Document:

exv4w1

 

Exhibit 4.1

GENERAL GROWTH PROPERTIES, INC.

AMENDED AND RESTATED

EMPLOYEE STOCK PURCHASE PLAN

(As of May 15, 2007)

1. Purpose. The purpose of the General Growth Properties, Inc. Employee Stock Purchase Plan as set
forth in this document, as the same may be amended from time to time (the “Plan”), is to assist
employees of General Growth Properties, Inc., a Delaware corporation (the “Company”), GGP Limited
Partnership, a Delaware limited partnership (“GGPLP”), and General Growth Management, Inc., a
Delaware corporation (“GGMI”), and their respective subsidiaries (the Company, GGPLP, GGMI and
their respective subsidiaries, each, a “Sponsoring Employer” and collectively, the “Sponsoring
Employers”), in acquiring a stock ownership interest in the Company, to align employee and
stockholder interests and provide additional motivation to enhance stockholder value by providing
employees a continuing opportunity to purchase shares of common stock of the Company, $.01 par
value (“Shares”), through periodic offerings under the Plan. The Plan is not intended to qualify
as an “employee stock purchase plan” under section 423 of the Code.

2. Definitions.

For purposes of the Plan:

     (a) “Account” means the non-interest bearing account that a Sponsoring Employer shall
establish for its Eligible Employees who are Participants to which Participants’ payroll deductions
pursuant to the Plan shall be credited.

     (b) “Agent” means the person or persons appointed in accordance with Paragraph 3(d).

     (c) “Authorization” means the authorization described in Paragraph 5(a) pursuant to which the
Participant authorizes payroll deductions to the Account.

     (d) “Code” means the Internal Revenue Code of 1986, as amended.

     (e) “Committee” means the committee described in Paragraph 3(a).

     (f) “Compensation” means the total amount of compensation for services paid to a Participant
for an Offering Period by a Sponsoring Employer that would be reportable on Internal Revenue
Service Form W-2, plus amounts which are not includible in income for federal income tax purposes
that a Participant elects to contribute pursuant to a plan or an arrangement described in section
125(d) or section 401(k) of the Code.

     (g) “Date of Grant” means the first business day of an Offering Period.

     (h) “Eligible Employee” means any Employee of a Sponsoring Employer who meets the eligibility
requirements of Paragraph 4.

     (i) “Employee” means each person in an employee-employer relationship with a Sponsoring
Employer who is designated as an employee on the payroll of the Sponsoring Employer which employs
the individual. Notwithstanding anything herein to the contrary, an individual is not an Employee
during any period during which the individual is classified by a Sponsoring Employer as an
independent contractor or as any other status in which the person is not treated as a common law
employee of a

 

 

Sponsoring Employer for purposes of withholding of taxes, regardless of the correct legal
status of the individual. The previous sentence applies to all periods of such service of an
individual who is subsequently reclassified as an employee, whether the reclassification is
retroactive or prospective.

     (j) “Fair Market Value” means, on any given date, the closing price of the Shares on the
principal national securities exchange on which the Shares are listed on such date, or, if the
Shares are not listed on any national securities exchange, the mean between the bid and asked
prices of the Shares as reported on the Nasdaq, or if the Shares are not so reported, the fair
market value of the Shares as determined by the Committee in good faith. If there are no sales
reports or bid or ask quotations, as the case may be, for a given date, the closest preceding date
on which there were sales reports shall be used.

     (k) “Investment Account” means the account established for a Participant pursuant to Paragraph
9(a) to hold Shares acquired for a Participant pursuant to the Plan.

     (l) “Offering Period” means the six-month periods commencing January 1 and July 1 or such
other dates as may be established by the Committee from time to time.

     (m) “Open Enrollment Period” means the period of time prior to each Date of Grant during which
Eligible Employees may elect to participate in the Plan as may be established by the Committee from
time to time.

     (n) “Participant” means an Eligible Employee who makes an election to participate in the Plan
in accordance with Paragraph 5.

     (o) “Purchase Date” means the last business day of an Offering Period.

     (p) “Purchase Price” means, with respect to any Offering Period, the lesser of:

	 	(i)	 	eighty-five percent (85%) percent of the Fair Market Value of a
Share on the Date of Grant of such Offering Period; or
	 
	 	(ii)	 	eighty-five percent (85%) percent of the Fair Market Value of a
Share on the Purchase Date of such Offering Period.

     (q) “Withdrawal Election” means the notice described in Paragraph 8 which a Participant must
deliver to a Sponsoring Employer upon withdrawal from the Plan.

3. Administration.

     (a) The Compensation Committee of the Board of Directors of the Company or such other
committee as shall be designated by the Board of Directors of the Company (the “Committee”) shall
administer the Plan. The Committee shall consist of two or more members of the Board of Directors
appointed by the Board of Directors to administer the Plan. All Committee members shall serve, and
may be removed, in accordance with the general rules applicable to the Committee.

     (b) For purposes of administration of the Plan, a majority of the members of the Committee
(but not less than two) shall constitute a quorum, and any action taken by a majority of such
members of the Committee present at any meeting at which a quorum is present, or any action
approved in writing by all members of the Committee, shall be the action of the Committee.

 

 

     (c) Subject to the express provisions of the Plan, the Committee shall have full discretionary
authority to interpret the Plan, to issue rules for administering the Plan, to change, alter, amend
or rescind such rules, and to make all other determinations necessary or appropriate for the
administration of the Plan. The Committee shall have the discretion to impose a holding period
during which the sale of Shares acquired under the Plan is restricted for a period of time after
purchase, provided that reasonable advance notice is given to Participants. All determinations,
interpretations and constructions made by the Committee with respect to the Plan shall be final and
conclusive. No member of the Board of Directors or the Committee shall be liable for any action,
determination or omission taken or made in good faith with respect to the Plan or any right granted
hereunder.

     (d) The Committee or its delegate under Section 3(e) may engage an Agent to perform
administrative, custodial and record keeping functions for the Plan, including, but not limited to,
enrolling Participants in the Plan, purchasing or issuing Shares, holding record title to the
Participants’ Shares, maintaining an Investment Account for each Participant and providing periodic
account status reports to such Participants.

     (e) The Committee shall have full discretionary authority to delegate administrative decisions
and operations to the management of one or more of the Sponsoring Employers.

4. Eligibility.

     All Employees of the Sponsoring Employers shall be eligible to participate in the Plan,
subject to electing to participate during an Open Enrollment Period as described in Paragraph 5
below, except (a) any Employee whose customary employment is at least 35 hours per week who has
worked less than one (1) full month for a Sponsoring Employer as of the first day of an Offering
Period, (b) any Employee whose customary employment is more than 20 hours per week but less than 35
hours per week who has worked less than three (3) full months for a Sponsoring Employer as of the
first day of an Offering Period, (c) any Employee whose customary employment is 20 hours or less
per week or (d) for any Employee who, as of June 30, 2002, had not met the eligibility requirements
as in effect on June 30, 2002, has not attained age 18. An Employee shall be credited with an hour
of service for each hour which the Employee is paid or entitled to payment from a Sponsoring
Employer including both hours worked and paid time off. Any director of a Sponsoring Employer who
does not render services to such Sponsoring Employer in the status of an Employee shall not be
eligible to participate in the Plan. The Committee, in its sole discretion, may in a uniform and
nondiscriminatory manner, recognize an Employee’s service with a business acquired by a Sponsoring
Employer or its affiliate (whether by an asset or stock purchase), prior to the date the business
was acquired by the Sponsoring Employer, in determining an Employee’s eligibility to participate in
the Plan.

5. Election to Participate.

     (a) Payroll Deduction Authorization. Each Eligible Employee may become a Participant by
enrolling in the Plan during any Open Enrollment Period and by submitting or completing any forms
or by providing any information required by the Sponsoring Employer by which such Eligible Employee
is employed or the Agent (the “Authorization”). An Eligible Employee’s Authorization shall give
notice of such Eligible Employee’s election to participate in the Plan for the next following
Offering Period and subsequent Offering Periods and shall specify a percentage (ranging in whole
number amounts from no less than 1% to no more than 10%) of Compensation to be withheld on each
payday. All payroll deductions shall be made on an after-tax basis. The cash compensation payable
to a Participant for an Offering Period shall be reduced each payday through a payroll deduction by
the percentage amount specified in the Authorization, and such amount shall be credited to the
Participant’s Account under the Plan. All funds credited to Accounts may be used by the Sponsoring
Employer for any corporate

 

 

purpose, subject to the Participant’s right to withdraw an amount equal to the balance
accumulated in his or her Account as described in Paragraph 8. Funds credited to Accounts shall
not be required to be segregated from the general funds of the Sponsoring Employer. Any
Authorization shall remain in effect until the Eligible Employee amends the same pursuant to
Paragraph 6, withdraws pursuant to Paragraph 8 or ceases to be an Eligible Employee pursuant to
Paragraph 14.

     (b) Contribution Limit. The sum of all regular payroll deductions authorized under Paragraph
5(a) shall not exceed 10% of the Participant’s Compensation.

     (c) No Interest on Funds in Accounts. No interest shall accrue for the benefit of or be paid
to any Participant with respect to funds credited to any Account for such Participant.

6. Deduction Changes.

     A Participant may increase or decrease his or her payroll deduction by submitting a new
Authorization during any Open Enrollment Period. The change will become effective for payroll
periods beginning in the next six-month Offering Period.

7. Limit on Purchase of Shares.

     No option granted under the Plan may be granted to a Participant that would permit the
Participant to purchase stock under all employee stock purchase plans maintained by the Sponsoring
Employers in an amount which, in the aggregate, exceeds $25,000 of Fair Market Value (determined
under Paragraph 7(ii) below) for each calendar year in which the option is outstanding at any time.
For purposes of this Paragraph 7:

     (i) The right to purchase Shares accrues when the right (or any portion thereof) first
becomes exercisable during the calendar year;

     (ii) Notwithstanding anything contained herein to the contrary, in no case shall any
Participant accrue a right to purchase a number of Shares for any calendar year that would
have a Fair Market Value in excess of $25,000. For purposes of the preceding sentence, the
determination of the Fair Market Value of any Shares is made as of the first day of the
Offering Period applicable to such Shares;

     (iii) A right to purchase Shares that has accrued under one grant of rights under the
Plan may not be carried over to any other grant of rights under the Plan or any other plan;
and

     (iv) The Company’s 1993 Stock Incentive Plan, 1998 Incentive Stock Plan, 2003
Incentive Stock Plan and any similar plan under which stock options may be granted that is
hereafter adopted by a Sponsoring Employer shall not be deemed to be an employee stock
purchase plan for purposes of this Paragraph 7.

8. Withdrawal of Funds.

     A Participant who wishes to withdraw funds from the Plan must deliver to the Sponsoring
Employer by which such Participant is employed a notice of withdrawal in a form acceptable to such
Sponsoring Employer (the “Withdrawal Election”). Upon receipt of a Participant’s Withdrawal
Election, the Sponsoring Employer shall pay to the Participant the amount of the balance in the
Participant’s Account in cash in one lump sum within thirty (30) days, without interest thereon or
deduction therefrom. Partial withdrawal of cash shall not be permitted. Upon receipt of a
Withdrawal Election, the Participant

 

 

shall cease to participate in the Plan. Any such withdrawing Participant may again commence
participation in the Plan in a subsequent Offering Period by submitting to the Sponsoring Employer
an Authorization pursuant to Paragraph 5(a) hereof.

9. Method of Purchase and Investment Accounts.

     (a) Purchase of Shares. Participants having funds credited to an Account on a Purchase Date
shall be deemed, without any further action, to have authorized purchase of the number of whole
Shares that the funds in such Account would purchase at the Purchase Price, subject to the limits:

     (i) on the aggregate number of Shares that may be made available for purchase to all
Participants under the Plan pursuant to Paragraph 10; and

     (ii) on the number of Shares that may be made available for purchase to any individual
Participant, as set forth in Paragraphs 5(b) and 7.

Shares will be purchased as set forth above if a Participant has not withdrawn such funds as
permitted by Paragraph 8. As soon as practicable after the Purchase Date, all Shares to be
purchased shall be credited to a separate Investment Account established by the Agent for each
Participant. The Agent shall hold in its name or the name of its nominee all Shares purchased
until such Shares are withdrawn by a Participant pursuant to Paragraph 11. Except as provided in
Paragraph 9(b) below, fractional Shares may not be purchased under the Plan. Any funds remaining
in the Account of a Participant after a Purchase Date shall be retained in the Account for the
purchase of additional Shares in subsequent Offering Periods, subject to the Participant’s
withdrawal rights under Paragraph 8. Until Shares are actually delivered to the Agent and credited
to Investment Accounts, no Participant shall have any rights of any kind in the Shares.

     (b) Dividends on Shares Held in Investment Accounts. All cash dividends paid with respect to
the Shares credited to a Participant’s Investment Account shall, unless otherwise directed by the
Participant, be credited to his or her Account and used to purchase additional whole or fractional
Shares, subject to Participants’ withdrawal rights against Accounts and the other limits of the
Plan. The additional Shares shall be purchased on the open market at the market price (and not at
a discount) as soon as practicable after the dividends are paid.

     (c) Adjustment of Shares on Application of Aggregate Limits. If the total number of Shares
that would be purchased pursuant to Paragraph 9(a) but for the limits described in Paragraph
9(a)(i) exceeds the number of Shares available for purchase under the Plan for a particular
Offering Period, then the number of available Shares shall be allocated among the Investment
Accounts of Participants in the ratio that the amount credited to a Participant’s Account as of the
Purchase Date bears to the total amount credited to all Participants’ Accounts as of the Purchase
Date. The cash balance not applied to the purchase of Shares shall be held in Participants’
Accounts subject to the terms and conditions of the Plan.

10. Stock Subject to Plan.

     The maximum number of Shares that may be issued pursuant to the Plan is 3,000,000, subject to
adjustment in accordance with Section 20. At the option of the Company, the Shares delivered
pursuant to the Plan may be authorized but previously unissued shares or treasury shares or shares
purchased in the open market or privately negotiated transactions for purposes of the Plan. In
addition, the Committee may impose such limitations as it deems appropriate on the number of Shares
that shall be made available for purchase under the Plan with respect to any Offering Period.

 

 

11. Withdrawal of Shares.

     A Participant shall have the right at any time to withdraw all or a portion of the Shares
credited to his or her Investment Account by notifying the Agent.

12. Voting.

     The Agent shall vote all Shares held in an Investment Account in accordance with the
Participant’s instructions.

13. Termination of Employment.

     Any Participant (a) whose employment by a Sponsoring Employer is terminated for any reason
(except death as provided in Paragraph 15) or (b) who shall cease to be an Eligible Employee, in
either case during an Offering Period, shall cease being a Participant as of the date of such
termination of employment or cessation of eligibility. Upon such event, the entire cash balance in
such Participant’s Account shall be refunded to such Participant within thirty (30) days without
interest thereon.

14. Death of a Participant.

     If a Participant shall die during an Offering Period, no further payroll deductions shall be
taken on behalf of the deceased Participant. The executor or administrator of the deceased
Participant’s estate may elect to withdraw the balance in such Participant’s Account by notifying
the Sponsoring Employer by which such deceased Participant was employed in writing prior to the
Purchase Date in respect of such Offering Period. In the event no election to withdraw has been
made, the balance accumulated in the deceased Participant’s Account shall be used to purchase
Shares in accordance with the provisions of the Plan.

15. Merger, Reorganization, Consolidation or Liquidation.

     In the event of a merger, reorganization or consolidation in which the Company is not the
surviving entity or the liquidation of all of the assets of the Company, either (a) the Board of
Directors of the Company in its sole discretion may require that the surviving entity provide to
each Participant rights which are equivalent to such Participant’s rights under the Plan, or (b)
the Committee may cause the Offering Period to end on the date immediately prior to the
consummation of such merger or other transaction.

16 Governing Law; Compliance With Law.

     This Plan shall be construed in accordance with the laws of the State of Delaware. Each
Sponsoring Employer’s obligations hereunder shall be subject to all applicable federal and state
laws, rules and regulations and to such approvals by any regulatory or governmental agency as may,
in the opinion of counsel for such Sponsoring Employer, be required.

17. Assignment.

     The purchase rights granted hereunder are not assignable or transferable by the Participants,
other than by will or the laws of descent and distribution. Any attempted assignment, transfer or
alienation not in compliance with the terms of the Plan shall be null and void for all purposes and
respects.

 

 

18. No Rights as Stockholder.

     No Eligible Employee or Participant shall by reason of participation in this Plan have any
rights of a stockholder of the Company until Shares are credited to the Participant’s Investment
Account under the Plan.

19. No Right to Continued Employment.

     Neither the Plan nor any right granted under the Plan shall confer upon any Eligible Employee
or Participant any right to continuance of employment with any Sponsoring Employer, or interfere in
any way with the right of a Sponsoring Employer to terminate the employment of such Participant.

20. Adjustments in Case of Changes Affecting Shares.

     In the event of a stock split, stock dividend, recapitalization or other subdivision,
combination, or reclassification of the Shares, the maximum number of Shares that may be issued
under the Plan as set forth in Paragraph 10 shall be adjusted proportionately, and such other
adjustments shall be made as may be deemed equitable by the Committee. In the event of any other
change affecting Shares, such adjustment, if any, shall be made as may be deemed equitable by the
Committee to give proper effect to such event.

21. Amendment of the Plan.

     Stockholder approval of any amendment of the Plan shall be obtained in the manner and to the
degree required under applicable law and the rules of any stock exchange upon which the Shares are
listed. Subject to the foregoing, the Board of Directors of the Company may at any time, or from
time to time, amend the Plan in any respect.

22. Termination of the Plan.

     The Plan and all rights of Participants under any offering hereunder shall terminate when the
maximum number of Shares available for sale under the Plan have been purchased, or, with respect to
any Sponsoring Employer, at such earlier time as the Committee, in its sole discretion, chooses to
terminate the Plan with respect to such Sponsoring Employer. Upon termination of the Plan with
respect to one or more of the Sponsoring Employers, all amounts in the Accounts of affected
Participants shall be carried forward into the Participant’s Account under a successor plan, if
any, or shall be promptly refunded without interest or deduction and all Shares credited to a
Participant’s Investment Account shall be forwarded to him or her.

23. Governmental Regulations.

     (a) Anything contained in the Plan to the contrary notwithstanding, the Company shall not be
obligated to sell any Shares or deliver any Shares unless and until the Company is satisfied that
such sale and delivery complies with (i) all applicable requirements of the governing body of the
principal market in which such Shares are traded, (ii) all applicable provisions of the Securities
Act of 1933, as amended, and the rules and regulations thereunder and (iii) all other laws or
regulations by which the Company is bound or to which the Company is subject.

     (b) Each Sponsoring Employer may make such provisions as it may deem appropriate for the
withholding of any taxes or payment of any taxes which it determines it may be required to withhold
or

 

 

pay in connection with any Shares. The obligation of the Company to deliver Shares under this
Plan is conditioned upon the satisfaction of the provisions set forth in the preceding sentence.

24. Repurchase of Shares.

     The Company shall not be required to repurchase from any Participant any Shares which such
Participant acquires under the Plan.exv10w29

 

Exhibit 10.29

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement (the “Amendment”), dated and effective as of June 28,
2007, is between Bally Total Fitness Holding Corporation (“Bally”), a Delaware corporation, and
John H. Wildman (“Executive”).

W I T NE S S E T H

     Whereas, Bally and Executive have entered into that certain Employment Agreement dated as of
January 1, 2006 (the “Agreement”);

     Whereas, Bally and Executive mutually desire to amend the Agreement on the terms and
conditions described herein.

     Now, therefore, for valuable consideration, the receipt of which is hereby acknowledged, Bally
and Executive hereby agree as follows:

     1. In Section 1.1, Definition (u) (iii) (A) is amended to read in its entirety as follows:

“Changes in reporting relationships (so long as Executive still directly reports to the
Chairman, Chief Executive Officer, or Chief Operating Officer).”

     2. In Section 2, Employment and Duties, paragraphs (a) and (b) are amended to read in their
entirety as follows:

     “(a) Position. The Company hereby agrees to employ the Executive, and the Executive
hereby agrees to serve the Company, during the Term of Employment under the title of Senior
Vice President, Sales, who shall have such authority, duties and responsibilities as are
commensurate with such positions on the terms and conditions hereinafter set forth, and who
shall directly report to the Chairman, the Chief Executive Officer, or the Chief Operating
Officer.

     (b) Performance of Duties. The Executive shall devote his full working attention and
energies to the performance of his duties as Senior Vice President, Sales or as may
otherwise be directed by the Chairman, the Chief Executive Officer, or Chief Operating
Officer, and agrees to use his reasonable best efforts to perform his duties faithfully and
efficiently.”

 

 

     3. In paragraph 3, Term of Employment, the new contract expiration date shall be April 30,
2009. The new anniversary date shall be May 1, 2009.

     4. In paragraph 4(a), Base Salary is revised from $375,000 to $425,000 effective May 1, 2007.

     5. The Executive’s change in title from Senior Vice President & Chief Operating
Officer to Senior Vice President, Sales shall not constitute either “Good Reason” or a “Reduction
in Authority or Responsibility” under the Agreement.

     6. In paragraph 6, Termination Provisions, (4) Voluntary Resignation Without Good Reason, the
following shall be added at the end of the paragraph; “provided, however, that the Executive may
give notice to the Company no more than 75 days and no less than 45 days prior to the Expiration
Date, to voluntarily resign without “Good Reason” and shall be eligible for the benefits outlined
in paragraph 6, Termination Provisions, (g) Payments and Benefits upon Termination at Expiration
Date”.

     7. The Executive’s short-term additional responsibilities as interim “Chief Marketing
Officer” is hereby agreed to be a temporary assignment and shall have no status or impact on the
Agreement.

     8. If Executive shall no longer have the title of interim Chief Marketing Officer or
equivalent, his title shall be Senior Vice President, Chief Sales Officer, subject to approval of
the Board of Directors. If Executive’s title does not include a “Chief” designation at any time
the Company awards equity grants and/or options, or adds to its benefits plans, the Executive shall
be treated no less favorably than the group of employees who have titles with such designation.

     Except as amended hereby, the Agreement shall remain in full force and effect, and as amended
the same is hereby affirmed and ratified.

2

 

     Bally and Executive have duly executed this Amendment as of the date written below.

Bally Total Fitness Holding Corporation:

	 	 	 
	 
	 	 
	/s/ Harold Morgan

	 	June 28, 2007
	 

	 	 
	Harold Morgan 

Senior Vice President 

Chief Administrative Officer

	 	Date
	 
	 	 
	Executive:
	 	 
	 
	 	 
	/s/ John H. Wildman

	 	June 28, 2007
	 

	 	 
	John H. Wildman

	 	Date
	Senior Vice President, Sales
	 	 

3

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