Document:

EX-10.66

			
	 	 	 
	[DIRECTOR]
	 	Exhibit 10.66

FOREST CITY ENTERPRISES, INC.

Nonqualified Stock Option Agreement

     WHEREAS, [GRANTEE NAME] (the “Grantee”) is a nonemployee director of Forest City Enterprises,
Inc. (the “Company”);

     WHEREAS, a grant of Option Rights to the Grantee was authorized by a resolution of the
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company
that was duly adopted on                                          (the “Date of Grant”), and the execution of a
Nonqualified Stock Option Agreement in the form hereof (this “Agreement”) to evidence such grant
was authorized by a resolution of the Committee that was duly adopted on                                         ;
and

     WHEREAS, the grant of Option Rights was made pursuant to and in compliance with the Amended
Board of Directors Compensation Policy approved by the Board with effect from February 1, 2008.

     NOW, THEREFORE, pursuant to the Company’s 1994 Stock Plan (As Amended and Restated as of June
19, 2008) (the “Plan”), and subject to the terms and conditions thereof and the terms and
conditions hereinafter set forth, the Company hereby confirms to Grantee, effective as of the Date
of Grant, the grant of Option Rights to purchase            Shares.

	1.	 	DEFINITIONS. All capitalized terms have the meanings set forth in the Plan unless
otherwise specifically provided. As used in this Agreement, the following term has the
following meaning:
	 
	 	 	“Disability” means disability as defined in the Company’s Long Term Disability Plan, as
amended from time to time.
	 
	2.	 	OPTION PRICE. The Option Price with respect to the Shares covered by the Option
Rights shall be $                     per Share, the Market Value per Share as of the close of business
on the Date of Grant.
	 
	3.	 	OPTION PERIOD; VESTING AND TIME OF EXERCISE OF OPTION RIGHT. (a) The Option Rights
shall continue in effect for a period of 10 years from the Date of Grant, except as such
option period may be reduced as hereinafter provided in Section 6 of this Agreement as a
result of certain terminations of the Grantee’s service as a director of the Company.

	 	(b)	 	The Option Rights shall be exercisable cumulatively over the option period only
in accordance with the following terms, conditions and provisions:

	 	(i)	 	Except as otherwise provided in the Plan or this Agreement, the
Option Rights shall not be exercisable prior to the first anniversary of the Date
of Grant, and upon such day the Option Rights shall automatically become vested
and exercisable with respect to 33 1/3% of the Option Rights. Thereafter, upon
the second anniversary of the Date of Grant, the Grantee may exercise an
additional 33 1/3% up to 66 2/3% of the Option Rights. Upon the third
anniversary and thereafter until the end of the option period, the Grantee may
exercise an additional 33 1/3% up to 100% of the Option Rights. To the extent
exercisable, Option Rights may be exercised from time to time. Schedule I,
attached hereto, lists the number of Shares the Grantee may exercise the Option
Rights for upon the first, second and third through tenth anniversaries of the
ten-year option period.
	 
	 	(ii)	 	Except as hereinafter provided in Section 6 of this Agreement, no
part of the Option Rights may be exercised unless the Grantee is, at the date of
such exercise, a director of the Company and shall have continuously served as a
director since the Date of Grant.

	4.	 	METHOD OF EXERCISE. Shares may be purchased pursuant to this Agreement only upon
receipt by the Secretary of the Company of notice in writing from Grantee of his or her
intention to purchase, specifying the number of Shares as to which the Grantee desires to
exercise the Option Rights, and said notice shall be accompanied by the full amount of the
Option Price in the form of: cash, a certified or official bank check, a money order, a
cashier’s check, or in Shares that have been owned by the Grantee for at least six months
prior to the date of exercise and having a market value at the time of exercise equal to the
total Option Price of the Shares subject to such exercise. Such form of written notice is
attached hereto.

 

 

	 	 	In no event shall the Option Rights be exercisable as to less than 25 Shares
at any one time or all of the remaining Shares then subject to the Option Rights, if less than
25.
	 
	5.	 	OPTION RIGHTS CONFER NO RIGHTS AS COMMON SHAREHOLDER. The Grantee shall not be
entitled to any privileges of ownership with respect to Shares subject to the Option Rights,
unless and until purchased and delivered upon the exercise of the Option Rights, in whole or
in part, and the Grantee becomes a shareholder of record with respect to such delivered
Shares. The Grantee shall not be considered a shareholder of the Company with respect to any
such Shares not so purchased and delivered.

	6.	 	TERMINATION OF OPTION RIGHT. (a) In the event the Grantee terminates service as a
director of the Company under any circumstance other than those specified in Section 6(b), (c)
or (d) below, all rights to purchase Shares pursuant to the Option Rights (including rights to
purchase Shares thereunder which have accrued but which then remain unexercised) shall
forthwith cease and terminate.

	 	(b)	 	If the Grantee terminates service as a director of the Company due to the
Grantee’s Disability, the Option Rights may be exercised by the Grantee, to the extent
the Grantee was entitled to do so on the date of termination, but not later than ten
years from the Date of Grant.
	 
	 	(c)	 	If the Grantee terminates service as a director of the Company at or after age 65
with five or more years of service as a director of the Company, the Option Rights shall
become immediately exercisable by the Grantee on the date of termination and shall
remain exercisable until ten years from the Date of Grant.
	 
	 	(d)	 	If the Grantee shall die while serving as a director of the Company or during a
period of Disability, the Option Rights shall become immediately exercisable if Grantee
was age 65 or older and had served as a director of the Company for five or more years,
and may be exercised by the legal representative of the Grantee, to the extent the
Grantee was entitled to exercise the Option Rights at the time of his or her death, for
a one-year period from the date of death, but not later than ten years from the Date of
Grant.
	 
	 	(e)	 	To the extent that the Option Rights shall not have been exercised within any
applicable period specified in Sections 6(b), (c) or (d) above, all further rights to
purchase Shares pursuant to such Option Rights shall cease and terminate at the
expiration of such period.

	7.	 	TRANSFERABILITY. (a) Except as provided in Section 7(b), the Option Rights may not
be transferred by the Grantee other than by will or the laws of descent and distribution or
pursuant to a domestic relations order. During the Grantee’s lifetime, the Option Rights are
exercisable only by the Grantee or, in the case of the Grantee’s legal incapacity, only by his
guardian or legal representative, provided, however, that if so determined by the Committee,
the Grantee may, in a manner designated by the Committee, designate a beneficiary to exercise
the rights of the Grantee under the Option Rights upon the death of the Grantee. Absent such
a designation, in a case of death, the Option Rights shall be exercisable by the executor,
administrator or legal representative of the deceased Grantee.

	 	(b)	 	The Option Rights may be transferable by the Grantee, without payment of
consideration therefor by the transferee, only to any one or more members of the
Grantee’s immediate family; provided, however, that (i) no such transfer shall be
effective unless reasonable prior notice thereof is delivered to the Company and such
transfer is thereafter effected in accordance with any terms and conditions that shall
have been made applicable thereto by the Committee and (ii) any such transferee shall be
subject to the same terms and conditions hereunder as the Grantee. For the purposes of
this Section 7, the term “immediate family” means any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships, any person sharing the Grantee’s household (other than a tenant of
Grantee), a trust in which these persons have more than fifty percent of the beneficial
interest, a foundation in which these persons (or the Grantee) control the management of
assets, and any other entity in which these persons (or the Grantee) own more than fifty
percent of the voting interests.
	 
	 	(c)	 	Except as permitted by the above, the Option Rights may not be sold, transferred,
assigned, pledged, hypothecated or otherwise disposed of (whether by operation of law or
otherwise or be subject to execution, attachment or similar process). Any attempted
sale, transfer, assignment, pledge, hypothecation or encumbrance, or other disposition
of the Option Rights shall be null and void.

 

 

	8.	 	CHANGE IN STOCK CAPITALIZATION. The Committee shall make or provide for such
adjustments in the numbers of Shares covered by the Option Rights, in the price per share
applicable to such Option Rights and in the kind of shares covered thereby, as the Committee,
in its sole discretion, exercised in good faith, may determine is equitably required to prevent dilution or enlargement of the rights of the Grantee that otherwise would result from
(i) any stock dividend, stock split, combination of shares, recapitalization or other change
in the capital structure of the Company, or (ii) any merger, consolidation, spin-off,
split-off, spin-out, split-up, reorganization, partial or complete liquidation or other
distribution of assets, issuance of rights or warrants to purchase securities, or (iii) any
other corporate transaction or event having an effect similar to any of the foregoing.
Moreover, in the event of any such transaction or event, the Committee, in its discretion,
may provide in substitution for the Option Rights such alternative consideration as it, in
good faith, may determine to be equitable in the circumstances and may require in connection
therewith the surrender of the Option Rights so replaced. The Company shall give the Grantee
written notice of any change described in this Section 8.

	9.	 	AMENDMENTS TO PLAN AND AGREEMENT. (a) The Committee may, without further action by
the shareholders, from time to time, amend, alter, suspend or terminate the Plan, except as
otherwise required by applicable law or the rules of the New York Stock Exchange or, if the
Shares are not traded on the New York Stock Exchange, the principal national securities
exchange upon which the Shares are traded or quoted.

	 	(b)	 	This Agreement may not be modified orally. Any amendment to the Plan will be
deemed to be an amendment to this Agreement to the extent that the amendment is
applicable hereto; provided, however, that no amendment will adversely affect the rights
of the Grantee with respect to this Option Right without the Grantee’s written consent.

	10.	 	DELIVERING OF SHARES. The Grantee shall give notice of his intent to exercise Option
Rights, and Shares shall be delivered by the Company after full payment of the Option Price in
respect of the Shares delivered, subject to the conditions of Section 4 hereof.

	11.	 	CANCELLATION OF OPTION RIGHTS. The Committee may cancel any unexercised Option
Rights if the Grantee, while having rights to purchase hereunder, engages in any employment or
activity which in any way directly or indirectly, diverts or attempts to divert from the
Company any business whatsoever, and which in the opinion of the Committee is contrary to the
best interests of the Company.

	12.	 	NOTICES. Any notice to be given hereunder by the Grantee shall be sent by certified
or registered mail addressed to the Company for the attention of the Chairman of the Board, or
the President, at its principal office, Terminal Tower, 50 Public Square, Suite 1100,
Cleveland, Ohio 44113-2267, and any notice by the Company to the Grantee shall be sent by
certified or registered mail addressed to the Grantee at                                          .
Either party may, by notice given to the other in accordance with the provisions of this
Section, change the address to which subsequent notices shall be sent.

	13.	 	AGREEMENT SUBJECT TO THE PLAN. This Agreement is subject to the provisions of the
Plan and shall be interpreted in accordance therewith. The Grantee hereby acknowledges
receipt of a copy of the Plan.

	14.	 	COMPLIANCE WITH LAW. The Company shall make reasonable efforts to comply with all
applicable federal, state and other applicable securities laws; provided, however,
notwithstanding any other provision of this Agreement, the Company will not be obligated to
issue any securities pursuant to this Agreement if the issuance thereof would result in a
violation of any such law.

	15.	 	SEVERABILITY. In the event that one or more of the provisions of this Agreement are
invalidated for any reason by a court of competent jurisdiction, any provision so invalidated
will be deemed to be separable from the other provisions hereof, and the remaining provisions
hereof will continue to be valid and fully enforceable.

	16.	 	GOVERNING LAW. This Agreement shall be governed by the internal substantive laws of
the State of Ohio.

	17.	 	GENERAL. It is understood that wherever masculine pronouns are used in this
Agreement, it is intended to include the feminine pronouns as well as the masculine.

	18.	 	ENTIRE AGREEMENT. Subject to Section 13, this Agreement represents the entire
agreement between the Company and the Grantee with respect to these Option Rights and
supercedes all prior agreements whether in writing or otherwise.

 

 

     The undersigned Grantee hereby accepts the award of Option Rights granted pursuant to this
Agreement, subject to the terms and conditions of the Plan and the terms and conditions set forth
herein.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	[Grantee Name] 

	 
	 	Date:  	 	 
	 

     Executed in the name and on behalf of the Company at Cleveland, Ohio as of the            day of
                                        , 2008.

	 	 	 	 	 
	 	FOREST CITY ENTERPRISES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Exercise of Stock Option

Forest City Enterprises, Inc.

Terminal Tower

50 Public Square, Suite 1100

Cleveland, Ohio 44113-2267

Ladies and Gentlemen:

     The undersigned Grantee hereby exercises the Nonqualified Option Right granted to him/her
pursuant to the Nonqualified Stock Option Agreement effective as of            between Forest City
Enterprises, Inc. and the Grantee with respect to                      Shares covered by said Option Rights,
and:

	(a)	 	tenders herewith $                     in payment of the Option Price thereof by delivery of
                                        . The name and registered address on such certificate should be:

	 	 	 
	(form of payment)
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

or

	(b)	 	to the extent permitted by law, elects to make a cashless exercise in accordance with Section
6D of the Plan. A copy of this Notice and stock certificates representing the Shares should
be delivered to:

                                                                       
                                                       .

The Grantee’s social security number is:                                                             

	 	 	 	 	 
	 	

 	 
	 	Grantee 	 

Dated:EX-10.67

			
	 	 	 
	[DIRECTOR]
	 	Exhibit 10.67

FOREST CITY ENTERPRISES, INC.

Restricted Shares Agreement

     WHEREAS, [GRANTEE NAME] (the “Grantee”) is a nonemployee director of Forest City Enterprises,
Inc. (the “Company”);

     WHEREAS, a grant of Restricted Shares to the Grantee was authorized by a resolution of the
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company
that was duly adopted on                                          (the “Date of Grant”), and the execution of a
Restricted Shares Agreement in the form hereof (this “Agreement”) to evidence such grant was
authorized by a resolution of the Committee that was duly adopted on                                         ; and

     WHEREAS, the grant of Restricted Shares was made pursuant to and in compliance with the
Amended Board of Directors Compensation Policy approved by the Board with effect from February 1,
2008;

     NOW, THEREFORE, pursuant to the Company’s 1994 Stock Plan (As Amended and Restated as of June
19, 2008), (the “Plan”), and subject to the terms and conditions thereof and the terms and
conditions hereinafter set forth, the Company hereby confirms to Grantee, effective as of the Date
of Grant, the grant of the number of Restricted Shares that are shown on the signature page of this
Agreement as the Original Award.

     1. Definitions. All capitalized terms have the meanings set forth in the Plan unless
otherwise specifically provided. As used in this Agreement, the following terms have the following
meanings:

     “Disability” means disability as defined in the Company’s Long Term Disability Plan, as
amended from time to time.

     “Original Award” means the number of Shares indicated as the Original Award on the signature
page of this Agreement.

     2. Issuance of Restricted Shares. The Shares will be treated as issued on the Date of
Grant as fully paid and nonassessable shares and will be represented by certificates registered in
the name of the Grantee and bearing a legend referring to the restrictions set forth in this
Agreement.

     3. Restriction on Transfer. The Shares may not be transferred, sold, pledged,
exchanged, assigned or otherwise encumbered or disposed of by the Grantee, except to the Company,
until they have become nonforfeitable in accordance with Section 4 of this Agreement. Any
purported transfer, encumbrance or other disposition of the Shares that is in violation of this
Section 3 will be null and void, and the other party to any such purported transaction will not
obtain any rights to or interest in the Shares.

     4. Vesting. (a) The Shares will become nonforfeitable as follows:

	 	 	 
	Amount Nonforfeitable	 	Date Nonforfeitable
	 
	 	 
	33 1/3% of the Original Award

	 	On the first anniversary of the Date of Grant.
	 
	 	 
	An additional 33 1/3% of the
Original Award

	 	On the second anniversary of the Date of Grant.
	 
	 	 
	An additional 33 1/3% of the
Original Award

	 	On the third anniversary of the Date of Grant.

     (b) Notwithstanding the provisions of Section 4(a) or Section 5, all of the Shares will
immediately become nonforfeitable if the Grantee terminates service as a director of the Company
after the Date of Grant due to the Grantee’s death or Disability.

     5. Termination of Rights and Forfeiture of Shares. Except for Shares that have become
nonforfeitable, all of the Shares will be forfeited if the Grantee ceases to be a director of the
Company at any time prior to the third anniversary of the Date of Grant. In the event of a
forfeiture, any certificate(s) representing the Shares will be canceled.

 

 

     6. Dividend, Voting and Other Rights. Except as otherwise provided in this Agreement,
the Grantee will have all of the rights of a shareholder with respect to the Shares, including the
right to vote the Shares and receive any dividends that may be paid thereon; provided,
however, that any additional Shares or other securities that the Grantee may become
entitled to receive pursuant to a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation, separation or reorganization or any other change in the
capital structure of the Company will be subject to the same restrictions as the Shares.

     7. Retention of Stock Certificate(s) by Company. Any certificates representing Shares
will be held in custody by the Company together with a stock power endorsed in blank by the Grantee
with respect thereto, until those Shares have become nonforfeitable in accordance with Section 4.

     8. Agreement Subject to Plan. This Agreement is subject to the provisions of the Plan
and shall be interpreted in accordance therewith. The Grantee hereby acknowledges receipt of a
copy of the Plan.

     9. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal, state and other applicable securities laws; provided, however,
notwithstanding any other provision of this Agreement, the Company will not be obligated to issue
any securities pursuant to this Agreement if the issuance thereof would result in a violation of
any such law.

     10. Severability. In the event that one or more of the provisions of this Agreement
are invalidated for any reason by a court of competent jurisdiction, any provision so invalidated
will be deemed to be separable from the other provisions hereof, and the remaining provisions
hereof will continue to be valid and fully enforceable.

     11. Governing Law. This Agreement is made under, and will be construed in accordance
with, the internal substantive laws of the State of Ohio without regard to conflict of law
principles of such state.

     12. Restrictive Legends. The Grantee acknowledges that the Shares are subject to the
terms of this Agreement, and that the certificates representing the Shares will bear a restrictive
legend substantially as follows:

     The Shares represented by this certificate were issued pursuant to a Restricted Shares
Agreement effective as of                                          between Forest City Enterprises, Inc. and the holder
named on the face of this certificate, and are subject to the terms and conditions, including
restrictions on transfer, of that Agreement. Any purported transfer, encumbrance or other
disposition in violation of that Agreement will be null and void. Copies of that Agreement will be
mailed to the Grantee, without charge, within five days after of a written request is received by
the Company.

     13. Entire Agreement. Subject to Section 8, this Agreement represents the entire
agreement between the Company and the Grantee with respect to these Restricted Shares and
supercedes all prior agreements whether in writing or otherwise.

     The undersigned Grantee hereby accepts the award of Restricted Shares granted pursuant to this
Agreement, subject to the terms and conditions of the Plan and the terms and conditions set forth
herein.

	 	 	 	 	 
	 	[Grantee Name]

 	 
	 	Date: 	 	 

     Executed in the name and on behalf of the Company at Cleveland, Ohio as of the            day of
                                        , 2008.

	 	 	 	 	 
	 	FOREST CITY ENTERPRISES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Name of Grantee:(name)

Date of Grant:                                                    

Original Award: (number) Restricted Shares

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