Document:

EX-10.34

 Exhibit 10.34 

GUARANTY AGREEMENT 

(Concord Naval Weapons Station) 

This GUARANTY AGREEMENT (Concord Naval Weapons Station) (this “Guaranty”), dated as of April 13, 2017 (the
“Effective Date”), is given by LENNAR CORPORATION, a Delaware corporation (the “Guarantor”), in favor of TSC MANAGEMENT CO., LLC, a Delaware limited liability company (“Manager”). Capitalized terms
used in this Guaranty and not expressly otherwise defined herein shall have the meanings set forth for those terms in the Agreement (as defined below). 

Factual Background 

1.    Reference is made to that certain Development Management Agreement (Concord Naval Weapons Station) dated as of
July 2, 2016 (the “Original Agreement”), as amended by that certain First Amendment Development Management Agreement (Concord Naval Weapons Station), dated as of even date herewith (the “First Amendment” and,
together with the Original Agreement, as further amended from time to time, the “Agreement”), executed by and between Manager and Lennar Concord, LLC, a Delaware limited liability company (“Lennar Concord”). 

2.    Pursuant to the First Amendment, Lennar Concord agreed to certain payment obligations as more particularly described
in the First Amendment. 
 3.    Guarantor is an affiliate of Lennar Concord and will benefit from the performance of
the mutual covenants set forth in the Agreement and accordingly is agreeing to provide this Guaranty. 
 Guaranty 

1.    Guaranty and Agreement. Guarantor absolutely, irrevocably, and unconditionally guarantees the full and punctual
performance and completion by Lennar Concord of, and agrees to perform to the extent Lennar Concord does not do so, Lennar Concord’s payment obligations under section 1(a) of the First Amendment as and when required pursuant to the terms of the
Agreement (the “Obligations”). Guarantor shall assume responsibility for and shall fully perform all of the Obligations, at Guarantor’s sole cost and expense, promptly on receiving written notice from Manager that Lennar
Concord has failed to perform any Obligations. Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any Insolvency Proceeding (as defined below) shall have stayed the accrual or collection
of any of the Obligations or acted as a discharge thereof). Guarantor agrees that its guarantee hereunder is continuing in nature and applies to all Obligations, whether currently existing or hereafter incurred. 

2.    Manager’s Remedies. If Guarantor fails to promptly perform its
obligations under Section 1 above, Manager shall immediately have the right to bring any action at law or in equity or both, or commence any reference or arbitration proceeding to compel Guarantor to
perform its obligations under Section 1 above, and to collect compensation for all loss, cost, damage, injury and expense that may be sustained or incurred by Manager as a direct or indirect consequence
of 

 
Guarantor’s failure to perform those obligations, including interest at an interest rate of ten percent (10%) per annum. Manager from time to time may bring such an action or commence
such a reference or arbitration proceeding, regardless of whether Manager has first required performance by Lennar Concord or whether Manager has exhausted any or all security for the Obligations. 

3.    Rights of Manager. Guarantor authorizes Manager to perform any or all of the following acts at any time in its
sole and absolute discretion, all without notice to Guarantor and without affecting Guarantor’s obligations under this Guaranty: 

3.1 Subject to any consents needed from Lennar Concord pursuant to the terms of the Agreement, Manager may alter any terms or conditions
of the Agreement or any part of it; 
 3.2 Manager may take and hold security for the Obligations, exchange, waive or release any or
all such security (with or without consideration) or enforce or apply such security and direct the order and manner of any sale thereof in its sole discretion; 

3.3 Manager may release Lennar Concord from its liability under the Agreement; and 

3.4 Manager may substitute, add or release any one or more guarantors for the Obligations. 

Without limiting the foregoing, Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, or amended or
modified, without notice to or further assent from it, and that it will remain bound upon this Guaranty notwithstanding any extension, renewal, amendment or modification of any Obligation. 

4.    Guaranty to be Absolute. Guarantor expressly agrees that, until the Obligations are fully paid and performed in
accordance with the Agreement and each and every term, covenant, and condition of this Guaranty is fully performed, Guarantor shall not be released by or because of, and the obligations of Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination because of: 
 4.1 Any act or event that might otherwise discharge, reduce, limit, or modify
Guarantor’s obligations under this Guaranty; 
 4.2 Any waiver, extension, modification, forbearance, delay, or other act or
omission of Manager, or its failure to proceed promptly or otherwise as against Lennar Concord, Guarantor or any security, including any release of, or any impairment of, or failure to perfect any lien on or security interest in, any security held
by Manager for the Obligations; 
 4.3 Any action, omission or circumstance which might increase the likelihood that Guarantor may be
called upon to perform under this Guaranty or which might affect the rights or remedies of Guarantor as against Lennar Concord; 

4.4 Any dealings occurring at any time between Lennar Concord, on the one hand, and Manager, on the other, whether relating to the
Obligations or otherwise; or 

  
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 4.5 Any action of Manager described in Section 3 above. 

Guarantor hereby acknowledges that absent this Section 4, Guarantor might have a defense to the
enforcement of this Guaranty as a result of one or more of the foregoing acts, omissions, agreements, waivers, or matters. Guarantor hereby expressly waives and surrenders any defense to any liability under this Guaranty based upon any of such acts,
omissions, agreements, waivers, or matters. It is the express intent of Guarantor that Guarantor’s obligations under this Guaranty are and shall be absolute, unconditional, and irrevocable. 

5.    Guarantor’s Waivers. Guarantor waives: 

5.1 All statutes of limitations as a defense to any action or proceeding brought against Guarantor by Manager, to the fullest extent
permitted by law; 
 5.2 Any right it may have to require Manager to proceed against Lennar Concord, proceed against or exhaust any
security held from Lennar Concord, or pursue any other remedy in Manager’s power to pursue; 
 5.3 Any defense based on any
claim that Guarantor’s obligations exceed or are more burdensome than those of Lennar Concord; 
 5.4 Any defense based on:
(a) any legal disability of Lennar Concord or the invalidity, illegality or unenforceability of the Obligations or any part thereof or any impossibility of performance of the Obligations; (b) any release, discharge, modification,
impairment or limitation of the liability of Lennar Concord to Manager from any cause, whether consented to by Manager or arising by operation of law or from any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the
adjustment of debtor-creditor relationships, including any proceeding under the Bankruptcy Reform Act of 1978, as amended or recodified (the “Bankruptcy Code”), or under any other present or future state or federal law regarding
bankruptcy, reorganization or other relief to debtors (any such proceeding referred to as an “Insolvency Proceeding”); or (c) any rejection or disaffirmance of the Obligations, or any part of any of them, or any security held
for any of them, in any such Insolvency Proceeding; 
 5.5 Any defense based on any action taken or omitted by Manager in any
Insolvency Proceeding involving Lennar Concord, including any election to have Manager’s claim allowed as being secured, partially secured or unsecured, any extension of credit by Manager to Lennar Concord in any Insolvency Proceeding, and the
taking and holding by Manager of any security for any such extension of credit; 
 5.6 All presentments, demands for performance,
notices of nonperformance, protests, notices of protest, notices of intention to accelerate, notices of acceleration, notices of default, notices of dishonor, notices of acceptance of this Guaranty and of the existence, creation, or incurring of new
or additional indebtedness, and demands and notices of every kind, except for any demand or notice by Manager to Guarantor expressly provided for in Section 1 above; 

5.7 Any defense based on or arising out of any defense that Lennar Concord may have to the payment or performance of the Obligations or
any part of them; 

  
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 5.8 Any defense based on any lack of authority of the officers, directors, partners,
members, or agents acting or purporting to act on behalf of Lennar Concord or any principal of Lennar Concord or any defect in the formation of Lennar Concord or any principal of Lennar Concord; and 

5.9 Any defense based on or arising out of any action of Manager described in Section 3 or
Section 4 above. 
 6.    Waivers of Subrogation and Other Rights and Defenses.
 
 6.1 Upon a breach or default by Lennar Concord under the Agreement, Manager in its sole and absolute discretion, without
prior notice to or consent of Guarantor, may elect to: (a) compromise or adjust the Obligations or any part of them or make any other accommodation with Lennar Concord or Guarantor; or (b) exercise any other remedy against Lennar Concord
or any security. No such action by Manager shall release or limit the liability of Guarantor, who shall remain liable under this Guaranty after the action, even if the effect of the action is to deprive Guarantor of any subrogation rights, rights of
indemnity, or other rights to collect reimbursement from Lennar Concord for any sums paid or performance rendered to Manager, whether contractual or arising by operation of law or otherwise. Guarantor expressly agrees that under no circumstances
shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held by Manager or any third party after any foreclosure or transfer in lieu of foreclosure of any security for the Obligations. 

6.2 Regardless of whether Guarantor may have made any payments to Manager, Guarantor hereby waives: (a) intentionally deleted;
(b) all rights to enforce any remedy that Manager may have against Lennar Concord; and (c) all rights to participate in any security now or later to be held by Manager for the Obligations. Guarantor further agrees that, to the extent the
waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification, and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of
subrogation, reimbursement, indemnification, and contribution Guarantor may have against Lennar Concord or against any collateral or security, shall be junior and subordinate to any rights Manager may have against Lennar Concord, and to all right,
title, and interest Manager may have in any such collateral or security. If any amount shall be paid to Guarantor on account of any such subrogation, reimbursement, indemnification, or contribution rights at any time when all Obligations have not
been paid or performed in full, such amount shall be held in trust for Manager and shall forthwith be paid over to Manager to be credited and applied against the Obligations, whether matured or unmatured, in accordance with the terms of the
Agreement. The covenants and waivers of Guarantor contained in this Section 6.2 shall be effective until the termination of this Guaranty, and are made for the benefit of Manager, Lennar Concord, and any other
Person against whom Guarantor shall at any time have any rights of subrogation, reimbursement, indemnification, or contribution with respect to Guarantor’s obligations under this Guaranty. 

6.3 Guarantor waives any rights and defenses that are or may become available to Guarantor by reason of any statute governing
guaranties or suretyship. 

  
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 6.4 Guarantor waives any right or defense it may have at law or equity other than
satisfaction of the Obligations, which may provide, among other things: that a creditor must file a complaint for deficiency within a specified period of time after a nonjudicial foreclosure sale or judicial foreclosure sale, as applicable; that a
fair market value hearing must be held; and that the amount of the deficiency judgment shall be limited to the amount by which the unpaid debt exceeds the fair market value of the security, but not more than the amount by which the unpaid debt
exceeds the net proceeds of the sale of the security. 
 6.5 No provision or waiver in this Guaranty shall be construed as limiting
the generality of any other provision or waiver contained in this Guaranty. 
 6.6 Guarantor agrees that the payment or performance
of any act which tolls any statute of limitations applicable to the Obligations shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. 

7.    Revival and Reinstatement. If any payment of any Obligation is rescinded or if Manager is required to pay,
return, or restore to Lennar Concord or any other Person any amounts previously paid on the Obligations because of any Insolvency Proceeding of Lennar Concord, any stop notice, or any other reason, the obligations of Guarantor hereunder shall be
reinstated and revived and the rights of Manager hereunder shall continue with regard to such amounts, all as though they had never been paid. 

8.    Information Regarding Lennar Concord. Before signing this Guaranty, Guarantor investigated the financial
condition and business operations of Lennar Concord and such other matters as Guarantor deemed appropriate to assure itself of the ability of Lennar Concord to discharge the Obligations. Guarantor assumes full responsibility for that due diligence,
as well as for keeping informed of all matters that may affect the ability of Lennar Concord to pay and perform its Obligations. Manager has no duty to disclose to Guarantor any information which Manager may have or receive about the financial
condition or business operations of Lennar Concord, the condition or uses of the Property, or any other circumstances bearing on the ability of Lennar Concord to perform. 

9.    Intentionally Omitted.  

10.  Guarantor’s Representations and Warranties. Guarantor makes the following representations
and warranties for the benefit of Manager, which shall survive the execution and delivery of this Guaranty: 
 10.1 All financial
statements and other financial information relating to Guarantor furnished or to be furnished to Manager are or shall be, at the time furnished, true and correct in all material respects and do or shall, at the time furnished, present fairly in all
material respects the financial condition of Guarantor (including all contingent liabilities); 
 10.2 All financial statements
relating to Guarantor furnished or to be furnished to Manager comply or shall comply, at the time furnished, with all government regulations that apply; 

  
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 10.3 All financial statements relating to Guarantor furnished or to be furnished to
Manager were or shall be, at the time furnished, prepared in accordance with generally accepted accounting principles, consistently applied unless otherwise noted therein; 

10.4 There are no claims, actions, proceedings or investigations pending against Guarantor, which, if adversely resolved, would have a
material adverse impact upon Guarantor’s ability to perform its obligations hereunder. To the best of Guarantor’s knowledge, there has been no threat of any such claim, action, proceeding or investigation; 

10.5 There has been no material adverse change in the business condition (financial or otherwise), operations, properties or prospects
of Guarantor since the dates of the financial statements most recently furnished to Manager; 
 10.6 Guarantor has all requisite
organizational power and authority to execute, deliver and perform all of its obligations under this Guaranty. The execution, delivery, and performance by Guarantor of this Guaranty have been duly authorized by all necessary limited liability or
other organizational action. This Guaranty has been duly authorized, executed and delivered by Guarantor and constitutes the legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms. No provision
or obligation of Guarantor contained in this Guaranty violates any applicable law, regulation or ordinance, or any order or ruling of any court or Governing Agency. No such provision or obligation conflicts with, or constitutes a breach or default
under, any agreement to which Guarantor is a party. No consent, approval or authorization of or notice of or to any Person is required in connection with Guarantor’s execution of, and performance of its obligations under, this Guaranty; and

 10.7 Guarantor directly or indirectly holds material interests in Lennar Concord. 

11.    Events of Default. Manager may declare Guarantor to be in default under this Guaranty upon the occurrence of
any of the following events (each an “Event of Default”), following written notice to Guarantor and ten (10) days opportunity to cure (provided, however, that there shall be no cure with respect to matters set forth in
Sections 11.2, 11.4 and 11.5): 
 11.1 Guarantor fails to perform any of its obligations
under this Guaranty as and when required; 
 11.2 Guarantor purports to revoke this Guaranty or this Guaranty becomes ineffective for
any reason other than the full performance of the Obligations or the termination hereof; 
 11.3 Any representation or warranty made
or given by Guarantor to Manager was false or misleading in any material respect when made, or, once made, becomes false or misleading in any material respect due to later occurring circumstances and Guarantor fails to give prompt notice thereof to
Manager; 
 11.4 Guarantor becomes insolvent or the subject of any Insolvency Proceeding; provided, however, that an
involuntary Insolvency Proceeding shall not be considered an Event of Default hereunder if it is either (a) consented to in writing by Manager, or (b) has been dismissed within one hundred eighty (180) days of the filing thereof; or

  
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 11.5 Guarantor dissolves or liquidates. 

12.    Additional and Independent Obligations. Guarantor’s obligations under this Guaranty are in addition to its
obligations under any other existing or future guaranties, each of which shall remain in full force and effect until it is expressly modified or released in a writing signed by Manager. Guarantor’s obligations under this Guaranty are
independent of those of Lennar Concord with respect to the Obligations. Manager may bring a separate action, or commence a separate reference or arbitration proceeding against Guarantor without first proceeding against Lennar Concord, any other
Person or any security that Manager may hold, and without pursuing any other remedy.  
 13.    No Waiver; Consents;
Cumulative Remedies. Each waiver by Manager shall be in writing, and no waiver shall be construed as a continuing waiver. No waiver shall be implied from Manager’s delay in exercising or failure to exercise any right or remedy against
Lennar Concord, Guarantor or any security. Consent by Manager to any act or omission by Lennar Concord or Guarantor shall not be construed as a consent to any other or subsequent act or omission, or as a waiver of the requirement for Manager’s
consent to be obtained in any future or other instance. All remedies of Manager against Lennar Concord and Guarantor are cumulative. 

14.    Survival. This Guaranty shall remain in full force and effect and shall survive the exercise of any remedy by Manager
under the Agreement. 
 15.    Successors and Assigns. The terms of this Guaranty shall bind and benefit the
successors and assigns of Manager and Guarantor, including any assignee of Manager’s interest in the Agreement; provided, however, that Guarantor may not assign this Guaranty, or assign or delegate any of its rights or obligations under this
Guaranty, without the prior written consent of Manager in each instance. 
 16.    Notices. All notices
given under this Guaranty shall be in writing and be given by personal delivery, overnight receipted courier (such as Federal Express), or by registered or certified United States mail, postage prepaid, at the following addresses: 

 

			
	 If to Manager:
	  	 TSC Management Co., LLC

		  	 One Sansome Street, Suite 3200

		  	 San Francisco, California 94104

		  	 Attention: Kofi Bonner

		  	 Facsimile: 415.995.1778

		
	 with a copy to:
	  	
		
		  	 TSC Management Co., LLC

		  	 25 Enterprise, Suite 300

		  	 Aliso Viejo, California 92656

		  	 Attention: Legal Notices

		
	 and a copy to:
	  	 Paul Hastings LLP

		  	 101 California Street, 48th Floor

		  	 San Francisco, California 94111

		  	Attention: David A. Hamsher
		  	Facsimile: 415.856.7123

  
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	If to Guarantor:	  	Lennar Corporation
		  	25 Enterprise Drive, Suite 400
		  	Aliso Viejo, California 92656
		  	Attention: Jon Jaffe
		  	                 Joan Mayer
		
	with copies to:	  	
		
		  	Lennar Corporation
		  	700 NW 107th Avenue
		  	Miami, Florida 33172
		  	Attention     Mark Sustana, General Counsel
		
	and a copy to:	  	
		
		  	Bilzin Sumberg Baena Price & Axelrod LLP
		  	1450 Brickell Avenue, Suite 2300
		  	Miami, Florida 33131
		  	Attn: Steven D. Lear, Esq.
		  	Facsimile: 305.351.2232

 Notices shall be effective upon the first to occur of receipt, when proper delivery is refused, or the expiration of
forty-eight (48) hours after deposit in registered or certified United States mail as described above. Addresses for notice may be changed by any party by notice to any other party in accordance with this Section. If Guarantor consists of more
than one party, service of any notice on any one Guarantor signing this Guaranty shall be effective service on Guarantor for all purposes. 

17.    Rules of Construction.    In this Guaranty, the words “Lennar Concord” includes
both Lennar Concord and any other Person who at any time assumes or otherwise becomes primarily liable for all or any part of the Obligations of Lennar Concord under the Agreement. If this Guaranty is executed by more than one person, the word
“Guarantor” includes all such persons. The word “include(s)” means “include(s), without limitation,” and the word “including” means “including, but not limited to.” When the context and construction
so require, all words used in the singular shall be deemed to have been used in the plural and vice versa. No listing of specific instances, items or matters in any way limits the scope or generality of any language of this Guaranty. All headings
appearing in this Guaranty are for convenience only and shall be disregarded in construing this Guaranty. 

  
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 18.    Governing Law; Submission to Jurisdiction.  

18.1 This Guaranty and the rights and obligations of the parties hereunder, and any claim, controversy or dispute arising under or
related to this Guaranty, shall be governed by, and construed in accordance with, the laws of the State of California. 
 18.2 Each
party hereto consents to the non-exclusive jurisdiction of the federal and state courts within the County of San Francisco in the State of California with regard to any action or proceeding arising out of or
relating to this Guaranty. 
 19.    Costs and Expenses. If any lawsuit, reference, or arbitration is commenced
which arises out of, or which relates to this Guaranty, the prevailing party shall be entitled to recover from each other party such sums as the court, referee, or arbitrator may adjudge to be reasonable attorneys’ fees (including allocated
costs for services of in-house counsel) in the action or proceeding, in addition to costs and expenses otherwise allowed by law. In all other situations, including any Insolvency Proceeding involving Guarantor
or Lennar Concord as the debtor, Guarantor agrees to pay all of Manager’s costs and expenses, including attorneys’ fees (including allocated costs for services of Manager’s in-house counsel),
incurred in any effort to collect or enforce the Obligations or any part of the Obligations or any term of this Guaranty. From the time(s) incurred until paid in full to Manager, all sums shall bear interest at an interest rate of ten percent
(10%) per annum. 
 20.    Consideration. Guarantor acknowledges that it expects to benefit from
Manager’s performance of its obligations under the Agreement because of its relationship to Lennar Concord, and that it is executing this Guaranty in consideration of that anticipated benefit. 

21.    Enforceability. Guarantor acknowledges that Guarantor has had adequate opportunity to carefully read this
Guaranty and to seek and receive legal advice from skilled legal counsel of Guarantor’s choice in the area of financial transactions of the type contemplated herein prior to signing it. Guarantor hereby acknowledges that: (a) the
obligations undertaken by Guarantor in this Guaranty are complex in nature; (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter; and (c) as part of Manager’s
consideration for entering into the Agreement, Manager has specifically bargained for the waiver and relinquishment by Guarantor of all such defenses. Given all of the above, Guarantor does hereby represent and confirm to Manager that Guarantor is
fully informed regarding, and that Guarantor does thoroughly understand: (i) the nature of such possible defenses; (ii) the circumstances under which such defenses may arise; (iii) the benefits which such defenses might confer upon
Guarantor; and (iv) the legal consequences to Guarantor of waiving such defenses. Guarantor acknowledges that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all be fully
enforceable by Manager, and that Manager was induced to enter into the Agreement in material reliance upon the presumed full enforceability hereof. 

22.    Miscellaneous. This Guaranty may be executed in counterparts, and all counterparts shall constitute but one
and the same document. The illegality or unenforceability of one or more provisions of this Guaranty shall not affect any other provision. Time is of the essence in the performance of this Guaranty by Guarantor. 

  
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 23.    Integration; Modifications. This Guaranty (a) integrates all
the terms and conditions mentioned in or incidental to this Guaranty, (b) supersedes all oral negotiations and prior writings with respect to its subject matter, and (c) is intended by Guarantor and Manager as the final expression of the
agreement with respect to the terms and conditions set forth in this Guaranty and as the complete and exclusive statement of the terms agreed to by Guarantor and Manager. This Guaranty may not be modified except in a writing signed by both Manager
and Guarantor. No course of prior dealing, usage of trade, parol or extrinsic evidence of any nature shall be used to supplement, modify or vary any of the terms hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the Effective Date. 

 

	
	 GUARANTOR:

	
	 LENNAR CORPORATION,

a Delaware corporation

  

			
	By:	 	/s/ Jonathan M. Jaffe
	Name:	 	Jonathan M. Jaffe
	Title:	 	Vice President

 Agreed and Accepted: 
 TSC
MANAGEMENT CO., LLC, 
 a Delaware limited liability company 
  

			
	By:	 	/s/ Ivy Greaner
	Name:	 	Ivy Greaner
	Title:	 	Vice President

 Concord DMA GuarantyExhibit 10.1

	
Notice of Grant of Award

and Award Agreement

	
Shoe Carnival, Inc.

ID: 35-1736614

7500 E. Columbia Street

Evansville, IN 47715

	
[Name]

[Address]

 

	
Award Number:

Plan:  2000 Stock Option and Incentive Plan, as amended (the "2000 Plan")

ID:

	 	 

Effective [Grant Date], you have been granted a restricted stock award (this "Award") of [Number of Shares] shares (the "Shares") of Shoe Carnival, Inc. (the "Company") common stock. The value of the award on the date of grant is $[            ].

Except as otherwise set forth herein or in the 2000 Plan, the Restricted Period (as defined in the 2000 Plan) shall expire as to, and [insert fraction] of the Shares shall vest, on [each of][insert description of vesting date(s)].  

While the Shares will be registered in your name and you will have the right to vote the Shares and to receive such dividends as set forth in the 2000 Plan, the Shares will be held by the Company until the Restricted Period has expired. The Shares may not be sold, assigned, transferred, pledged, or otherwise encumbered until the Restricted Period has expired.  

If you cease to maintain Continuous Service (as defined in the 2000 Plan) by reason of death or total or partial disability prior to the expiration of the Restricted Period, the Restricted Period with respect to the Ratable Portion of the Shares, as determined in accordance with the 2000 Plan, shall expire, and the Ratable Portion of the Shares shall vest and shall not be forfeited; all of the non-Ratable Portion of the Shares shall automatically be forfeited and returned to the Company. If you cease to maintain Continuous Service due to a termination by the Company without Cause or by you for Good Reason (each as defined in your [Amended and Restated] Employment and Noncompetition Agreement dated [                         ]), the Restricted Period on all Shares shall expire and all Shares shall become fully vested.  If you cease to maintain Continuous Service for any other reason, all Shares that remain subject to the Restricted Period set forth above at the time of such termination of Continuous Service will automatically be forfeited and returned to the Company. 

In the event of a Change in Control (as defined in the 2000 Plan):

	
·

	
If and to the extent that this Award is not continued, assumed or replaced in connection with the Change in Control, the Restricted Period on all Shares shall expire and all Shares shall become fully vested.

	
·

	
If and to the extent that this Award is continued, assumed or replaced in connection with the Change in Control (with such adjustments as may be required or permitted by the 2000 Plan), this Award or replacement therefor shall remain outstanding and shall vest subject to your Continuous Service through the Restricted Period; provided, however, that if within 24 months after the Change in Control you cease to maintain Continuous Service due to a termination by the Company without Cause or by you for Good Reason, the Restricted Period on all Shares shall expire and all Shares shall become fully vested.

	
By your signature and the Company's signature below, you and the Company agree that this award is granted under and governed by the terms and conditions of the 2000 Plan and the Award Agreement. A copy of the 2000 Plan has been provided or otherwise made available to you and is incorporated herein by reference and made a part of this document.

	
 

______________________________________________________

Shoe Carnival, Inc.

 

 

______________________________________________________

[Name of Award Recipient]

 

	
 

_____________________________________________ 

Date

 

 

_____________________________________________ 

Date

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