Document:

Exhibit

Exhibit 10.62

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made and entered into by and between WP Glimcher Inc., an Indiana corporation (the “Company”), and Michael P. Glimcher (“Executive”), executed on _______________, 2016, effective as of March 18, 2016.
WHEREAS, the Company and Executive are parties to an employment agreement, dated as of September 16, 2014 (the “Employment Agreement”) (capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Employment Agreement); and
WHEREAS, the Company and Executive now desire to amend the Employment Agreement to reflect Executive’s continued employment on the terms and subject to the conditions set forth herein;
NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
1.  Terms of Employment.    Section 2(b)(iv) of the Employment Agreement is hereby deleted in its entirety and replaced as follows:
(iv)  Annual Equity Awards  The Executive shall be granted or allocated restricted stock units (or such other securities/instruments that the Committee deems appropriate) (“Awarded Securities”) as part of the long-term incentive compensation approved annually by the Committee (the “Annual Equity Award”). Each Annual Equity Award shall be granted pursuant to the terms and conditions of the Partnership’s 2014 Stock Incentive Plan, as may be amended, restated or supplemented from time to time (the “Plan”), and the form(s) of Annual Equity Award thereunder shall be no less favorable to the Executive than the Annual Equity Award to other senior executives of the Company. The Annual Equity Award in respect of any fiscal year shall be granted no later than seven (7) calendar days following the completion of the audit of the Company’s financial statements for the fiscal year preceding the year the Awarded Securities are granted or allocated (the “Grant Year”) (and in any event no later than the date any Annual Equity Award or other equity-based compensation is granted to other senior executives of the Company in respect of such fiscal year). The number of Awarded Securities that comprise an Annual Equity Award shall be no less than the number equal to the Annual Equity Award Cash Equivalent (defined below) divided by the average closing price of the Company’s common stock on the primary exchange on which it trades (the “Closing Price”) for the final fifteen (15) trading days of  the Grant Year. The “Annual Equity Award Cash Equivalent” shall be an amount not less than two times the salary compensation received by the Executive from the Company in the Grant Year (“Salary”) with such amount constituting target achievement or no greater than three times Salary with such amount constituting maximum achievement. The actual number of Awarded Securities shall be determined based upon the Company’s total shareholder return goals, certain corporate strategic goals, and other metrics or goals as established by the Committee in consultation with the Executive not later than the 90th day of the Grant Year. Awarded Securities issued in respect of any Grant Year shall be subject to a three-year post-issuance service-based vesting schedule, with one-third (1/3 or 33%) of such Awarded Securities vesting on each of the first three annual anniversaries of the first day of the fiscal year following the fiscal year in respect of which such Awarded Securities are actually issued provided the Executive remains employed with the Company or its affiliates on the applicable vesting date other than as provided in this Agreement. For example, any Awarded Securities comprising an Annual Equity Award for a Grant Year ending December 31st of Year V shall be issued no later seven (7) calendar days in Year W following the completion of the audit of the Company’s financial statements for Year V (and in any event no later than the date any Annual Equity Award or other equity-based compensation is granted to other senior executives of the Company in respect to Year W), and shall vest in thirds on January 1 

of each of Year X, Year Y, and Year Z, subject to continued service other than as provided in this Agreement. Distributions shall be paid on Awarded Securities issued from and after the date of issuance in accordance with the terms and conditions of the Plan and the applicable award agreement; provided, that, there shall be no reduction to such distributions compared to distributions paid in respect of common units of the Partnership generally other than as stated in this paragraph, an Annual Equity Award in respect of any fiscal year shall have terms and conditions substantially identical (and in any event no less favorable in any respect) to those applicable to an Annual Equity Award generally granted to the Company’s other senior executives in respect of the same fiscal year, if any; provided, that, if there are no grants of an Annual Equity Award to other senior executives of the Company in respect of the fiscal year in respect of which the Executive is granted an Annual Equity Award, then the terms and conditions of the Annual Equity Award for such fiscal year shall be no less favorable to the Executive than the terms and conditions of the first Annual Equity Award granted to the Executive pursuant to this Section 2(a)(iv) in 2015.
2. No Mitigation; Legal Fees. Section 6(b) of the Employment Agreement is hereby deleted in its entirety and replaced as follows: 
(b)  In the event of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement) (each, a “Contest”) the Company agrees to reimburse the Executive, to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) as a result of such Contest; provided, however, that (i) if such Contest is initiated on or after a Change in Control (as defined in the Plan), or a Change in Control occurs during the pendency of such Contest, reimbursement of such fees and expenses will be provided only to the extent that the Executive is found pursuant to a judgment, decree or order of a court of competent jurisdiction, in accordance with Section 9(a), to have acted in good faith in bringing or defending the relevant action, and (ii) if such Contest is initiated prior to a Change in Control and a Change in Control does not occur during the pendency of such Contest, reimbursement of such fees and expenses shall be provided only if the Executive substantially prevails on at least one substantive issue in such Contest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company under this Section 6(b) be made later than the end of the calendar year next following the calendar year in which such Contest is finally resolved, provided, that, the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such Contest is finally resolved. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year, and the Executive’s right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
3. Entire Agreement.  Except as otherwise provided herein, the Employment Agreement shall remain unaltered and of full force and effect.
[SIGNATURE PAGE FOLLOWS]

-2-

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the day and year first above set forth.

Michael P. Glimcher
/s/ Michael P. Glimcher                                               

WP Glimcher Inc.
By:
/s/ Michael P. Glimcher                                     
Name:    Michael P. Glimcher
Title:    CEO

[Signature Page - M. Glimcher Second Amendment to Employment Agreement]

-3-Exhibit

Exhibit 10.63

TRANSITION AND CONSULTING AGREEMENT
THIS TRANSITION AND CONSULTING AGREEMENT (this “Agreement”), by and between WP Glimcher Inc., an Indiana corporation (the “Company”), and Michael J. Gaffney (“Gaffney”) is entered into as of December 28, 2015.
WHEREAS, Gaffney and the Company are parties to an employment agreement dated as of June 3, 2014 (the “Employment Agreement”), pursuant to which Gaffney is employed with the Company (terms used but not otherwise defined herein will have the meaning ascribed to them in the Employment Agreement); and
WHEREAS, the Company and Gaffney acknowledge that they have reached a mutual agreement that Gaffney will cease to be employed by the Company and will continue providing consulting services to the Company on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Gaffney hereby agree as follows:
1.Termination of Employment Period and Employment Agreement.  Unless earlier terminated by the Company for Cause (as defined below) or by Gaffney for any reason, the Employment Period under the Employment Agreement will terminate automatically at the close of business on December 31, 2015 (the “Termination Date”).  Upon the termination of the Employment Period on the Termination Date, Gaffney’s employment with the Company and the Employment Period will be deemed to have been terminated “other than for Cause” pursuant to Section 3.1 of the Employment Agreement, and Gaffney will be entitled to the benefits outlined in that Agreement subject to Gaffney’s execution and non-revocation of the “Release” (as defined in the Employment Agreement), in addition to the accelerated vesting of Gaffney’s outstanding LTIP Units pursuant to Section 4 of the Series 2014B LTIP Unit Award Agreement among Gaffney, the Partnership, and the Company dated as of August 25, 2014 (the “LTIP Unit Agreement”), effective the day following the Release Deadline, in each case, subject to the terms of the Employment Agreement and the LTIP Unit Agreement, as applicable.
2.Consulting Period.  Following the Termination Date, Gaffney will render consulting and advisory services to the Company as follows:
(a)Term.  Gaffney will be available to provide consulting and advisory services to the Company for a term of one month commencing on January 1, 2016; provided, that, on the last day of such one-month period, and on the last day of each subsequent one-month period, the term shall automatically extend for one additional month unless and until terminated in accordance with Section 2(e) (the “Consulting Period”).
(b)Scope of Service; Location.  During the Consulting Period, to the extent requested by the Company, Gaffney will make himself reasonably available to provide consulting and advisory services to the Company with respect to matters within the scope of Gaffney’s knowledge and expertise (the “Consulting Services”).  The Consulting Services will generally be performed at such locations as are reasonably determined by Gaffney, provided, that, Gaffney will perform the Consulting Services on the premises of the Company (or its applicable affiliate) when reasonably and timely requested by the Company.
(c)Consulting Fees.  In consideration of the Consulting Services, Gaffney will be paid a monthly consulting fee of $ 43,750  (the “Consulting Fee”), payable on or around the 15th day of each month.
(d)Expenses.  During the Consulting Period, the Company will reimburse Gaffney pursuant to the Company’s reimbursement policies as in effect from time to time for reasonable business expenses incurred by Gaffney in connection with the performance of the Consulting Services.

(e)Termination of Consulting Period.  Either the Company or Gaffney may terminate the Consulting Period during the Consulting Period for any reason (or no reason) by providing the other party with not less than 10 days’ advance written notice of such termination, except in the case of a termination of the Consulting Period by the Company for Cause (as defined below), which will be effective immediately.  For purposes of this Agreement, “Cause” will mean: (i) Gaffney’s illegal conduct or gross misconduct that is willful and demonstrably and materially injurious to the Company’s business, financial condition, or reputation; (ii) Gaffney’s entry of a plea of guilty or nolo contendere with respect to, a felony crime or other crime involving moral turpitude, fraud, forgery, embezzlement, or similar conduct against the Company, the Partnership or their respective affiliates or subsidiaries; (iii) Gaffney’s willful or material breach of any restrictive covenants or confidentiality, intellectual property or cooperation provisions set forth in any written agreement with the Company; or (iv) Gaffney’s willful failure to perform, or substantially perform, the Consulting Services.
(f)Obligations upon Termination of Consulting Period.
(i)Obligations of the Company.  Upon any termination of the Consulting Period, the Company, the Partnership and their respective affiliates will have no obligation to Gaffney except for the payment of any due but unpaid Consulting Fee, and to reimburse Gaffney for any business expenses incurred prior to such termination and for which Gaffney would be entitled to reimbursement pursuant to Section 2(d).  
(ii)Obligations of Gaffney.  Upon termination of the Consulting Period by the Company for Cause, Gaffney will be required to repay such portion of the Consulting Fee for the month in which the Consulting Period is terminated (the “Termination Month”) as is equal to the product of (i) the Consulting Fee and (ii) a fraction, the numerator of which is the number of full days remaining in the Termination Month as of the date of the termination of the Consulting Period, and the denominator of which is the number of full days in the Termination Month. Upon any termination of the Consulting Period other than by the Company for Cause, Gaffney will have no obligation to the Company, the Partnership or their respective affiliates except as provided in any restrictive covenants or confidentiality, intellectual property or cooperation provisions set forth in any written agreement with the Company.
(g)Acknowledgements.  The Company and Gaffney acknowledge and agree that Gaffney’s status during the Consulting Period will be that of an independent contractor only and not as an employee, agent, partner, or joint venturer of or with the Company, the Partnership, or their respective affiliates.  The Company further acknowledges and agrees that, provided that Gaffney complies with the terms of this Agreement, nothing herein is intended, nor shall be construed, to prevent, prohibit, interfere with, or penalize Gaffney for serving as a consultant to or employee of any third party after termination of the Employment Period except as may otherwise be set forth in the Employment Agreement or LTIP Unit Agreement.  Gaffney acknowledges that Gaffney is and will be solely responsible for the payment of all federal, state, local, and foreign taxes that are required by applicable laws or regulations to be paid with respect to all compensation and benefits payable or provided for the Consulting Services hereunder and that, after termination of the Employment Period, Gaffney will not be eligible to participate in or accrue benefits under any employee benefit plan sponsored by the Company, the Partnership, or their respective affiliates.
(h)Sole Consideration.  Except as provided in this Section 2, Gaffney will be entitled to no compensation or benefits from the Company, the Partnership, or their respective affiliates with respect to the Consulting Services and will not participate in, or be credited with any service, age, or other credit for purposes of eligibility, vesting, or benefit accrual under, any employee benefit plan of the Company, the Partnership, or their respective affiliates in respect of the Consulting Period.

-2-

3.Section 409A.  It is intended that this Agreement will be exempt from, or avoid any taxes and penalties under, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations relating thereto.  Any payments that qualify for the “short-term deferral” exception to Section 409A of the Code will be paid under such exception.  For purposes of Section 409A of the Code, each payment under this Agreement will be treated as a separate payment for purposes of the exclusion for certain short-term deferral amounts.  In no event may Gaffney, directly or indirectly, designate the calendar year of any payment under this Agreement.  Notwithstanding anything to the contrary in this Agreement, all reimbursements provided under this Agreement will be made or provided in accordance with the requirements of Section 409A of the Code.  All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code will be made or provided in a manner that is intended to avoid taxes and penalties under Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided, that, Gaffney submits an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year (other than medical reimbursements described in Treas. Reg. § 1.409A-3(i)(1)(iv)(B)) will not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) Gaffney’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits that last later than Gaffney’s remaining lifetime (or if longer, through the 20th anniversary of the Effective Time).
4.Miscellaneous.
(a)Successors and Assigns.  This Agreement will be binding upon, inure to the benefit of and be enforceable by, as applicable, the Company and Gaffney and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributees, and legatees.  This Agreement is personal in nature and Gaffney will not, without the prior written consent of the Company, assign, transfer, or delegate this Agreement or any rights or obligations hereunder.
(b)Governing Law.  This Agreement will be governed by and construed in accordance with the laws of the State of Ohio, without reference to principles of conflict of laws.  Venue for a dispute in respect of this Agreement will be the federal courts located in Columbus, Ohio.
(c)Amendment/Entire Agreement.  No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, waiver, modification, or discharge is agreed to in writing and such writing is signed by the Company and Gaffney.  Except as provided in Section 1, from and after the Effective Time this Agreement will supersede any other agreement between the parties with respect to the subject matter hereof.
(d)Notice.  All notices and other communications hereunder will be in writing and will be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
if to Gaffney:
At the address most recently on the books and records of the Company
if to the Company:
WP Glimcher Inc.
180 East Broad Street
Columbus, Ohio 43215
Attention: General Counsel

-3-

or to such other address as either party will have furnished to the other in writing in accordance herewith.  Notice and communications will be effective when actually received by the addressee.
(e)Headings.  The headings of this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.
(f)Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

[Signature Page Follows]

-4-

-4-

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.
WP GLIMCHER INC.
By: /s/ Grace Schmitt                                                            
      Name:  Grace Schmitt
      Title:  Senior Vice President, Human Resources

/s/ Michael J. Gaffney                                                           
Michael J. Gaffney

-5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]