Document:

Employment Agreement

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 AGREEMENT made and entered into in Seattle, Washington, by and between MICROVISION, Inc. (the “Company”), a Delaware corporation with its
principal place of business in Seattle, Washington, and Alexander Y. Tokman (“Executive”), effective as of the 18th day of July, 2005. 
  
 WHEREAS, subject to
the terms and conditions hereinafter set forth, the Company wishes to employ Executive as its President & Chief Operating Officer and Executive wishes to accept such employment; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions
set forth in this Agreement, the parties hereby agree: 
  
 1.
Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and Executive hereby accepts, employment. 
  
 2. Term. Subject to earlier termination as hereafter provided, Executive’s employment hereunder shall be for a term of three (3) years,
commencing as of the effective date of this Agreement, and ending on July 18, 2008, (“Employment Term”), subject to earlier termination as set forth in Section 5 below. Following the expiration of the Employment Term, this Agreement shall
be automatically renewed for successive one (1) year periods (“Renewal Term”) unless, at least ninety (90) days prior to the expiration of the Employment Term or the then current Renewal Term, either party provides the other with written
notice of intention not to renew, in which case this Agreement shall terminate as of the end of the Employment Term or the Renewal Term, as applicable. If this Agreement is renewed, the terms of this Agreement during any Renewal Term shall be the
same as the terms in effect immediately prior to such renewal (including but not limited to, the provisions set forth in Sections 4 and 5 below), subject to any changes or modifications as mutually may be agreed between the Parties as evidenced in a
written instrument signed by both the Company and Executive. 
  
 3. Capacity and Performance. 
  
 a. During the
Term, Executive shall serve the Company as its President and Chief Operating Officer, reporting to the Chief Executive Officer. In addition, and without further compensation, Executive may also serve as a member of the Company’s Board of
Directors (the “Board”) and shall be appointed to the Board within six (6) month’s of Executive’s hire date or as soon thereafter as provided in the Company’s bylaws. In addition, Executive may also serve as a director
and/or officer of one or more of the Company’s Affiliates, if so elected or appointed from time to time. 
  
 b. During the Term, Executive shall be employed by the Company on a full-time basis and shall perform such duties as are intrinsic to his position and
such other duties and responsibilities on behalf of the Company and its Affiliates as may reasonably be designated from time to time by the Board or by its designees. 
  
 c. During the Term, Executive shall devote his full business time and his best efforts, business judgment, skill and
knowledge exclusively to the advancement of the 

 business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities
hereunder. Executive shall not actively engage in any other business activity during the Term, but may participate in industry, trade, professional, charitable and community activities and manage personal investments so long as such activities,
either individually or in the aggregate, do not conflict with the interests of the Company and its Affiliates or interfere with the discharge of Executive’s responsibilities to the Company and its Affiliates. 
  
 4. Compensation and Benefits. As compensation for all services
performed by Executive under and during the Term and subject to performance of Executive’s duties and of the obligations of Executive to the Company and its Affiliates, pursuant to this Agreement or otherwise: 
  
 a. Base Salary. Beginning with the effective date of this Agreement
and continuing through December 31, 2005, the Company shall pay Executive a base salary at the rate of Three Hundred Thousand Dollars ($300,000) per year (“Base Salary”), payable in accordance with the payroll practices of the Company for
its executives and subject to increase from time to time by the Board or a committee thereof, in its sole discretion. Beginning on January 1, 2006 and for each calendar year thereafter during Executive’s employment with the Company, the Company
shall increase Executive’s Base Salary at the rate of five percent (5%) of Executive’s Base Salary for the prior calendar year, payable in accordance with the payroll practices of the Company for its executives and subject to additional
increases from time to time by the Board or a committee thereof, in its sole discretion. 
  
 b. Bonus Compensation. During the Term, Executive will be eligible to earn an annual bonus (the “Bonus”) with a target equivalent to 50% of the Base Salary (the “Target Bonus”). The twelve
month period to which the Bonus is applicable is referred to hereafter as the “Bonus Year.” The actual amount of the Bonus, if any, shall be determined by the Board or a committee thereof, based on its assessment, in its sole discretion,
of Executive’s performance and that of the Company against appropriate and reasonably obtainable goals established by the Board or a committee thereof with participation by Executive. Executive shall be paid a bonus for the 2005 calendar year
(the “2005 Bonus”) equal to 50% of base salary prorated for the actual days the Executive is employed by the Company during 2005. Except for the 2005 Bonus, Bonus compensation may be paid in cash and/or in equity, at the discretion of the
Board or a committee thereof. Notwithstanding the foregoing, however, if the Company shall establish a bonus plan, the Bonus may be awarded and paid pursuant to such plan provided that such plan shall provide Executive the ability to earn as bonus
the target equivalent provided for by this Section 4.a. Any Bonus compensation earned by Executive shall be paid to Executive no later than bonus payments to other Executives with a target payment date of March 31 of the year following the year the
Bonus compensation was earned. 
  
 c. Stock Options. At the
next regular meeting of the Board following the effective date of this Agreement, Executive shall be granted an option to purchase, at fair market value 300,000 shares, of common stock of the Company (the “Options”), 60,000 shares of which
shall vest immediately and 60,000 shares of which will vest on each anniversary of the effective date of this Agreement subject to the terms of this Agreement. The Options shall be granted pursuant to the terms of the Company’s 1996 Stock
Option Plan as amended from time to time (the “Option Plan”) and to the stock option agreement approved by the Compensation Committee with respect to this grant (the “Option Agreement”). 
  

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 d. Vacations. During the Term, Executive shall be entitled to four (4) weeks of paid vacation per
year to be taken at such times and intervals as shall be determined by Executive, subject to the reasonable business needs of the Company. Vacation shall otherwise be governed by the policies of the Company, as in effect. from time to time.

  
 e. Other Benefits. During the Term and subject to any
contribution therefore generally required of employees of the Company, Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for employees of the Company generally, except to the extent such
plans provide a category of benefit otherwise provided to Executive pursuant to this Agreement, including with limitation severance pay. Such participation shall be subject to the terms of the applicable plan documents and generally applicable
Company policies. The Company may alter or terminate its employee benefit plans at any time, as it, in its sole judgment, determines to be appropriate. 
  
 f. Business Expenses. The Company shall pay or reimburse Executive for all reasonable business expenses incurred or paid by Executive in the
performance of his duties and responsibilities hereunder, subject to such policies as may be established by the Company from time to time, any maximum annual limit or other restrictions on such expenses and to provision of such reasonable
substantiation and documentation as may be specified by the Company from time to time. 
  
 5. Termination of Employment and Severance Benefits. Notwithstanding the provisions of Section 2 hereof, Executive’s employment hereunder shall terminate prior to the expiration of the Term under the
following circumstances: 
  
 a. Death. In the event of
Executive’s death during the Term, Executive’s employment hereunder shall immediately and automatically terminate. In such event, the Company shall pay to Executive’s designated beneficiary or, if no beneficiary has been designated by
Executive, to his estate: (i) any earned and unpaid Base Salary, payable on the Company’s next regular pay day following termination, (ii) any vacation time earned but not used through the date of termination, payable on the Company’s next
regular pay day following the termination, (iii) any bonus compensation earned for the Bonus Year preceding that in which the termination occurs and unpaid on the date of termination (“Awarded Bonus”), payable in accordance with Section
4.b hereof, and (iv) any reimbursable business expenses incurred by Executive but not yet reimbursed on the date of termination, provided that such expenses and required substantiation and documentation are submitted within sixty (60) days of
termination, with reimbursement being made promptly after receipt of documentation (amounts provided in (i) through (iv), “Final Payment”). The Company shall have no further obligations to Executive. 
  
 b. Disability. 
  
 i. The Company may terminate Executive’s employment hereunder, upon
notice to Executive, in the event that Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially
all of his duties and responsibilities hereunder for a period of more than one hundred twenty (120) days during any period of three hundred and sixty-five (365) consecutive calendar days. In the event of such termination, the Company shall pay
Executive the Final Payment and shall have no further obligations to Executive. 
  

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 ii. The Board may designate another employee to act in Executive’s place during any period of
Executive’s disability. Notwithstanding any such designation, Executive shall continue to receive the compensation and benefits in accordance with Sections 4.a through 4.d and benefits in accordance with Section 4.e, to the extent permitted by
the then-current terms of the applicable benefit plans, until Executive becomes eligible for disability income benefits under the Company’s disability income plan or until the termination of his employment, whichever shall first occur.

  
 iii. While receiving disability income payments under the
Company’s disability income plan, Executive shall not be entitled to receive any Base Salary under Section 4.a hereof, but shall continue to participate in Company benefit plans in accordance with Section 4.e and the terms of such plans, until
the termination of his employment. 
  
 iv. If any question shall
arise as to whether during any period Executive is disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder,
a determination of whether Executive has a disability shall be made by Executive’s health care provider. In the event the Company questions the medical opinion of Executive’s health care provider, the Company may require Executive to
obtain a second opinion from a different health care provider chosen by the Company at its own expense. If there is a conflict between the opinion of Executive’s health care provider and the opinion of the Company’s selected health care
provider, the Company may require Executive to obtain a third opinion from a health care provider jointly approved by the Company and Executive at the Company’s expense, and this third opinion shall be binding on Executive and the Company. Any
such determination of disability under this Section 5.b.iv is not intended to alter any benefits any party may be entitled to receive under any long-term disability insurance policy carried by either the Company or Executive with respect to
Executive, which benefits shall be governed solely by the terms of any such insurance policy. If the Executive fails to submit to a medical examination at the request of the Company as provided above, the Company’s determination of the issue
shall be binding on Executive. 
  
 c. By the Company for
Cause. The Company may terminate Executive’s employment hereunder for Cause at any time upon notice to Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable
judgment, shall constitute Cause for termination: (i) Executive’s repeated willful failure to perform, or gross negligence in the performance of, his duties and responsibilities to the Company or any of its Affiliates; (ii) fraud, embezzlement
or other dishonesty with respect to the Company or any of its Affiliates; (iii) breach of any of his obligations under Section 7, 8 or 9 hereof or (iv) commission of a felony or other crime involving moral turpitude. Upon the giving of notice of
termination of Executive’s employment hereunder for Cause, the Company shall have no further obligations to Executive, other than to pay Executive the Final Payment. 
  
 d. By the Company Other than for Cause. The Company may terminate Executive’s employment hereunder other than
for Cause at any time upon notice to Executive. In the event of such termination during the Employment Term or a Renewal Term, then, the Company (i) shall pay Executive (A) the Final Payment and (B) severance pay in an amount 
  

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 equal to eighteen (18) months of Base Salary, at the rate in effect at the date of termination, plus an amount equal to
the Target Bonus and (ii) shall continue, while Executive is receiving severance pay hereunder, to contribute to the premium cost of participation by Executive and his eligible dependents in the Company’s group medical and dental plans,
provided that Executive is entitled to continue such participation under applicable law and plan terms and pays the remainder of the premium cost from month to month in accordance with the schedule established by the Company. Any obligation of the
Company to Executive under clause (i) or (ii) hereof, however, shall be reduced by any other payments from the Company to which Executive is entitled as a result of termination (exclusive of any Final Payment due) and is conditioned on Executive
signing, in a timely manner, an effective release of claims in the form provided by the Company (the “Employee Release”) in the form attached hereto as Exhibit A. Severance pay and Target Bonus to which Executive is entitled hereunder
shall be payable pro-rata at the Company’s regular payroll periods during the eighteen (18) month period immediately following termination of Executive’s employment, with the first payment being made on the Company’s next regular
payday following the later of the effective date of the Employee Release in the form attached hereto as Exhibit A or the date it is received by the Company, but retroactive to the next business day following the date of termination. 
  
 e. By Executive for Good Reason. Executive may terminate his
employment hereunder for Good Reason, upon notice to the Company setting forth in reasonable detail the nature of such Good Reason. The following shall constitute Good Reason for termination by Executive: (i) failure of the Company to continue
Executive in the position of President and Chief Operating Officer (ii) substantial diminution in the nature and scope of Executive’s responsibilities, duties, authority, reporting up requirements of Executive, provided, however, that (iii) a
Change of Control shall not constitute Good Reason under this clause (ii) unless coupled with a demotion of Executive’s position or substantial diminution in the nature and scope of Executive’s responsibilities, duties, authority, and
provided further that the Company’s failure to continue Executive’s appointment or election as a director or officer of one of the Company’s Affiliates and any diminution of the business at the Company or any of its Affiliates shall
not constitute “Good Reason”; (iii) material failure of the Company to provide Executive with the Base Salary and benefits in accordance with the terms of Section 4 hereof, excluding an inadvertent failure which is cured within ten (10)
business days following notice from Executive specifying in detail the nature of such failure; or (iv) relocation of Executive’s office more than thirty-five (35) miles from the then-current location of the Company’s principal offices
without his consent. In the event of termination in accordance with this Section 5.e during the Employment Term or Renewal Term, then Executive will be entitled to the same pay and benefits he would have been entitled to receive had Executive been
terminated by the Company other than for Cause in accordance with Section 5.d above; provided that Executive satisfies all conditions to such entitlement, including without limitation the signing of an effective Employee Release in the form attached
hereto as Exhibit A. 
  
 f. By Executive Other than for Good
Reason. Executive may terminate his employment hereunder at any time upon sixty (60) days’ notice to the Company. In the event of termination by Executive pursuant to this Section 5.f, the Board may elect to waive the period of notice, or
any portion thereof, and, if the Board so elects, the Company will pay Executive the Base Salary for the notice period (or for any remaining portion of the period) and the Final Payment. The Company shall have no further obligation to Executive.

  

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 g. Upon a Change of Control. 
  
 i. If a Change of Control occurs and the Company terminates Executive’s employment hereunder other than for Cause
during the Employment Term or Renewal Term or within two (2) years following such Change of Control or Executive terminates his employment hereunder for Good Reason for the reasons set forth above in Section 5.e(i), 5.e(ii) or 5.e(iv) during the
Employment Term or Renewal Term or within six (6) months following such Change of Control, then, in lieu of any payments to or on behalf of Executive under Section 5.d or 5.e hereof, the Company, in addition to providing Executive the Final Payment,
(A) shall pay Executive an amount equal to two times the sum of one year of Base Salary at the rate in effect at the date of termination plus a payment equal to the Target Bonus for which Executive is eligible, which amount shall be payable in a
single lump sum within ten (10) business days following the later of the effective date of the Employee Release in the form attached hereto as Exhibit A or the date it is received by the Company and (B) shall pay the full cost of Executive’s
continued participation in the Company’s group health and dental plans for two years or, if less, for so long as Executive remains entitled to continue such participation under applicable law. In addition, 100% of those shares under the Options
which are not exercisable, and which have not been exercised and have not expired or been surrendered or cancelled, shall become exercisable upon such termination and shall otherwise be and remain exercisable in accordance with the terms of the
Options subject to the Option Agreement. The obligations of the Company hereunder, however, other than for the Final Payment, if any, are subject to Executive signing a timely and effective Employee Release in the form attached hereto as Exhibit A.

  
 ii. Certain Additional Payments by the Employer.

  
 (A) Payments under this Agreement shall be made without
regard to whether the deductibility of such payments (or any other payments or benefits to or for the benefit of Executive) would be limited or precluded by Section 280G of the Code (“Section 280G”) and without regard to whether such
payments (or any other payments or benefits) would subject Executive to the federal excise tax levied on certain “excess parachute payments” under Section 4999 of the Code (the “Excise Tax”). If any portion of the payments or
benefits to or for the benefit of Executive (including, but not limited to, payments and benefits under this Agreement but determined without regard to this paragraph) constitutes an “excess parachute payment” within the meaning of Section
280G (the aggregate of such payments being hereinafter referred to as the “Excess Parachute Payments”), the Company shall promptly pay (and to the extent practicable, no later than ten (10) days prior to the date Executive is required to
make any Excise Tax payment to the Internal Revenue Service) to Executive an additional amount (the “gross-up payment”) that after reduction for all taxes (including but not limited to the Excise Tax) with respect to such gross-up payment
equals the Excise Tax with respect to the total of the Excess Parachute Payments and the Gross-Up Payment. 
  
 (B) The determination as to whether Executive’s payments and benefits include Excess Parachute Payments and, if so, the amount of such payments, the
amount of any Excise Tax owed with respect thereto, and the amount of any gross-up 
  

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 payment shall be made at the Company’s expense by PricewaterhouseCoopers LLP or by such other certified public
accounting firm as the Committee may designate prior to a Change of Control (the “accounting firm”). Notwithstanding the foregoing, if the Internal Revenue Service shall assert an Excise Tax liability that is higher than the Excise Tax (if
any) determined by the accounting firm, the Company shall, promptly (and to the extent practicable, no later than ten (10) days prior to the date Executive is required to make any Excise Tax payment to the Internal Revenue Service) augment the
gross-up payment to address such higher Excise Tax liability. 
  
 iii. “Change of Control” means the occurrence of any of the following events after the effective date hereof: 
  
 (A) The acquisition by any Person or group of the ultimate beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) of more than 50% of the then outstanding securities of the Company entitled to vote generally in the election of directors; excluding, however, the following: (i) any acquisition
directly from the Company (other than any acquisition by virtue of the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was itself acquired directly from the Company); (ii) any
acquisition by the Company; (iii) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or by any corporation controlled by the Company; (iv) any acquisition by Executive, by all Executive Related
Party (as defined herein) or by a group of which the Executive is a member; or (v) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of this subsection g.(iii)(A); or 
  
 (B) Individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election, by the
Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or 
  
 (C) A reorganization,
recapitalization, merger or consolidation (a “Corporate Transaction”) of the Company, unless (i) securities representing more than 50% of the then outstanding securities entitled to vote generally in the election of directors of the
Company or the corporation resulting from or surviving such Corporate Transaction (or the ultimate parent of the Company or such corporation after such Corporate Transaction) are beneficially owned subsequent to such Corporate Transaction by the
Person or Persons who were the beneficial owners of the outstanding securities of the Company entitled to vote generally in the election of directors immediately prior to such Corporate Transaction, in substantially the same proportions as their
ownership immediately prior to such Corporate Transaction, (ii) no Person (excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company of such 
  

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 corporation resulting from such Corporate Transaction) ultimately beneficially owns, directly or indirectly, more than
50% of the then outstanding securities entitled to vote generally in the election of directors of the Company or the corporation resulting from or surviving such Corporate Transaction (or the ultimate parent of the Company or such corporation after
such Corporate Transaction) except to the extent that such ownership existed prior to the Corporate Transaction; and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction were
members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or 
  
 (D) The sale, transfer or other disposition of all or substantially all of the assets of the Company; or 
  
 (E) Approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company. 
  
 For purposes of this definition, securities
entitled to vote generally in the election of directors that are issuable upon exercise of an exercise, conversion or exchange. privilege shall be deemed to be outstanding. In addition, for purposes of this definition, the following terms have the
meanings set forth below: 
  
 A Person shall be deemed to be the
“owner” of any securities of which such Person would be the “beneficial owner,” as such term is defined in Rule 13d-3 promulgated by the Securities and Exchange Commission under the Exchange Act. 
  
 “Person” has the meaning used in Section 13.d of the Exchange Act, except that
“Person” does not include (i) the Executive, an Executive Related Party, or any group of which Executive or Executive Related Party is a member, or (ii) the Company or a wholly owned subsidiary of the Company or an employee benefit plan
(or related trust) of the Company or of a wholly owned subsidiary. 
  
 An
“Executive Related Party” means any affiliate or associate of Executive other than the Company or a subsidiary of the Company. The terms “affiliate” and “associate” have the meanings given in Rule 12b-2 under the
Exchange Act; the term “registrant” in the definition of “associate” means, in this case, the Company. 
  
 6. Effect of Termination. The provisions of this Section 6 shall apply to termination of employment pursuant to Section 5 or otherwise. 

 
 a. Payment by the Company in accordance with the applicable termination
provision of Section 5, if any, shall constitute the entire obligation of the Company to Executive. Executive shall promptly give the Company notice of all facts necessary for the Company to determine the amount and duration of its obligations in
connection with any termination pursuant to Section 5.d, 5.e or 5.g hereof. 
  
 b. Except for medical and dental plan coverage continued pursuant to Section 5.d, 5.e or 5.g hereof, benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of termination of
Executive’s employment without regard to any payments to Executive following such date of termination. 
  

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 c. Provisions of this Agreement shall survive expiration of the Employment Term and any termination
hereunder if so provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of Executive under Sections 7, 8 and 9 hereof. The obligation of the Company to make
payments to or on behalf of Executive under Section 5.d, 5.e or 5.g hereof is expressly conditioned upon Executive’s continued full performance of obligations under Sections 7, 8 and 9 hereof. Executive recognizes that, except as expressly
provided in Section 5.d, 5.e or 5.g no compensation is earned after termination of employment. 
  
 7. Confidential Information. 
  
 a. Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that Executive may in the future develop Confidential Information for the Company or its Affiliates and that Executive has in the
past and may in the future learn of Confidential Information during the course of employment. Executive will comply with the policies and procedures of the Company and its Affiliates for protecting Confidential Information and shall not use or
disclose to any Person (except as required by applicable law or for the proper performance of his duties and responsibilities to the Company and its Affiliates hereunder) any Confidential Information obtained by Executive incident to his employment
or other association with the Company or any of its Affiliates. Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. 
  
 b. All documents, records, tapes and other media of every kind and
description relating to the business, present or otherwise, of the Company or its Affiliates and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by Executive, shall be the sole and exclusive property of
the Company and its Affiliates. Executive shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in
Executive’s possession or control. 
  
 8. Assignment of
Rights to Intellectual Property. 
  
 a. Executive shall
promptly and fully disclose all Intellectual Property to the Company. Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) Executive’s full right, title and interest in and to all Intellectual
Property. Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further
assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. Executive will not charge
the Company for time spent in complying with these obligations. All copyrightable works that Executive creates shall be considered “work made for hire.” 
  
 b. For purposes of this Agreement, “Intellectual Property” means inventions, discoveries, developments, methods,
processes, compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by Executive (whether alone or with others, 
  

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 whether or not during normal business hours or on or off Company premises) during Executive’s employment; provided,
however, that the Company shall have no rights to any invention for which no equipment, supplies, facilities or trade secret information of the Company was used and which was developed entirely on Executive’s own time, unless (a) the invention
relates (i) directly to the business of the Company or (ii) to the Company’s actual or demonstrably anticipated research or development; or (b) the invention results from any work performed by Executive for the Company. 
  
 9. Restricted Activities. Executive agrees that some restrictions on
his activities during and after his employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates: 
  
 a. While Executive is employed by the Company and for the twelve (12) month period immediately following termination of his
employment with the Company (the “Non-Competition Period”), Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company anywhere
worldwide. Specifically, but without limiting the foregoing, Executive agrees not to engage in any manner if any activity that is directly or indirectly competitive or potentially competitive with the business of the Company as conducted at any time
during Executive’s employment. For the purposes of this Section 9, the business of the Company shall include all Products and Executive’s undertaking shall encompass all items, products and services that may be used in substitution for
Products. The foregoing, however, shall not prevent Executive’s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 
  
 b. Executive agrees that, during his employment with the Company, he will not undertake any outside activity, whether or not
competitive with the business of the Company or its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates. 
  
 c. Executive further agrees that while he is employed by the Company and
during the Non-Competition Period, Executive will not solicit any employee of the Company or encourage any customer or vendor of the Company to terminate or diminish its relationship with the Company, or, in the case of a customer, to conduct with
any Person any business or activity which such customer conducts with the Company. For purposes of this Agreement, an employee or customer of the Company is any Person who was a current employee or customer of the Company at the time
Executive’s employment with the Company ended. 
  
 For
purposes of this Section 9, “Company” shall include Affiliates of the Company with which Executive has had involvement in the course of his employment or about which Affiliate or Affiliate’s activities he has acquired or received any
Confidential Information until a Change of Control has occurred, after such time Company shall not be broadened to include any new Affiliates. 
  
 10. Notification Requirement. Until the conclusion of the Non-Competition Period, Executive shall give notice to the Company of each new business
activity he plans to undertake, at least ten (10) business days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of Executive’s business
relationship(s) and position(s) with such Person. Executive shall 
  

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 provide the Company with such other pertinent information concerning such business activity as the Company may reasonably
request in order to determine Executive’s continued compliance with his obligations under Sections 7, 8 and 9 hereof. 
  
 11. Enforcement of Covenants. Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement,
including the restraints imposed upon him pursuant to Sections 7, 8 and 9 hereof. Executive agrees that said restraints are necessary for the reasonable and proper protection of the Company and its Affiliates (as defined in Section 9) and that each
and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. Executive further acknowledges that, were he to breach any of the covenants contained in Sections 7, 8 and 9 hereof, the damage to the
Company would be irreparable. Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary relief against any breach or threatened breach by Executive of any of said covenants,
without having to post bond. The parties further agree that, in the event that any provision of Sections 7, 8 or 9 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a
time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. 
  
 12. Conflicting Agreements. Executive hereby represents and warrants that the execution of this Agreement and the
performance of his obligations hereunder will not breach or be in conflict with any other agreement to which Executive is a party or is bound and that Executive is not now subject to any covenants against competition or similar covenants or any
court order or other obligation that would affect the performance of his obligations hereunder. Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent.

  
 13. Arbitration. 
  
 a. Any dispute, controversy or claim between the parties arising out of this
Agreement shall be settled by arbitration conducted in Seattle, Washington in accordance with the rules and procedures of JAMS for the resolution of employment disputes (the “Rules”) and the laws of the State of Washington. 
  
 b. In the event that a party requests arbitration (the “Requesting
Party”), it shall serve upon the other party (the “Non-Requesting Party”) within ninety (90) days of the date the Requesting Party knew, or reasonably should have known, of the facts on which the controversy, dispute or claim is
based, a written demand for arbitration stating the substance of the controversy, dispute or claim and the contention of the Requesting Party. An arbitrator shall be selected in accordance with the Rules, with the Requesting Party initiating that
process within thirty (30) days of the date it serves demand for arbitration on the Non-Requesting Party (or such longer period to which the parties shall agree in writing.). 
  
 c. The function of the arbitrator shall be to determine the interpretation and application of the specific provisions of
this Agreement to the issues submitted to arbitration. There shall be no right in arbitration to obtain, and no arbitrator shall have any authority to award or determine, any change in, addition to, or detraction from, any of the provisions of this
Agreement. The decision of the arbitrator shall be in writing, shall set forth the basis for the 
  

 11 

 decision and shall be rendered within thirty (30) business days following the hearing. The decision of the arbitrator
acting within the scope of his/her authority shall be final and binding upon the parties and may be enforced and executed upon in any court having jurisdiction over the party against whom enforcement of such decision is sought. 
  
 d. The parties involved in the dispute shall divide equally the
administrative charges, arbitrator’s fees and related expenses of the arbitration, but each party shall pay its own legal fees and expenses incurred in connection with such arbitration. 
  
 e. Nothing contained herein, however, shall limit the right of the Company to
seek equitable or other relief from any court of competent jurisdiction for violation of Section 7, 8 or 9 of this Agreement. 
  
 14. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section 14
and as provided elsewhere in this Agreement. For purposes of this Agreement, the following definitions apply: 
  
 a. “Affiliates” means any parent and subsidiaries of the Company and any entities directly or indirectly controlling, controlled by or under
common control with the Company, where control may be by either management authority or equity interest. 
  
 b. “Code” means the U.S. Internal Revenue Code of 1986, as amended. 
  
 c. “Confidential Information” means any and all information of the Company and its Affiliates that is not
generally known by others with whom they compete or do business, or with whom they plan to compete or do business. Confidential Information includes without limitation such information relating to (i) the development, research, testing,
manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates, (iv) the identity and special
needs of the customers of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships and those relationships. Confidential Information also includes information that the
Company or any of its Affiliates have received belonging to others with any understanding, express or implied, that it would not be disclosed. Confidential Information does not include information which is in the public domain without fault by
Executive or any third party. 
  
 d. Exclusive of Section iii of
this Agreement, “Person” means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates. 
  
 e. “Products” mean all products planned, researched, developed,
tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company, or prior to a change of Control, of its Affiliates with which Affiliate or Affiliate’s activities Executive has had involvement in the course
of his employment or about which he has acquired or received any Confidential Information, together with all services provided or planned by the Company, or prior to a change of Control, of its Affiliates with which Executive has had involvement in
the course of his employment or about which Affiliate or Affiliate’s activities he has acquired or received any Confidential Information, during Executive’s employment. 
  

 12 

 15. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax
or other amounts required to be withheld by the Company under applicable law. 
  
 16. Assignment. Neither the Company nor Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided,
however, that the Company may assign its rights and obligations under this Agreement without the consent of Executive to one of its Affiliates or to a Person with whom the Company shall hereafter affect a reorganization, consolidation or merger or
to whom the Company transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Company and Executive, their respective successors, executors, administrators, heirs and
permitted assigns. 
  
 17. Severability. If any portion or
provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement; or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  
 18. Waiver. No waiver of any provision hereof shall be effective
unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any
subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
  
 19. Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be
effective when delivered in person, consigned to a national overnight courier service or deposited in the United States mail, postage prepaid, and addressed to Executive at his last known address on the books of the Company or, in the case of the
Company, at its principal place of business, attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received. 
  
 20. Entire Agreement. As of the effective date, this Agreement constitutes the entire agreement between the parties
and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of Executive’s employment. 
  
 21. Amendment. This Agreement may be amended or modified only by a written instrument signed by Executive and by a
expressly authorized representative of the Company. 
  
 22.
Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 
  
 23. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and
all of which together shall constitute one and the same instrument. 
  

 13 

 24. Governing Law. This Agreement shall be construed and enforced under, and be governed in all
respects by, the laws of the State of Washington, without regard to the conflict of laws principles thereof; provided, however, that in the event the Company relocates its principal place of business and Executive’s principal place of work to
another state, the laws of that state shall apply without regard to the conflict of laws principles thereof. 
  
 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Executive and by the Company, by its duly authorized representative,
as of the date first above written. 
  

					
	THE EXECUTIVE:	 	THE COMPANY:
			
	 /s/ Alexander Y. Tokman

	 	By:	 	 /s/ Richard F. Rutkowski

	Alexander Y. Tokman	 	Title:	 	Chief Executive Officer

  

 14Nonqualified Deferred Compensation Plan

 Exhibit 10.1 
  
 EQUITY ONE, INC. 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
  
 As Adopted 
 Effective July 1, 2005 

 TABLE OF CONTENTS 
  

							
	Article I DEFINITIONS	  	1
	 	  	1.1	  	Accounting Date	  	1
	 	  	1.2	  	Affiliate	  	1
	 	  	1.3	  	Base Salary	  	1
	 	  	1.4	  	Beneficiary	  	1
	 	  	1.5	  	Board	  	2
	 	  	1.6	  	Bonus	  	2
	 	  	1.7	  	Change of Control	  	2
	 	  	1.8	  	Code	  	3
	 	  	1.9	  	Committee	  	3
	 	  	1.10	  	Company	  	3
	 	  	1.11	  	Compensation	  	3
	 	  	1.12	  	Disabled or Disability	  	3
	 	  	1.13	  	Deferral Agreement	  	3
	 	  	1.14	  	Discretionary Employer Contributions	  	3
	 	  	1.15	  	Discretionary Employer Contributions Subaccount	  	3
	 	  	1.16	  	Eligible Person	  	4
	 	  	1.17	  	Employer	  	4
	 	  	1.18	  	Entry Date	  	4
	 	  	1.19	  	ERISA	  	4
	 	  	1.20	  	In-Service Account	  	4
	 	  	1.21	  	Investment Funds	  	4
	 	  	1.22	  	Key Employee	  	4
	 	  	1.23	  	Leave of Absence	  	4
	 	  	1.24	  	Participant	  	4
	 	  	1.25	  	Participant’s Account	  	4
	 	  	1.26	  	Performance Based Compensation Bonus	  	4
	 	  	1.27	  	Plan	  	4
	 	  	1.28	  	Plan Year	  	5
	 	  	1.29	  	Retirement Account	  	5
	 	  	1.30	  	Separation from Service	  	5
	 	  	1.31	  	Tax-Deferred Contributions	  	5
	 	  	1.32	  	Tax-Deferred Contributions Subaccount	  	5
	 	  	1.33	  	Trust	  	5
	 	  	1.34	  	Trustee	  	5
	 	  	1.35	  	Year of Service	  	5
	Article II ELIGIBILITY	  	5
	 	  	2.1	  	Determining Eligibility	  	5
	Article III CONTRIBUTIONS	  	6
	 	  	3.1	  	Tax-Deferred Contributions	  	6
	 	  	3.2	  	Discretionary Employer Contributions	  	7
	Article IV VESTING	  	7
	 	  	4.1	  	Retirement Account.	  	7
	 	  	4.2	  	In-Service Accounts	  	8

							
	 	  	4.3	  	Forfeiture	  	8
	Article V VALUATION OF PARTICIPANT’S ACCOUNTS	  	8
	 	  	5.1	  	Account Value	  	8
	 	  	5.2	  	Contribution to Trust	  	8
	Article VI DISTRIBUTIONS	  	9
	 	  	6.1	  	Timing of Distributions	  	9
	 	  	6.2	  	Form of Distributions	  	9
	 	  	6.3	  	Payments to Beneficiaries	  	10
	 	  	6.4	  	Change in Control	  	10
	 	  	6.5	  	Method of Distribution	  	11
	 	  	6.6	  	Hardship Distributions	  	11
	 	  	6.7	  	No Acceleration of Benefits	  	11
	Article VII ADMINISTRATION	  	11
	 	  	7.1	  	Powers and Duties	  	11
	 	  	7.2	  	Composition of the Committee	  	12
	 	  	7.3	  	Agents	  	12
	 	  	7.4	  	Procedures	  	12
	 	  	7.5	  	Claims Procedure	  	13
	 	  	7.6	  	Indemnification	  	14
	 	  	7.7	  	Participants Bound	  	14
	 	  	7.8	  	Receipts and Release	  	14
	 	  	7.9	  	Withholding or Deduction for Taxes	  	14
	 	  	7.10	  	Exercise of Discretion	  	15
	Article VIII MISCELLANEOUS	  	15
	 	  	8.1	  	Unfunded Plan	  	15
	 	  	8.2	  	Impact on Other Executive Benefits	  	15
	 	  	8.3	  	Governing Law	  	15
	 	  	8.4	  	No Assignment	  	15
	 	  	8.5	  	Severability	  	15
	 	  	8.6	  	Headings and Subheadings	  	15
	 	  	8.7	  	Gender	  	16
	 	  	8.8	  	Amendment and Termination	  	16
	 	  	8.9	  	No Employment Contract	  	16
	 	  	8.10	  	Legal Fees To Enforce Rights After Change in Control	  	16

  

 ii 

 EQUITY ONE, INC. 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
  

  
 THIS NONQUALIFIED DEFERRED COMPENSATION PLAN is made effective as of
July 1, 2005, by Equity One, Inc., a corporation duly organized and existing under the laws of the State of Maryland. 
  
 RECITALS: 
  
 WHEREAS, the Company desires to permit certain key executives of the Company and its Affiliates, as selected by the Board of Directors of the
Company, it its sole discretion, to defer a portion of their compensation from the Company and its Affiliates, subject to certain conditions and pursuant to the terms and provisions specified in this Plan. Additionally, the Company desires to
provide a plan for the Company and its Affiliates to make additional contributions on behalf of those key executives on a discretionary basis. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the Company hereby adopts this Plan pursuant to the
following terms and provisions. 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Accounting Date means the last day of the Plan Year and such other date or dates as the Committee may designate from time to time as an Accounting Date.

  
 1.2 Affiliate means an entity that directly or indirectly,
through one or more intermediaries, controls, is controlled by or is under common control, with the Company. 
  
 1.3 Base Salary means the base rate of cash compensation paid by the Employer to or for the benefit of a Participant for services rendered or labor performed while a Participant in this Plan, including
base pay a Participant could have received in cash in lieu of (a) deferrals pursuant to Section 3.1(a) hereof, and (b) contributions made on his behalf to any qualified plan maintained by the Employer or to any cafeteria plan under Section 125 of
the Code maintained by the Employer. 
  
 1.4 Beneficiary means the
person or persons designated by a Participant, upon such forms as shall be provided by the Committee, to receive payment of the Participant’s Account after the Participant’s death. If the Participant shall fail to designate a Beneficiary,
or if for any reason such designation shall be ineffective, or if such Beneficiary shall predecease the Participant or die simultaneously with the Participant, then the Beneficiary shall be, in the following order of preference: 
  
 (a) the Participant’s surviving spouse, or 
  
 (b) the Participant’s estate. 

 1.5 Board means the Board of Directors of the Company. 
  
 1.6 Bonus means a cash bonus paid to a Participant by the Employer for a Plan
Year. For these purposes, Bonus amounts shall be calculated before reduction for compensation deferred pursuant to all qualified, nonqualified and Code Section 125 plans maintained by the Company and its Affiliates. 
  
 1.7 Change of Control means any of the following: 
  
 (a) any one person, or more than one person acting as a group, acquires
ownership of stock of the Company that, together with stock held by such person or group, possesses more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company; provided, however, that if any one
person, or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons
will not be considered a Change in Control under this Plan. Notwithstanding the foregoing, an increase in the percentage of stock of the Company owned by any one person, or persons acting as a group, as a result of a transaction in which the Company
acquires its stock in exchange for property will be treated as an acquisition of stock of the Company for purposes of this clause (a); 
  
 (b) during any period of 12 consecutive months, individuals who at the beginning of such period constituted the Board (together with any new or
replacement directors whose election by the Board, or whose nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then still in office who were either directors at the beginning of
such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the directors then in office; or 
  
 (c) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by the person or persons) assets from the Company, outside of the ordinary course of business, that have a gross fair market value equal to or more than forty percent (40%) of the total gross fair market
value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this Section 1.7(c), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets. Notwithstanding anything to the contrary in this Plan, the following shall not be treated as a Change in Control under this Section 1.7(c): 
  
 (i) a transfer of assets from the Company to a shareholder of the Company
(determined immediately before the asset transfer); 
  
 (ii) a
transfer of assets from the Company to an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company; 
  

 2 

 (iii) a transfer of assets from the Company to a person, or more than one person acting as a group, that
owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company; or 
  
 (iv) a transfer of assets from the Company to an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or
indirectly, by a person described in (iii) above. 
  
 1.8 Code means
the Internal Revenue Code of 1986, as amended, and successor tax laws. 
  
 1.9
Committee means an administrative committee appointed by the Board, consisting of one or more persons. Any Committee member may, but need not, be an officer or employee of the Company and each shall serve until his or her successor shall
be appointed in like manner. Any member of the Committee may resign by delivering his or her written resignation to the Board. The Board may remove any member of the Committee at any time. If the Board fails to appoint a Committee, then the Board
shall constitute the Committee. 
  
 1.10 Company means Equity One,
Inc., a Maryland corporation, its successors and assigns. 
  
 1.11
Compensation means the total of all amounts paid to a Participant by the Employer as Base Salary and Bonuses for personal services for the Plan Year. 
  

1.12 Disabled or Disability means the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
  
 1.13 Deferral Agreement means the agreement in the form or forms prescribed by the Committee, which may be electronic, entered into by the Eligible Person
in accordance with Section 3.1 hereof pursuant to which the Eligible Person shall elect (a) the amount of his or her Tax-Deferred Contributions for the Plan Year, (b) the allocation of his or her Tax-Deferred Contributions among his or her
Retirement Account and In-Service Accounts, if any have been established pursuant to a Deferral Agreement, (c) the allocation of the Discretionary Employer Contributions (if any) that may be made on his or her behalf by the Employer among his or her
Retirement Account and In-Service Accounts; and (d) the manner in which distribution of the Participant’s Account is to be paid in accordance with Article 6 hereof. 
  
 1.14 Discretionary Employer Contributions means the discretionary contributions made by the Employer that are credited to the
Participant’s Account in accordance with Section 3.2 hereof. 
  
 1.15
Discretionary Employer Contributions Subaccount means the accounts maintained under Retirement Account and In-Service Accounts for a Participant under the Plan that is credited with the Participant’s Discretionary Employer
Contributions. 
  

 3 

 1.16 Eligible Person means each full-time, common law employee of the Employer (not including persons
engaged as independent contractors by the Employer), designated by the Committee to be eligible to participate in the Plan. The Committee shall not designate an employee as an Eligible Person unless he or she is deemed to be among a select group of
management or highly compensated employees of the Employer within the meaning of Section 201(2) of ERISA. 
  
 1.17 Employer means the Company and any Affiliate that adopts the Plan with the consent of the Company. 
  
 1.18 Entry Date means July 1, 2005, and the first day of each calendar quarter thereafter. 
  
 1.19 ERISA means the Employee Retirement Income Security Act of 1974, as amended, and any successor laws. 
  
 1.20 In-Service Account means an account established by a Participant pursuant
to one or more Deferral Agreements which shall have a distribution date selected by the Participant in accordance with Section 6.1(a) hereof, and to which a Participant may allocate a portion of his or her current Tax-Deferred Contributions and/or
Discretionary Employer Contributions. 
  
 1.21 Investment Funds
means those investment options that shall from time to time be made available as investment options under the Trust. 
  
 1.22 Key Employee means any Participant who is a key employee within the meaning of Section 416(i) of the Code, of any Employer the stock of any Employer is
publicly traded on an established securities market or otherwise. 
  
 1.23
Leave of Absence means any absence authorized by the Employer that employs the Participant under its standard personnel practices. 
  
 1.24 Participant means an Eligible Person who becomes a Participant pursuant to Section 2.1 of this Plan. 
  
 1.25 Participant’s Account means, collectively, a Participant’s
Retirement Account and In-Service Accounts (if any) maintained under the Plan in accordance with the provisions of the Plan for each Participant. 
  
 1.26 Performance Based Compensation Bonus means compensation based on services over a period of at least 12 months and that satisfies the requirements for
performance based compensation as that term is used in Section 409A(a)(4) of the Code. 
  
 1.27 Plan means the Equity One, Inc. Nonqualified Deferred Compensation Plan as herein set forth and as it may be amended from time to time. 
  

 4 

 1.28 Plan Year means, with respect to the first Plan Year, the period from July 1, 2005 through December
31, 2005. With respect to each Plan Year thereafter, each twelve (12) month period that begins January 1 and ends December 31. 
  
 1.29 Retirement Account means the account maintained under the Plan in accordance with the provisions of the Plan for each Participant, that includes the
Participant’s, Tax-Deferred Contributions Subaccount and Discretionary Employer Contributions Subaccount that have not been credited to an In-Service Account. 
  
 1.30 Separation from Service means the earliest date on which a Participant has incurred a separation from service, within the
meaning of Section 409A(a)(2) of the Code, with the Employer. 
  
 1.31
Tax-Deferred Contributions means the Compensation reduction contributions credited to the Participant’s Account under Section 3.1 of the Plan. 
  

1.32 Tax-Deferred Contributions Subaccount means the accounts maintained under Retirement Account and In-Service Accounts for a Participant under the
Plan that is credited with the Participant’s Tax-Deferred Contributions. 
  
 1.33 Trust means the Equity One, Inc. Nonqualified Deferred Compensation Plan Trust created pursuant to the Trust Agreement between the Company and American Stock Transfer & Trust Company, as trustee, as amended from time
to time. 
  
 1.34 Trustee means the person or entity that shall from
time to time be serving as the Trustee of the Trust. 
  
 1.35 Year of
Service means, with respect to a Participant, a period of twelve consecutive months during which he or she is employed by the Employer commencing on the date on which the Participant begins such employment, including months prior to the time
he or she was a Participant. 
  
 ARTICLE II 
 ELIGIBILITY 
  
 2.1 Determining Eligibility. 
  
 (a) Only Eligible Persons may become Participants in the Plan. 
  
 (b) An Eligible Person shall become a Participant on the Entry Date coincident with or immediately following the date on which he or she becomes an
Eligible Person, or such later Entry Date as the Committee may determine. 
  
  

 5 

 ARTICLE III 
 CONTRIBUTIONS 
  
 3.1
Tax-Deferred Contributions. 
  
 (a)
Tax-Deferred Contribution Elections. Each Participant, so long as he or she remains a Participant, may elect, pursuant to a Deferral Agreement and in accordance with Committee rules, to defer receipt of a portion of his or her Compensation
pursuant to this Plan, consisting of (i) a minimum of 0% and a maximum of 90% (in whole percentages) of his or her Base Salary earned during the Plan Year, and (ii) a minimum of 0% and a maximum of 100% (in whole percentages) of any Bonuses earned
during the Plan Year. 
  
 (b) Timing of Tax-Deferred
Contribution Elections. Participant Deferral Agreements are effective on a Plan Year basis with respect to Tax-Deferred Contributions. A Participant’s Deferral Agreement containing any election to defer Base Salary or any Bonus that does
not constitute Performance Based Compensation, must be filed before the beginning of the Plan Year to which it relates, and may not be amended or revoked after the beginning of the Plan Year with respect to that Plan Year. A Participant’s
Deferral Agreement containing any election to defer any Performance Based Compensation for a Plan Year must be filed on or before June 30 of the Plan Year for which the Performance Based Compensation is payable. A Participant may change his or her
election with respect to a subsequent Plan Year by submitting a new Deferral Agreement prior to the beginning of that subsequent Plan Year. 
  
 (c) Special Rule for First Year of Participation. An Eligible Person who becomes a Participant during a Plan Year may file a Participant Deferral
Agreement within 30 days after becoming a Participant. The Participant election form shall apply to Compensation with respect to services to be performed subsequent to the election, shall begin with the first administratively practicable payroll
period after it is filed, and may not be amended or revoked during the Plan Year for which it is made. 
  
 (d) Allocation to Retirement or In-Service Accounts. Each Participant, so long as he or she remains a Participant, may elect on his or her Deferral
Agreement to allocate his or her Tax-Deferred Contributions for the Plan Year among his or her Retirement Account and one or more In-Service Accounts. The Employer shall withhold, by payroll deduction, the amounts deferred pursuant to this Section
3.1 from the current Compensation of a Participant and credit such withheld amount to the Participant’s Retirement Account or to an In-Service Account, as elected by the Participant. 
  
 (e) Timing of Tax Deferred Contributions. Tax-Deferred Contributions made under this Section 3.1 shall be credited to
a Participant’s Tax-Deferred Contributions Subaccount as and when such amounts are withheld from each Participant’s Compensation, or as soon as practicable thereafter. 
  

 6 

 3.2 Discretionary Employer Contributions. 
  
 (a) Amount of Discretionary Employer Contributions. For each Plan
Year, the Committee may credit to a Participant’s Discretionary Employer Contribution Subaccount a Discretionary Employer Contribution in an amount, if any, as shall be determined by the Committee in its sole discretion on a Participant by
Participant basis. In determining the amounts of Discretionary Employer Contributions to be made to the Discretionary Employer Contribution Subaccount of any Participant, the Committee shall not be obligated to treat similarly situated Participants
in a like manner, and may determine that a Discretionary Employer Contribution should be made in respect of one or more Participants and not in respect of one or more other Participants. A Participant shall not be eligible for a Discretionary
Employer Contribution for any Plan Year unless the Participant is employed by an Employer on the last day of that Plan Year. 
  
 (b) Timing of Discretionary Employer Contributions. Any Discretionary Employer Contributions made under this Section 3.2 shall be credited to a
Participant’s Discretionary Employer Contributions Subaccount, either under the Participant’s Retirement Account or In-Service Account as elected by the Participant, at such time or times as shall be determined by the Committee.

  
 ARTICLE IV 
 VESTING 
  
 4.1 Retirement Account. 
  
 (a) Tax-Deferred Contributions Subaccount. A Participant’s interest in his Tax-Deferred Contributions Subaccount maintained under his
Retirement Account shall be fully vested and non-forfeitable at all times. 
  
 (b) Discretionary Employer Contributions Subaccount. A Participant shall be fully vested in his Discretionary Employer Contributions Subaccount under his Retirement Account on the first to occur of: 

 

	 	(i)	completion of three Years of Service; 

  

	 	(ii)	the date on which the Participant incurs a Separation of Service with the Employer by reason of the Participant’s death, Disability, by the Employer without Cause or by the
Participant for Good Reason; 

  

	 	(iii)	the date on which a Change in Control occurs; or 

  

	 	(iv)	the date on which the Plan is terminated. 

  

 7 

 4.2 In-Service Accounts. 
  
 (a) Tax-Deferred Contributions Subaccount. A Participant’s interest in his Tax-Deferred Contributions Subaccount
maintained under his In-Service Accounts shall be fully vested and non-forfeitable at all times. 
  
 (b) Discretionary Employer Contributions Subaccount. A Participant shall be fully vested in his Discretionary Employer Contributions Subaccount
under his In-Service Accounts on the first to occur of: 
  

	 	(i)	completion of three Years of Service; 

  

	 	(ii)	the date on which the Participant incurs a Separation of Service with the Employer by reason of the Participant’s death, Disability, by the Employer without Cause or by the
Participant for Good Reason; 

  

	 	(iii)	the date on which a Change in Control occurs; or 

  

	 	(iv)	the date on which the Plan is terminated. 

  
 4.3 Forfeiture. A Participant shall forfeit the unvested portion, if any, of his Discretionary Employer Contributions Subaccounts in the event that
his employment with the Company is terminated prior to the date on which his Discretionary Employer Contributions Subaccounts are fully vested pursuant to Sections 4.1(b) and 4.2(b) hereof. Any such forfeited amounts may be applied towards future
Discretionary Employer Contributions, if any, made in accordance with Section 3.2 hereof. 
  
 ARTICLE V 
 VALUATION OF PARTICIPANT’S ACCOUNTS 
  
 5.1 Account Value. Each Participant’s Account shall be treated as
if it were actually invested in the Investment Funds selected by the Participant in such manner and at such times as shall be determined by the Committee and in accordance with the Plan, and shall be credited with gains and losses allocable thereto
at such times and in such manner as shall be determined by the Committee. Participants may change their Investment Fund selections at such times and in such manner as shall be prescribed by the Committee. 
  
 5.2 Contribution to Trust. Amounts credited to a Participant’s
Account shall be contributed by the Employer to the Trust at such time or times as the Employer shall determine. 
  

 8 

 ARTICLE VI 
 DISTRIBUTIONS 
  
 6.1 Timing
of Distributions. 
  
 (a) Timing of In-Service
Account Distributions. 
  
 (i) A Participant shall specify,
in the manner prescribed by the Committee, a date on which distributions from each In-Service Account of the Participant are to commence (the “In-Service Distribution Date”), which date must be at least 2 years from the end of a Plan Year
in which contributions are made to the In-Service Account. A Participant may not have more than three In-Service Accounts in existence at any one time. 
  
 (ii) A Participant may change the In-Service Distribution Date with respect to an In-Service Account up to three times per In-Service Account; provided,
however, that (1) each change must extend the In-Service Distribution Date by at least 5 years, (2) each change must be made at least 13 months prior to the In-Service Distribution Date being changed, and (3) no change may accelerate an In-Service
Distribution Date. 
  
 (iii) Distributions shall commence from an
In-Service Account as soon as administratively practicable following the earlier of (1) the In-Service Distribution Date for that In-Service Account, or (2) the first day of the month immediately following the date of the Participant’s
Separation from Service or termination of employment with the Employer by reason of the Participant’s death or Disability. 
  
 (b) Timing of Retirement Account Distributions. A Participant’s Retirement Account shall be distributed commencing on or as soon as
administratively practicable after the first day of the month immediately following the date of the Participant’s Separation from Service or termination of employment with the Employer by reason of the Participant’s death or Disability.

  
 (c) Distributions to Key Employees. Notwithstanding the
foregoing, in no event shall any distributions be made under the Plan on account of the Separation from Service of any Participant that is a Key Employee, before the date that is 6 months after the date of the Participant’s Separation from
Service or, if earlier, the date of the Participant’s death or Disability, or as otherwise permitted without violating the requirements of 409(A)(a)(2) of the Code. 
  
 6.2 Form of Distributions. 
  
 (a) Form of In-Service Account Distributions. Distribution of each of a Participant’s In-Service Accounts shall be made in one of the
following forms specified by the Participant in the manner prescribed by the Committee: (i) a lump sum distribution, or (ii) in at least two but not more than fifteen annual installments. Each installment shall be equal to the value of the
In-Service Account multiplied by a fraction, the numerator of which is 1 and the denominator of which is the number of installments remaining to be paid. 
  

 9 

 (b) Form of Retirement Account Distributions. Distribution of the Participant’s Retirement
Account shall be made in one of the following forms specified by the Participant in the manner prescribed by the Committee: (i) a lump sum distribution, or (ii) in at least two but not more than fifteen annual installments. Each installment shall be
equal to the value of the Participant’s Retirement Account multiplied by a fraction, the numerator of which is 1 and the denominator of which is the number of installments remaining to be paid. 
  
 (c) Changes to Forms of Distributions; Failure to Elect Form. A
Participant may elect on a form provided by the Committee to change the form in which his or her In Service or Retirement Account is to be distributed under Section 6.2(a) or (b) and the most recent election made by the Participant with respect to
each such Account shall apply with respect to each such Account. In no event, however, shall (i) any change in the Participant’s election take effect until at least 12 months after the date on which the election is made, and (ii) any election
related to an In-Service Account be made less than 12 months prior to the date of the first scheduled payment with respect to that In-Service Account. If a Participant fails to elect a form of distribution, then distribution shall be made in the
form of a lump sum. 
  
 (d) Small Account Balances.
Notwithstanding anything to the contrary contained in this Section 6.2, in the event that the value of a Participant’s Retirement Account as of the distribution date is less than the Minimum Distribution Amount, or the value of an In-Service
Account as of the In-Service Distribution Date applicable to that In-Service Account is less than the Minimum Distribution Amount, distribution shall be made in the form of a lump sum. For purposes of this provision, the Minimum Distribution Amount
shall be $10,000, or such lesser amount as shall not violate the requirements of Section 409A of the Code. 
  
 6.3 Payments to Beneficiaries. If a Participant dies before distribution of the entire vested portion of the Participant’s Account has been made to him or her, any remaining vested amounts
(including any remaining installments that otherwise would have been payable to the Participant under Section 6.2(b), and the value of any unpaid In-Service Accounts), shall be distributed to the Participant’s Beneficiary or Beneficiaries in a
lump sum payment as soon as practicable after the Participant’s death. 
  
 6.4 Change in Control. If and to the extent that it would not violate the requirements of Section 409A of the Code, in the event of a Change in Control, the full value of the vested portion of a Participant’s
Account (including any remaining installments that otherwise would have been payable to the Participant under Section 6.2(b), and the value of any unpaid In-Service Accounts), shall be distributed as a lump sum to the Participant or to the
Beneficiary or Beneficiaries of a deceased Participant, as soon as practicable following the Change in Control. 
  

 10 

 6.5 Method of Distribution. Distribution of the Participant’s Account shall be made in cash,
based upon the valuation of such Account on the Accounting Date coincident with or immediately preceding the date of the distribution. 
  
 6.6 Hardship Distributions. Upon the written request of a Participant and in the event the Committee determines that an “unforeseeable
emergency” has occurred with respect to a Participant, the Participant may withdraw, in each case, the lesser of (i) the amount necessary to meet the emergency or (ii) the vested portion of the Participant’s Account, reduced by applicable
withholding taxes. For this purpose, an “unforeseeable emergency” shall mean an unanticipated emergency, such as a sudden and unexpected illness or accident of the Participant or a dependent of the Participant or loss of the
Participant’s property due to casualty, that is caused by an event beyond the control of the Participant and that would result in a severe financial hardship if the withdrawal were not permitted. The need to pay a Participant’s
child’s tuition to college and the desire to purchase a home shall not be considered unforeseeable emergencies. Hardship distributions shall first be made from the vested portion of a Participant’s Retirement Account, until depleted, and
then from the Participant’s In-Service Accounts, if any, beginning with the In-Service Account with the most distant distribution date. 
  
 6.7 No Acceleration of Benefits. In no event shall the acceleration of the time or schedule of any payment under the Plan be permitted, except to the
extent permitted under Section 409A of the Code and the Treasury Regulations thereunder. 
  
 ARTICLE VII 
 ADMINISTRATION 
  
 7.1 Powers and Duties. The Committee generally shall be responsible for
the management, operation, interpretation and administration of the Plan. The Committee shall: 
  
 (a) Establish procedures for allocation of responsibilities of the Plan which are not allocated herein; 
  
 (b) Subject to Section 1.16, determine the names of those employees who are
eligible to participate, and such other matters as may be necessary to enable payment under the Plan; 
  
 (c) Construe all terms, provisions, conditions and limitations of the Plan; 
  
 (d) Correct any defect, supply any omission or reconcile any inconsistency that may appear in the Plan; 
  
 (e) Determine the amount, manner and time of payment of any benefits
hereunder and prescribe procedures to be followed by Participants to obtain benefits; and 
  

 11 

 (f) Perform such other functions and take such other actions as may be required by the Plan or as may be
necessary or advisable to accomplish the purposes of the Plan. 
  
 The Company
shall furnish the Committee with all data and information available which the Committee may reasonably require in order to perform its functions hereunder. The Committee may rely without question upon any such data or information furnished by the
Company. Any interpretation or other decision made by the Committee shall be final, binding and conclusive upon all persons in the absence of clear and convincing evidence that the Committee acted arbitrarily and capriciously. 
  
 7.2 Composition of the Committee. 
  
 (a) The Committee shall be comprised of one or more persons appointed by the
Board. In the event that the Board fails to appoint a Committee or no person previously appointed by the Board is then serving on the Committee, then the Board shall serve as the Committee. Any Committee member may, but need not, be an officer or
employee of the Company and each shall serve until his or her successor shall be appointed in like manner. Any member of the Committee may resign by delivering his or her written resignation to the Board. The Board may remove any member of the
Committee at any time. 
  
 (b) Notwithstanding the provisions of
paragraph (a) hereof that are inconsistent herewith, after a Change in Control, the Committee shall be comprised of one or more persons appointed by the person (the “Appointing Person”) who, immediately prior to the Change in Control, was
serving as the Company’s Chief Executive Officer or, if the Company’s Chief Executive Officer is not identified or is unable or unwilling to serve, by the person who, immediately prior to the Change in Control, was serving as the
Company’s Chief Financial Officer. Upon and after a Change in Control, the members of the Committee may be terminated (and a replacement appointment) only by the Appointing Person. Upon and after a Change in Control, the members of the
Committee may not be terminated by the Company or the Board. After a Change in Control, the Company shall pay any fees of, and reasonable costs incurred by, the Committee. 
  
 7.3 Agents. The Committee may appoint a Secretary who may, but need not, be a member of the Committee, and may employ
such agents for clerical and other services, and such counsel, accountants and other professional advisors as may be required for the purpose of administering the Plan. The Committee may rely on all tables, valuations, reports, certificates and
opinions furnished by its agents. 
  
 7.4 Procedures. A
majority of the Committee members shall constitute a quorum for the transaction of business. No action shall be taken except upon a majority vote of the Committee. An individual shall not vote or decide upon any matter relating solely to himself or
vote in any case in which his or her individual right or claim to any benefit under the Plan is particularly involved. In any case in which a Committee member is so disqualified to act, and the remaining members cannot agree on an issue, the Company
shall appoint a temporary substitute member to exercise all of the powers of the disqualified member concerning the matter in which he is disqualified. 
  

 12 

 7.5 Claims Procedure. In the event that any Participant or Beneficiary claims to be entitled to
benefits under the Plan or believes his or her benefits are incorrect, that Participant or Beneficiary (hereafter, a “Claimant”) may file a claim for benefits by submitting a written statement describing the basis of the claim for benefits
under the Plan. The Committee shall review the claim and respond within a reasonable period of time (generally 90 days). However, if special circumstances require an extension of time to consider the claim, the Committee may extend the 90 day period
up to a total of 180 days. If the Committee extends the 90 day period, the Claimant will be notified in writing as to the length of the extension and the special circumstances which necessitate the extension, including the date on which the
Committee expects to render the determination. If the Committee makes an adverse determination as to the Claimant’s claim, the Committee shall, within the time period described above, notify the Claimant in a writing setting forth, in a manner
calculated to be understood by the Claimant: 
  
 (a) the specific
reasons for the adverse determination, 
  
 (b) the provisions of
the Plan on which the determination is based, 
  
 (c) a
description of additional information or material necessary for the Claimant to perfect the claim and an explanation of why such additional information or material is necessary, and 
  
 (d) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a
statement of the Claimant’s right to bring suit under Section 502(a) of ERISA following an adverse benefit determination on review. 
  
 Within 60 days of receipt by a Claimant of a notice denying a claim, the Claimant, or his or her duly authorized representative, may request in writing a
full and fair review of the claim by filing an appeal with the Committee. In connection with such appeal, the Claimant or his or her duly authorized representative may review pertinent documents and may submit issues and comments in writing. The
Committee shall consider the Claimant’s written presentation, as well as any evidence, facts or circumstances the Committee deems relevant. The Committee shall make a decision not later than 60 days after the Plan’s receipt of a request
for appeal, unless special circumstances (such as the need to hold a hearing, as determined by the Committee in its sole discretion) require an extension of time for processing, in which case a decision will be rendered as soon as possible but not
later than 120 days after receipt of a request for appeal. The Committee shall notify the Claimant prior to the expiration of the initial 60 day period if an extension is required. The notification shall indicate the special circumstances requiring
the extension, and the date on which the Committee expects to render the determination on review. If the initial 60 day period is extended due to a Claimant’s failure to submit information necessary to make the benefit determination on review,
the period shall be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional information. 
  

 13 

 Notification of the Committee’s decision on appeal shall be provided to the Claimant in writing. If
an adverse determination is made, the notification shall set forth, in a manner calculated to be understood by the Claimant: 
  
 (e) the specific reasons for the adverse determination, 
  
 (f) reference to the specific Plan provisions on which the adverse determination is based, 
  
 (g) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies
of, all documents, records, and other information relevant to the Claimant’s claim for benefits, and 
  
 (h) a statement that the Claimant may bring an action under Section 502(a) of ERISA. 
  
 7.6 Indemnification. The Company shall indemnify each Committee member against any liability or loss sustained by reason of
any act or failure to act made in good faith, including, but not limited to, those in reliance on certificates, reports, tables, opinions or other communications from any company or agents chosen by the Committee in good faith. Such indemnification
shall include attorneys’ fees and other costs and expenses reasonably incurred in defense of any action brought by reason of any such act or failure to act. 
  
 7.7 Participants Bound. Any action with respect to the Plan taken by the Committee or the Company or the Trustee or any action
authorized by or taken at the direction of the Committee, the Company or the Trustees shall be final, binding and conclusive upon all Participants and beneficiaries entitled to benefits under the Plan in the absence of clear and convincing evidence
that the Committee, Company or Trustee acted arbitrarily and capriciously. 
  
 7.8 Receipts and Release. Any payment to any Participant or Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Company, the Committee and
the Trustee under the Plan, and the Committee may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or Beneficiary is determined by the Committee to
be incompetent by reason of physical or mental disability (including minority) to give a valid receipt and release, the Committee may cause the payment or payments becoming due to such person to be made to another person for his or her benefit
without responsibility on the part of the Committee, the Company or the Trustee to follow the application of such funds. 
  
 7.9 Withholding or Deduction for Taxes. Anything in this Plan to the contrary notwithstanding, all payments or contributions required to be made, and all
benefits required to be provided, shall be subject to the withholding of such amounts relating to taxes as the Employer may reasonably determine should be withheld pursuant to any applicable law or regulation. In lieu of withholding such amounts, in
whole or in part, the Employer may, in its sole discretion, accept other provisions for payment of taxes and withholding as required by law, provided it is satisfied that all requirements of law affecting its responsibilities to withhold have been
satisfied. 
  

 14 

 7.10 Exercise of Discretion. In exercising any discretion grant to them under the Plan, the Committee and
the Company shall not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person, Participant or Beneficiary in a manner consistent with the treatment, any other Eligible Person, Participant or
Beneficiary. 
  
 ARTICLE VIII 
 MISCELLANEOUS 
  
 8.1 Unfunded Plan . The obligations of an Employer under this Plan shall be paid from the general assets of that Employer and not from any particular fund.
Participants shall have the status of general unsecured creditors of an Employer and the Plan constitutes a mere promise by that Employer to make benefit payments in the future. It is intended that this Plan shall constitute an “unfunded”
plan for tax purposes and an “unfunded” plan for a select group of management or highly compensated employees under ERISA. If an Employer purchases any life insurance policies, or makes any other investments, such policies (and any amounts
invested by that Employer therein) and any other investments of that Employer shall be subject to the claims of that Employer’s creditors. The assets of the Trust also shall be subject to the Employer’s creditors in the event of the
Employer’s Insolvency, as defined in the Trust Agreement establishing the Trust. Nothing contained in this Plan shall be interpreted to grant to any Participant or Beneficiary, any right, title or interest in any property of an Employer or the
Trust. 
  
 8.2 Impact on Other Executive Benefits. This Plan shall
not be construed to impact or cause the denial of any benefits to which any Participant may be entitled under any other welfare or benefit plan of the Employer. 
  

8.3 Governing Law. The Plan shall be construed, administered, and governed in all respects under and by the laws of the state in which the Company
maintains its primary place of business. 
  
 8.4 No Assignment. The
right to receive payment of any benefits under the Plan shall not be transferred, assigned or pledged, except by Beneficiary designation, by will, under the laws of decent and distribution, or as may be otherwise required by law. 
  
 8.5 Severability. If any provision of this Plan is found, held or deemed to be
void, unlawful or unenforceable under any applicable statute or other controlling law, the remainder of the Plan shall continue in full force and effect. 
  
 8.6 Headings and Subheadings. Headings and subheadings in this Plan are inserted for convenience only and are not to be considered in the construction of
the provisions hereof. 
  

 15 

 8.7 Gender. The masculine, as used herein, shall be deemed to include the feminine and the singular to
include plural, except where the context requires a different construction. 
  
 8.8 Amendment and Termination. This Plan may be amended or terminated in any respect at any time by the Board; provided, however, that no amendment or termination of the Plan shall be effective to reduce any benefits that
accrue before the adoption of such amendment or termination. If and to the extent permitted without violating the requirements of Section 409A of the Code, the Board may require that the Accounts of all Participants and Beneficiaries (including,
without limitation, any remaining benefits payable to Participants or Beneficiaries receiving distributions in installments at the time of the termination) be distributed as soon as practicable after such termination, notwithstanding any elections
by Participants or Beneficiaries with regard to the timing or form in which their benefits are to be paid. If and to the extent that the Board does not accelerate the timing of distributions on account of the termination of the Plan pursuant to the
preceding sentence, payment of any remaining benefits under the Plan shall be made at the same times and in the same manner as such distributions would have been made based upon the most recent elections made by Participants and Beneficiaries, and
the terms of the Plan, as in effect at the time the Plan is terminated. 
  
 8.9
No Employment Contract. This Plan does not constitute a contract of employment or impose on any Participant or the Employer any obligations to retain the Participant as an employee, to change the status of the Participant’s
employment, or to change the Employer’s policies regarding termination of employment. 
  
 8.10 Legal Fees To Enforce Rights After Change in Control. The Company and each Employer is aware that upon the occurrence of a Change in Control, the Board or the board of directors of a
Participant’s Employer (which might then be composed of new members) or a shareholder of the Company or the Participant’s Employer, or of any successor corporation might then cause or attempt to cause the Company, the Participant’s
Employer or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company or the Participant’s Employer to institute, or may institute, litigation seeking to deny Participants the
benefits intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control, it should appear to any Participant that the Company, the Participant’s Employer or any
successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company, such Employer or any other person takes any action to declare the Plan void or unenforceable or institutes any
litigation or other legal action designed to deny, diminish or to recover from any Participant the benefits intended to be provided, then the Company and the Participant’s Employer irrevocably authorizes such Participant to retain counsel of
his or her choice at the expense of the Company and the Participant’s Employer (who shall be jointly and severally liable) to represent such Participant in connection with the initiation or defense of any litigation or other legal action,
whether by or against the Company, the Participant’s Employer or any director, officer, shareholder or other person affiliated with the Company, the Participant’s Employer or any successor thereto in any jurisdiction. 
  

 16 

 IN WITNESS WHEREOF, Equity One, Inc. has caused the Plan to be executed on this 1st day of July,
2005. 
  

			
	EQUITY ONE, INC.
		
	By:	 	 /s/ Howard M. Sipzner

	Name:	 	Howard M. Sipzner
	Title:	 	Executive Vice President and Chief Financial Officer

  
  

 17

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