Document:

Exh 10.1 Employment Agmt with A. Merkur

 

 

Exhibit
10.1

 

The
Supermarket REITSM

EQUITY
ONE, INC.

 

May 26,
2005

 

Mr. Alan
Merkur

Equity
One, Inc.

1600 N.E.
Miami Gardens Drive

North
Miami Beach, FL 33179

Re: Employment
Agreement

Dear
Alan:

On behalf
of Equity One, Inc. (the “Company”), I am
pleased to offer you continued employment, on an at-will basis, with the Company
on the following terms and conditions:

	
      Position
	
      Senior
      Vice President, Director of Transactions

	 	 
	
      Term
	
      Three
      years, ending on March 31, 2008; Automatically renewable for successive
      one year terms unless either party advises the other as to its intent in
      writing not to renew at least 90 days prior to
  termination.

	 	 
	
      Duties

       
	
      Shall
      report to the President of the Company and have duties reasonably assigned
      by the President and consistent with your present
  duties.

	 	 
	
      Base
      Salary
	
      $225,000
      with annual increases on or before April 1 of each year of the greater of
      (i) the annual Consumer Price Index as determined by the United States
      Department of Labor for the year immediately preceding each such April
      1st,
      or (ii) 3%.

	 	 
	
      Bonus
	
      A
      target bonus of 40% of your then Base Salary (“Bonus
      Amount”),
      with performance targets (“Targets”)
      determined by the Compensation Committee; for achieving less than 50% of
      the Targets, you will not be entitled to any bonus; for achieving from 50%
      to less than 100% of the Targets, you be entitled to one-half of the Bonus
      Amount; for achieving from 100% to less than 150% of the Targets, you will
      be entitled to the Bonus Amount; for achieving from 150% to less than 200%
      of the Targets, you will entitled to one and one-half of the Bonus Amount;
      and for achieving 200% or more of the Targets, you will be entitled to two
      times the Bonus Amount.

	 	 
	
      Incentive
      Comp.

       
	
      An
      option to purchase 90,000 shares at an exercise price of $20.59, vesting
      pro rata over 3 years and a 10-year term pursuant to the Company’s
      standard Stock Option Agreement. 

	 	 
	 	
      15,000
      shares of restricted stock with 3-year, pro rata vesting on 3/31/06 (short
      first period), 3/31/07, and 3/31/08 pursuant to the Company’s standard
      Restricted Stock Agreement.

	 	 
	
      Signing
      Bonus
	
      Make
      whole payment for base salary from April 1, 2005 (i.e., a $2,560.12
      supplemental payment)

	 	 
	
      Miscellaneous
	
      Auto
      allowance of $500 per month plus other customary
    perquisites.

	 	 
	 Other
      Benefits	Entitled
      to participate in benefit plans established from time to time (health,
      medical, 401(k), etc.).
	 	 
	
      Termination
      and Severance
	
       

      Termination
      for “cause” - No severance. Base Salary through termination date; for
      purposes hereof, “cause” shall mean:

       

      (1) The
      breach by you of any material terms of your employment and failure to cure
      such breach within 30 days of notice (termination to be effective 90 days
      following the end of such 30-day period);

       

      (2) Your
      arrest and conviction for a felony, capital crime or any crime involving
      moral turpitude, including but not limited to crimes involving illegal
      drugs, after all appeals; or

       

      (3) Your
      commission or participation in an act of fraud or dishonesty against the
      Company that is materially injurious to the Company.

       

       

      Termination
      without “cause” or Death or Disability - Base Salary and pro rata bonus
      (based on prior year’s annual bonus) through date of termination, death or
      disability, plus a
      one time, lump sum payment of 1 times Base Salary and prior year’s annual
      bonus as severance and all options and restricted stock shall immediately
      vest.

       

      Termination
      or resignation within one year following Change of Control - Base Salary
      and pro rata bonus (based on prior year’s annual bonus) through date of
      termination or resignation, plus a
      one time, lump sum payment of 2 times Base Salary and prior year’s annual
      bonus as severance and options and restricted stock vest. “Change of
      Control” shall be defined in accordance with the Company’s 2000 Executive
      Incentive Compensation Plan but shall not be deemed to have occurred for
      purposes of this Agreement if, after the consummation of any of the events
      leading to a Change of Control, Chaim Katzman becomes or remains Chairman
      of the Board or Chief Executive Officer of the Successor Employer (as
      hereinafter defined). For purposes hereof, the term “Successor Employer”
      shall mean the Employer, the reorganized, merged or consolidated Employer,
      or the acquiror (through merger or otherwise) of all or substantially all
      of the business and operations of the Employer, as the case may
      be.

Please
acknowledge your acceptance and agreement to the above-specified terms by
signing where indicated below.

 

Very
truly yours,

 

/s/ Doron
Valero

 

Doron
Valero

President
and Chief Operating Officer

 

Agreed
and Accepted on this

26th day
of May 2005:

/s/ Alan
Merkur

_____________________________

Alan
MerkurExh 10.2 Employment Agmt with D. Briggs

Exhibit
10.2

 

 

The
Supermarket REITSM

 

EQUITY
ONE, INC.

 

 

May 31,
2005

 

Mr. David
Briggs

Equity
One, Inc.

1600 N.E.
Miami Gardens Drive

North
Miami Beach, FL 33179

Re: Employment
Agreement

Dear
David:

On behalf
of Equity One, Inc. (the “Company”), I am
pleased to offer you continued employment, on an at-will basis, with the Company
on the following terms and conditions:

	
      Position
	
      Vice
      President, Treasurer and Chief Accounting Officer

	 	 
	
      Term
	
      Three
      years, ending on March 31, 2008

	 	 
	
      Duties
	
      Shall
      report to the Chief Financial Officer of the Company and have duties
      reasonably assigned by the Chief Financial Officer and consistent with
      your present duties

	 	 
	
      Base
      Salary
	
      $200,000,
      with annual increases on or before April 1 of each year of the greater of
      (i) the annual Consumer Price Index as determined by the United States
      Department of Labor for the year immediately preceding each such April
      1st, or (ii) 3%

	 	 
	
      Bonus
	
      A
      target bonus of 25% of your then Base Salary (“Bonus
      Amount”),
      with performance targets (“Targets”)
      determined by the Compensation Committee; for achieving less than 50% of
      the Targets, you will not be entitled to any bonus; for achieving from 50%
      to less than 100% of the Targets, you will be entitled to one-half of the
      Bonus Amount; for achieving from 100% to less than 150% of the Targets,
      you will be entitled to the Bonus Amount; for achieving from 150% to less
      than 200% of the Targets, you will be entitled to one and one-half of the
      Bonus Amount; and for achieving 200% or more of the Targets, you will be
      entitled to two times the Bonus Amount

	 	 
	
      Incentive
      Comp.
	
      An
      option to purchase 6,000 shares upon execution hereof, at an exercise of
      $21.07 (based upon the closing price of the Company’s stock on February
      18, 2005); and an option to purchase 6,000 additional shares shall be
      granted on each of April 1, 2006 and 2007, at an exercise price based on
      the prior day closing price; in each case the options shall vest on the
      next March 31st
      and shall have a 10-year term, in each case pursuant to the Company’s
      standard Stock Option Agreement 

	 	 
	 	
      10,500
      shares of restricted stock with 3-year, pro rata vesting on 3/31/06 (short
      first period), 3/31/07, and 3/31/08 pursuant to the Company’s standard
      Restricted Stock Agreement

	 	 
	
      Signing
      Bonus
	
      Make
      whole payment for 3/31/05 dividend (i.e., a $3,045 supplemental
      payment)

	 	 
	Other
      Benefits	Entitled
      to participate in benefit plans established from time to time (health,
      medical, 401(k), etc.)
	 	 
	
      Termination
      and Severance
	
       

      Termination
      for “cause” - No severance; Base Salary through termination date; for
      purposes hereof, “cause” shall mean:

       

      (1) The
      breach by you of any material terms of your employment and failure to cure
      such breach within 30 days of notice (termination to be effective 90 days
      following the end of such 30-day period);

       

      (2) Your
      arrest and conviction for a felony, capital crime or any crime involving
      moral turpitude, including but not limited to crimes involving illegal
      drugs, after all appeals; or

       

      (3) Your
      commission or participation in an act of fraud or dishonesty against the
      Company that is materially injurious to the Company.

       

       

      Termination
      without “cause” or termination or resignation within one year following a
      Change of Control - Base Salary and pro rata bonus (based on prior year’s
      annual bonus) through date of termination or resignation, plus a
      one time, lump sum payment of 1.5 times (a) Base Salary and (b) prior
      year’s annual bonus as severance and all options and restricted stock
      shall immediately vest; “Change of Control” shall be defined in accordance
      with the Company’s 2000 Executive Incentive Compensation Plan but shall
      not be deemed to have occurred for purposes of this Agreement if, after
      the consummation of any of the events leading to a Change of Control,
      Chaim Katzman becomes or remains Chairman of the Board or Chief Executive
      Officer of the Successor Employer (as hereinafter defined). For purposes
      hereof, the term “Successor Employer” shall mean the Employer, the
      reorganized, merged or consolidated Employer, or the acquiror (through
      merger or otherwise) of all or substantially all of the business and
      operations of the Employer, as the case may be. 

	 	
       

      Death
      and Disability - Base Salary and pro rata bonus (based on prior year’s
      annual bonus) through date of death or disability and all options and
      restricted stock shall immediately vest

 

Please
acknowledge your acceptance and agreement to the above-specified terms by
signing where indicated below.

 

Very
truly yours,

 

/s/
Howard M. Sipzner

 

Howard M.
Sipzner

Executive
Vice President and Chief Financial Officer

 

Agreed
and Accepted on this

31st day of
May 2005:

/s/ David
Briggs

_____________________________

David
Briggs

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