Document:

Exhibit 10.1 - Increase Notice

Exhibit 10.1

July 3, 2013
KeyBank National Association 
127 Public Square 
Cleveland, Ohio  44114-1306 
Attn:  Real Estate Capital Services
Ladies and Gentlemen:
Pursuant to the provisions of Section 5.08 of the Fourth Amended and Restated Credit Agreement dated as of February 21, 2013 (as the same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”), by and among Forest City Rental Properties Corporation, an Ohio corporation (“Borrower”), KeyBank National Association (“KeyBank”), for itself and as Administrative Agent, PNC Bank, National Association (“PNC”), for itself and as Syndication Agent, Bank of America, N.A., for itself and as Documentation Agent and the other Banks from time to time party thereto, the Borrower hereby requests an increase in the Total Revolving Loan Commitments as further set forth below.
1.In connection with the request for such increase:
(a)    Request for Increase.  Borrower hereby requests an increase in the Total Revolving Loan Commitments from $465,000,000.00 to $500,000,000.00 pursuant to Section 5.08 of the Credit Agreement (the “Increase”). 
(b)    Certifications.  Each of Borrower and Parent certifies that:
(i)    as of the date hereof and as of the effective date of the Increase, both immediately before and after giving effect to the Increase, there exists and shall exist no Possible Default or Event of Default; 
(ii)    as of the date hereof, the representations and warranties made by or on behalf of Borrower and Parent in the Credit Agreement, the Guaranty and the other Related Writings or otherwise made by or on behalf of Borrower or Parent in connection therewith or after the date thereof were true and correct in all material respects when made, are true and correct in all material respects as of the date hereof, and shall be true and correct in all material respects as of the effective date of the Increase (except to the extent of changes resulting from transactions permitted by the Credit Agreement, the Guaranty and each other Related Writing, and except that if any representation and warranty is as of a specified date, such representation and warranty shall be true and correct in all material respects as of such date) both immediately before and after giving 

effect to the Increase, as though such representations and warranties were made on and as of that date; and
(iii)    Borrower has paid all fees required by Section 5.08 of the Credit Agreement. 
(c)    New Commitment. 
(i)    Borrower hereby acknowledges and agrees that following satisfaction of all conditions precedent to the effectiveness of the Increase as provided in Section 5.08 of the Credit Agreement, the amount of each Bank’s Commitment shall be the amount set forth on Exhibit A attached hereto and the Total Revolving Loan Commitments under the Credit Agreement will include the Increase.
(ii)    In connection with the Increase, (x) Citibank, N.A. (“New Bank”) shall be issued a Revolving Loan Note in the principal face amount of $30,000,000.00 and New Bank shall, as of the date thereof, become a “Bank” under the Credit Agreement with a Commitment in the amount set forth opposite New Bank’s name on Exhibit A attached hereto (the “New Commitment”) and (y) KeyBank shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 and PNC shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 and each such Bank shall, as of the date thereof, have a Commitment in the amount set forth opposite such Bank’s name on Exhibit A attached hereto.  Each such new or replacement note shall, as of the date of issuance of same, be a “Revolving Loan Note” under the Credit Agreement.
2.    New Bank Agreements, Acknowledgements and Representations.  By its signature below, New Bank, subject to the terms and conditions hereof, hereby agrees to perform all obligations with respect to its New Commitment as if such New Bank were an original Lender under and signatory to the Credit Agreement having a Commitment, as set forth above, equal to its New Commitment, which obligations shall include, but shall not be limited to, the obligation of New Bank to make Revolving Loans to Borrower with respect to its New Commitment, the obligation to pay amounts due in respect of Swing Loans as required under Section 2.07 of the Credit Agreement, the obligation to pay amounts due in respect of draws under Letters of Credit as required under Section 3.01 of the Credit Agreement, and in any case the obligation to indemnify the Administrative Agent as provided therein.  New Bank makes and confirms to the Administrative Agent and the other Banks all of the representations, warranties and covenants of a Bank under Article XII of the Credit Agreement.  Further, New Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, or on any affiliate or subsidiary thereof or any other Bank and based on the financial statements supplied by Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Bank under the Credit Agreement.  Except as expressly provided in the Credit Agreement, the Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide New Bank with any credit or other information with respect to Borrower or Parent or to notify New Bank of any Possible Default or Event of Default.  New Bank has not relied on the Administrative Agent as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder.  New Bank (i) represents and warrants 

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that it is (1) legally authorized to enter into this agreement and (2) a commercial bank, financial institution, mutual fund or institutional “accredited investor” (as such term is used in Regulation D of the Securities Act of 1933, as amended); (ii) confirms that it has received a copy of the Credit Agreement and each of the other Related Writings, together with copies of the financial statements requested by New Bank and such other documents and information as it has deemed appropriate to make its own credit analysis and decision in taking or not taking action under the Credit Agreement; (iii) agrees that it will, independently and without reliance upon any Administrative Agent or any Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iv) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (v) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Bank.  If New Bank is organized under the laws of a jurisdiction outside the United States, New Bank acknowledges and confirms that it has delivered to the Administrative Agent and Borrower the forms prescribed by the Internal Revenue Service of the United States certifying as to New Bank’s status for purposes of determining exemption from United States withholding taxes with respect to all payments to be made to New Bank under the Credit Agreement and the Revolving Loan Notes or such other documents as are necessary to indicate that all such payments are subject to such taxes at a rate reduced by an applicable tax treaty.  New Bank acknowledges and confirms that its address for notices is as set forth on its signature page hereto.
3.    Other Conditions.  Borrower and Parent represent and warrant that all other conditions to the Increase set forth in Section 5.08 of the Credit Agreement have been satisfied.
4.    Definitions.  Terms defined in the Credit Agreement are used herein with the meanings so defined.

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IN WITNESS WHEREOF, we have hereunto set our hands this 3rd day of July, 2013.

	
	
	BORROWER:

	 

	FOREST CITY RENTAL PROPERTIES

	CORPORATION, an Ohio corporation

	 

	 

	By:          /s/ ROBERT G. O'BRIEN

	Name:     Robert G. O'Brien

	Title:       Executive Vice President

	 

	 

	PARENT:

	 

	FOREST CITY ENTERPRISES, INC., an Ohio

	corporation

	 

	 

	By:          /s/ ROBERT G. O'BRIEN

	Name:     Robert G. O'Brien

	Title:       Executive Vice President and

	                Chief Financial Officer

	 

[Signature Page to Commitment Increase Letter (2013)]

For purposes of the matters set forth in 
Section 2 above:

	
	
	NEW BANK:

CITIBANK, N.A.

 

	By:          /s/ John C. Rowland

	Name:     John C. Rowland

	Title:       Vice President

	 

	Address: 
Citibank, N.A. 
388 Greenwich Street, 23rd Floor
New York, New York  10013
Attn: Bryce Hong

[Signature Page to Commitment Increase Letter (2013)]

ACKNOWLEDGED:

KEYBANK NATIONAL ASSOCIATION,
as Agent

	
	
	By:                 /s/ Sara Smith

	Name:            Sara Smith

	Title:              AVP

KEYBANC CAPITAL MARKETS,
as Lead Arranger

	
	
	By:                 /s/ Tim Klespies

	Name:            Tim Klespies

	Title:              Director

[Signature Page to Commitment Increase Letter (2013)]

EXHIBIT A
COMMITMENTS
	
				
	Bank
	Maximum Amount

	 
	 

	KeyBank National Association
	

	$50,000,000.00
	

	PNC Bank, National Association
	

	$50,000,000.00
	

	Bank of America, N.A.
	

	$47,500,000.00
	

	U.S. Bank National Association
	

	$45,000,000.00
	

	The Bank of New York Mellon
	

	$42,500,000.00
	

	The Huntington National Bank
	

	$40,000,000.00
	

	Fifth Third Bank
	

	$30,000,000.00
	

	Manufacturers and Traders Trust Company
	

	$30,000,000.00
	

	Citibank, N.A.
	

	$30,000,000.00
	

	Goldman Sachs Lending Partners LLC
	

	$25,000,000.00
	

	Morgan Stanley Senior Funding, Inc.
	

	$25,000,000.00
	

	Barclays Bank plc
	

	$25,000,000.00
	

	Comerica Bank
	

	$20,000,000.00
	

	FirstMerit Bank, N.A.
	

	$20,000,000.00
	

	First Niagara Bank, N.A.
	

	$20,000,000.00
	

	TOTAL
	

	$500,000,000.00EXHIBIT 10.1

 

BROWN & BROWN, INC.

 

PERFORMANCE-TRIGGERED STOCK GRANT
AGREEMENT

 

This Performance-Triggered
Stock Grant Agreement (the "Agreement"), effective as of July 1, 2013 (the “Effective Date”),
is made by and between Brown & Brown, Inc., a Florida corporation (together with its subsidiaries, the "Company"),
and _________________, hereinafter referred to as the "Grantee" or “you.”

 

WHEREAS, the Company
wishes to grant shares of the Company's common stock to the Grantee in the form of a stock grant under the Company's 2010 Stock
Incentive Plan (the "Plan"), and subject to certain conditions established by the Compensation Committee of the
Company's Board of Directors (the "Committee").

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties agree as follows:

 

ARTICLE I

GRANT OF STOCK

 

Section 1.1 – Grant
of Stock

 

In consideration
of service to the Company and for good and valuable consideration, the Company grants to the Grantee ______ shares of the Company's
common stock (the "Shares") in accordance with, and subject to, the terms and conditions of the Plan, and subject
to the conditions described below. The Grantee's rights with respect to the Shares shall be governed by the terms of the Plan.

 

Section 1.2 – Adjustments
in Number of Shares

 

In the event that
the shares of the Company's common stock are changed into or exchanged for a different number or kind of shares of the Company
or other securities of the Company by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend
or combination of shares, the number and kind of Shares shall be equitably adjusted to reflect such changes. Any such adjustment
made by the Company's Board of Directors or the Committee shall be final and binding upon the Grantee, the Company, their respective
heirs, administrators, personal representatives, successors, assigns, and all other interested persons.

 

    	 

    	 

    

ARTICLE II

VESTING OF SHARES

 

Section 2.1 – General

 

(a)General.
Except as may be otherwise provided in Section 2.2 of this Agreement, the vesting of the Grantee’s
rights and interest in the Shares, and the effect of termination of the Grantee's employment or service with the Company or attainment
of age 64 prior to the date on which the Shares become fully vested and nonforfeitable or are forfeited, shall be determined in
accordance with this Section 2.1.

 

(b)Employment
Condition. The Grantee's interest in the Shares will become fully vested and nonforfeitable on July 1, 2020, provided that
the Grantee has been continuously employed by the Company since the Effective Date. If the Grantee's employment terminates for
any reason before June 30, 2020, the Grantee's interest in the Shares will be forfeited unless (i) the Grantee’s employment
with the Company terminates as a result of Grantee’s death or disability, as defined in the Plan, or (ii) the Committee,
in its sole and absolute discretion, waives the employment condition for the vesting of the Shares.

 

In the event that
the Grantee’s employment with the Company terminates as a result of Grantee’s death or disability before the Grantee's
interest in the Shares becomes fully vested and nonforfeitable or is forfeited, the Shares will vest on the anniversary of the
Effective Date following Grantee’s death or disability in such proportion as the number of years since July 1, 2013 bears
to the number “7.”

(c)Issuance
of Stock Certificates. A certificate representing the vested Shares will be transferred to the Grantee as soon as practicable
after satisfaction of all conditions set forth in Sections 2.1(b) of this Agreement, subject to the provisions of Section 3.3 (“Withholding”).

 

(d)Dividend
Rights. If a cash dividend is declared on shares of the Company's common stock after the Effective Date, but before the Grantee's
interest in the Shares becomes fully vested and nonforfeitable or is forfeited, the Company will pay the cash dividend directly
to the Grantee with respect to the Shares. If a stock dividend is declared after the Effective Date, but before the Grantee's interest
in the Shares becomes fully vested and nonforfeitable or is forfeited, the stock dividend will be treated as part of the grant
of that portion of the related Shares, and the Grantee's interest in such stock dividend will become nonforfeitable or be forfeited
at the same time as the Shares with respect to which the stock dividend was paid becomes nonforfeitable or is forfeited. The disposition
of each other form of dividend that may be declared after the Effective Date, but before the Grantee's interest in the Shares becomes
fully vested and nonforfeitable or is forfeited will be made in accordance with such rules as the Committee may adopt with respect
to such dividend.

 

(e)Voting
Rights. The Grantee will be allowed to exercise voting rights with respect to the Shares even though the Grantee's interest
in such Shares has not yet become fully vested and nonforfeitable.

 

    	 

    	 

    

Section 2.2 – Termination
After Transfer of Control

 

If
the Grantee’s employment or service with the Company terminates by reason of Termination After Transfer of Control (as defined
below), the Shares shall be deemed to have vested one hundred percent (100%) as of the date of such Termination After Transfer
of Control. 

 

“Termination
After Transfer of Control” shall mean either of the following events occurring after a Transfer of Control:

 

(i)termination
by the Company of the Grantee’s employment or service with Company, within twelve (12) months following a Transfer of Control,
for any reason other than Termination for Cause (as defined below); or

 

(ii)upon
Grantee’s Constructive Termination (as defined below), the Grantee’s resignation from employment or service with the
Company within twelve (12) months following the Transfer of Control.

 

Notwithstanding
any provision herein to the contrary, Termination After Transfer of Control shall not include any termination of the Grantee’s
employment or service with the Company which: (i) is a Termination for Cause (as defined below); (ii) is a result of the Grantee’s
death or Disability; (iii) is a result of the Grantee’s voluntary termination of employment or service other than upon Constructive
Termination (as defined below); or (iv) occurs prior to the effectiveness of a Transfer of Control.

 

“Termination
for Cause” shall mean termination by the Company of the Grantee’s employment or service with the Company for any of
the following reasons: (i) theft, dishonesty, or falsification of any employment or Company records; (ii) improper use or disclosure
of the Company’s confidential or proprietary information; (iii) the Grantee’s failure or inability to perform any reasonable
assigned duties after written notice from the Company of, and a reasonable opportunity to cure, such continued failure or inability;
(iv) any material breach by the Grantee of any employment agreement between the Grantee and Company, which breach is not cured
pursuant to the terms of such agreement; or (v) the Grantee’s conviction of any criminal act which, in the Company’s
sole discretion, impairs Grantee’s ability to perform his or her duties with Company. Termination for Cause pursuant to the
foregoing shall be determined in the sole but reasonably exercised discretion of the Company.

 

“Constructive
Termination” shall mean any one or more of the following:

 

(i)without
the Grantee’s express written consent, the assignment to the Grantee of any duties, or any limitation of the Grantee’s
responsibilities, substantially inconsistent with the Grantee’s positions, duties, responsibilities and status with the Company
immediately prior to the date of a Transfer of Control;

 

(ii)without
the Grantee’s express written consent, the relocation of the principal place of the Grantee’s employment to a location
that is more than fifty (50) miles from the Grantee’s principal place of employment immediately prior to the date of a Transfer
of Control, or

    	 

    	 

    

the
imposition of travel requirements substantially more demanding of the Grantee than such travel requirements existing immediately
prior to the date of a Transfer of Control;

 

(iii)any
failure by the Company to pay, or any material reduction by the Company of, (A) the Grantee’s base salary in effect immediately
prior to the date of the Transfer of Control (unless reductions comparable in amount an duration are concurrently made for all
other employees of the Company with responsibilities, organizational level and title comparable to the Grantee’s), or (B)
the Grantee’s bonus compensation, if any, in effect immediately prior to the date of the Transfer of Control (subject to
applicable performance requirements with respect to the actual amount of bonus compensation earned by the Grantee); or

 

(iv)any
failure by the Company to (A) continue to provide the Grantee with the opportunity to participate, on terms no less favorable than
those in effect for the benefit of any employee group which customarily includes a person holding the employment position or a
comparable position with Company then held by the Grantee, in any benefit or compensation plans and programs, including, but not
limited to, the Company’s life, disability, health, dental, medial, savings, profit sharing, stock purchase and retirement
plans, if any, in which the Grantee was participating immediately prior to the date of the Transfer of Control, or their equivalent,
or (B) provide the Grantee with all other fringe benefits (or their equivalent) from time to time in effect for the benefit of
any employee group which customarily includes a person holding the employment position or a comparable position with the Company
then held by the Grantee.

 

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1 – Administration

 

The Committee shall
have the power to interpret this Agreement and to adopt such rules for the administration, interpretation and application of the
Agreement as are consistent with the Plan and to interpret or revoke any such rules. All actions taken and all interpretations
and determinations made by the Committee in good faith shall be final and binding upon the Grantee, the Company and all other interested
persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith
with respect to this Agreement or any similar agreement to which the Company is a party.

 

Section 3.2 – Grants
Not Transferable

 

Neither the Shares
nor any interest or right therein or part thereof shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means, whether such disposition is voluntary or involuntary or by operation of law, by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) and any attempted disposition
thereof shall be null and void and of no effect; provided, however, that this Section 3.2 shall not prevent transfers by will or
by the applicable laws of descent and distribution.

 

    	 

    	 

    

Section 3.3 – Withholding

 

The Grantee shall
pay all applicable federal and state income and employment taxes which the Company is required to withhold at any time with respect
to the Shares. Such payment shall be made in full by the deduction from the number of vested Shares otherwise deliverable by Company
upon vesting and nonforfeitability of any portion of the Shares the smallest number of whole shares which, when multiplied by the
fair market value of a share of the Company's common stock on the vesting date, is sufficient to satisfy the amount of such tax
withholding requirement. Grantee's entry into this Agreement shall confirm Grantee’s instruction and authorization to the
Company to satisfy withholding obligations with respect to the Shares in this manner.

 

Section 3.4 – Notices

 

Any notice to be
given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary and any notice
to be given to the Grantee shall be addressed to the address on file for the Grantee with the Company’s Employee Compensation
(Payroll) Department. By a notice given pursuant to this Section 3.4, either party may hereafter designate a different address
for notices to be given to such party. Any notice required to be given to the Grantee shall, if the Grantee is then deceased, be
given to the Grantee's personal representative if such representative has previously informed the Company of such representative’s
status and address by written notice under this Section. Any notice shall have been deemed duly given when enclosed in a properly
sealed envelope addressed as aforesaid, deposited (with postage prepaid) in a United States postal receptacle.

 

Section 3.5 – Titles

 

Titles are provided
herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

Section 3.6 – Disposition

 

Upon receipt of
any of the Shares as a result of the satisfaction of all conditions to the Grant, the Grantee shall, if requested by the Company
in order to assure compliance with applicable law, hold such Shares for investment and not with the view toward resale or distribution
to the public and, if so requested by the Company, shall deliver to the Company a written statement signed by the Grantee and satisfactory
to the Company to that effect. The Grantee shall give prompt notice to the Company of any disposition or other transfer of any
Shares acquired under this Agreement. Such notice shall specify the date of such disposition or other transfer and the amount realized,
in cash, other property, assumption of indebtedness or other consideration, by the Grantee in such disposition or other transfer.

 

Section 3.7 – Counterparts

 

This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one
agreement.

    	 

    	 

    

 

Section 3.8 – Severability

 

If any provision,
or any part thereof, of this Agreement should be held by any court to be illegal, invalid or unenforceable, either in whole or
in part, such illegality, invalidity or unenforceability shall not affect the legality, validity or enforceability of the remaining
provisions, or any part thereof, all of which shall remain in full and effect.

 

Section 3.9 – Entire
Agreement; Amendments

 

This Agreement (including
any documents or instruments referred to herein) constitutes the entire agreement regarding the Shares among the parties and supersedes
all prior agreements, and understandings, both written and oral, among the parties with respect to the subject matter hereof. This
Agreement may not be amended except by a written instrument signed on behalf of all of the parties hereto.

 

Section 3.10 – Governing
Law

 

This Agreement shall
be governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to choice
of law principles.

 

IN WITNESS WHEREOF,
this Agreement has been executed and delivered by the parties as of the date first written above.

 

BROWN & BROWN, INC.

 

 

By: ____________________________________

Cory T. Walker

Sr. Vice President, Treasurer

& Chief Financial Officer

 

GRANTEE

 

 

____________________________________

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