Document:

Exhibit 10.2

 

SELECT MEDICAL CORPORATION

WELSH, CARSON, ANDERSON & STOWE XII, L.P.

 

March 22, 2015

 

MJ Acquisition Corporation
 c/o Select Medical Corporation
 4717 Gettysburg Road
 Mechanicsburg, PA 17088
 Attention: Michael E. Tarvin

Project Star

Commitment Letter

Ladies and Gentlemen:

 

Reference is made to the Stock Purchase Agreement dated as of the date hereof (the “Purchase Agreement”) by and among MJ Acquisition Corporation, a Delaware corporation (“Buyer”), Concentra Inc., a Delaware corporation (the “Company”), and Humana Inc., a Delaware corporation (“Seller”), pursuant to which, upon the terms and subject to the conditions set forth in the Purchase Agreement, Buyer will purchase from Seller 100% of the equity interests of the Company (the “Transaction”). Capitalized or other terms used and not defined herein but defined in the Purchase Agreement will have the meanings ascribed to them in the Purchase Agreement. The parties listed on Schedule A hereto are collectively referred to herein as the “Investors.” Each Investor hereby acknowledges that Seller has entered into the Purchase Agreement in reliance upon, among other things, the Commitments set forth herein.

1.                                      Commitment. This letter agreement confirms the several, and not joint, commitment of each of the Investors, subject to the conditions set forth herein, to purchase, directly or indirectly through one or more intermediate entities or cause an assignee permitted by the terms of Section 3(a) to purchase (provided that, subject to the final sentence of this Section 1 and Section 3(a), no such action shall reduce the amount of such Investor’s Commitment or otherwise affect the obligations of such Investor under this letter agreement), a portion of the equity of Buyer at the Closing for an aggregate purchase price equal to the dollar commitment set forth next to such Investor’s name on Schedule A hereto (each, a “Commitment” and collectively, the “Commitments”) solely for the purpose of funding, and to the extent necessary to fund, the Purchase Price for the Transaction and to pay related expenses (the “Consideration”), it being understood that none of the Investors (together with their permitted assigns) shall under any circumstances be obligated to purchase any equity of Buyer for a purchase price in excess of its respective Commitment. The obligation of each of the Investors (together with its respective permitted assigns) to fund its respective Commitment is subject to (i) the terms of this letter agreement, (ii) the execution and delivery of the Purchase Agreement, (iii) the satisfaction or waiver by Buyer of all of the conditions to Buyer’s obligation to effect the Closing of the Transaction set forth in Section 7.1 and Section 7.3 of the Purchase Agreement (other than those

 

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conditions that by their nature are to be satisfied by actions taken at the Closing), and the Buyer is required to complete the Closing pursuant to Section 2.3 of the Purchase Agreement, (iv) (x) the substantially simultaneous consummation of the Closing in accordance with the Purchase Agreement or (y) Seller having irrevocably confirmed in writing to Buyer that if specific performance is granted and the Debt Financing and the financing contemplated by this letter agreement are funded, the Closing will occur and (v) the Debt Financing has been funded or will be funded at the Closing on the terms set forth in the Debt Commitment Letters if the financing contemplated by this letter agreement is funded.  The amount to be funded under this letter agreement will be reduced at or prior to the Closing solely in the event that Buyer does not require all of the Commitments to pay the amounts payable by Buyer at the Closing pursuant to, and in accordance with, the Purchase Agreement (and any related costs and expenses of Buyer) by reason of Buyer having obtained funds from other sources (including Debt Financing sources) that are readily available to Buyer to pay such amounts payable by Buyer at the Closing; provided that, any such reduction in accordance with the foregoing shall be applied in the manner designated by the Investors.

 

2.                                      Termination. Each Investor’s obligation to fund its Commitment will terminate automatically and immediately upon the earliest to occur of (a) the Closing (at which time all such obligations shall be discharged), (b) the valid termination of the Purchase Agreement pursuant to Article 11 thereof (provided that, for the avoidance of doubt, any purported termination of the Purchase Agreement that is not a valid termination shall not give rise to a termination of this letter agreement pursuant to this Section 2), (c) without limiting any of Seller’s rights against Buyer under the Purchase Agreement, or Section 5(b) of this letter agreement, the commencement of any Action by Seller or the Company or any of their respective Affiliates, or any Person claiming by, through or for the benefit of Seller or the Company or any of their respective Affiliates, against any Buyer Related Party (as defined in the Limited Guarantee), relating to this letter agreement, the Limited Guarantee, the Purchase Agreement or any of the transactions expressly provided hereby or thereby, in each case other than as permitted by Section 5(b) of this letter agreement or any claim seeking an injunction, specific performance or other equitable remedy against Buyer under the Purchase Agreement in accordance with the terms and conditions thereof, and (d) the payment of all amounts due pursuant to the Limited Guarantee executed and delivered by such Investor or its Affiliates as long as such Investor or its Affiliates have not breached a payment obligation under such Limited Guarantee. Upon termination of this letter agreement, the Investors shall not have any further obligations or liabilities hereunder.

3.                                   Assignment; Amendments and Waivers; Entire Agreement.

 

(a)                                 The rights and obligations under this letter agreement may not be assigned by any party hereto without the prior written consent of the other parties hereto and Seller, and any attempted assignment shall be null and void and of no force or effect. Notwithstanding the foregoing, each Investor may assign all or a portion of its obligations to fund its Commitment to one or more investors (other than Buyer or any Subsidiary thereof), and such Investor’s Commitment hereunder shall be reduced dollar for dollar by any amounts actually contributed by such other investor(s) to Buyer or to any Affiliate of Buyer organized to consummate the transactions contemplated by the Purchase Agreement; provided, however, that any such assignment or transfer shall not relieve any Investor of its obligations under this letter agreement

 

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(including its obligation to fund its Commitment) to the extent not performed by such transferee(s).

 

(b)                                 This letter agreement may not be amended, and no provision hereof waived or modified, except by an instrument signed by each of the parties hereto and Seller.

 

(c)                                  Together with the Purchase Agreement and the Limited Guarantee, this letter agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among or between any of the parties with respect to the subject matter hereof and thereof.

 

4.                                      No Third Party Beneficiaries. Except to the extent set forth in Section 5(a) and Section 5(b), this letter agreement shall be binding solely on, and inure solely to the benefit of, the parties hereto and their respective successors and permitted assigns, and nothing set forth in this letter agreement shall be construed to confer upon or give to any Person, other than the parties hereto and their respective successors and permitted assigns, any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Buyer to enforce, any of the Commitments or any provisions of this letter agreement.

 

5.                                      Limited Recourse; Enforcement.

 

(a)                                 Notwithstanding anything that may be expressed or implied in this letter agreement or any document or instrument delivered contemporaneously herewith, Buyer, by its acceptance of the benefits of the Commitments provided herein, covenants, agrees and acknowledges that no Person other than the Investors and their respective permitted assigns shall have any obligation hereunder or in connection with the transactions contemplated hereby and that, notwithstanding that the Investors or any of their respective permitted assigns may be a partnership or limited liability company, it has no rights of recovery against and no recourse hereunder or under any documents or instruments delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against any Buyer Related Party (other than the Investors and their respective permitted assigns), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Buyer Related Party (other than Investor or an Investor’s permitted assigns) for any obligations of the Investors or any of their successors or permitted assigns under this letter agreement or any documents or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith or for any claim (whether at law or equity or in tort, contract or otherwise) based on, in respect of, or by reason of such obligations or their creation. The Buyer Related Parties are hereby made third party beneficiaries of this Section 5(a) and may rely on and enforce the provisions of this Section 5(a).

 

(b)               Buyer shall have no right to enforce this letter agreement unless directed to do so by the Investors in their sole discretion or, solely to the extent set forth in the following proviso, Seller; and none of Buyer’s creditors (including Seller) shall have any right to enforce this letter or cause Buyer to enforce this letter; provided, however, that, subject to the terms and conditions of the Purchase Agreement, including, without limitation, Section 12.15(b) thereof,

 

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Seller is hereby made an express third party beneficiary of the rights granted Buyer hereby for the purposes of (a) directly enforcing the obligations of the Investors under this letter agreement through an action for specific performance or (b) seeking specific performance of Buyer’s right to cause the Commitments to be funded hereunder (in each case solely to the extent that Buyer is permitted to enforce the Commitments pursuant to the terms and conditions hereof and Seller is permitted to enforce the Commitments pursuant to Section 12.15(b) of the Purchase Agreement) and in each case for no other purpose (including, without limitation, any claim for monetary damages hereunder).  Subject to the terms and conditions of this letter agreement, Seller shall have the right to enforce the Commitments directly against the Investors in Seller’s own name pursuant to clause (a) of the immediately preceding sentence irrespective of whether Buyer pursues specific performance, it being understood that in no event shall an Investor be required to satisfy its Commitment more than once.

 

(c)                                  Concurrently with the execution and delivery of this letter agreement, each Investor or an affiliate of each Investor is executing and delivering to Seller the Limited Guarantee (the “Limited Guarantee”) relating to certain of Buyer’s obligations under the Purchase Agreement. Seller’s remedies against (i) the Investors or Buyer for specific performance pursuant to the terms and conditions of Section 5(b) of this letter agreement, (ii) each Investor under the Limited Guarantee and (iii) any Buyer Related Party (as defined in the Limited Guarantee) with respect to any Retained Claim (as defined in the Limited Guarantee) that may be asserted against such Buyer Related Party pursuant to Section 8(a) of the Limited Guarantee shall, and are intended to, be Seller’s sole and exclusive direct or indirect remedies available to Seller and its Affiliates (including the Company) against the Investors and the Buyer Related Parties for any liability, loss, damages or recovery of any kind (including consequential, indirect or punitive damages, and whether at law, in equity or otherwise) arising under or in connection with any liabilities or obligations arising under or in connection with the Purchase Agreement, the Limited Guarantee, this letter agreement, the breach thereof or hereof (whether willfully, intentionally, unintentionally or otherwise) or of the failure of the Transaction to be consummated or otherwise in connection with the transactions contemplated hereby and thereby or in respect of any oral representations made or alleged to be made in connection therewith or herewith, including in the event Buyer breaches its obligations under the Purchase Agreement, whether or not such breach is caused by any Investor’s breach of its obligations under this letter agreement.  For the avoidance of doubt, any relief available to Seller under or relating to the Purchase Agreement shall be subject to Section 11.3 and Section 12.15 thereof.

 

6.                                      Confidentiality. This letter agreement shall be treated as confidential and is being provided to Buyer and Seller solely in connection with the Transaction. This letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the written consent of each Investor and Seller; provided that (x) no such written consent shall be required for disclosures by Seller to the Company so long as the Company agrees not to use, circulate, quote or otherwise refer to this letter agreement except that the Company may disclose the existence or content of this letter agreement to its Affiliates and its representatives who agree to keep such information confidential on terms substantially identical to the terms contained in this Section 6 and (y) any party hereto may disclose the existence or content of this letter agreement to the extent required by Law or the rules of any self-regulatory organization or securities exchange.

 

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7.                                      Governing Law; Jurisdiction; Waiver of Jury Trial.

 

(a)                                                                                                                                 This letter agreement, including the validity hereof and the rights and obligations of the parties hereunder, all amendments and supplements hereto and the transactions contemplated hereby, and all actions or proceedings (whether at law or in equity, in contract or in tort or otherwise) that may be based upon, arise out of or relate to this letter agreement or the negotiation, execution or performance hereof, shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.  Each of the parties hereto irrevocably agrees that any such action or proceeding shall be brought and determined exclusively in any state or federal court within the State of New York in New York County (the “Courts”).  Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any such action or proceeding in any court other than the Courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) that it is not personally subject to the jurisdiction of the Courts for any reason other than the failure to serve; (b) that it or its property is exempt or immune from jurisdiction of any Court or from any legal process issued by the Courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise); and (c) to the fullest extent permitted by Law, that: (i) such action or proceeding in a Court is brought in an inconvenient forum; (ii) the venue of such action or proceeding is improper; or (iii) this letter agreement, or the subject matter hereof, may not be enforced in or by the Courts. Each of the parties hereto irrevocably consents to the service of process out of the Courts and any appellate court therefrom in any such action or proceeding by the delivery of copies thereof by registered mail, postage prepaid, to it at its address set forth herein, such service of process to be effective upon acknowledgment of receipt of such registered mail.  Nothing herein shall affect the right of any party to serve process in any other manner permitted by applicable Law.

 

(b)                                 EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LETTER AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(B).

 

8.                                      Representations and Warranties.  Each Investor hereby represents and warrants that (a) it has the financial capacity to fulfill its Commitment under this letter agreement, and that all funds necessary for such Investor to fulfill its Commitment under this letter agreement will be available to such Investor at the Closing, (b) to the extent (if any) that its governing documents limit the amount it may commit to any one investment, its Commitment hereunder is less than the maximum amount that it is permitted to invest in any one investment

 

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pursuant to the terms of such governing documents, (c) it has the requisite power and authority to enter into and deliver this letter agreement and to perform its obligations hereunder, and the performance of such obligations do not contravene, conflict with or result in any violation of any provision of each Investor’s charter, partnership agreement, operating agreement or similar organizational documents or any law, regulation, rule, decree, order, judgment or contractual restriction applicable to or binding on such Investor or its assets and (d) this letter agreement has been duly and validly executed and delivered by the Investor and constitutes the valid and binding agreement of the Investor, enforceable against such Investor in accordance with its terms.

 

9.                                      Counterparts. This letter may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same instrument.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INVESTORS:
    
	
 
    	
 
    
	
 
    	
WELSH,   CARSON, ANDERSON & STOWE XII, L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   D. Scott Mackesy
    
	
 
    	
Name:
    	
D.   Scott Mackesy
    
	
 
    	
Title:
    	
Managing   Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SELECT   MEDICAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Martin F. Jackson
    
	
 
    	
Name:
    	
Martin   F. Jackson
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

[Equity Commitment Letter]

 

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Accepted   and acknowledged:
    	
 
    
	
 
    	
 
    
	
BUYER:
    	
 
    
	
MJ   ACQUISITION CORPORATION
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Martin F. Jackson
    	
 
    
	
Name:
    	
Martin   F. Jackson
    	
 
    
	
Title:
    	
Officer
    	
 
    

 

[Equity Commitment Letter]

 

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Accepted and agreed to (solely in the capacity of an intended third party beneficiary hereto) as of the first date written above.

 

	
SELLER:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
HUMANA   INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Brian A. Kane
    	
 
    
	
Name:
    	
Brian   A. Kane
    	
 
    
	
Title:
    	
Senior   Vice President & Chief Financial Officer
    	
 
    

 

[Equity Commitment Letter]

 

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Schedule A 
 Commitments

 

	
Investor
    	
 
    	
Dollar Commitment
    	
 
    
	
Welsh, Carson, Anderson & Stowe XII, L.P.
    	
 
    	
$
    	
214,570,000
    	
 
    
	
Select Medical Corporation
    	
 
    	
$
    	
215,430,000
    	
 
    
	
TOTAL
    	
 
    	
$
    	
430,000,000
    	
 
    

 

9EX-10.1

 Exhibit 10.1 

EQUITY ONE, INC. 
 COMMON
STOCK PURCHASE AGREEMENT 
 This Common Stock Purchase Agreement (the “Agreement”) is entered into as of March 18,
2015, by and between Equity One, Inc., a Maryland corporation (the “Company”), and Gazit First Generation LLC, a Delaware limited liability company (the “Purchaser”). 

R E C I T A L S 

WHEREAS, the Purchaser desires to purchase shares of the Company’s common stock, par value $.01 per share (“Common
Stock”), such purchase to be made in a private placement the closing of which is to occur substantially simultaneously with the closing (the “Closing”) of the public offering (the “Public Offering”) by the
Company pursuant to an underwriting agreement between the Company and Citigroup Global Markets Inc. (the “Underwriter”), to be dated on or about the date hereof (the “Underwriting Agreement”); 

WHEREAS, the Company desires to issue and sell the Shares (as defined below) to the Purchaser on the terms and conditions set forth
herein to fund its corporate purposes. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises
hereinafter set forth, the parties hereto agree as follows: 
 1. Agreement to Sell and Purchase. Subject to the terms and
conditions hereof, the Company hereby agrees to issue and sell to the Purchaser and the Purchaser agrees to purchase from the Company, at the Closing, 600,000 shares of Common Stock (the “Shares”). The per share purchase price
payable by the Purchaser for the Shares shall be equal to the indicative per share public offering price established by the Underwriter in the Public Offering or the public offering price as set forth in the prospectus relating to the Public
Offering, as applicable (without regard to the actual price at which the Underwriter sells Shares in the Public Offering) (the “Purchase Price”). 

2. Closing, Delivery and Payment. 

(a) Subject to the terms of Section 5 hereof, the closing of the sale and purchase of the Shares under this Agreement (the
“Private Closing”) shall take place substantially simultaneously with the Closing pursuant to the Underwriting Agreement (the date of such closing shall be referred to herein as the “Closing Date”). 

(b) At the Private Closing, subject to the terms and conditions hereof, the Company will deliver to the Purchaser a certificate representing
the Shares against payment by or on behalf of the Purchaser of the aggregate Purchase Price for the Shares by wire transfer to an account designated by the Company, or by such other means as shall be mutually agreeable to Purchaser and the Company.
The Closing shall take place at the offices of the Company or by mail or email facilities or such other place or means as the Company and the Purchaser may agree. 

3. Representations and Warranties of the Company. The Company represents and warrants to the Purchaser that, as of the date
hereof, the representations and warranties set forth in the Underwriting Agreement are true and correct to the extent set forth therein, and incorporated by reference in their entirety herein. The Company hereby additionally represents and warrants
to the Purchaser as of the date hereof as follows: 
 3.1 Organization, Good Standing and Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the laws of the State of Maryland. The Company has full power and authority to own and operate its properties and assets, and to carry on its business as presently conducted.
The Company is duly qualified, is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary,
except for those jurisdictions, in the aggregate, in which failure to do so would not have a material adverse effect on the business, financial condition or results of operations of the Company and its subsidiaries taken as a whole. 

 3.2 Authorization; Binding Obligations. All corporate action on the part of the
Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement for the sale and issuance of the Shares pursuant hereto and for the performance of the Company’s obligations hereunder
and the Registration Rights Agreement between the Company and the Purchaser, to be dated of even date herewith (the “Registration Rights Agreement”) has been taken or will be taken prior to the Private Closing. Each of this
Agreement and the Registration Rights Agreement, when executed and delivered, will be a valid and binding obligation of the Company enforceable in accordance with its terms, subject to bankruptcy, insolvency, moratorium, and other laws affecting
creditors’ rights generally and subject further to general principles of equity. At the time of the Closing, the sale of the Shares will not be subject to any preemptive rights or rights of first refusal that have not been properly waived or
complied with. When issued in compliance with the provisions of this Agreement, the Shares will be validly issued, fully paid and nonassessable, and will be free of any liens, claims, encumbrances or other restrictions other than restrictions on
transfer under this Agreement, the Company’s Charter, as amended from time to time, and under state and/or federal securities laws as set forth herein or as otherwise required by such laws at the time a transfer is proposed or any liens,
claims, encumbrances or other restrictions entered into by the Purchaser. 
 3.3 Compliance With Other Instruments. The
execution, delivery and performance of and compliance with this Agreement and the Registration Rights Agreement and the issuance and sale of the Shares pursuant hereto will not (i) materially conflict with, or result in a material breach or
violation of, or constitute a material default under, or result in the creation or imposition of any material lien, claim, encumbrance or restriction, (ii) violate, conflict with or result in the breach of any material terms of, or result in
the material modification of, any material contract or otherwise give any other contracting party the right to terminate a material contract, or constitute (or with notice or lapse of time would constitute) a material default under any material
contract to which the Company is a party or by or to which it or any of its assets or properties may be bound or subject or (iii) result in any violation, or be in conflict with or constitute a default under any term, of the Company’s
Charter or Bylaws, each as amended from time to time, which in any such case could reasonably be expected to have a material adverse effect on the Company, its financial condition or results of operation. 

4. Representations and Warranties of the Purchaser. 

The Purchaser hereby represents and warrants to the Company as follows: 

4.1 Requisite Power and Authority. The Purchaser has all necessary power and authority under all applicable provisions of law to
execute and deliver this Agreement and the Registration Rights Agreement and to carry out the provisions of this Agreement and the Registration Rights Agreement. All action on the Purchaser’s part required for the lawful execution and delivery
of this Agreement and the Registration Rights Agreement has been or will be effectively taken prior to the Private Closing. Each of this Agreement and the Registration Rights Agreement, when executed and delivered, will be a valid and binding
obligation of the Purchaser, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights
and (ii) general principles of equity that restrict the availability of equitable remedies. 
 4.2 Investment
Representations. The Purchaser understands that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser also understands that the Shares are being offered and sold
pursuant to an exemption from registration contained in the Securities Act based in part upon the Purchaser’s representations and warranties as follows: 

(a) Purchaser is an Accredited Purchaser. The Purchaser represents that the Purchaser is an “accredited investor”
within the meaning of Rule 501(a) of Regulation D under the Securities Act or a “qualified institutional buyer” within the meaning of Rule 144A(a)(1) under the Securities Act. 

(b) Purchaser Bears Economic Risk. The Purchaser must bear the economic risk of this investment indefinitely unless the Shares
are registered pursuant to the Securities Act, or an exemption from registration is available. The Purchaser understands that it will have no registration rights with respect to its Shares except as set forth in the Registration Rights Agreement.
The Purchaser also understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow the Purchaser to transfer all or any portion of its
Shares under the circumstances, in the amounts or at the times the Purchaser might propose. 

  
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 (c) Acquisition For Own Account. The Purchaser is acquiring the Shares for the
Purchaser’s own account for investment only, and not with a view towards their distribution within the meaning of the Securities Act. 

(d) Purchaser Can Protect Its Interests. The Purchaser represents that by reason of its, or of its management’s, business or
financial experience, the Purchaser has the capacity to evaluate its investment in the Shares and the transactions contemplated in this Agreement. The Purchaser is not a corporation, trust or partnership specifically formed for the purpose of
consummating these transactions. 
 (e) Company Information. The Purchaser has had an opportunity to discuss the Company’s
business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company’s operations and facilities. The Purchaser has also had the opportunity to ask questions of and
receive answers from, the Company and its management regarding the terms and conditions of this investment. 
 4.3 Legends. The
certificate representing the Shares may be endorsed with the following legend: 
 “The securities represented by this certificate
have not been registered under the Securities Act of 1933, as amended (the “Act”), and are “restricted securities” as defined in Rule 144 promulgated under the Act. The securities may not be sold or offered for sale or otherwise
distributed except (i) in conjunction with an effective registration statement for the shares under the Act, or (ii) in compliance with Rule 144 or (iii) pursuant to an opinion of counsel addressed and reasonably acceptable to the
corporation that such registration or compliance is not required as to such sale, offer or distribution.” 
 Except as set forth it
the Registration Rights Agreement, the Company need not register a transfer of any Shares, and may also instruct its transfer agent not to register the transfer of any Shares, unless the conditions specified in the foregoing legend are satisfied.

 4.4 Removal of Legend and Transfer Restrictions. Any legend endorsed on a certificate pursuant to Section 4.3 and the
stop transfer instructions with respect to such Shares shall be removed and the Company shall issue a certificate without such legend to the holder thereof if such legend (i) may be properly removed under the terms of Rule 144 promulgated under
the Securities Act (“Rule 144”); (ii) the Shares are registered for resale under the Securities Act; or (iii) if such holder provides the Company with an opinion of counsel for such holder, reasonably satisfactory to legal
counsel for the Company, to the effect that a sale, transfer or assignment of such Shares may be made without registration. 

5. Conditions to Closing. The Purchaser’s obligation to purchase and the Company’s obligation to sell the Shares shall
be subject to the condition that the Closing under the Underwriting Agreement occur substantially simultaneously therewith. 

6. Rule 144 Reporting. 

With a view to making available to each Purchaser the benefits of certain rules and regulations of the United States Securities and Exchange
Commission (the “Commission”) which may permit the sale of the Shares to the public without registration, the Company agrees at all times after the Closing to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144; 

(b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Securities Exchange Act of 1934, as amended (the “Exchange Act”); and 
 (c) so long as the Purchaser owns any Shares, to
furnish to the Purchaser within a reasonable time upon a written request by the Purchaser, a written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Exchange Act, a copy of the most recent annual
or quarterly report of the Company, and such other reports and documents so filed by the Company as the Purchaser may reasonably request in complying with any rule or regulation of the Commission allowing the Purchaser to sell any such securities
without registration and shall cause its counsel promptly to provide appropriate legal opinions to the Company’s transfer agent in connection with a proper sale of Shares pursuant Rule 144. 

  
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 7. Miscellaneous. 

7.1 Governing Law. This Agreement shall be governed in all respects by the laws of the State of New York without regard to the
principles of conflict of laws thereof that would cause the laws of another jurisdiction to apply. 
 7.2 Survival. The
representations, warranties, covenants and agreements made herein shall survive any investigation made by the Purchaser and the closing of the transactions contemplated hereby. All statements as to factual matters contained in any certificate or
other instrument delivered by or on behalf of the Company pursuant hereto in connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as of the date of such certificate
or instrument, except as expressly provided otherwise in such certificate or instrument. 
 7.3 Successors and Assigns. This
Agreement and the rights granted hereunder may not be assigned, sold, transferred, pledged, hypothecated or otherwise disposed; provided, however, that the Purchaser may assign this Agreement and its rights and obligations hereunder to an affiliate
(as such term is defined for purposes of Rule 405 under the Securities Act) of the Purchaser provided that the Company is given prompt notice of such assignment. The Company agrees that Shares may be pledged by the Purchaser to a bona fide third
party pledgee, subject to satisfaction of the conditions specified in the legend set forth in Section 4.3 hereof and the terms and conditions of any lock up or similar agreement executed by the Purchaser in connection with the public offering
contemplated by the Underwriting Agreement. This Agreement shall be binding upon and inure to the benefit of the Company, the Purchaser and their respective successors and permitted assigns. 

7.4 Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall, to the
extent practicable, be modified so as to make it valid, legal and enforceable and to maintain as nearly as practicable the intent of the parties, and the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
 7.5 Amendment and Waiver. 

(a) Any amendment of this Agreement shall only be binding upon the parties hereto executing such amendment. 

(b) The obligations of the Company and the Purchaser under this Agreement may be waived only with the written consent of the parties hereto
to whom such obligations are owed. 
 (c) Except to the extent provided in this Section 7.5, neither this Agreement nor any provision
hereof may be changed, waived, discharged or terminated, except by a statement in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. 

(d) Any amendment or waiver effected in accordance with this Section 7.5 shall be binding upon any future holder of some or all of the
Shares. 
 7.6 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be
deemed effectively given and received (a) upon personal delivery, (b) on the fifth day following mailing sent by registered or certified mail, return receipt requested, postage prepaid, (c) upon confirmed delivery by means of a
nationally recognized overnight courier service or (d) upon confirmed transmission of facsimile addressed: (i) if to the Purchaser, at the Purchaser’s address as set forth on the signature page hereto, or at such other address as the
Purchaser shall have furnished to the Company in writing or (ii) if to the Company, at its address as set forth on the signature page hereto, or at such other address as the Company shall have furnished to Purchaser in writing. 

7.7 Expenses. The Company shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and
performance of this Agreement and, subject to the provisions of Section 7.13, the Purchaser shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this Agreement. 

  
 4 

 7.8 Titles and Subtitles. The titles of the paragraphs and subparagraphs of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 7.9 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument and which may be delivered by telecopy or email. 

7.10 Broker’s Fees. Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting
on behalf of or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto
further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 7.10 being untrue. 

7.11 Termination. This Agreement shall terminate upon any valid termination of the Underwriting Agreement. 

7.12 Subsequent, Consents, Permits and Waivers. The Company shall obtain promptly after any Closing all authorizations, approvals,
consents, permits and waivers that are necessary or applicable for consummation of the transactions contemplated by this Agreement and that were not obtained prior to such Closing because they may be properly obtained subsequent to such Closing.

 7.13 Expenses. The Company shall promptly reimburse the Purchaser for its documented out of pocket expenses (including the
reasonable fees and expenses of its counsel) incurred in connection with the negotiation and documentation of, and performance of the Purchaser’s obligations contemplated by, this Agreement. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set
forth in the first paragraph hereof. 
 Company: 

 

			
	Equity One, Inc.
		
	By:	 	/s/ Aaron Kitlowski
	Name: Aaron Kitlowski
	Title: Vice President and General Counsel
	
	 Address:
 410 Park Avenue, Suite
1220
 New York, New York 10022

 Purchaser:  

 

			
	Gazit First Generation LLC
		
	By:	 	/s/ Gil Kotler
	Name: Gil Kotler
	 Title: Senior Executive Vice President and

          Chief Financial Officer

		 	
		
	By:	 	/s/ Sean Kanov
	Name: Sean Kanov
	Title: Controller
		 	
	
	 Address:
 1696 NE Miami Gardens
Drive
 North Miami Beach, Florida 3317

 Common Stock Purchase Agreement

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