compensation to be provided to Executive and any other rights and obligations of the Company and Executive following Executive’s separation.
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NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth below, the parties hereby agree as follows:
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Agreement
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1.Retirement and Separation of Executive.
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(a)Executive shall retire (by mutual agreement) and separate from employment with the Company as of February 3, 2023 (the “Retirement Date”) and shall take all necessary and appropriate actions to resign his position as President and Chief Operating Officer of the Company effective as of the Retirement Date; provided, however, that, from and after December 31, 2022, (i) Executive’s title shall be Senior Advisor, and
(ii) Executive shall no longer serve as a member of the Company’s Executive Committee. Executive's termination of employment shall be considered a Retirement by Executive for purposes of the applicable Equity Award Agreements between the Company and Executive. For the avoidance of doubt, the Company hereby waives the notice requirement contained in the Second Amended Employment Agreement.
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(b)For a six-month period following the Retirement Date (the “Transition Period”), Executive shall provide strategic advice to the Company regarding transition of his responsibilities and duties (the “Services”). In consideration of the provision of such Services, (a) the Company will pay Executive a monthly fee of $10,000, and (b) the portion of the time-based equity awards granted to Executive on November 12, 2018 not vested on the Retirement Date (the “In-Flight Awards”) will continue to vest during the Transition Period and, upon successful completion of the Transition Period or earlier termination thereof by the Company for any reason, any remaining unvested In- Flight Awards will continue to vest in in accordance with the applicable Equity Award Agreement (as defined herein).
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2.Accrued Benefits. Executive shall be entitled to the payments and benefits provided in Section 8(a) of the Employment Agreement, whether or not he chooses to execute this Agreement.
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Exhibit 10.4
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3.Separation Benefits. In consideration of Executive's agreements hereunder, the Company agrees to pay or provide to Executive (subject to the terms and conditions set forth in this Agreement), the benefits described in this Section 3.
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(a)Annual Bonus.  Executive shall be paid his Annual Bonus (as defined in the Second Amended Employment Agreement) earned in calendar year 2022 based on actual performance and subject to adjustment in accordance with the Company’s 2022 Executive Short-Term Incentive Compensation Plan. Executive’s Annual Bonus shall be paid at the time bonuses are paid to employees of the Company in calendar year 2023, but in no event later than February 28, 2023.
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(b)Vesting of JBG SMITH Properties LP (the “OP”) Equity on and after Retirement Date. All outstanding equity awards (including long-term incentive plan units issued pursuant to any Performance LTIP Unit Agreements, Restricted LTIP Unit Agreements and Formation Unit Agreements (collectively, the “Equity Award Agreements”) by and between Executive, Company and the OP (collectively, “LTIP Units”)) held by Executive, in each case, that are unvested as of the Retirement Date shall remain outstanding following the Retirement Date without requiring Executive's continued employment by the Company; provided, however, that (i) upon his death or Disability (as defined in the Second Amended Employment Agreement), then any equity awards that are unvested as of such date shall become immediately fully vested and non-forfeitable, (ii) in the case of performance-based LTIP Units, such LTIP Units shall remain outstanding and eligible to become earned pursuant to Section 4(b) of the applicable Equity Award Agreements, and the completed performance measurements associated with any such LTIP Units shall be provided to Executive upon completion, and (iii) in the case of time-based LTIP Units other than the In-Flight Awards, such LTIP Units shall fully vest as of the Retirement Date pursuant to Section 4(b) of the applicable Equity Award Agreements. The provisions of this Section 3(b) shall constitute an amendment of (w) each Formation Unit Agreement pursuant to which initial formation units (“Formation Units”) awarded to Executive are unvested as of the Retirement Date, (x) each Restricted Unit Agreement pursuant to which LTIP Units awarded to Executive are unvested as of the Retirement Date, (y) each Performance LTIP Unit Agreement pursuant to which performance-based LTIP Units awarded to Executive are unvested as of the Retirement Date, and (z) each Appreciation-Only LTIP Unit Agreement pursuant to which performance-based LTIP Units awarded to Executive are unvested as of the Retirement Date. Notwithstanding the foregoing, Executive and Company acknowledge and agree that the foregoing provisions of this Section 3(b) shall not operate to reverse the forfeiture by Executive prior to the Termination Date of those certain performance-based LTIP Units granted to Executive on November 12, 2018 and January 10, 2019 (the “Forfeited Awards”) and that, solely with respect to such forfeited performance-based LTIP Units, the Executive’s termination shall not be deemed a Qualified Termination pursuant to Section 4(d) of the Performance LTIP Unit Agreements governing such Forfeited Awards.
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(c)Vested Formation Units and LTIPs. Any Formation Units issued to Executive shall remain convertible into LTIP Units until the tenth (10th) anniversary of the grant date, and, for the avoidance of doubt, any vested and, if applicable, earned LTIP Units held by Executive shall remain exchangeable for common partnership units in accordance with the provisions of the Second Amended and Restated Partnership Agreement of the OP, as amended.
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(d)Medical Benefits. The Company shall provide Executive medical insurance coverage substantially identical to that provided to other senior executives of
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Exhibit 10.4
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the Company (which may be provided pursuant to the Consolidated Omnibus Budget Reconciliation Act) for 18 months following the Retirement Date; provided however, that if this agreement to provide medical benefits continuation raises any compliance issues or impositions of penalties under the Patient Protection and Affordable Care Act or other applicable law, then the parties agree to modify this Agreement so that it complies with the terms of such laws without impairing the economic benefit to Executive.
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4.No Other Payments or Benefits. Executive acknowledges that, other than the payments and benefits expressly set forth in this Agreement, he is not entitled to any other payments or benefits from the Company on account of his termination of employment.
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5.Second Amended Employment Agreement. The Second Amended Employment Agreement shall terminate as of the Retirement Date, provided, however, that
(i) the provisions in Sections 11 (Confidential Information, Ownership of Documents; Non- Competition; Non-Solicitation) and 12 (Indemnification) of the Employment Agreement shall continue in full force and effect following the Retirement Date in accordance with their terms, and (ii), for the avoidance of doubt, the calculation of the time periods set forth in Section 11(c) of the Employment Agreement shall begin on the Retirement Date. For the avoidance of doubt, the Company acknowledges and agrees that each of (a) Executive’s service on the board of trustees/directors of any public company and (b) Executive’s minority, passive investment through third-party managers in real estate in the Washington DC metro area shall not be deemed to violate either this Agreement or Section 11 of the Second Amended Employment Agreement.
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6.Return of Company Property. Executive represents and warrants that he will return all property of the Company in whatever form retained, including any copies thereof, in the possession of or under the control of Executive, all of which shall be delivered to the Company’s Chief Legal Officer on the Retirement Date.
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7.General Release.
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(a)Executive knowingly and voluntarily waives, terminates, cancels, releases and discharges forever the Company and its present and past subsidiaries and affiliates, its and their respective successors and assigns, and the present and past shareholders, officers, directors, members, employees, agents and representatives of each of the foregoing (collectively, the “Released Parties”), from any and all suits, actions, causes of action, claims, allegations, rights, obligations, liabilities, demands, entitlements or charges (collectively, “Claims”) that Executive (or Executive’s heirs, executors, administrators, successors and assigns) has or may have, whether known, unknown or unforeseen, vested or contingent, by reason of any matter, cause or thing occurring at any time before and including the date of this Agreement arising under or in connection with Executive’s employment or termination of employment with the Company, including, without limitation: Claims under United States federal, state or local law and the national or local law of any foreign country (statutory or decisional), for wrongful, abusive, constructive or unlawful discharge or dismissal, for breach of any contract, or for discrimination based upon race, color, ethnicity, sex, age, national origin, religion, disability, sexual orientation, or any other unlawful criterion or circumstance, including rights or Claims under the Age Discrimination in Employment Act of 1967 (“ADEA”), violations of the Equal Pay Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1991, the Employee Retirement Income Security Act, the Worker Adjustment Retraining and Notification Act, the Family Medical Leave Act, including all amendments to any of the aforementioned acts; and violations of
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Exhibit 10.4
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any other federal, state, or municipal fair employment statutes or laws, including, without limitation, violations of any other law, rule, regulation, or ordinance pertaining to employment, wages, compensation, hours worked, or any other Claims for compensation or bonuses, whether or not paid under any compensation plan or arrangement; breach of contract; tort and other common law Claims; defamation; libel; slander; impairment of economic opportunity defamation; sexual harassment; retaliation; attorneys’ fees; emotional distress; intentional infliction of emotional distress; assault; battery, pain and suffering; and punitive or exemplary damages. In addition, in consideration of the provisions of this Agreement, Executive further agrees to waive any and all rights under the laws of any jurisdiction in the United States, or any other country, that limit a general release to those Claims that are known or suspected to exist in Executive’s favor as of the Effective Date.
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(b)Surviving Claims. Notwithstanding anything herein to the contrary, this Agreement shall not:
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		(i)	release any Claims for payment of amounts payable under the Agreement;	

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		(ii)	release any Claims for employee benefits under plans covered by ERISA to the extent any such Claim may not lawfully be waived or for any payments or benefits under any plans of the Company that have vested in accordance with the terms of such plans;	

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(iii)release any Claim that may not lawfully be waived;
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		(iv)	release any Claim for indemnification and D&O insurance in accordance with the Employment Agreement and with applicable laws and the corporate governance documents of the Company; or	

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		(v)	prohibit Executive from reporting possible violations of federal law or regulation or making other disclosures that are protected under (or claiming any award under) the whistleblower provisions of federal law or regulation.	

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(c)Additional Representations. Executive further represents and warrants that Executive has not filed any civil action, suit, arbitration, administrative charge, or legal proceeding against any Released Party, nor has Executive assigned, pledged, or hypothecated as of the Effective Date any Claim to any person and no other person has an interest in the Claims that he is releasing.
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(d)Acknowledgements by Executive. Executive further acknowledges and agrees that this Section 7 does not release, waive or discharge any rights or Claims that may arise for actions or omissions after the Effective Date; and Executive acknowledges that he is not releasing, waiving or discharging any ADEA Claims that may arise after the Effective Date; and Executive is entering into this Agreement and releasing, waiving and discharging rights or Claims only in exchange for consideration which he is not already entitled to receive.
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8.Cooperation With Investigations and Litigation. Executive agrees, upon the Company’s request and subject to Executive’s availability in light of his personal and professional  commitments,  to  reasonably  cooperate  with  the  Company  in  any
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Exhibit 10.4
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investigation, litigation, arbitration or regulatory proceeding regarding events that occurred during Executive’s tenure with the Company, including making himself reasonably available to consult with Company counsel, to provide information and to give testimony. Company will reimburse Executive for reasonable documented out-of-pocket expenses Executive incurs in extending such cooperation, so long as Executive provides advance written notice of Executive’s request for reimbursement. Nothing in this section is intended to, and shall not, restrict or limit the Executive from exercising any rights protected by law or restrict or limit the Executive from providing truthful information in response to a subpoena, other legal process or valid governmental inquiry.
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9.Non-Disparagement. Executive agrees not to criticize or disparage any of the Released Parties orally or in writing to any person or entity, and Company similarly agrees that no member of Company’s Executive Committee shall criticize or disparage Executive orally or in writing to any person or entity.
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10.Governing Law. To the extent not subject to federal law, this Agreement will be governed by and construed in accordance with the law of the State of Maryland applicable to contracts made and to be performed entirely within that state.
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11.Severability. If any provision of this Agreement should be declared to be unenforceable by any administrative agency or court of law, then remainder of the Agreement shall remain in full force and effect.
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12.Captions; Section Headings. Captions and section headings used herein are for convenience only and are not a part of this Agreement and shall not be used in construing it.
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13.Review; Revocation. Executive is hereby advised to consult with an attorney before executing this Agreement. Executive acknowledges that he has at least 21 days within which to consider the Agreement, but Executive can execute the Agreement at any time prior to the expiration of such review period; and Executive is aware that this Agreement shall become null and void if he revokes his acceptance of this Agreement within seven (7) days following the date of execution of this Agreement. Executive may revoke this Agreement at any time during such seven-day period by delivering (or causing to be delivered) to the Company written notice of his revocation of this Agreement no later than 5:00 p.m. Eastern time on the seventh (7th) full day following the date of execution of this Agreement. This Agreement will not become effective until the date on which that seven (7) day revocation period expires (the “Effective Date”). Executive agrees and acknowledges that a letter of revocation that is not received by such date and time will be invalid and will not revoke this Agreement.
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Exhibit 10.4
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the respective dates set forth below.
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COMPANY:EXECUTIVE:
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JBG SMITH PROPERTIES, a Maryland real estate investment trust
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By:/s/ Steven A. Museles/s/ David P. Paul
Name: Steven A. MuselesDavid P. Paul
Title: Chief Legal Officer and Secretary
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Date: July 29, 2022Date: July 29, 2022

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