Document:

Consulting Agreement

 Exhibit 10.2 
 CONSULTING AGREEMENT 
 THIS AGREEMENT is made December 5, 2005, effective January 1, 2006, by
and between D & E COMMUNICATIONS, INC. (the “Company”), a Pennsylvania business corporation, and G. WILLIAM RUHL (the “Consultant”), an adult individual. 
 BACKGROUND 
 The Company is engaged in the communications business. The Consultant has
served for many years as an officer and employee of the Company, and has retired as of January 1, 2006. The Company desires to retain access to the Consultant’s experience, expertise and professional advice and the parties have therefore agreed
that he shall render advice and consulting services to the Company under the terms and conditions contained herein. 
 AGREEMENT 

Therefore, each intending to be legally bound hereby, the parties agree as follows: 
 1. Consulting Services. 
 (a) Under and
subject to the terms and conditions contained herein, during the term of this Agreement the Consultant shall render to the Company consulting and executive management services relating to all aspects of the Company’s business, including public
relations. The Consultant’s services will be rendered upon the request of the Company’s Chief Executive Officer or any other employee designated by him and shall entail work and services in conjunction with Company’s officers,
directors and employees, as well as its customers, vendors and other consultants. The Consultant shall use his best efforts, talents and abilities in the performance of his services hereunder and will devote such reasonable amount of his time and
attention as may be required to fulfill the same. 
 2. Term. The term of this Agreement shall be for a period of five (5) years,
commencing as of January 1,2006 (the “Term”). 
 3. Compensation and Expenses. 
 (a) Consulting Fees. In connection with the Consultant’s services and the performance of his obligations hereunder, the Company shall pay to
him consulting fees in the amount of Fifty Thousand Dollars ($50,000.00) per year in quarterly payments of Twelve Thousand Five Hundred Dollars ($12,500.00) on or before the first day of the first month of the quarter. 
 (b) Expenses. The Company shall reimburse the Consultant for all out-of­pocket expenses incurred by him in the performance of his services,
including, without limitation, travel and lodging expenses and meeting registration fees, including education sessions and seminars, provided he has received prior approval for such expenses from the Company’s Chief Executive Officer or his
designee and produces receipts to substantiate the payment of those expenses. 

 (c) Facilities. In connection with the services hereunder the Company shall provide to Consultant
office space, access to Company computer network, a laptop computer, a mobile phone and reimbursement for associated Company expense, and card access to Company premises. 
 4. Intellectual Property. 
 (a) Subject to the terms of Subsection 4(e), the Consultant hereby
acknowledges and agrees that all data, information, concepts, know-how, ideas, inventions, processes, products or other intellectual property, in whatever form or media, first discovered, generated, produced or created entirely or partially by the
Company and/or the Consultant in the course of his services hereunder (the “Work Product”) shall be the sole and exclusive property of the Company and the Consultant hereby grants to the Company and the Company hereby accepts, the entire
right, title and interest of the Consultant, if any, in and to the Work Product and in and to all patents, copyrights, trade secrets and other proprietary rights in or based upon the Work Product; 
 (b) The Consultant shall disclose promptly to the Company any and all works, identifiers, ideas, inventions, discoveries and improvements
(“Inventions”) authored, conceived, made or reduced to practice by the Consultant, either solely or jointly with others, during the term of this Agreement and his services for the Company and related to or arising out of his work and/or
any other business or activities of the Company or authored, conceived, made or reduced to practice utilizing the Company’s facilities, equipment or supplies or otherwise resulting from the Consultant’s use or knowledge of Confidential
Information (defined in Section 5); 
 (c) Whenever requested to do so by the Company, the Consultant shall execute, whether during the term
of this Agreement or after its termination, without additional compensation, any and all applications, assignments or other instruments which the Company shall deem necessary to apply for and obtain Letters Patent, trademarks or copyrights of the
United States or any foreign country or to otherwise protect the Company’s interest therein, including those necessary and attendant to domestic and foreign patent applications, including, but not limited to, divisional, continuation,
continuation in-part, substitute and/or reissue applications, and all other instruments for the perfection of intellectual property rights, including related registrations of issued patents, design patent applications and registrations, applications
for utility models and industrial models, and copyrights; 
 (d) The Consultant’s obligations hereunder shall continue beyond the
termination of his services with respect to works, inventions, discoveries, and improvements authored, conceived, made or reduced to practice by the Consultant during the term of this Agreement and/or the period of his services. The Consultant
agrees that, in the event of publication by him of written or graphic materials relating to any of those items of intellectual property referred to above, the Company will retain and own all rights in such materials, including the right of
copyright; and 
  

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 (e) The parties acknowledge that the obligations of the Consultant pursuant to the preceding Subsections
4(a) through 4(d) shall be subject to and limited by the following provisions: 
 (i) the Work Product and Inventions of the Consultant
subject to this Section 4 shall exclude those not relating in some manner to the products and product lines sold or under development by the Company from time to time. 
 5. Confidentiality. The Consultant shall keep and hold in strict confidence and not disclose the Company’s Confidential Information to any party other than those parties authorized by the Company at any
time, either during the term of the Consultant’s consulting services for the Company or subsequent thereto. In addition, the Consultant shall not use or reproduce Confidential Information for any purpose other than in furtherance of the best
interests of the Company and without the Company’s prior consent. For purposes of this Agreement, the term “Confidential Information” means and includes all information disclosed by the Company to the Consultant or learned by the
Consultant as a consequence of his employment by the Company and/or his services hereunder for the Company, including, without limitation, (i) the Company’s processes, products, technology, trade secrets, advances, research and development,
documentation or know-how, whether or not patented or patentable, (ii) the Company’s customers and suppliers, including the identity, purchase patterns, business practices, contact persons or records of any customer or supplier, (iii) the
Company’s financial data, records, pricing practices, and other financial information, and (iv) any other confidential or proprietary information of the Company. Confidential Information shall not include information, which is or becomes
generally available to the public other than as a result of a disclosure in breach of this Agreement or information, which is disclosed by the Consultant with the prior written consent of the Company. Upon termination of the Consultant’s
services for the Company or upon the Company’s request, the Consultant shall return to the Company all documents, drawings, plans, papers, computer disks and all other tangible media containing or reflecting Confidential Information, including
all copies and reproductions thereof in his possession. 
 6. Covenant Not to Compete. In consideration of the obligations of the
Company hereunder, including payment of the fees specified in Subsection 3(a) above, the Consultant agrees that during the term of this Agreement and for a period of three (3) years thereafter, he shall not: 
 (a) Directly or indirectly, whether as an employee, proprietor, owner, partner, agent, consultant, independent contractor, member, shareholder or
otherwise, engage in or otherwise operate, control, join or participate in, lend money to, or be connected with any company, person or business entity involved or engaged to any degree in the communications business in any way competitive with the
business of the Company, as the same may change from time to time, anywhere in the world (individually and collectively “Business Activities”); or 
 (b) Assist any other person or entity in the pursuit of the Business Activities from which he is prohibited in engaging under the provisions of Subsection (a) above; or 
  

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 (c) Induce any present or future employees, consultants, or representatives of the Company or its
subsidiaries or affiliates to terminate their employment or engagement with the Company or its subsidiaries or affiliates. 
 For purposes of this Agreement,
a “subsidiary” of the Company shall mean any entity, whether a corporation, partnership, limited liability company, or other business association or entity, of which at least a majority of the ownership interests are held by the Company
and an “affiliate” of the Company shall mean any such entity in which the Company holds any ownership interest. 
 7. Judicial
Construction. The parties expressly agree that, although they consider the restrictions contained in Sections 4,5 and 6 of this Agreement to be reasonable for the purposes of preserving the Company’s business, if a final judicial
determination is made by a court having jurisdiction to the effect that any restriction contained therein is an unreasonable or otherwise unenforceable restriction against the Consultant by reason of the duration, geographical area or scope of
activities proscribed, the provisions of those Sections shall not be rendered void, but shall be deemed amended to the extent as such court may judicially determine or indicate to be reasonable and enforceable, and the parties hereby request such
court to modify such restrictions to the extent necessary in order to enable such restrictions to be and remain valid and enforceable. 
 8.
Severability. Any term or provision of this Agreement, including, without limitation, any provision of Sections 4, 5 or 6, which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other
jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 
 9. Independent Contractor. In the performance of his services hereunder the Consultant shall be an independent contractor and shall not be deemed or construed to be an employee or partner of the Company.
Consultant will not receive or participate in any Company benefits and insurance coverage, including, but not limited to, workers’ compensation insurance, except for such benefits as the Company may provide to him as a retiree or a member of
the Company’s Board of Directors. 
 10. Termination. This Agreement shall terminate thirty (30) days after the death of
Consultant. This Agreement shall terminate upon the Consultant’s material breach of the provisions of Paragraphs 4, 5, or 6. Upon such termination, all payments provided for under Paragraph 3(a) shall be discontinued by the Company. If the
Company terminates this Agreement without cause or discontinues paying Consultant in accordance with Paragraph 3(a) without cause during the Term, the fees due for the balance of the Term shall immediately be due and payable to Consultant.

  

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 11. Miscellaneous. 
 11.1 Notices. Each of the parties hereto hereby represents that the address hereinbelow specified for such party is the correct and complete address for such party at which all notices relating to this
Agreement may be received by such party, unless and only to the extent that either such party shall specify some other address by a notice given to the other party. Unless specifically stated to the contrary, all notices relating hereto shall be in
writing and shall be deemed delivered when delivered in person to the party to which such notice is being given or when mailed by registered or certified mail, return receipt requested, postage pre-paid, to such party at the address hereinbelow
specified or at such other address as may be hereafter specified by like notice by either party to the other: 
  

	
	To the Company:
	
	D & E Communications, Inc.
	124 East Main Street
	P.O. Box 458
	Ephrata, P A 17522-0458
	  
 To the Consultant:

	
	G. William Ruhl
	630 Horseshoe Trail Drive
	Lebanon, P A 17042

 11.2 Governing Law. This Agreement shall be construed, interpreted and enforced in
accordance with the laws of the Commonwealth of Pennsylvania, without reference to its choice of law provisions. 
 11.3 Captions;
References. The Section and Subsection captions used herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 11.4 Parties in Interest. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors,
personal representatives and permitted assigns. The Consultant shall not assign his rights nor delegate his duties hereunder without the prior written consent of the Company. The Company may assign its rights and delegate its duties hereunder
without the prior consent of the Consultant. 
 11.5 Entire Agreement and Amendments. This Agreement constitutes the entire agreement
between the parties and supersedes all prior negotiations, understandings and agreements of any nature whatsoever, whether oral or written, with respect to the subject matter hereof. No amendment, wavier or discharge of any provision of this
Agreement shall be effective against any party, unless that party shall have consented thereto in writing. 
  

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 11.6 Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement
by the other party shall not operate or be construed as a waiver of any subsequent breach. 
 IN WITNESS WHEREOF, the parties have executed
this Agreement effective as of the day and year first above written. 
  

									
		 		 	D&E COMMUNICATIONS, INC.
				
		 		 	By:	 	  

	  
  
	 		 		 	(SEAL)
	                        Witness	 		 	G. William Ruhl	 	

  

 6Purchase Agreement

 Exhibit 10.1 
 PURCHASE AGREEMENT 
 AND 
 AMENDMENT TO 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 relating to 
 Macquarie CountryWide-Regency II, LLC, 
 a Delaware limited liability company 
 among 
 Macquarie-Regency Management, LLC, 
 a Delaware limited liability company 
 Macquarie CountryWide (US) No. 2 LLC, 
 a Delaware limited liability company 
 and 
 Regency Centers, L.P., 
 a Delaware limited partnership 
 DATED: January 13, 2006 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE I.
	 	 DEFINED TERMS
	  	1
				
	 Section 1.1
	 		  	General Definitions	  	1
				
	 Section 1.2
	 		  	Other Definitions	  	2
			
	 ARTICLE II.
	 	 SALE AND PURCHASE OF LLC INTEREST
	  	2
				
	 Section 2.1
	 		  	Sale and Purchase	  	2
				
	 Section 2.2
	 		  	Purchase Price	  	2
				
	 Section 2.3
	 		  	Prorations	  	2
				
	 Section 2.4
	 		  	Closing	  	3
				
	 Section 2.5
	 		  	Consent	  	3
				
	 Section 2.6
	 		  	Effectiveness	  	3
			
	 ARTICLE III.
	 	 AMENDMENTS TO AMENDED AND RESTATED LIMITED
 LIABILITY COMPANY AGREEMENT
	  	3
				
	 Section 3.1
	 		  	Amendments	  	3
				
	 Section 3.2
	 		  	No Other Changes	  	4
				
	 Section 3.3
	 		  	References to LLC Agreement	  	4
			
	 ARTICLE IV.
	 	 REPRESENTATIONS AND WARRANTIES
	  	4
				
	 Section 4.1
	 		  	Representations and Warranties	  	4
			
	 ARTICLE V.
	 	 MISCELLANEOUS PROVISIONS
	  	5
				
	 Section 5.1
	 		  	Applicable Law	  	5
				
	 Section 5.2
	 		  	Attorneys’ Fees	  	5
				
	 Section 5.3
	 		  	Binding Provisions	  	6
				
	 Section 5.4
	 		  	Complete Agreement: Amendment	  	6
				
	 Section 5.5
	 		  	Confidentiality and Nondisclosure	  	6
				
	 Section 5.6
	 		  	Counterparts	  	6
				
	 Section 5.7
	 		  	Fees and Commissions	  	6
				
	 Section 5.8
	 		  	Execution of Other Documents	  	7
				
	 Section 5.9
	 		  	Severability	  	7
				
	 Section 5.10
	 		  	Survival of Indemnity Obligations	  	7
				
	 Section 5.11
	 		  	Waiver	  	7
				
	 Section 5.12
	 		  	Terminology	  	7
				
	 Section 5.13
	 		  	Equitable Remedies	  	7

  

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	 Section 5.14
	 		  	 Remedies Cumulative
	  	7
				
	 Section 5.15
	 		  	 Press Relations
	  	8
				
	 Section 5.16
	 		  	 Notices
	  	8
				
	 Section 5.17
	 		  	 Construction
	  	8
				
	 Section 5.18
	 		  	 Code Section 754 Election Notice
	  	9

  

					
	 EXHIBIT A
	 	 Capital Accounts; Percentage Interests

	 EXHIBIT B
	 	 Assignment of LLC Interest

  

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 PURCHASE AGREEMENT 
 AND 
 AMENDMENT TO 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 relating to 
 MACQUARIE
COUNTRYWIDE-REGENCY II, LLC, 
 a Delaware limited liability company 
 THIS PURCHASE AGREEMENT AND AMENDMENT TO AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT is made as of January 13, 2006 (this
“Agreement”), by and among MACQUARIE COUNTRYWIDE (US) NO. 2 LLC, a Delaware limited liability company (“MCW LLC”), REGENCY CENTERS, L.P., a Delaware limited partnership (“Regency”), and
MACQUARIE-REGENCY MANAGEMENT, LLC, a Delaware limited liability company (“U.S. Manager” and together with Regency and MCW LLC, the “Members” and each individually, a “Member”). 
 W I T N E S S E T H 
 WHEREAS, the Members are members of Macquarie CountryWide-Regency II, LLC, a Delaware limited liability company (the “Company”),
pursuant to an Amended and Restated Limited Liability Company Agreement dated as of June 1, 2005 (the “LLC Agreement”); 
 WHEREAS, Regency currently owns a 34.95% Membership Interest in the Company, and MCW LLC currently owns a 64.95% Membership Interest in the Company; 
 WHEREAS, Regency desires to sell to MCW LLC, and MCW LLC desire to purchase from Regency, a 10.05% limited liability company interest in the Company including without limitation all rights and obligations relating to
such interest under the LLC Agreement or otherwise (the “LLC Interest”), upon the terms and subject to the conditions contained in this Agreement; and 
 WHEREAS, in connection with the sale of the LLC Interest by Regency to MCW LLC, it is necessary to make certain amendments to the LLC Agreement. 
 NOW, THEREFORE, in consideration of the premises hereof, and the mutual promises, obligations and agreements contained herein, the parties hereto,
intending to be legally bound, do hereby agree as follows: 
 ARTICLE I. 
 DEFINED TERMS 
 Section 1.1 General Definitions. The following
terms used in this Agreement, unless the context otherwise requires, shall have the meanings specified in this Section 1.1: 
 “Agreement” has the meaning set forth in the preamble hereof. 
  

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 “Assignment” means an Assignment of LLC Interest to be executed and delivered by
Regency to MCW LLC at the Closing and in the form attached as Exhibit B hereto. 
 “Closing” has the meaning set
forth in Section 2.4 hereof. 
 “Closing Date” has the meaning set forth in Section 2.4 hereof. 

“Company” has the meaning set forth in the first recital hereof. 
 “Effective Date” has the meaning set forth in Section 2.6 hereof. 
 “Lien” means any lien, encumbrance, mortgage, charge, restriction, pledge, adverse claim, security interest, option or right of
any third party (other than those set forth in the LLC Agreement). 
 “LLC Agreement” has the meaning set forth in
the first recital hereof. 
 “LLC Interest” has the meaning set forth in the third recital hereof. 
 “MCW LLC” has the meaning set forth in the preamble hereof. 
 “Payment Date” has the meaning set forth in Section 2.4 hereof. 
 “Purchase Price” has the meaning set forth in Section 2.2 hereof. 
 “U.S. Manager” has the meaning set forth in the preamble hereof. 
 Section 1.2 Other Definitions. Capitalized terms not otherwise defined in Section 1.1 shall have the meanings assigned to them in the LLC
Agreement. 
 ARTICLE II. 
 SALE AND PURCHASE OF LLC INTEREST 
 Section 2.1 Sale and Purchase. Subject to the terms and conditions of this
Agreement, at the Closing, Regency shall sell, assign, convey, transfer and deliver to MCW LLC, and MCW LLC shall purchase and acquire from Regency and take assignment and delivery from Regency of, all right, title and interest in and to the LLC
Interest, free and clear of all Liens. 
 Section 2.2 Purchase Price. The total consideration for the LLC Interest shall be One
Hundred Thirteen Million One Hundred Fifty-Six Thousand Eight Dollars ($113,156,008) (the “Purchase Price”). 
 Section
2.3 Prorations. All increases or decreases since the date of the LLC Agreement in any items of income and expenses, charges, escrows, deposits and fees customarily prorated and adjusted in similar transactions shall be so prorated and adjusted
as of the Effective Date. In addition, MCW LLC shall pay to Regency an interest carry equal to Regency’s cost of 

  

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funds under its unsecured line of credit with Wells Fargo Bank, National Association, as Agent, calculated on the Purchase Price for each day from (but not
including) the Effective Date to (and including) the Payment Date. 
 Section 2.4 Closing. The consummation of the transactions
contemplated hereby (the “Closing”) shall take place on January 13, 2006 (the “Closing Date”), unless this Agreement is earlier terminated by mutual agreement of the Members. At the Closing, Regency shall
execute and deliver to MCW LLC the Assignment. On January 17, 2006 (the “Payment Date”), MCW LLC shall pay to Regency the Purchase Price, subject to any prorations, adjustments and interest carry payments made on the Payment
Date pursuant to Section 2.3 hereof, by wire transfer of immediately available funds to an account designated in writing by Regency. 
 Section 2.5 Consent. In accordance with Section 9.1 of the LLC Agreement, each Member hereby consents to the Transfer of the LLC Interest by Regency to MCW LLC pursuant to the terms and conditions of this Agreement. 

Section 2.6 Effectiveness. Notwithstanding the last sentence of Section 4.6 of the LLC Agreement, the Closing, and all transactions
to occur at the Closing, shall be deemed to have taken place at, and shall be effective as of, January 1, 2006 (the “Effective Date”). The parties agree that the economic benefits and detriments associated with the LLC Interest
will be allocated in the same manner as they would have been allocated if Regency had sold, assigned, conveyed, transferred and delivered to MCW LLC all right, title and interest in and to the LLC Interest on the Effective Date, and the parties
shall do all acts and things, and make, execute and deliver all documents, as shall from time to time be reasonably required and lawful to achieve such result. 
 ARTICLE III. 
 AMENDMENTS TO 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 Section 3.1 Amendments. Upon the Closing, the LLC Agreement shall be hereby amended as follows, effective as of the Effective Date:

 (a) The definition of “Percentage Interest” in Section 1.1 of the LLC Agreement shall be amended and restated in its
entirety to read as follows: 
 “Percentage Interest” means 24.9% in the case of Regency, 75.0% in
the case of MCW LLC and 0.1% in the case of U.S. Manager. 
 (b) Clause (d) of Section 3.1 of the LLC Agreement shall be amended
and restated in its entirety to read as follows: 
 (d) Percentage Interests. It is intended that the Percentage
Interests of the Members shall be 75.0% for MCW LLC, 24.9% for Regency and 0.1% for U.S. Manager. 
  

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 (c) Subclause (iii) of clause (b) of Section 7.4 of the LLC Agreement shall be amended by
adding the phrase “out of the amount that would otherwise be distributed to MCW LLC” immediately before the final period thereof. 
 (d) Exhibit A to the LLC Agreement shall be amended and restated in its entirety to read as set forth in Exhibit A hereto. 
 Section 3.2 No Other Changes. Except as amended hereby, the LLC Agreement shall continue to remain in full force and effect. 
 Section 3.3 References to LLC Agreement. At and after the Closing, unless the context otherwise requires, each reference to the LLC Agreement shall be deemed to refer to the LLC Agreement as amended by this Agreement.

 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1 Representations and Warranties. 
 (a) MCW LLC hereby represents and warrants to Regency and U.S. Manager that the following are true and correct as of the date hereof: 
 (i) MCW LLC is a duly formed and validly existing limited liability company under the laws of Delaware with full limited liability company
power and authority to enter into and perform its obligations under this Agreement; 
 (ii) This Agreement (A) has been
duly authorized, executed and delivered by MCW LLC, (B) assuming due authorization, execution and delivery by Regency and U.S. Manager, shall be the legal, valid and binding obligation of MCW LLC and (C) does not violate any provisions of
MCW LLC’s organizational documents or any document or agreement to which MCW LLC is a party or by which it is bound; and 
 (iii) MCW LLC has the power and authority to perform the obligations to be performed by it hereunder and no consents, authorizations or approvals are required for the performance of the obligations to be performed by MCW LLC under this
Agreement, except those as have been obtained. 
 (b) Regency hereby represents and warrants to MCW LLC and U.S. Manager that the following
are true and correct as of the date hereof: 
 (i) Regency is a limited partnership that has been duly formed and is validly
existing under the laws of the State of Delaware with full partnership power and authority to enter into and perform its obligations under this Agreement; and is duly qualified and in good standing to transact business in any jurisdiction required
in order to carry out its duties hereunder; 
 (ii) This Agreement (A) has been duly authorized, executed and delivered
by Regency, (B) assuming due authorization, execution and delivery by MCW LLC and 

  

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U.S. Manager, shall be the legal, valid and binding obligation of Regency, and (C) does not violate any provisions of Regency’s organizational
documents or any document or agreement to which Regency is a party or by which it is bound; 
 (iii) Regency has the power and
authority to perform the obligations to be performed by it hereunder and no consents, authorizations or approvals are required for the performance of the obligations to be performed by Regency under this Agreement except those as have been obtained;
and 
 (iv) Regency is the record and beneficial owner of, and at the Closing will sell, assign, convey, transfer and deliver
to MCW LLC, all right, title and interest in and to the LLC Interest, free and clear of all Liens. Except for the LLC Agreement, there are no outstanding contractual obligations of Regency that relate to the purchase, sale, issuance, repurchase,
redemption, acquisition, transfer, disposition, holding or voting of the LLC Interest or other limited liability company interests in the Company. There are no actions, suits, proceedings or other litigation pending, or to Regency’s knowledge,
threatened, by or against Regency with respect to this Agreement or the LLC Interest. 
 (c) U.S. Manager hereby represents and warrants to
MCW LLC and Regency that the following are true and correct as of the date of hereof: 
 (i) U.S. Manager is a limited
liability company that has been duly formed and is validly existing under the laws of the State of Delaware with full limited liability company power and authority to enter into and perform its obligations under this Agreement; and is duly qualified
and in good standing to transact business in any jurisdiction required in order to carry out its duties hereunder; 
 (ii)
This Agreement (A) has been duly authorized, executed and delivered by U.S. Manager, (B) assuming due authorization, execution and delivery by MCW LLC and Regency, this Agreement shall be the legal, valid and binding obligation of U.S.
Manager, and (C) does not violate any provisions of U.S. Manager’s organizational documents or any document or agreement to which U.S. Manager is a party or by which it is bound; and 
 (iii) U.S. Manager has the power and authority to perform the obligations to be performed by it hereunder and no consents, authorizations
or approvals are required for the performance of the obligations to be performed by U.S. Manager under this Agreement except those as have been obtained. 
 ARTICLE V. 
 MISCELLANEOUS PROVISIONS 
 Section 5.1 Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware applicable to
agreements to be performed solely within the State of Delaware. 
 Section 5.2 Attorneys’ Fees. Should any litigation be
commenced between the parties hereto or their representatives or should any party institute any proceeding in a 

  

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bankruptcy or similar court that has jurisdiction over any other party hereto or any or all of such party’s or parties’ property or assets
concerning any provision of this Agreement or the rights and duties of any person or entity in relation thereto, the prevailing party shall be entitled to the payment of its own attorneys’ fees and court costs from the losing party. 

Section 5.3 Binding Provisions. The covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the
successors and permitted assigns of the respective parties hereto; provided that no assignment of any rights or obligations hereunder, by operation of law or otherwise, may be made by any party without the written consent of the other
parties. Except as expressly provided herein, no other Person shall have any rights or remedies hereunder. 
 Section 5.4 Complete
Agreement: Amendment. This Agreement, together with each of the exhibits which are incorporated as if expressly set forth herein, constitutes the entire agreement between the parties and supersedes all agreements, representations, warranties,
statements, promises and understandings, whether oral or written, with respect to the subject matter hereof, and neither party hereto shall be bound by nor charged with any oral or written agreements, representations, warranties, statements,
promises or understandings not specifically set forth in this Agreement or the exhibits hereto. This Agreement may not be amended, altered or modified except by a writing signed by all the Members. 
 Section 5.5 Confidentiality and Nondisclosure. All confidential information which shall have been furnished or disclosed by the Company or a
Member to any other Member pursuant to this Agreement or the negotiations leading to this Agreement that has been furnished prior to the execution of this Agreement or is hereafter furnished, and is identified in writing as confidential shall be
held in confidence and shall not be disclosed to any Person other than their respective Affiliates, employees, directors, legal counsel, accountants or financial advisers with a need to have access to such information, except as reasonably necessary
to comply with any disclosure obligations under any foreign, federal or state securities laws or the rules of any securities exchange on which the shares of a Member or one of its Affiliates are listed or as otherwise required by law. The
obligations of this Section do not apply to information that (a) is or becomes part of the public domain, (b) is disclosed by the disclosing party to third parties without restrictions on disclosure or (c) is received by the
receiving party from a third party without breach of a nondisclosure obligation. 
 Section 5.6 Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be an original and all of which together shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties may not have signed the same counterpart.

 Section 5.7 Fees and Commissions. Except as may be separately disclosed in writing to the other Members, each Member hereby
represents and warrants that, as of the date of this Agreement there are no known claims for brokerage or other commissions or finder’s or other similar fees in connection with the transactions covered by this Agreement insofar as such claims
shall be based on actions, arrangements or agreements taken or made by or on such Member’s behalf, and each Member hereby agrees to indemnify and hold harmless the other Members from and against any liabilities, costs, damages and expenses from
any party making any such claims 

  

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through such Member. At the Closing, Regency shall pay to U.S. REIT a valuation fee of Five Hundred Thousand Dollars ($500,000) in connection with the
transactions contemplated by this Agreement. Except as otherwise specified in this Agreement, each Member shall be responsible for all costs and expenses incurred by such Member in connection with this Agreement. 
 Section 5.8 Execution of Other Documents. Each party hereto agrees to do all acts and things, and to make, execute and deliver all documents, as
shall from time to time be reasonably required to carry out the terms and provisions of this Agreement. 
 Section 5.9 Severability.
Each provision of this Agreement shall be considered separable and if for any reason any provision or provisions hereof are determined to be illegal or invalid and contrary to any existing or future law, such illegality or invalidity shall not
impair the operation of, or affect, those portions of this Agreement which are legal and valid. 
 Section 5.10 Survival of Indemnity
Obligations. Except as expressly limited in this Agreement, any and all indemnity obligations of any party hereto shall survive any termination of the Company or a Member’s interest therein. 
 Section 5.11 Waiver. No consent or waiver, express or implied, by a Member to or of any breach or default by any other Member in the performance
by such other Member of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Member of the same or any other obligations of such other Member hereunder.
Failure on the part of a Member to complain of any act or failure to act of any other Member or to declare such other Member in default, irrespective of how long such failure continues, shall not constitute a waiver by such Member of its rights
hereunder. The giving of consent by a Member in any one instance shall not limit or waive the necessity to obtain such Member’s consent in any future instance. A matter that is neither approved nor disapproved within the time period set forth
herein for such approval or disapproval to be given shall be deemed disapproved by the non-responding party. 
 Section 5.12
Terminology. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders; and the singular shall include the plural and vice versa. Titles of Articles and Sections are
for convenience only, and neither limit nor amplify the provisions of this Agreement itself. The use herein of the word “including,” when following any general statement, term or matter, shall not be construed to limit such statement, term
or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation,” or “but not limited to,” or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. If any deadline falls on a day
that is not a Business Day, the deadline shall be the first Business Day thereafter. 
 Section 5.13 Equitable Remedies. Any Member
hereto shall, in addition to all other rights provided herein or as may be provided by law, and subject to the limitations set forth herein, be entitled to all equitable remedies, including those of specific performance and injunction, to enforce
such Member’s rights hereunder. 
  

 7 

 Section 5.14 Remedies Cumulative. Each right, power, and remedy provided for herein or now or
hereafter existing at law, in equity, by statute, or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for herein or now or hereafter existing at law, in equity, by statute, or
otherwise, and the exercise or beginning of the exercise or the forbearance of exercise by any party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by such party of any or all of such
other rights, powers, or remedies. 
 Section 5.15 Press Relations. Except as required by law or the rules of any securities exchange
on which the shares of a Member or any of its Affiliates are listed, no Member shall make any public announcements with respect to this Agreement or the Company or its business without the Consent of the other Members. 
 Section 5.16 Notices. Notification shall be sent as follows: 
 If to Regency: 
 Regency Centers, L.P. 
 121 West Forsyth Street, Suite 200 
 Jacksonville, Florida 32202 
 Attention: Lisa Palmer 
 E-mail: Lpalmer@regencycenters.com 
 Facsimile: (904) 354-1832 
 If to MCW LLC: 
 Macquarie CountryWide (US)
No. 2 LLC 
 c/o Macquarie CountryWide Management Limited 
 Level 13, No. 1 Martin Place 
 Sydney NSW 2000 
 Australia 
 Attention: Kylie K. Rampa

 E-mail: kylie.rampa@macquarie.com 
 Facsimile: 011 61 2 8232 6510 
 If to U.S. Manager: 
 Macquarie-Regency Management, LLC 
 c/o Regency Centers, L.P. 
 121 West Forsyth Street, Suite 200 
 Jacksonville, Florida 32202 
 Attention: Lisa Palmer 
 E-mail: Lpalmer@regencycenters.com 
 Facsimile: (904) 354-1832 
 Section 5.17 Construction. This Agreement has been negotiated at arm’s length and between persons sophisticated and knowledgeable in the
matters dealt with in this Agreement. In addition, each party has been represented by experienced and knowledgeable legal counsel. 

  

 8 

 
Accordingly, any rule of law or legal decision that would require interpretation of any ambiguities in this Agreement against either party is not applicable
and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the purpose of the parties. 
 Section 5.18 Code Section 754 Election Notice. Pursuant to Section 4.7 of the LLC Agreement, MCW LLC hereby requests the Tax Matters Member promptly make an election under Section 754 of the Code on behalf of the
Company. 
 * * * * * 
  

 9 

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

  

					
	 REGENCY CENTERS, L.P., a Delaware limited
 partnership

		
	By:	 	Regency Centers Corporation, a Florida corporation, its general partner
		
	By:	 	 /s/ Lisa Palmer

		 	 Name:
	 	 Lisa Palmer

		 	 Its Senior Vice President

	
	 MACQUARIE-REGENCY MANAGEMENT,
 LLC, a Delaware limited liability company

		
	By:	 	Regency Centers, L.P., a Delaware limited partnership, its managing member
		
	By:	 	Regency Centers Corporation, a Florida corporation, its general partner
		
	By:	 	 /s/ Lisa Palmer

		 	 Name:
	 	 Lisa Palmer

		 	 Its Senior Vice President

	
	 MACQUARIE COUNTYWIDE (US) NO. 2
 LLC, a Delaware limited liability company

		
	By:	 	 Macquarie CountryWide (US) No. 2
 Corporation, a Delaware corporation, its
 sole member

		
	By:	 	 /s/ Kylie Rampa

		 	 Name:
	 	 Kylie Rampa

		 	 Its Vice President

 EXHIBIT A 
 Capital Contributions; Percentage Interests 
  

						
	 Name and Address
	  	 Capital Account
	  	Percentage
Interest	 
	 Macquarie CountryWide (US) No. 2 LLC
 c/o Macquarie CountryWide Management Limited
 Level 13, No. 1 Martin Place
 Sydney NSW 2000
 Australia 75.0%
	  	 As set forth in the
 records of the
 Company
	  	75.0	%
			
	 Regency Centers, L.P.
 121 West Forsyth Street, Suite 200
 Jacksonville, Florida 32202
	  	 As set forth in the
 records of the
 Company
	  	24.9	%
			
	 Macquarie-Regency Management, LLC
 121 West Forsyth Street, Suite 200
 Jacksonville, Florida 32202
	  	 As set forth in the
 records of the
 Company
	  	0.1	%

 EXHIBIT B 
 Assignment of LLC Interest 
 See attached. 

 ASSIGNMENT OF LLC INTEREST 
 THIS ASSIGNMENT OF LLC INTEREST (this “Assignment”) is made on January 13, 2006, but effective as of January 1, 2006, by
Regency Centers, L.P., a Delaware limited partnership (“Regency”), to Macquarie CountryWide (US) No. 2 LLC, a Delaware limited liability company (“MCW LLC”). 
 WHEREAS, Regency, MCW LLC and Macquarie-Regency Management, LLC have entered into a Purchase Agreement and Amendment to Amended and Restated Limited
Liability Company Agreement dated as of January __, 2006 (the “Purchase Agreement”; capitalized terms used herein but not otherwise defined herein shall have the meanings given to such terms in the Purchase Agreement), providing for
the sale, assignment, conveyance, transfer and delivery by Regency to MCW LLC of the LLC Interest, subject to the terms and conditions set forth therein; 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Regency hereby sells, assigns, conveys, transfers and
delivers to MCW LLC all right, title and interest in and to the LLC Interest, free and clear of all Liens. 
 Regency agrees to do all acts
and things, and to make, execute and deliver such written instruments, as shall from time to time be reasonably required to carry out the terms and provisions of this Assignment. 
 This Assignment shall be binding upon Regency and its successors and permitted assigns and shall inure to the benefit of MCW LLC and its sucessors and
permitted assigns. 
 This Assignment shall be construed and enforced in accordance with the laws of the State of Delaware applicable to
agreements to be performed solely within the State of Delaware. 
 IN WITNESS WHEREOF, Regency has caused this Assignment to be duly executed
and delivered on January 13, 2006, but effective as of January 1, 2006. 
  

					
	 REGENCY CENTERS, L.P.

		
	By:	 	Regency Centers Corporation,
its general partner
		
	By:	 	 /s/ Lisa Palmer

		 	 Name:
	 	 Lisa Palmer

		 	 Title:
	 	 Senior Vice President

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